QUIZ 3 : ACCOUNTING FOR RECEIVABLES
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QUIZ 3 : ACCOUNTING FOR RECEIVABLES
Quiz
•
Business, Education, Professional Development
•
1st Grade - University
•
Practice Problem
•
Medium
Mas Mohd
Used 219+ times
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13 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What are the double entries to record bad debt?
dr. Bad Debt, cr. Allowance for Doubtful Debts
dr. Profit and Loss, cr. Bad Debt
dr. Bad debt, cr. Profit and Loss
dr. Bad debt, cr. Accounts Receivable
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What effect does bad debts have on debtors?
it increases debtors
it decreases debtors
it has no effect on debtors
none of the above
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The double entries to record an increase in allowance for bad debts are?
dr. Accounts Receivables, cr. Allowance for doubtful debts
dr. Bad debt, cr. Allowance for doubtful debts
dr. Allowance for bad debt, cr. Accounts Receivables
dr. Allowance for doubtful debts, cr. Bad debt
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What are the double entries to record a decrease in allowance for doubtful debts?
dr. Accounts Receivables, cr. Allowance for doubtful debts
dr. Bad debts, cr. Allowance for doubtful debts
dr. Allowance for doubtful debts, cr. Decrease in Allowance for doubtful debts
dr. Allowance for doubtful debts; cr. Accounts Receivables
dr. Decrease in Allowance for doubtful debts, cr. Allowance for doubtful debts
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
1 Jan Allowance for doubtful debts RM500
31 Dec Allowance for doubtful debts RM400
How should the decrease in the allowance be treated in the Profit and Loss account?
add RM400 to expenses
add RM500 to expenses
deduct the RM100 increase in allowance from expenses
add the RM100 decrease in allowance to Gross Profit
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Accounts Receivables :
2019 : RM2800;
2020 : RM3100
Allowance for doubtful debts :
2019 : RM280
2020: RM310
What is Net Realizable value for Accounts Receivables should appear in the Statement of Financial Position for 2020?
RM2520
RM2790
RM2510
RM3410
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Bad debts can be classified as:
a current asset
a current liability
an expense
a revenue
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