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an income statement can be prepared by reference to: a. Post closing trial balance. b. Subsidiary ledgers. c.general and special journals. d. Source documents e.none of the above

22. A remittance advice is used to: a. send or receive billing for asset or service b. ship or receive asset or service pay or receive cash d. authorize a transaction e. record or issue order to sell, buy or employ 23. A balance sheet can be prepared by reference to: Ga source documents none of the above d. b. c. post-closing trial balance subsidiary ledgers general and special journals e. 24 An income statement can be prepared by reference to: a. post-closing trial balance b. subsidiary ledgers c. general and special journals d. source documents e. none of the above 25. Benefits of the perpetual inventory method include all but which of the foll a. provides close control over the actual goods on hand b. provides a check on the accuracy of cost of goods sold c. lower record-keeping costs than under the periodic method provides a measure of losses through theft and spoilage provides up-to-date information about the quantity and dollar value of e. 26. The basic source document which is used for recording a credit sale is: a. bill of lading b sales invoice c. customer order form d. monthly billing statement e. debit memo If the accountant was asked by management to determine the cost of inv during the year from a 27. particular vendor, he would most likely esam

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