Book keeping, Finance And Accounting

Question: Which of the following is a personal account?
A
Building

B
Wages

C
Debtors

D
Rent

Note: answer not sure
1. Report
Question: The best inventory method to adopt for a company that sells a product in large quantities, for example nails, would be:
A
FIFO

B
LIFO

C
Average Cost

D
Specific Cost

Note: answer not sure
1. Report
Question: Which of the following errors will be disclosed in the preparation of a trial balance?
A
Recording transactions in the wrong account.

B
Duplication of a transaction in the accounting records.

C
Posting only the debit portion of a particular journal entry.

D
Recording wrong amount for a transaction to both the account debited and the account credited.

Note: answer not sure
1. Report
Question: Lindy & Co. use an allowance method to account for bad debts. They estimate that 5% of the outstanding accounts receivable will be uncollectible. At the end of the year, they have outstanding accounts receivable of $750,000, and a debit balance in the Allowance for Uncollectible Accounts of $9,000. They should record an uncollectible accounts expense of:
A
$28,500

B
$37,500

C
$46,500

D
$55,500

Note: answer not sure
1. Report
Question: In which section of the balance sheet should inventory accounts be classified?
A
Current assets

B
Investments

C
Property, plant, and equipment

D
Intangible assets

Note: answer not sure
1. Report

Question: Which of the following is a personal account?