To Enter NSF Cheques When Deposit Slips Are Used (Receipts

question 18

Multiple Choice

To enter NSF cheques when deposit slips are used (receipts are recorded to a separate undeposited amounts account before entering them in the bank account) -

• A)select the bank account in the receipts journal,then show paid invoices and enter negative amounts for the appropriate invoice
• B)reverse the original receipt in the adjust receipts screen to restore the balance owing
• C)notify the customer to replace the cheque so you will not need to make any changes to your recorded transactions
• D)record the sales invoice again to restore the balance owing by the customer

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Definitions:

Standard Price

A pre-determined cost allocated to a single unit of product or service, used for budgeting and performance evaluation.

Ideal Standards

Standards that assume peak efficiency at all times.

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the expected (standard) quantity, multiplied by the standard cost of those materials.

National Distribution

The process of distributing products or goods across an entire country, often involving multiple transportation and logistics strategies.