ACC 557 Week 6 Chapter 8 Quiz (all possible questions)\t\u00a0\tThis Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)\t\u00a0\tSOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS\t\u00a0\t1-\tMultiple Choice Question 107\tA bank statement\tis a bill from the bank for services rendered.\tis a credit reference letter written by the depositor’s bank.\tshows the activity which increased or decreased the depositor’s account balance.\tlets a depositor know the financial position of the bank as of a certain date.\t2-\tIFRS Multiple Choice Question 233\tThe principles of internal control activities are used in the\tinternationally but not in the U.S.\tin the U.S. and Canada but not globally.\tglobally.\tU.S.but not globally.\t3-\tMultiple Choice Question 71\tPostage stamps on hand are considered to be\tcash.\tpetty cash.\ta prepaid expense.\tcash equivalents.\t4-\tIFRS Multiple Choice Question 237\tTangible frauds include\tasset misappropriation.\tfalse pretenses.\tcounterfeiting.\tAll of these.\t5-\tMultiple Choice Question 44\tAll of the following requirements about internal controls were enacted under the Sarbanes- Oxley Act except;\tindependent outside auditors must eliminate redundant internal controls.\tindependent outside auditors must attest to the level of internal control.\tcompanies must develop sound internal controls over financial reporting.\tcompanies must continually assess the functionality of internal controls.\t6-\tMultiple Choice Question 111\tA deposit made by a company will appear on the bank statement as a\tdebit.\tcredit.\tdebit memorandum.\tcredit memorandum.\t7-\tMultiple Choice Question 65\tIn large companies, the independent internal verification procedure is often assigned to\tcomputer operators.\tmanagement.\tinternal auditors.\toutside CP\t8-\tMultiple Choice Question 67\tAn aging of a company’s accounts receivable indicates that $10,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,100 credit balance, the adjustment to record bad debts for the period will require a\tdebit to Bad Debts Expense for $8,900.\tcredit to Allowance for Doubtful Accounts for $10,000.\tdebit to Bad Debts Expense for $10,000.\tdebit to Allowance for Doubtful Accounts for $8,900.\t9-\tMultiple Choice Question 71\tA reasonable amount of uncollectible accounts is evidence\tthat the credit policy is too strict.\tof poor judgments on the part of the credit manager.\tthat the credit policy is too lenient.\tof a sound credit policy.\t10-\tMultiple Choice Question 105\tKill Corporation’s unadjusted trial balance includes the following balances (assume normal balances):\tAccounts Receivable\u00a0 $\u00a0 750,000\tAllowance for Doubtful Accounts\u00a0 15,000\tBad debts are estimated to be 6% of outstanding receivables. What amount of bad debts expense will the company record?\t$15,000\t$44,100\t$30,000\t$45,000\t11-\tMultiple Choice Question 97\tUsing the percentage-of-receivables basis, the uncollectible accounts for the year is estimated to be $31,000. If the balance for the Allowance for Doubtful Accounts is a $7,000 debit before adjustment, what is the amount of bad debts expense for the period?\t$31,000\t$38,000\t$7,000\t$24,000\t12-\tMultiple Choice Question 103\tUsing the following information:\t\u00a0 12\/31\/12\tAccounts receivable\u00a0 $\u00a0 525,000\u00a0\tAllowance\u00a0 (35,000\u00a0 )\tCash realizable value\u00a0 $\u00a0 490,000\u00a0\tDuring 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.\tBad debts expense for 2013 is\t$40,000.\t$13,000.\t$5,000.\t$8,000.\t13-\tMultiple Choice Question 118\tIf a retailer regularly sells its receivables to a factor, the service charge of the factor should be classified as a(n)\tcontra asset.\tother expense.\tselling expense.\tinterest expense.\t14-\tMultiple Choice Question 104\tDuring 2013, Alfred Inc. had sales on account of $132,000, cash sales of $54,000, and collections on account of $84,000. In addition, they collected $1,450 which had been written off as uncollectible in 2012. As a result of these transactions, the change in the accounts receivable balance indicates a\t$102,000 increase.\t$100,550 increase.\t$46,550 increase.\t$48,000 increase.\t15-\tMultiple Choice Question 142\tA 5%, 120-day note receivable is received from a customer to settle an existing account receivable of $75,000. Assuming a 360 day year, the accounting entry for acquisition of the note will include a\tdebit to Notes Receivable for $75,000 and no entry for interest.\tdebit to Notes Receivable for $76,250.\tdebit to Notes Receivable for $78,720.\tcredit to Interest Revenue for $1,250.<\/p>\n","protected":false},"excerpt":{"rendered":"
ACC 557 Week 6 Chapter 8 Quiz (all possible questions) \u00a0 This Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set) \u00a0 SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS \u00a0 Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-200285","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200285","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=200285"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200285\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=200285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=200285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=200285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}