ACC 556 WEEK 5 HOMEWORK
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ACC 556 WEEK 5 HOMEWORK
1.
An aging of accounts
receivable schedule is based on the premise that the longer the period an
account remains unpaid, the greater the probability that it will eventually be
collected.
2.
Allowance for Doubtful
Accounts is a contra account that is deducted from Accounts Receivable on the
balance sheet.
3.
Under the allowance
method, Bad Debt Expense is debited when an account is deemed uncollectible and
must be written off.
4.
Interest on a 6-month,
10 percent, $10,000 note is calculated by multiplying $10,000 ´ 0.10 ´ 6/12.
5.
If a company has
significant concentrations of credit risk, it must discuss this risk in the
notes to its financial statements.
6.
Interest is usually
associated with
7.
On January 15, Nifty
Company sells merchandise on account to Martinez Associates for $3,000 with
terms 3/10, n/30. On January 20, Martinez returns merchandise worth $600 to
Nifty. On January 24, payment is received from Martinez for the balance due.
What is the amount of cash received?
8.
The expense
recognition
9.
Which one of the
following is not a principle of sound accounts receivable management?
10. Bad Debt Expense is considered
11. When an account is written off using the
allowance method, the
12. All of the following statements regarding the
financial statement presentation of receivables are true except:
13. Which of the following is not true regarding a
promissory note?
14. The bookkeeper recorded the following journal
entry
15. The direct write-off method is acceptable for
financial reporting purposes only if the bad debt losses are insignificant.
16. When calculating interest on a promissory note
with the maturity date stated in terms of days, the
17. The interest on a $4,000, 9%, 90-day note
receivable is
18. Which of the following is a way of disposing
of a note receivable?
19. The accounts receivable turnover
20. Match the items below by entering the
appropriate code letter in the space provided.
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