The Following Information Was Extracted from the Financial Records of Goss

question 54

Multiple Choice

The following information was extracted from the financial records of Goss Ltd for the year ended 30 June 2014:
$$\begin{array} { l r } \text { Cash Sales } & \$ 30,000 \\\text { Credit Sales } & 180,000 \\\text { Accounts receivable } & 25,000 \\\text { Cost of Sales } & 130,000\end{array}$$
If there are 365 trading days per year,calculate for the managing director the number of days that accounts receivable are outstanding at 30 June 2014.

• A) 86 days.
• B) 51 days.
• C) 114 days.
• D) 43 days.

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Definitions:

Analogy

A comparison between two things, typically on the basis of their structure and for the purpose of explanation or clarification.

Retention

The ability to remember and store information over time, often measured in terms of duration and capacity.

Period Of Time

A specific duration marked by a beginning and an end, measured in units such as seconds, minutes, hours, or years.

Constructive Processing

Referring to the retrieval of memories in which those memories are altered, revised, or influenced by newer information.