3. A document sent to each customer showing their beginning accounts receivable balance and the amount and date of each sale, cash payment received, credit memo issued, and the ending accounts receivable balance is the:*

a. Accounts receivable subsidiary ledger.

b. Remittance advice.

c. Sales invoice.

d. Monthly statement.

5. In the purchasing disbursements cycle, of the order of activities listed, which is usually the step after purchase requisition?

a. Receiving goods

b. Receiving billing from vendor

c. Sending of purchase order

d. Payment to vendor

9. Which of the following is a common cash activity within the personnel department?

a. Distributing paychecks to employees.

b. Preparing and updating personnel records.

c. Preparing and recording payroll.

d. Initiating terminations.

13. Which of the following accounts or line items would be misstated if the inventory at year-end includes goods held on consignment?

a. Purchases

b. Cost of goods sold

c. Net sales

d. Operating expenses

17. An examination of debenture bonds issued at a discount show that year-end adjustments for accrual and amortization have not been recorded. As a result, interest expense and bonds payable carrying value are

a. overstated and overstated, respectively

b. overstated and understated, respectively

c. understated and overstated, respectively

d. understated and understated, respectively

19. Ruben. CPA, has audited the bonds of ABC Company and noted that P5,000,000 of these bonds will be due in 6 months. The financial statement assertion that must be addressed in determining that the proper amount of debt is included as part of current liabilities is:

a. Rights and obligations.

b. Existence.

c. Presentation and disclosure

d. Completeness.

20. Which of the following departments most likely would approve changes in pay rates of recently promoted employees?

a. Personnel

b. Treasury

c. Controller

d. Payroll