Acc 557 week 6 chapter 7 & 8 quiz (3 sets) (updated one)

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Week 6 Quiz, Ch 7 & 8

 

IFRS Multiple Choice Question 239

 

GAAP, compared to IFRS, tends to be more

 

 

 

 

Multiple Choice Question 71

 

Postage stamps on hand are considered to be

 

 

 

 

 

IFRS Multiple Choice Question 240

 

GAAP’s, accounting and internal control procedures related to cash and the definition of cash equivalents, as compared to IFRS are:

Accounting and internal control procedures

Definition of cash equivalents

 

 

 

 

 

Multiple Choice Question 57

 

Two individuals at a retail store work the same cash register. You evaluate this situation as

 

 

 

 

 

Multiple Choice Question 133

 

An adjusting entry is not required for

 

 

 

 

 

 

Multiple Choice Question 44

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All of the following requirements about internal controls were enacted under the Sarbanes- Oxley Act except;

 

 

 

 

 

Multiple Choice Question 45

 

Internal control is defined, in part, as a plan that safeguards

 

 

 

 

 

 

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

 

 

 

 

 

Multiple Choice Question 41

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Claims for which formal instruments of credit are issued as proof of the debt are

 

 

 

 

 

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

 

 

 

 

 

Multiple Choice Question 78

 

The method of accounting for uncollectible accounts that results in a better matching of expenses with revenues is the

 

 

 

 

 

Multiple Choice Question 102

 

Using the following information:

 

 

12/31/12

Accounts receivable

 

$

525,000

 

Allowance

 

 

(35,000

)

Cash realizable value

 

$

490,000

 

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

 

 

 

 

 

 

Multiple Choice Question 103

 

Using the following information:

 

 

12/31/12

Accounts receivable

 

$

525,000

 

Allowance

 

 

(35,000

)

Cash realizable value

 

$

490,000

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Multiple Choice Question 144

 

 

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:

 

[removed]

         
           
           

 

[removed]

         
           
           

 

[removed]

         
         
           
           

 

[removed]

         
           
           

 

 

Multiple Choice Question 69

 

Under the direct write-off method of accounting for uncollectible accounts, Bad Debts Expense is debited