A seller, pleased with the performance of a listingsalesperson, wants to give the salesperson a $500gift certificate. The salesperson does not havewritten authorization of the broker. In this situation,the salesperson MUST:

In drafting the response, I focused on addressing the specific scenario presented in the question…

Answered: A seller, pleased with the performance…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 8MC: Which one of the following documents is not needed to process a payment to a vendor? A. vendor...

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Which one of the following documents is not needed to process a payment to a vendor? A. vendor invoice B. packing slip C. check request D. purchase order
After invoicing a regular customer, PaintPros realizes that it billed the customer for prep work that was supposed to be free per the estimate. How should a credit memo be created for this customer? Select an answer: Apply the credit memo to the overbilled invoice and send the customer a check. Apply the credit memo to any open invoice by selecting Receive Payment. Apply the credit memo to the customer's most recent payment and send the customer a refund.
What is the billing and collection process flow? Group of answer choices 1. If the customer is a new one or its existing credit is not sufficient, contact the customer and send a credit application. 2. Upon receipt of the completed application, obtain a credit report and decide if you will grant credit, and how much. 3. If you grant sufficient credit for the order, stamp the order as approved and send it to the shipping department. 1. A customer contacts the company with an order. 2. If the customer is an existing one, then you verify the amount of credit available. If the credit is sufficient, stamp the order as approved and send it to the shipping department. If the credit is not sufficient, go to the next step. 1. A customer contacts the company with an order. 2. If the customer is an existing one, then you verify the amount of credit available. If the credit is sufficient, stamp the order as approved and send it to the shipping department. If the credit is not sufficient, go to the…
Is it properly segragated? If no explain the reason why.
Which of the following procedures is least effective in preventing the purchasing agent from receiving kickbacks? a. Prenumbering and periodically accounting for all purchase orders b. Requiring purchasing agents to disclose any financial investments in potential suppliers c. Requiring approval of all purchase orders d. Maintaining a list of approved vendors and requiring all purchases to be made from vendors on that list
In the case of sales where the customer is billed before delivery of the goods, the seller should always recognize revenue before the products are delivered to the customer. the goods belong to the customer and revenue recognition is deferred until delivery. the seller may recognize revenue if control of the goods has been transferred to the customer even though physical delivery has not taken place. revenue will not be recognized until the goods are shipped to the customer.
Why does billing receive a copy of the sales order when the order is approved but does not bill until the goods are shipped?
What is the reason for ensuring that every copy of a vendor's invoice has a receiving report? O To ascertain that merchandise billed by the vendor was received by the company. O To ascertain that merchandise received by the company was billed by the vendor. O To ascertain that the invoice was correctly prepared. O To ascertain that a check was prepared for every invoice.
If a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales Revenue
You are working for a company and process a credit memo. This indicates that: merchandise was returned from the customer and the account receivable must be adjusted.merchandise was returned to a supplier and the accounts payable must be adjusted.merchandise was purchased and inventory must be adjusted.a sale took place and the accounts receivable must be adjusted.a sales discount was given to a customer for payments received early
Describe the purpose of a purchase order by selecting the correct statement(s) below. (Check all that apply.) A purchase order is a document the purchasing department uses to place an order with a vendor. Multiple copies of the purchase order are distributed to other departments to increase internal control of company pu A purchase order authorizes a vendor to ship ordered merchandise at a stated price and terms. A purchase order is a bill received from the vendor that reflects the amount owed by the buyer.
1. What would a credit manager do if a sales order received caused a customer to exceed its credit limit? 2. What happens after the shipping department verifies that the quantities and descriptions of goods prepared for shipment are consistent with the sales order?

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A seller, pleased with the performance of a listing salesperson, wants to give the salesperson a $500 gift certificate. The salesperson does not have written authorization of the broker. In this situation, the salesperson MUST: