1. What level of detail should invoices contain? Answers: a. Summary, only the total due a. Totals by item a. Totals by date a. Specific details – dates, quantities, individual pricing 2. Why do companies require deposits & advances? Answers: a. They don’t trust the customers to pay a. It improves cash flow, especially for long duration projects a. They want to make sure customers have money to pay 3. Tax Accounting Services pays off $200 on account. To record this transaction for Tax Accounting Services, the cash account is credited. Which account is debited? Answers: a. Accounts Receivable a. Service Revenue a. Cash a. Accounts Payable 4. A company receives an advance payment for special order goods that are to be manufactured and delivered within 6 months. The advance payment should be reported in the company’s balance sheet as a Answers: a. deferred charge. a. contra asset account. a. current liability. a. non-current liability. 5. On December 31, 2007, special insurance...