Finance And Accounting

Question: Which of the following will not improve the current ratio?
A
Issuing long-term debt to purchase inventory

B
Obtaining a short term loan to finance additional fixed assets

C
Selling common stock to reduce current liabilities.

D
Selling fixed assets to reduce accounts payable

Note: answer not sure
1. Report
Question: Ninety-percent of Vogel Bird Seeds' total sales of $600,000 is on credit. If its year-end Receivables turnover is 5, the average collection period (based on a 365-day year) and the year-end Receivables are, respectively
A
365 days and $108,000

B
73 days and $120,000

C
73 days and $108,000

D
81 days and $108,000

Note: answer not sure
1. Report
Question: A system where inventory is not kept on hand but is ordered to fulfill orders once needed is
A
Just In Time

B
As Needed

C
FOB

D
Averaging

Note: answer not sure
1. Report
Question: An accrued revenue would be shown on the balance sheet as _____
A
a payable

B
a prepaid revenue

C
a receivable

D
unearned revenue

Note: answer not sure
1. Report
Question: Correcting inaccurate invoices is usually accomplished in four ways. Which of the following is the best way?
A
Issuing of credit memo for the incorrect amount

B
Instructing the customer to short pay the invoice, then processing an adjustment for the difference

C
Issuing corrected "original" invoice, i.e. invoice with the same number as that of the original, incorrect one.

D
Issuing a credit memo for the entire amount of the inaccurate invoice and rebilling the correct amount under a new invoice number

Note: answer not sure
1. Report
Question: You received an invoice that shows credit terms of 2/10, n/60. What does the number 10 in the credit terms refer to?
A
The number of days in the credit period.

B
The amount of sales discount available.

C
The number of days in the discount period.

D
The amount of the trade discount.

Note: answer not sure
1. Report
Question: Factoring Receivables is a __________.
A
continuous, ongoing purchase of Receivables

B
finite portfolio of Receivables

C
limited purchase of Receivables

D
continuous, ongoing selling of Receivables

Note: answer not sure
1. Report
Question: A transfer of financial assets in accordance with SFAS 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities may be treated as a sale if the transferor surrenders control of the assets. Which of the following is one of the criteria that must be met before control is deemed to be surrendered?
A
The transferred assets are isolated from the transferor and its creditors expected in bankruptcy.

B
The transferee cannot pledge or exchange the transferred assets.

C
The transferor is not a party to an agreement that both entitles and obligates it to repurchase or redeem the securities prior to maturity.

D
The consideration received by the transferor consists solely of beneficial interests in the transferred assets.

Note: answer not sure
1. Report
Question: Merchandise returned by a customer for a credit on account or a cash refund is called __________
A
Credit Memorandum

B
Debit Memorandum

C
Sales Allowances

D
Sales Return

Note: answer not sure
1. Report
Question: What is B2B?
A
A CRM software package

B
Best Business

C
An Accounting Software

D
Business to Business

Note: answer not sure
1. Report

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Question: Which of the following will not improve the current ratio?

Question: Ninety-percent of Vogel Bird Seeds' total sales of $600,000 is on credit. If its year-end Receivables turnover is 5, the average collection period (based on a 365-day year) and the year-end Receivables are, respectively

Question: A system where inventory is not kept on hand but is ordered to fulfill orders once needed is

Question: An accrued revenue would be shown on the balance sheet as _____

Question: Correcting inaccurate invoices is usually accomplished in four ways. Which of the following is the best way?

Question: You received an invoice that shows credit terms of 2/10, n/60. What does the number 10 in the credit terms refer to?

Question: Factoring Receivables is a __________.

Question: Merchandise returned by a customer for a credit on account or a cash refund is called __________

Question: What is B2B?