Define the Discounts Lost account by selecting the statements below that correctly describe this account

Describe the purpose of a purchase order by selecting the correct statement(s) below. (Check all that apply.)

Multiple copies of the purchase order are distributed to other departments to Increase Internal
control of company purchases.
A purchase order authorizes a vendor to ship ordered merchandise at a stated price and terms.
A purchase order is a document the purchasing department uses to place an order with a vendor.J
A purchase order is a bill received from the vendor that reflects the amount owed by the buyer.


Determine which of the statements below describes a petty cash receipt. (Check all that apply.)

All petty cash receipts are turned in to the company cashier at the end of each day.
The petty cashier must present all paid receipts to the company cashier in order to replenish the
fund.
A petty cash receipt is rarely prenumbered.
A petty cash receipt will have a signature line for the person receiving a disbursement from the
fund.
A petty cash receipt is sometimes called a petty cash ticket.
Any person wishing to withdraw funds from a petty cash fund must complete a petty cash receipt.


Define the Discounts Lost account by selecting the statements below that correctly describe this account
(Check all that apply.)

This account alerts management when discounts are not taken for early payment.
Because an account is set up to record the discounts, managements alerted to discounts not
taken.
It is debited when a discount is not taken and when using the gross method of recording
purchases.
It is reported on the income statement
It is an expense account.
It is reported on the balance sheet.
It is debited when a discount is not taken and when using the net method of recording purchases)