Finance And Accounting

Question: Under which concept do goods sold to a sole proprietorship firm fall?
A
Materiality Concept

B
Consistency Concept

C
Business Entity Concept

D
Money Measurement Concept

Note: not sure
1. Report
Question: In which of the financial statements will the sales discount be reflected?
A
Balance Sheet

B
Post-closing Trial Balance

C
Income Statement

D
Statement of the Owner's Equity

Note: not sure
1. Report
Question: How do collection agencies typically work with a company with receivables?
A
They charge an hourly fee for their efforts to collect your debts

B
They charge aset fixed fee up front

C
They charge a percentage of the amount collected on your behalf, typically 20% to 25%

D
Stock options

Note: not sure
1. Report
Question: On a company's Balance Sheet, A/R is the amount_________.
A
that the company owes to a particular party

B
that a party owes to the company

C
not shown in the balance sheet

Note: not sure
1. Report
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

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Question: Under which concept do goods sold to a sole proprietorship firm fall?

Question: In which of the financial statements will the sales discount be reflected?

Question: How do collection agencies typically work with a company with receivables?

Question: On a company's Balance Sheet, A/R is the amount_________.

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