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1. What is the maturity value of a 60-day, 9% note for $6,000? (Points : 1)

$6,540 $6,000 $6,090 $5,910

Question 2. 2. The allowance method of accounting for receivables that appear to be uncollectible: (Points : 1)

records an expense for uncollectible receivables in advance of their actual write-off. is rarely used in practice results when a company sells its receivables All of these choices are true of the allowance method

Question 3. 3. Businesses that sell most of their goods or services for cash and accept only credit cards would use which method of accounting for uncollectible receivables? (Points : 1)

The direct write-off The allowance method Either the direct write-off or the allowance method These businesses would not use any method as they have no bad debts

Question 4. 4. When the estimate based on the sales approach to estimating uncollectibles is used: (Points : 1)

any existing balance in the allowance for doubtful accounts is not taken into consideration. any existing balance in the allowance for doubtful accounts must be taken into consideration. only a credit balance in the allowance for doubtful accounts must be taken into consideration. only a debit balance in the allowance for doubtful accounts must be taken into consideration.

Question 5. 5. Accounts Receivable has a balance of $378,000 and the Allowance for Doubtful Accounts has a positive balance of $1,200 at fiscal year end prior to adjustment. If the estimate based on the sales approach to estimating uncollectibles is $13,780, the amount of uncollectible accounts expense is __________. (Points : 1)

$14,980 $12,580 $13,780 $1,200

Question 6. 6. Which of the following types of inventory accounts do manufacturing companies have? Work in Process, Material or Finished Goods? (Points : 1)

Yes, Yes, Yes No, Yes, Yes No, Yes, Yes No, Yes, No

Question 7. 7. When the first-in, first-out (FIFO) method is used to value inventory, cost of goods sold: (Points : 1)

is made up of the earliest costs. is made up of the most recent costs. is made up of the average of earliest and most recent costs. None of the above

Question 8. 8. Use the following data to calculate the cost of ending inventory under Average Cost. Units Cost

Beginning Inventory 15 $20

Purchase on 3/14 20 $25

Purchase on 6/15 25 $28

Ending inventory on 12/31 30 (Points : 1)

$750 $825 $675 $600

Question 9. 9. Which inventory cost flow assumption would value ending inventory at more recent costs? (Points : 1)

LIFO FIFO Average Specific Identification

Question 10. 10. Use the following data to value inventory under the lower of cost or market rule, applied on an individual basis.

Item Units Unit Cost Unit Market Price A 200 $10 $8

B 100 $15 $16

C 400 $8 $7

$6,700 $6,000 $5,900 $6,800

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