A Document Sent to Each Customer Showing His or Her

question 101

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, any debit or credit memo issued, and the ending balance is the

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

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Definitions:

Auto-parts Manager

A professional responsible for overseeing the operations and inventory of an auto-parts store or department.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise considered binding, not because of a formal contract, but because it was relied upon by another to their detriment.

Quasi-contract

A legal concept where a court imposes an obligation on a party to prevent unjust enrichment or unfair benefit at the expense of another, even if no actual contract exists.

Uniform Commercial Code

A comprehensive set of laws governing all commercial transactions in the United States, intended to harmonize the law of sales and other commercial transactions across American states.