Accounts Receivable and Correct Marks

Which of the following events involves an accrual? acquire wholeness answer. a. arrangement interest that has been pull in but not received b. save supplies that entertain been purchased with cash but not yet used. c. Recording receipts that has been earned but not yet hoard in cash. d. A. and C. mend label for this patience 5/5. oppugn 2 mark 5 Which resource provider typically receives first priority when resources are split as part of a businesss liquidation? deal one answer. a. stockholders b. owners c. the companys managers d. creditors comprise attach for this long-suffering 5/5. doubtfulness 3 tag 5 Which of the following transactions involves a deferral? use up one answer. a. Recording salaries of employees earned but not yet paid. b. Recording the interest earned (but not received) on a CD. c. Recording interest accrued on a note payable. d. Recording the prepayment of three months rent. even label for this submission 5/5. motion 4 attach 5 Which of the following groups has the primordial responsibility for establishing generally accepted accounting principles for business entities in the united States? rent one answer. a. Internal Revenue Service b. U. S. Congress c. governmental Accounting Standards Board d. Financial Accounting Standards Board settle Marks for this submission 5/5. movement 5 Marks 5 The left wing side of a T-account is know as the Choose one answer. a. debit entry Side b. reference side c. Claims side d. Equity side square up Marks for this submission 5/5. 1 Marks 5 increase represents are matched against sales revenue Choose one answer. a. in the dot immediately following the sale. b. when the merchandise is purchased. c. when the sale is made. d. in the period immediately following the purchase. Correct Marks for this submission 5/5. Question 2 Marks 5 The left side of a T-account is known as the Choose one answer. a. Claims s ide b. Equity side c. Credit side d. Debit Side Correct Marks for this submission 5/5. Question 3 Marks 5 When prices are rising, which system acting of livestock, if any, lead result in the lowest relative net cash leakage (including the effects of taxes, if any)? Choose one answer. a. weighted average. b. FIFO c. LIFO d.None of these inventory methods cannot affect cash flows. Incorrect Marks for this submission 0/5. Question 4 Marks 5 Which of the following is considered a period approach? Choose one answer. a. Transportation cost on goods received from suppliers. b. represent of merchandise purchased. c. Packaging costs for merchandise to be sold. d. Advertising put down for the current month. Correct Marks for this submission 5/5. Question 5 Marks 5 Which of the following is considered a product cost? Choose one answer. a. Salaries paid to employees of a retailer. b.Utility expense for the current month. c. Transportation cost on goods received from suppliers. d. Transportation cost on goods shipped to customers. Correct Marks for this submission 5/5. 1 Marks 5 Receivables are unremarkably reported on the balance sheet at net achievable value. In contrast, payables are carried at face value. Which accounting principle requires this intervention of payables? Choose one answer. a. Matching concept. b. Monetary unit assumption. c. Going take assumption. d. Materiality concept. Correct Marks for this submission 5/5.Question 2 Marks 5 The amount of accounts receivable that is actually expected to be collected is known as Choose one answer. a. Bad debts expense. b. Net manageable value. c. Allowance for doubtful accounts. d. The present value of accounts receivable. Correct Marks for this submission 5/5. Question 3 Marks 5 The practice of account the net realizable value of receivables in the financial statements is commonly called Choose one answer. a. the cash flow method of a ccounting for bad debts. b. the govern write-off method of accounting for bad debts. c. he allowance method of accounting for bad debts. d. Both a and b are correct. Correct Marks for this submission 5/5. Question 4 Marks 5 What does the accounts receivable farmover ratio measure? Choose one answer. a. How pronto the accounts receivable balance increases. b. How quickly inventory turns into accounts receivable. c. How quickly accounts receivable turn into cash. d. Average balance of accounts receivables. Correct Marks for this submission 5/5. Question 5 Marks 5 Which of the following businesses would most likely have the longest operating cycle? Choose one answer. a. A case pharmacy kitchen range. b. A discount store. c. A producer of wine. d. A chain of pizza restaurants. Incorrect Marks for this submission 0/5. 1 Marks 5 What is the name used for the type of secured bond that requires a make happy of a designated piece of property in case of default? Choose one answer. a. Debenture confiscate b. Indenture Bond c. Mortgage Bond d. Registered Bond Correct Marks for this submission 5/5. Question 2 Marks 5 Which of the following would be classified as a long-term operational asset? Choose one answer. a. Accounts Receivable b.Treasury melodic line c. Inventory d. Goodwill Correct Marks for this submission 5/5. Question 3 Marks 5 Jocelyn Corporation recorded the following in its general journal on 1/1/06 Cash 98,000 give the axe on Bonds Payable 2,000 Bonds Payable 100,000 Which of the following answers correctly describes the transaction on 1/1/06? Choose one answer. a. Jocelyn issued bonds at 98. b. Jocelyn issued bonds at 102. c. Jocelyn issued bonds at a $2,000 premium. d. Jocelyn signed a note payable for $98,000. Correct Marks for this submission 5/5. Question 4 Marks 5 Which of the following terms is used to identify the process of expense recognition for property, form and equi pment? Choose one answer. a. Amortization b. Depletion c. Depreciation d. Revision Correct Marks for this submission 5/5. Question 5 Marks 5 Which method of depreciation is used by most U. S. companies for financial reporting purposes? Choose one answer. a. Straight Line b. MACRS c. Double Declining Balance d. Units of Production Correct Marks for this submission 5/5.