Finance And Accounting

Question: What is the primary goal of an Accounts Payable department?
A
To pay invoices immediately to avoid collection calls

B
To short pay invoices, knowing that some clients will not notice

C
To maintain an accurate AP record and pay invoices according to the company policy

D
To tell people who call that their check is in the mail, when it is not, in order to buy time

Note: answer not sure
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Question: If merchandise purchased on account is returned, the buyer may inform the seller of the details by issuing:
A
a credit memorandum

B
a bill

C
a debit memorandum

D
an invoice

Note: answer not sure
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Question: Which of the following is NOT a fundamental of accounting?
A
Materiality

B
Timeliness

C
Matching

D
Magnitude

Note: answer not sure
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Question: Which of these items would be accounted for as an expense?
A
Repayment of a bank loan.

B
Dividends to stockholders.

C
Purchase of land.

D
Payment of the current period's rent.

Note: answer not sure
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Question: The following comments relate to the recording of journal entries. Which statement is true?
A
For any given journal entry, debits must exceed credits.

B
It is customary to record credits on the left and debits on the right.

C
The chart of accounts reveals the amount to debit and credit to the affected accounts.

D
Journalization is the process of converting transactions and events into the debit/credit format.

Note: answer not sure
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Question: Refer to the given image: The proper journal entry to record Ransom & Co.'s billing of clients for $500 of services rendered is:
A
1

B
2

C
3

D
4

Note: answer not sure
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Question: Why do companies hold back paying invoices until due?
A
They forget to pay

B
They are managing their cash flow

C
They don't like taking discounts and saving money

D
They might decide not to pay if the vendor doesn't call

Note: answer not sure
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Question: Which of the following statements is true?
A
Cash discounts are used to reduce the invoice price below the stated list price.

B
The expression 2/30,n/60.means that a 2% cash discount is available if the invoice is paid within 30 to 60 days.

C
Cash discounts may not be used in conjunction with trade discounts.

D
Cash discounts normally apply to the invoice price of the merchandise, excluding freight charges.

Note: answer not sure
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Question: Remington Inc. has provided the following information about its balance sheet: Cash $ 100 Accounts receivable $ 500 Stockholders' equity $ 700 Accounts payable $ 200 Bank loans $ 1,000 Based on the information provided, how much do their liabilities amount to?
A
$200.

B
$900.

C
$1,200.

D
$1,700.

Note: answer not sure
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Question: Refer to the given image: Bernstein Corporation Ltd.recently experienced a fire which destroyed its entire inventory. The following data have been reconstructed from the partial accounting information available, and pertain to the year up to the date of the fire. Using the gross profit method, estimate the dollar amount of the inventory which was destroyed in the fire.
A
$17,000

B
$33,000

C
$47,000

D
$65,000

Note: answer not sure
1. Report

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Question: What is the primary goal of an Accounts Payable department?

Question: If merchandise purchased on account is returned, the buyer may inform the seller of the details by issuing:

Question: Which of the following is NOT a fundamental of accounting?

Question: Which of these items would be accounted for as an expense?

Question: The following comments relate to the recording of journal entries. Which statement is true?

Question: Refer to the given image: The proper journal entry to record Ransom & Co.'s billing of clients for $500 of services rendered is:

Question: Why do companies hold back paying invoices until due?

Question: Which of the following statements is true?

Question: Remington Inc. has provided the following information about its balance sheet: Cash $ 100 Accounts receivable $ 500 Stockholders' equity $ 700 Accounts payable $ 200 Bank loans $ 1,000 Based on the information provided, how much do their liabilities amount to?