INMT 341 Exam 1 UTK Test Questions
and Answers
remittance list - Answer-a document listing names and amounts of all customer payments received in
the mail
Cash Receipts Transaction File - Answer-computer generated file that includes all cash receipts
transactions processed by the accounting system for a period
Specific Invoice Method - Answer-involves matching payments to specific sales invoices.
Balance forward approach - Answer-sending monthly statements and customer payments are applied
to their total receivable (balance due), rather than any specific invoice.
cycle billing - Answer-organizations do not send monthly statements to all customers at once.
Unapplied cash - Answer-a cash payment that was received but has not yet been posted to a particular
customer's receivable balance
lockbox method - Answer-customers mail their checks to a post office address, and for a fee, a bank will
pick up, total, and directly deposit the funds into the company's account
and Answers
remittance list - Answer-a document listing names and amounts of all customer payments received in
the mail
Cash Receipts Transaction File - Answer-computer generated file that includes all cash receipts
transactions processed by the accounting system for a period
Specific Invoice Method - Answer-involves matching payments to specific sales invoices.
Balance forward approach - Answer-sending monthly statements and customer payments are applied
to their total receivable (balance due), rather than any specific invoice.
cycle billing - Answer-organizations do not send monthly statements to all customers at once.
Unapplied cash - Answer-a cash payment that was received but has not yet been posted to a particular
customer's receivable balance
lockbox method - Answer-customers mail their checks to a post office address, and for a fee, a bank will
pick up, total, and directly deposit the funds into the company's account
