Finance And Accounting

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
Question: The adjusting journal entry to record accrued interest revenue is__________________
A
Debit Cash, Credit Notes Receivable

B
Debit Interest Receivable, Credit Interest Revenue

C
Debit Cash, Credit Interest Revenue

D
Debit Note Receivable, Credit Interest Revenue

Note: not sure
1. Report
Question: An amount added to the cost of merchandise to establish the selling price is called:
A
markup

B
discount

C
rebate

D
terms of sale

Note: answer not sure
1. Report
Question: A customer has two accounts, and mistakenly makes a payment on the wrong one. What is the best way to handle this outside of returning the payment to the customer?
A
Issue a credit on the correct account referencing the payment, apply the payment to the incorrect account and also apply a debit on the incorrect account with a note.

B
It is best to send the payment back to the customer and ask them to pay on the right account

C
Reverse the invoice from the correct account and create it on the incorrect account so the payment can be applied

D
Create a master account for the customer and make a policy that each customer can have only one account

Note: answer not sure
1. Report
Question: All of the following are true about interest receivable except
A
Interest Receivable is calculated by using the formula Interest= Principal x Interest Rate x Time

B
Interest Receivable is interest earned but not collected

C
Interest Receivable does not have to be recognized if interest will be collected in the next year

D
We need to recognize Interest Receivable to satisfy the matching principle

Note: answer not sure
1. Report
Question: ABC Services provides accounting services to a client and collects $1,000 in cash. How and in which of the accounts will the increase in cash be recorded by ABC Services as a result of providing this service?
A
A credit to Accounts Receivable

B
A debit to Accounts Receivable

C
A credit to Service Revenue

D
A debit to Service Revenue

Note: answer not sure
1. Report
Question: To which column should Sales Discount be extended (transferred) on the work sheet?
A
Income statement credit column

B
Balance sheet debit column

C
Income statement debit column

D
Balance sheet credit column

Note: answer not sure
1. Report

First Prev 15 16 17 18 19 Next Last

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?

Question: The adjusting journal entry to record accrued interest revenue is__________________

Question: An amount added to the cost of merchandise to establish the selling price is called:

Question: A customer has two accounts, and mistakenly makes a payment on the wrong one. What is the best way to handle this outside of returning the payment to the customer?

Question: All of the following are true about interest receivable except

Question: ABC Services provides accounting services to a client and collects $1,000 in cash. How and in which of the accounts will the increase in cash be recorded by ABC Services as a result of providing this service?

Question: To which column should Sales Discount be extended (transferred) on the work sheet?