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Home / Questions / A ledger that contains a separate account for each customer is called an accounts receivab

A ledger that contains a separate account for each customer is called an accounts receivab

A ledger that contains a separate account for each customer is called an accounts receivable:

A) control ledger

B) current ledger

C) trade ledger

D) subsidiary ledger

2) Receivables are monetary claims against others.

3) Two major types of receivable include: account receivables and notes payable.

5.3  Apply internal controls to receivables

1) A critical element of internal control over collections of accounts receivables is:

A) depositing the cash from the cash register on a daily basis

B) setting up a petty cash account

C) using a cheque writing machine

D) the separation of cash-handling and cash-accounting duties

2) One method of establishing proper internal control over collections of accounts receivable is to:

A) make all disbursements by cheque

B) set up a petty cash fund

C) establish a bank lock-box

D) designate an authorized cheque signer

3) Under a lock-box system, customers' payments are initially received by the company's:

A) accounts receivable department

B) treasurer's department

C) purchasing department

D) bank

4) One method of establishing internal controls over receivables is to establish a bank lock-box.

5) The uncollectible-account is an expense associated with the failure to collect receivables.

6) One of the benefits of extending credit to customers is the possibility of increased sales.

7) For good internal control over cash, the handling of cash and the recordkeeping for receivables should be separated.

Dec 07 2019 View more View Less

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