Finance And Accounting

Question: Which of the following would the AR department book an adjustment for at year end?
A
Outstanding payroll

B
Expenses for the company holiday party

C
Bonus expected to be paid to all company officers

D
True up allowance for doubtful accounts

Note: answer not sure
1. Report
Question: Why would a service item be kept in inventory in the accounting system?
A
It would not; service is not an inventory item

B
It allows for associating a standard price with the service item and makes invoicing easier

C
It assigns a value to the services of the company for the balance sheet

Note: answer not sure
1. Report
Question: Why do companies bother with adjustments? Wouldn't it be easier to let items clear up the following month?
A
It is required by GAAP and to comply with the fundamental rules of accounting

B
Accountants are detail oriented and enjoy making adjustments

C
It is easy to fiddle with numbers for better earnings results

Note: answer not sure
1. Report
Question: Advances received from the customers are invoiced at the time of advance payment?
A
True

B
False

Note: answer not sure
1. Report
Question: What is the expectation of most companies and their billings?
A
All customers will pay eventually even if it takes a long time

B
Most customers will prepay if asked

C
A small percentage of customers will not pay for a variety of reasons

D
None of these

Note: answer not sure
1. Report
Question: On the balance sheet, Receivables may be classified as ________
A
trade and non-trade

B
current and non-current

C
trade and current only

D
trade and non-trade and current and non-current

Note: answer not sure
1. Report
Question: At the end of the year, Loose Construction Co. Ltd.used an income statement method of estimation and calculated $20,000. They currently have a credit balance of $2,000 in Allowance for Doubtful Accounts. What is the correct entry to record the estimated Uncollectible Accounts Expense?
A
Debit Uncollectible Accounts Expense 20,000 Credit Accounts Receivable 20,000

B
Debit Uncollectible Accounts Expense 18,000 Credit Allowance for Doubtful Accounts 18,000

C
Debit Uncollectible Accounts Expense 18,000 Credit Accounts Receivable 18,000

D
Debit Uncollectible Accounts Expense 20,000 Credit Allowance for Doubtful Accounts 20,000

Note: answer not sure
1. Report
Question: A firm's inventory turnover (IT) is 5 times on a cost of goods sold (COGS) of $800,000. If the IT is improved to 8 times while the COGS remains the same, a substantial amount of funds is released from or additionally invested in inventory. In fact, an amount of _________.
A
$160,000 is released

B
$60,000 is released

C
$100,000 is additionally invested

D
$60,000 is additionally invested

Note: answer not sure
1. Report
Question: When using the indirect method of preparing the "Cash Flows from Operating Activities" section of a statement of cash flows, a net increase between the opening and closing balances of Net Accounts Receivable will __________.
A
be added to net income

B
be deducted from net income

C
not be considered

D
be shown as deferred revenues

Note: answer not sure
1. Report
Question: What is meant by Accounts Receivable?
A
Money which is owed to a company by a customer for products and services provided on cash.

B
Money which is owed to a company by a vendor for products and services provided on credit.

C
Money which is owed to a company by an employee for products and services provided on cash

D
Money which is owed to a company by a customer for products and services provided on credit.

Note: answer not sure
1. Report

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Question: Which of the following would the AR department book an adjustment for at year end?

Question: Why would a service item be kept in inventory in the accounting system?

Question: Why do companies bother with adjustments? Wouldn't it be easier to let items clear up the following month?

Question: Advances received from the customers are invoiced at the time of advance payment?

Question: What is the expectation of most companies and their billings?

Question: On the balance sheet, Receivables may be classified as ________

Question: At the end of the year, Loose Construction Co. Ltd.used an income statement method of estimation and calculated $20,000. They currently have a credit balance of $2,000 in Allowance for Doubtful Accounts. What is the correct entry to record the estimated Uncollectible Accounts Expense?

Question: A firm's inventory turnover (IT) is 5 times on a cost of goods sold (COGS) of $800,000. If the IT is improved to 8 times while the COGS remains the same, a substantial amount of funds is released from or additionally invested in inventory. In fact, an amount of _________.

Question: When using the indirect method of preparing the "Cash Flows from Operating Activities" section of a statement of cash flows, a net increase between the opening and closing balances of Net Accounts Receivable will __________.

Question: What is meant by Accounts Receivable?