ACC 556 MIDTERM PART 1

Question 1 An aging of accounts receivable schedule is based on the premise that the longer the period an account remains unpaid, the greater the probability that it will eventually be collected. True False Question 2 Goods that have been purchased FOB destination but are in transit, should be excluded from a physical count of goods by the buyer. True False Question 3 To obtain maximum benefit from a bank reconciliation, the reconciliation should be prepared by the employee authorized to ...