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discounts are taken for early payment A. purchase discounts are deferred when recording the cash disbursement B. purchase discounts are recorded when recording the disbursement G. accounts receivable should be dobited to the art of the more . accounts payable should be credited to the amount of the The rights and obligations with respect to accoun relates to whether the 58 ated for the amount of the discount respect to accounts payable A accounts receivable robert the recorded asset of the only counts receivable reflect the recorded ability of the entu accounts payable reflect the recorded liability of the end 0. accounts payable reflect the recorded asset of the end An audit must be customize client Sto customized each year because inherent risk factors for a A. will vary from year to year B. should be invariant throughout the industry C. should be fixed over time D. should be discussed with regulatory agencies 60. There is significant interaction between cash receipt transactions and accounts receivable because A. the creation of an account receivable indicates receipt of cash B. a misstatement of cash receipts will result in a misstatement of accounts receivable. C. a misstatement of cash receipts will result in a misstatement of interest payments D. the settlement of an account receivable will result in a decrease to the cash account 61. If discounts are given for early payment, A. sales discounts are recorded when recording the cash receipt and reducing a customer's receivable B. the customer's account payable balance should be decreased accordingly C. the company should credit the Sales Discount account D. an increase in equity will result from a customer taking the discount

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