All of the Following Edit Checks for Online Editing of Accounts

question 54

Multiple Choice

All of the following edit checks for online editing of accounts receivable transactions would probably be included except

• A)validity checks on customer ID and invoice numbers.
• B)check digit verification on the amount of the sale.
• C)closed loop verification on the customer ID.
• D)field checks on the values in dollar fields.

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Definitions:

Cash Inflow

Funds or amounts of money received by an organization, either from operational activities such as sales or non-operational activities like investments and financing.

Noncash Investing

Investment activities that do not involve direct cash transactions, such as acquiring assets through issuance of stock or exchange of other assets.

Financing Activity

Transactions and events whereby resources are obtained from, or repaid to, owners (equity financing) or creditors (debt financing).

Net Income

The sum a company retains as earnings after deducting expenses and taxes from its turnover.