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:

Book Value

The net value of a company's assets minus its liabilities and preferred stock, calculated from the balance sheet.

Cash Inflows

Money or cash equivalents being transferred into a business, typically from operations, financing activities, or investment gains.

Selling Price

The amount of money for which a product or service is sold to the customer.

Forecast Revenue

An estimate of future sales and income, usually based on past trends, market analysis, and other predictive measures.