Finance And Accounting

Question: In accounting for the transfer of financial assets, which of the following is the approach underlying the accounting prescribed by SFAS 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities?
A
Financial-components approach.

B
The risks-and-rewards approach.

C
Inseparable-unit approach.

D
Linked-presentation approach.

Note: answer not sure
1. Report
Question: Which of the following is not true about interest on Receivables?
A
Interest receivable is calculated by using the formula Interest= Principal x Interest Rate x Time.

B
Interest receivable does not have to be recognized if interest is to be collected in the next year

C
We need to recognize interest receivable to satisfy the matching principle.

D
Interest receivable is interest earned but not collected.

Note: answer not sure
1. Report
Question: Using the following information, calculate net sales revenue. Sales Revenue $100,000, Sales Discounts $3,000, Sales Returns and Allowances $2,000 and Cost of Goods Sold $40,000
A
$60,000

B
$95,000

C
$55,000

D
$97,000

Note: answer not sure
1. Report
Question: Bad Debts are shown in_________
A
the Profit & Loss A/c

B
the Profit & Loss A/c & the Balance Sheet

C
the Trading A/c & the P& L A/c

D
Adjusted against A/R

Note: answer not sure
1. Report
Question: Which of the following statements is correct?
A
A low receivables turnover is desirable

B
An increase in the net profit margin with no change in sales (or) assets means a poor ROI

C
The higher the tax rate for a firm, the lower the interest coverage ratio.

D
The lower the total debt-to-equity ratio, the lower the financial risk for a firm

Note: answer not sure
1. Report
Question: What is the best first step to take with delinquent payers?
A
Make a threatening phone call

B
Mail a letter stating they have been sent to collections

C
Mail a copy of their statement along with copies of the open invoices

D
Don't inform them of your actions and send them directly to collections

Note: answer not sure
1. Report
Question: Which of the following is used to calculate the Accounts Receivable turnover ratio?
A
Turnover Ratio Credits Sales/ Accounts Receivable

B
Accounts Receivable/ Turnover Ratio Credit Sales

C
Turnover Ratio Cash Sales/ Accounts Receivable

D
Total Sales/ Accounts Receivable

Note: answer not sure
1. Report
Question: The antecedents of receivables are critical to the management of receivable assets and is the key driver of the cost to manage a company's revenue stream. A simple formula to illustrate this point is ____________.
A
high customer satisfaction – accurate invoice = excellent receivable results

B
high customer satisfaction + excellent receivable results = accurate invoice

C
high customer satisfaction + accurate invoice = excellent receivable results

D
None of these

Note: answer not sure
1. Report
Question: The Accounts Receivable department uses a_________
A
purchase ledger

B
sales ledger

C
cash book

D
None of these

Note: answer not sure
1. Report
Question: A customer used his credit card to pay $400 for the services received. The credit card company charged 2.5% as service charges. What is the amount that the company will record as deposit to its checking account as a result of the sales transaction?
A
$400.00

B
$410.00

C
$390.00

D
$388.00

Note: not sure
1. Report

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Question: In accounting for the transfer of financial assets, which of the following is the approach underlying the accounting prescribed by SFAS 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities?

Question: Which of the following is not true about interest on Receivables?

Question: Using the following information, calculate net sales revenue. Sales Revenue $100,000, Sales Discounts $3,000, Sales Returns and Allowances $2,000 and Cost of Goods Sold $40,000

Question: Bad Debts are shown in_________

Question: Which of the following statements is correct?

Question: What is the best first step to take with delinquent payers?

Question: Which of the following is used to calculate the Accounts Receivable turnover ratio?

Question: The antecedents of receivables are critical to the management of receivable assets and is the key driver of the cost to manage a company's revenue stream. A simple formula to illustrate this point is ____________.

Question: The Accounts Receivable department uses a_________

Question: A customer used his credit card to pay $400 for the services received. The credit card company charged 2.5% as service charges. What is the amount that the company will record as deposit to its checking account as a result of the sales transaction?