2023 Accounting Question 1 1 point When using the allowance method of accounting for uncollectible | Assignments Online
2023 Accounting Question 1 1 point When using the allowance method of accounting for uncollectible | Assignments Online
Assignments Online 2023 Business Finance
Accounting
Question 1 (1 point)
When using the allowance method of accounting for uncollectible accounts, the entry to write off Harold’s uncollectible account is a debit to allowance for doubtful accounts and a credit to accounts receivable – Harold.
Question 2 (1 point)
The person who borrows money and signs a promissory note is called the payee.
Question 3 (1 point)
Sellers allow customers to use credit cards ______.
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to avoid having to evaluate a customer’s credit standing for each sale
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to lessen the risk of extending credit to customers who cannot pay
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to speed up receipt of cash from the credit sale
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all of the options are reasons for credit card use
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Question 4 (1 point)
The allowance method based on the idea that a given percent of a company’s credit sales for the period are uncollectible is _____.
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the percentage of sales method
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the percent of accounts receivable method
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the aging of accounts receivable method
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the direct write-off method
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Question 5 (1 point)
Teller purchased merchandise from All-Com on October 17 of the current year, and All-Com accepted Teller’s $4,800, 90-day, 10% note. What entry should All-Com make on December 31 to record the accrued interest on the note?
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debit cash $20; credit notes receivable $20
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debit interest receivable $20; credit interest revenue $20
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debit interest receivable $100; credit interest revenue $100
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debit cash $120; credit interest revenue $100; credit interest receivable $20
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Question 6 (1 point)
TechnoComm’s customer, RDA, paid off an $8,300 balance on its account receivable. TechnoComm should record the transaction as a debit to accounts receivable – RDA and a credit to cash.
Question 7 (1 point)
A company receives a 10%, 90-day note for $1,500. The total interest due on the maturity date is _____.
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$50.00
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$150.00
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$75.00
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$37.50
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Question 8 (1 point)
A company ages its accounts receivables to determine its end of period adjustment for bad debts. At the end of the current year, management estimated that $15,750 of the accounts receivable balance would be uncollectible. Prior to any year-end adjustments, the allowance for doubtful accounts had a debit balance of $175. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?
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Bad debts expense $15,750
Allowance for doubtful accounts $15,750 |
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Bad debts expense $15,575
Allowance for doubtful accounts $15,575 |
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Bad debts expense $15,925
Allowance for doubtful accounts $15,925 |
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Accounts receivable $15,750
Bad debts expense $175 Sales $15,925 |
Question 9 (1 point)
A company had net sales of $600,000, total sales of $750,000, and an average accounts receivable of $75,000. Its accounts receivable turnover equals _______.
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0.08
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7.75
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8.00
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10.00
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Question 10 (1 point)
The accounting principle that requires financial statements (including notes) to report all relevant information about the operations and financial condition of a company is called _____.
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relevance
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full disclosure
d. evaluation d. reliability |
Leadership
Question 1 (1 point)
As a social construct, the concept of leadership is constant. It does not need to change with the times because it is a solid construct.
Question 2 (1 point)
With the help of Egyptian hieroglyphs, we know that people have had a concept of leadership for at least 5,000 years.
Question 3 (1 point)
When leaders show their employees that they care, many times employees will take on increased responsibilities without asking for extra pay.
Question 4 (1 point)
Wondra found that the “human spirit” is what makes a successful employee.
Question 5 (1 point)
According to Yeganeh and Good, leaders should aim to change their “bad habits” in big chunks. That is, tackling 2-3 bad habits at one time is the most effective way to go about it.
Question 6 (1 point)
Leaders want their employees to be in the “Critter State” so that they will employ creativity, problem-solving abilities, collaboration, and emotional engagement.
Question 7 (1 point)
One of the 12 examples of micro-actions is adjusting your posture in order to engage more effectively in a meeting.
Question 8 (1 point)
We now know that emotion, not intellect, drives 90% of human behavior.
Question 9 (1 point)
To help us understand what will motivate an employee, we need to learn something about each person’s personality or work style.
Question 10 (1 point)
One of the top ten things that motivate employees is the fear of losing their job.
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