Accounting

Accounting

Question: The control features of a bank account do not include:
A
having bank auditors verify the correctness of the bank balance per books.

B
minimizing the amount of cash that must be kept on hand.

C
providing a double record of all bank transactions.

D
safeguarding cash by using a bank as a depository.

Note: Not available
1. Report
Question: In a bank reconciliation, deposit in transit are:
A
deducted from the book balance.

B
added to the book balance.

C
added to the bank balance.

D
deducted from the bank balance.

Note: Not available
1. Report
Question: The reconciling item in a bank reconciliation that will result in an adjusting entry by the depositor is:
A
outstanding checks.

B
deposit in transit.

C
a bank error

D
bank service charges.

Note: Not available
1. Report
Question: The statement that correctly describes the reporting of cash is:
A
cash cannot be combined with cash equivalents.

B
restricted cash funds may be combined with cash.

C
cash is listed first in the current assets section.

D
restricted cash funds cannot reported as a current asset.

Note: Not available
1. Report
Question: Remmers Company on June 15 sells merchandise on account to Tucci Co. for $1000 terms 2/10, n/30. On June 20, Tucci Co. returns merchandise worth $300 to Remmers Company. On June 24, payment is received from Tucci Co. for the balance due. What is the amount of cash received?
A
$700

B
$680

C
$686

D
None

Note: Not available
1. Report
Question: Which of the following approaches for bad debts is best describe as a balance sheet method?
A
Percentage of receivables basis.

B
Direct write-off method.

C
Percentage of sales basis.

D
Both a and b

Note: Not available
1. Report
Question: Net sales for the month are $800,000 and bad debts are expected to be 1.5% of net sales. The company uses the percentage of sales basis.If the Allowance for Doubtful Accounts has a credit balance after adjustment?
A
$15,000

B
$27,000

C
$23,000

D
$31,000

Note: Not available
1. Report
Question: In 2002, Roland Carlson Company had net credit sales of $750,000. On January 1,2002, Allowance for Doubtful Accounts had a credit balance of $18,000. During written off. Past experience indicates that 3% of net credit sales become uncollectible. What should be the adjusted balance of Allowance for Doubtful Accounts at December 31,2002?
A
$10,050

B
$10,500

C
$22,500

D
$40,000

Note: Not available
1. Report
Question: An analysis and aging of the accounts receivable of Machiavelli Company at December 31 reveals the following data.
Accounts receivable $800,000
Allowance for doubtful accounts per books before adjustment $50,000
Amounts expected to become unconnectable $65,000
The cash reliable value of the accounts receivable at December 31,after adjustment is:
A
$685,000

B
$750,000

C
$800,000

D
$735,000

Note: Not available
1. Report
Question: One of the following statements about promissory notes is incorrect. The incorrect statement is:
A
The party making the promise to pay is called the market.

B
The party to whom payment is to be made is called the payee.

C
A promissory note is not a negotiable instrument.

D
A promissory note is more liquid than an account receivable.

Note: Not available
1. Report

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Question: The control features of a bank account do not include:

Question: In a bank reconciliation, deposit in transit are:

Question: The reconciling item in a bank reconciliation that will result in an adjusting entry by the depositor is:

Question: The statement that correctly describes the reporting of cash is:

Question: Remmers Company on June 15 sells merchandise on account to Tucci Co. for $1000 terms 2/10, n/30. On June 20, Tucci Co. returns merchandise worth $300 to Remmers Company. On June 24, payment is received from Tucci Co. for the balance due. What is the amount of cash received?

Question: Which of the following approaches for bad debts is best describe as a balance sheet method?

Question: Net sales for the month are $800,000 and bad debts are expected to be 1.5% of net sales. The company uses the percentage of sales basis.If the Allowance for Doubtful Accounts has a credit balance after adjustment?

Question: One of the following statements about promissory notes is incorrect. The incorrect statement is:

Accounts receivable	$800,000
Allowance for doubtful accounts per books before adjustment	$50,000
Amounts expected to become unconnectable	$65,000