Accounts Receivable, Finance And Accounting

Question: A Subsidiary ledger containing only customer accounts is a/an
A
Accounts Receivable ledger

B
Contra ledger

C
General ledger

D
Accounts Payable ledger

Note: not sure
1. Report
Question: Allowance for Accounts Receivable is called ________
A
allowance for bad & doubtful accounts

B
allowance for discount Accounts Receivable

C
allowance for discount Accounts Payable

D
miscellaneous expenses

Note: not sure
1. Report
Question: When a payment is received from a customer but is not yet deposited into the bank, the amount lies in the________________
A
Accounts Receivable

B
Undeposited Fund

C
Checking Account

D
Cash Account

Note: not sure
1. Report
Question: The adjusting entry to estimate the amount of Receivables that a business house fears will not be collected is _________________:
A
Debit Bad Debt Expense, Credit Notes Receivable

B
Debit Bad Debt Expense, Credit Allowance for Doubtful Account

C
Debit Bad Debt Expense, Credit Accounts Receivable

D
Debit Bad Debt Expense, Credit Cash

Note: not sure
1. Report
Question: To which accounting concept does Accounts Receivable relate?
A
Going concern

B
Cost concept

C
Matching concepts

D
Consistency concept

Note: not sure
1. Report
Question: Credit card discounts are reported on the income statement as
A
a contra revenue

B
a selling expense

C
a miscellaneous expense

D
a contra revenue and a miscellaneous expense

Note: not sure
1. Report
Question: In which of the following cases would revenue be recorded?
A
A customers signs a 6 month contract

B
A quote is generated for a potential customer

C
A quote is generated for an existing customer

D
Services are provided to a customer

Note: not sure
1. Report
Question: Why would a company break revenue up into specific accounts instead of having one master "revenue" account?
A
Once a company chooses a method, it is never changed. Someone early on made a mistake by creating the level of detail

B
It allows the management and the staff to examine and analyze each of the revenue streams for errors, patterns, and comparisons

C
It creates work for the accounting department

D
It is required by tax laws

Note: not sure
1. Report
Question: Bell Corp. had a net income of $100,000, paid income taxes of $30,000, and incurred interest expenses of $8,000. What was their times interest earned ratio?
A
12.50

B
16.25

C
17.25

D
17.85

Note: not sure
1. Report
Question: What is meant by Factoring?
A
sale of Accounts Receivables

B
Bank Loan

C
Discount

D
None of these

Note: not sure
1. Report

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Question: A Subsidiary ledger containing only customer accounts is a/an

Question: Allowance for Accounts Receivable is called ________

Question: When a payment is received from a customer but is not yet deposited into the bank, the amount lies in the________________

Question: The adjusting entry to estimate the amount of Receivables that a business house fears will not be collected is _________________:

Question: To which accounting concept does Accounts Receivable relate?

Question: Credit card discounts are reported on the income statement as

Question: In which of the following cases would revenue be recorded?

Question: Why would a company break revenue up into specific accounts instead of having one master "revenue" account?

Question: Bell Corp. had a net income of $100,000, paid income taxes of $30,000, and incurred interest expenses of $8,000. What was their times interest earned ratio?

Question: What is meant by Factoring?