Author Question: The primary users of external financial reports, as identified by the GASB, include all of the ... (Read 39 times)

justinmsk · **on:** Jul 6, 2018

The primary users of external financial reports, as identified by the GASB, include all of the following except

a. Investors and creditors
b. Citizens
c. Governing boards
d. All of the above are considered to be primary users of external financial reports.
e. Both items a and b.

Question 2

When merchandise previously sold is returned for credit, the journal entry is
a. debit Sales; credit Accounts Receivable.
b. debit Sales Returns and Allowances; credit Accounts Payable.
c. debit Accounts Receivable; credit Sales Returns and Allowances.
d. debit Sales Returns and Allowances; credit Accounts Receivable.
e. debit Accounts Receivable; credit Purchases Discounts.