Which of the Following Is True of a Cash Receipts

question 21

Multiple Choice

Which of the following is true of a cash receipts journal?

• A)In a cash receipts journal,cash sales are recorded in the Accounts Receivable CR column and the Cash DR column.
• B)In a cash receipts journal,collections on account are recorded in the Accounts Receivable DR column and the Cash DR column.
• C)In a cash receipts journal,the miscellaneous cash receipt transactions are ignored.
• D)In a cash receipts journal,the sales for cash will have entries in the Sales Revenue CR column.

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Definitions:

Procedures

Systematic instructions or steps designed to perform a specific task or process effectively and efficiently.

Policies

Established guidelines or rules that govern the decision-making process and actions within an organization.

Operational Plans

Detailed plans formulated by an organization to implement its strategic goals, focusing on short-term actions and resources.

Strategic Plans

Strategic plans are forward-looking documents that outline an organization's goals and the strategies intended to achieve them over a long-term period.