Question 1
Which of the following accounts is
not included in the acquisitions class of transactions?
◦ inventory
◦ prepaid expenses
◦ sales discounts
◦ accounts payable
Question 2
Which of the following accounts is
not part of the acquisition and payment cycle?
◦ prepaid expenses
◦ accounts payable
◦ sales returns and allowances
◦ property, plant, and equipment