The Objective of the Accounts Receivable Phase in the Revenue

question 34

Multiple Choice

The objective of the accounts receivable phase in the revenue cycle is to:

• A)Ensure payments for goods and services are received on time and in correct amount.
• B)Ensure payments for goods and services are correctly received,recorded and banked.
• C)Ensure the accounts payable record is updated accordingly when payments for goods and services are received.
• D)Ensure that payments for goods and services are made to the correct suppliers.

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Definitions:

Standard Form

In mathematics, a way of writing numbers using the digits 0-9, with each digit having a place value. In logic, a precise form of expressing logical expressions.

Proposition

A declaration that conveys an assessment or viewpoint.

Standard Form

A universally recognized method of displaying information or arguments for ease of understanding and analysis.

Implicit Propositions

Statements that are assumed within an argument but not explicitly stated.