1. A sales returns and allowances account is not debited if a customer... A. Ret
ID: 2503191 • Letter: 1
Question
1. A sales returns and allowances account is not debited if a customer...
A. Returns defective merchandise.
B. Recieves a credit for merchandise of inferior quality.
C. Utilizes a prompt payment incentive.
D. Returns goods that are not in accordance with specifications.
2. Which of the following statements is incorrect?
A. A major consideration in developing an accounting system is cost effectivness.
B. When an accounting system is designed, no consideration needs to be given to the needs and knowledge of various users.
C. The accounting system should be able to accomodate a variety of users and changing information needs.
D. To be useful, information must be understandable, relevant, reliable, timley and accurate
3. Flip
Explanation / Answer
1. A sales returns and allowances account is not debited if a customer...
A. Returns defective merchandise.
B. Recieves a credit for merchandise of inferior quality.
C. Utilizes a prompt payment incentive.
D. Returns goods that are not in accordance with specifications.
2. Which of the following statements is incorrect?
A. A major consideration in developing an accounting system is cost effectivness.
B. When an accounting system is designed, no consideration needs to be given to the needs and knowledge of various users.
C. The accounting system should be able to accomodate a variety of users and changing information needs.
D. To be useful, information must be understandable, relevant, reliable, timley and accurate
3. Flip
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