Which of the following balance sheet items are commonly associated with the purchases and cash disbursements cycle? A Inventory and accounts payable B Purchases and accounts receivable C Cash paid to vendors D Cash received from the sale of inventory

Which of the following statements are true regarding the control of cash receipts and cash payments? Over-the-counter cash sales should be recorded on a cash register after each sale.

Which of the following is used in computing cash payments for merchandise using the direct method? a.Net income b.An increase in accounts receivable c.An increase in accounts payable d.A decrease in accounts receivable

Which of the following is correct regarding cash basis of accounting? a. Sales include cash sales and collection of trade receivables. b. Purchases include cash purchases and payment of trade payables. c. All given statements are correct. d. Depreciation is recorded normally.