One method of establishing control over collections of accounts receivable is to

Question

One method of establishing control over collections of accounts receivable is to: Answer allow no one but the bookkeeper to handle cash designate an authorized check signer establish a bank lock box set up a petty cash fund 1 points Question 24 Using the balance sheet approach to estimate uncollectibles, accounts, which are 90 days old,are: Answer less likely to be collected than accounts 30 days old equally likely to be collected as accounts 360 days old more likely to be collected than accounts 30 days old less likely to be collected than accounts 360 days old 1 points Question 25 Under the direct write-off method, the entry to record an uncollectible account has the following effect on the financial statements: Answer increases expenses and decreases liabilities decreases net income and decreases assets decreases assets and increases owner's equity increases expenses and increases assets

Explanation / Answer

1)bank lock box 2)less likely to be collected than accounts 360 days old 3)increases expenses and decreases liabilities

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