Which One of the Following Documents Is Used in the Control

question 9

Multiple Choice

Which one of the following documents is used in the control of cash receipts?

• A) Purchase requisitions
• B) Receiving reports
• C) Canceled checks from customers
• D) Bank deposit slips

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Definitions:

Finished Goods Ledger

A ledger that records the costs associated with the manufacturing and production of goods that are completed and ready for sale.

Stock Ledger

A record keeping system that tracks the issuance, transfer, and ownership of a company's stock shares.

First-In, First-Out

An inventory valuation method where the first items purchased or manufactured are the first to be sold, impacting the cost of goods sold and inventory valuation.

Perpetual System

An inventory accounting system that continuously updates inventory records and cost of goods sold after each purchase or sale.