Test Results of the __________ Cycle, in Addition to the Test

question 74

Multiple Choice

Test results of the __________ cycle, in addition to the test results of inventory and warehousing, will affect the tests of details of balances for inventory.

• A) sales and collection
• B) acquisitions and payments
• C) payroll and personnel
• D) all of the above

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Definitions:

Accounts Payable Control

A system or method used to manage and track the money owed by the company to its creditors or suppliers.

Subsidiary Ledger

A detailed ledger that contains the details to support a main ledger account, such as accounts receivable or accounts payable.

Accounts Receivable Control

Practices and procedures in place to monitor and manage the amounts owed to a business by its customers for goods or services delivered on credit.

Subsidiary Ledger

A detailed ledger that contains supporting information for a main accounting ledger, often used for accounts receivable or accounts payable.