ECTOR"S Updated EOPA Question 2023 Part 1

.  Dana's diamond jewelers had $6000 In Visa sales during the day. Dana is charged a 4% discount rate on visa deposits. The entry to record the visa sale is

• debit cash $6000, credit sales $5760, credit credit card expense $240

• debit cash $5760 credit sales $5760       

• debit cash $6000 credit sales $6000

• debit cash $5760, debit credit card expense, $240 credit sales $6000

The balance according to the bank statement is $32,965. Outstanding checks total $21,792. Deposits in transit total $8,210. What is the adjusted bank balance?

• 2963

• 19,383

• 46,547

• 62,967

Checks outstanding are

• subtracted from bank balance

• added to bank balance

• added to the checkbook balance

• subtracted from the check book balance

Sales forecast can help a retailer

•  accurately plan for the upcoming holiday season

• maintain accurate purchasing record

• determine the cost of goods sold

• effectively train employees

in automated accounting, an audit is

• is always stored on electronic media

• checks the accuracy of processed information

• is generated on a yearly basis

• corrects the data

A deposit in transit on a bank statement is

• added to the checkbook balance

• added to the bank balance

• subtracted from the bank balance

• subtracted from the cash account

During a sales presentation, a customer raises an issue regarding a particular concern or objection with a product. The employee should

• immediately decide how to talk to the customer out of being concerned

• acknowledge the customers concern and probe for understanding

• disregard the objection and continue with the presentation

• present another product

A deposit that is made by electronic transfer is called an]

• ATM

• EFT

• EOM

• DEBT

In order for an employee to be able to troubleshoot customer service issues, the employees must first

• explain the company policy to the company

• listen to the customer

• agree with the customer

• request a written complaint from the customer

When client asks an employee a question that the employee does not know the answer to, the employee should

• indicate to the client that they question does not pertain to the matter at hand

• ignore the question and continue with the meeting

• tell the client that he/she find the answer and get back to client

• try to answer the question, relying on experience and common sense