The number of times the accounts receivable turned over or were collected during the accounting period is called net credit sales for the period.

Question

Quizplus · Accepted Answer

The statement is incorrect. The number of times the accounts receivable turned over or were collected during the accounting period is called accounts receivable turnover ratio. Net credit sales for the period represent the sales made on credit during the accounting period after deducting any returns or allowances.

The Number of Times the Accounts Receivable Turned Over or Were