Module 2 Accounting

Module 2 Accounting

University

13 Qs

quiz-placeholder

Similar activities

Accounting for Receivables

Accounting for Receivables

University

11 Qs

Sales Cycles

Sales Cycles

University

10 Qs

Bad Debts & Depreciation

Bad Debts & Depreciation

University

10 Qs

Exam 2 Review

Exam 2 Review

University

10 Qs

Partnership Dissolution

Partnership Dissolution

University

12 Qs

24 Exam 2 Review

24 Exam 2 Review

University

12 Qs

Quiz 2

Quiz 2

University

10 Qs

Partnership Dissolution

Partnership Dissolution

University

17 Qs

Module 2 Accounting

Module 2 Accounting

Assessment

Quiz

Business

University

Medium

Created by

Donnalyn Samonte

Used 1+ times

FREE Resource

13 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the allowance method of accounting for uncollectible accounts is used, Bad Debt Expense is recorded

In the year after the credit sale is made

In the same year as the credit sale

As each credit sale is made

When an account is written off as uncollectible

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A debit balance in the Allowance for Doubtful Accounts

is the normal balance for that account

indicates that actual bad debt write-offs have exceeded previous provisions for bad debts.

indicates that actual bad debt write-offs have been less than what was estimated

cannot occur if the percentage of receivables method of estimating bad debts is  used

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under the direct write-off method of accounting for uncollectible accounts, Bad Debt Expense is debited

When a credit sale is past due

At the end of each accounting period

Whenever a pre-determined amount of credit sales has been made

When an account is determined to be uncollectible

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The two methods of accounting for uncollectible accounts are the direct write-off method and the

Accrual Method

Net Realizable Method

Bad Debt Method

Allowance Method

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following items on a bank reconciliation would require an adjusting entry on the company’s books?

An error by the bank

Outstanding checks

A bank service charge

A deposit in transit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A NSF check should appear in which section of the bank reconciliation?

Addition to the balance per books

Deduction from the balance per bank

Addition to the balance per bank

Deduction from the balance per books

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which one of the following is not an objective of a system of internal controls?

Safeguard company assets

Enhance the accuracy and reliability of accounting records

Fairness of the financial statements

Reduce the risks of errors

Create a free account and access millions of resources

Create resources
Host any resource
Get auto-graded reports
or continue with
Microsoft
Apple
Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?