A sale to a customer is entered into the system properly, but the event does not accurately update ...

A sale to a customer is entered into the system properly, but the event does not accurately update the customer's outstanding balance. This type of processing error would be classified as a user error.
Indicate whether the statement is true or false

(Q. 2) When it is necessary to replenish the petty cash fund, the petty cashier prepares a statement of payments.
a. True
b. False
Indicate whether the statement is true or false

(Q. 3) On July 1, Team Shirts paid 600 for three months' worth of advertising beginning on July 1. What is Advertising expense for the MONTH ended August 31?

A) 0
B) 200
C) 400
D) 600

(Q. 4) Adjusting entries for accruals will never affect ________.

A) shareholders' equity
B) expenses
C) liabilities
D) cash

(Q. 5) Which of the following accounts usually has a debit balance?
a. Accounts Payable
b. Sales Tax Payable
c. Sales
d. Merchandise Inventory

(Q. 6) The Securities and Exchange Commission (SEC) requires all publicly traded companies to have a fiscal yearend of December 31.

Indicate whether the statement is true or false

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A sale to a customer is entered into the system properly, but the event does not accurately update ...

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