Process Payment Documentation For AcFn Extension NAME IDNO. SECTION 1. Write True if the statement is correct and write False if the statement is incorrect (2pts.each) 1. Peny cash fund which is part of the total cash balance, is used to handle many types of small payments 2. Companies use similer documents for processing purchase 3. NEOM (net end of the month) means payment is due within 30 days after the date of the invoice 4. Voucher system is special form of assets and it's payment. 3. A source document is any form of paper record. II. Choose the best answer from the given alternatives (2pts) 1. The __ includes only those items immediately available to pay obligations A. Cirsh B. Menter card C. Credit eard D. Money order 2. The following are electronic payment except A. Credit card payment B. visa card payment B. maner cand payment C. money order payments 3. Which types of inventory system is updated inventory system? A. Periodis Inventory System B. Process Inventory System B. Perpetual Inventory System C. Contingency Inventory System 4. The shipping cost bome by a purchaser are debited to an account called. A. Transportation out C. Delivery expense B. Transportation in D. All 5. The ownership (title) passes to the buyer when merchandise is delivered to shipper called __ A. FOB shipping point C. Transportation cost B. FOB destination D. Delivery expence 6. If the transportation costs were paid b the seller, the journal entries to record in the seller book: