Acc 557 week 6 chapter 7 & 8 quiz (3 sets) (updated one)
Week 6 Quiz, Ch 7 & 8
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IFRS Multiple Choice Question 239 |
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GAAP, compared to IFRS, tends to be more
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Multiple Choice Question 71 |
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Postage stamps on hand are considered to be
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IFRS Multiple Choice Question 240 |
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GAAP’s, accounting and internal control procedures related to cash and the definition of cash equivalents, as compared to IFRS are:
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Accounting and internal control procedures |
Definition of cash equivalents |
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Multiple Choice Question 57 |
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Two individuals at a retail store work the same cash register. You evaluate this situation as
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Multiple Choice Question 133 |
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An adjusting entry is not required for
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Multiple Choice Question 44 |
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All of the following requirements about internal controls were enacted under the Sarbanes- Oxley Act except;
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Multiple Choice Question 45 |
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Internal control is defined, in part, as a plan that safeguards
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Multiple Choice Question 174 |
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Schwartzman Co., makes a credit card sale to a customer for $600. The credit card sale has a grace period of 30 days and then an interest charge of 1.5% per month is added to the balance. If the unpaid balance on the above sale is $480 at the end of the grace period, the interest charge is
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Multiple Choice Question 41 |
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Claims for which formal instruments of credit are issued as proof of the debt are
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Multiple Choice Question 88 |
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The balance of Allowance for Doubtful Accounts prior to making the adjusting entry to record estimated uncollectible accounts
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Multiple Choice Question 78 |
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The method of accounting for uncollectible accounts that results in a better matching of expenses with revenues is the
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Multiple Choice Question 102 |
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Using the following information:
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12/31/12 |
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Accounts receivable |
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$ |
525,000 |
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Allowance |
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(35,000 |
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Cash realizable value |
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$ |
490,000 |
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During 2013, sales on account were $145,000 and collections on account were $100,000. Also during 2013, the company wrote off $8,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that uncollectible accounts should be estimated at $40,000.
The change in the cash realizable value from the balance at 12/31/12 to 12/31/13 was a
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Multiple Choice Question 103 |
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Using the following information:
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12/31/12 |
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Accounts receivable |
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$ |
525,000 |
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Allowance |
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(35,000 |
) |
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Cash realizable value |
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$ |
490,000 |
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During 2013, sales on account were $145,000 and collections on account were $100,000. Also during 2013, the company wrote off $8,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that uncollectible accounts should be estimated at $40,000.
Bad debts expense for 2013 is
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Multiple Choice Question 144 |
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On January 15, 2012, Craig Company received a two-month, 9%, $7,000 note from William Pentel for the settlement of his open account. The entry by Craig Company on March 15, 2012 if Pentel dishonors the note and collection is expected is:
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Multiple Choice Question 69 |
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Under the direct write-off method of accounting for uncollectible accounts, Bad Debts Expense is debited
