Chapter 10 Identifying Accounting Concepts and Practices.

False

A batch report is a detailed report of cash sales during a specific period of time.

True

A terminal summary is also known as a Z tape.

False

Only the federal government can exempt from sales taxes some types of merchandise or sales to certain types of customers.

True

Regardless of when payment is received, the revenue should be recorded when a sales i made, not on the date cash is received.

True

Sales Tax Payable has a normal credit balance.

False

Separate transactions are recorded for cash, credit card, and debit card totals listed on a terminal summary

True

The amount of sales tax collected is a liability of a business until paid to the government.

True

The balance of Accounts Receivable should equal the total of the schedule of accounts receivable.

False

The total amount of credit card and debit card sales transactions is recorded as a debit to cash, since the business will receive cash for the entire amount

False

The total of each general amount column of a cash receipts journal is posted to the corresponding general ledger account.