A Document Sent to Each Customer Showing His or Her

question 117

Multiple Choice

A document sent to each customer showing his or her beginning accounts receivable balance and the amount and date of each sale, cash payment received, credit notes issued and the ending balance is the:

• A) sales invoice.
• B) remittance advice.
• C) monthly statement.
• D) accounts receivable subsidiary ledger.

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Definitions:

Unfair Methods

Practices in trade or business that are deemed deceptive, fraudulent, or against the competition law, harming consumers or competitors.

Sherman Act

A United States antitrust law enacted in 1890 to prohibit monopolies and prohibit business activities that prevent or restrict competition in interstate commerce.

Monopoly Power

The exclusive control by one company over an entire industry or sector, allowing for the setting of prices and lack of competition.

Unfair Conduct

Actions or practices that are deceptive, misleading, or unethical in a business context, often regulated by consumer protection laws.