A Document Completed to Prepare a Record of the Sales

question 24

Multiple Choice

A document completed to prepare a record of the sales return and to adjust the amount of the customer's credit status is called a(n) :

• A)Receiving log
• B)Credit memorandum
• C)Sales invoice
• D)Sales journal

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Definitions:

Ordinary Maintenance

Routine upkeep and repairs necessary to keep an asset operating under normal conditions.

Asset Improvements

Expenditures made to increase the service life or value of an asset without changing its original purpose.

Ordinary Maintenance

Routine maintenance and repairs that are performed to keep equipment in its normal operating condition.

Long-Lived Assets

Assets that provide economic benefits to a business for more than one fiscal year, such as buildings, machinery, and equipment.