Accounts Receivable, Finance And Accounting

Question: What is the expectation of most companies and their billings?
A
All customers will pay eventually even if it takes a long time

B
Most customers will prepay if asked

C
A small percentage of customers will not pay for a variety of reasons

D
None of these

Note: answer not sure
1. Report
Question: On the balance sheet, Receivables may be classified as ________
A
trade and non-trade

B
current and non-current

C
trade and current only

D
trade and non-trade and current and non-current

Note: answer not sure
1. Report
Question: At the end of the year, Loose Construction Co. Ltd.used an income statement method of estimation and calculated $20,000. They currently have a credit balance of $2,000 in Allowance for Doubtful Accounts. What is the correct entry to record the estimated Uncollectible Accounts Expense?
A
Debit Uncollectible Accounts Expense 20,000 Credit Accounts Receivable 20,000

B
Debit Uncollectible Accounts Expense 18,000 Credit Allowance for Doubtful Accounts 18,000

C
Debit Uncollectible Accounts Expense 18,000 Credit Accounts Receivable 18,000

D
Debit Uncollectible Accounts Expense 20,000 Credit Allowance for Doubtful Accounts 20,000

Note: answer not sure
1. Report
Question: A firm's inventory turnover (IT) is 5 times on a cost of goods sold (COGS) of $800,000. If the IT is improved to 8 times while the COGS remains the same, a substantial amount of funds is released from or additionally invested in inventory. In fact, an amount of _________.
A
$160,000 is released

B
$60,000 is released

C
$100,000 is additionally invested

D
$60,000 is additionally invested

Note: answer not sure
1. Report
Question: When using the indirect method of preparing the "Cash Flows from Operating Activities" section of a statement of cash flows, a net increase between the opening and closing balances of Net Accounts Receivable will __________.
A
be added to net income

B
be deducted from net income

C
not be considered

D
be shown as deferred revenues

Note: answer not sure
1. Report
Question: What is meant by Accounts Receivable?
A
Money which is owed to a company by a customer for products and services provided on cash.

B
Money which is owed to a company by a vendor for products and services provided on credit.

C
Money which is owed to a company by an employee for products and services provided on cash

D
Money which is owed to a company by a customer for products and services provided on credit.

Note: answer not sure
1. Report
Question: Henry Stores, Inc. had sales of $2,000,000 during December. Experience has shown that merchandise equaling 7% of the sales will be returned within 30 days and an additional 3% will be returned within 90 days. The returned merchandise is readily resalable. In addition, merchandise equaling 15% of the sales will be exchanged for merchandise of equal or greater value. What amount should the store report as net sales in its income statement for the month of December?
A
$1,800,000

B
$1,700,000

C
$1,560,000

D
$1,500,000

Note: answer not sure
1. Report
Question: Accounts Receivable that arise from the regular sale of merchandise is also referred to as____________
A
Business Receivables

B
Other Receivables

C
Trade Receivables

D
Money Receivable

Note: answer not sure
1. Report
Question: At the end of the fiscal year, before the accounts are adjusted, Account Receivable has a balance of $200,000 and Allowance for Doubtful Accounts has a credit balance of $2500. If the estimate of uncollectible accounts determined by aging the Receivables is $8500, the amount of uncollectible accounts expense will be:
A
$11,000

B
$2,500

C
$8,500

D
$6,000

Note: answer not sure
1. Report
Question: The Sales Returns and Allowances – Account is classified as a/an _________ .
A
Liability Account

B
Contra Revenue

C
Asset Account

D
Revenue Account

Note: answer not sure
1. Report

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Question: What is the expectation of most companies and their billings?

Question: On the balance sheet, Receivables may be classified as ________

Question: At the end of the year, Loose Construction Co. Ltd.used an income statement method of estimation and calculated $20,000. They currently have a credit balance of $2,000 in Allowance for Doubtful Accounts. What is the correct entry to record the estimated Uncollectible Accounts Expense?

Question: A firm's inventory turnover (IT) is 5 times on a cost of goods sold (COGS) of $800,000. If the IT is improved to 8 times while the COGS remains the same, a substantial amount of funds is released from or additionally invested in inventory. In fact, an amount of _________.

Question: When using the indirect method of preparing the "Cash Flows from Operating Activities" section of a statement of cash flows, a net increase between the opening and closing balances of Net Accounts Receivable will __________.

Question: What is meant by Accounts Receivable?

Question: Accounts Receivable that arise from the regular sale of merchandise is also referred to as____________

Question: The Sales Returns and Allowances – Account is classified as a/an _________ .