which of the following statements is false? the typical billing/accounts receivable/cash receipts system assists in preparing internal and external reports, including gaap-based financial statements. separating the credit function from the sales function is often defended on the grounds that if they were not separated, credit might be extended to high-risk customers, simply to achieve sales targets. the two types of adjustments that commonly result from a periodic review of the aging details of customer account balances are a recurring entry for estimated bad debts and a bad debt write-off. cash receipts events data are comprised of one or more invoice records.