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- What business circumstance could bring about a short-term note payable created from a purchase?Which of the following accounts does not belong in the purchases and disbursement cycle? Group of answer choices a.Prepayments b.Accounts payable c.Sales returns and allowances d.Fixed assetsUnder what circumstances is it appropriate to recordgoodwill in the accounts? How should goodwill, properlyrecorded on the books, be written off in order to conformwith generally accepted accounting principles?
- When goods are sold on a bill-and-hold basis, what conditions must be met to recognize revenue upon receipt of the order?How does the maturity date of a promissory note affect its accounting treatment?How will the lender of the promissory note record the note on its books? as an expense as revenue as an asset as a contra asset
- Which of the following accounts does not belong in the purchases and disbursement cycle? A. Prepayments B. Accounts Payable C. Sales returns and allowances D. Fixed AssetsWhich of the following items is NOT classified as a financial asset? a. promissory notes b. forward exchange contracts c. inventory d. accounts receivableWhen an entity has the benefit of particular service but it has not received the bill (invoice) to pay for it, this creates: a. prepayment b. accrued expense. c. accounts receivable d. revenue
- Which accounting technique gives the most relevant information (net cost or gross invoice price)?Which of the following documents will only be used for internal purposes? O Deposit Slip Bill of Lading Purchase Order Purchase Requisition A voucher is prepared before what transaction? Paying O Ordering Receiving O RequestingWhat is meant by the term unearned revenue? Where should an unearned revenue account appear in the financial state-ments? As the work is done, what happens to the balance of an unearned revenue account?