With each credit sale on account, a business takes the risk that the customer will never pay the amount owed.

Recording, Reporting and Management of Accounts Receivable

Quiz
•
Specialty
•
11th - 12th Grade
•
Easy

Troy Steel
Used 1+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Some businesses refer to uncollectable debts or Accounts Receivable that can't pay what they owe as __.
Cliff hanger
Bad debts
A menace to society!
Johnny bad
3.
MULTIPLE CHOICE QUESTION
30 sec • 7 pts
What is the effect on Owner's Equity in the Accounting equation when a bad debt can't be collected or needs to be written off?
Accounts Receivable Increases
Owner's Equity Decreases
Accounts Payable Decreases by the same amount
Accounts Payable gets Decreased in the extreme.
4.
MULTIPLE CHOICE QUESTION
30 sec • 12 pts
The source document for a return of Inventory is __?.
Memorandum
Receipt
Credit Note
There isn't a source document
5.
MULTIPLE CHOICE QUESTION
1 min • 7 pts
When an account becomes uncollectable and is determined to be a bad debt it must be written off where ......
The Bad Debt Expense should be forgotten as quickly as possible
Assets Decrease
Liabilities Decrease
Owner's Equity Decrease
Assets Decrease
Liabilities Increase
Owner's Equity Decrease
Accounts Receivable Increase
Liabilities Increase
Owner's Equity Increase
6.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
A credit sale is _______?
Cash paid in advance for Inventory
A loan from the bank to purchase Non-Current Assets
A transfer of Inventory that will be paid for at a later date.
Inventory that will be received at a date later than when purchased
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which Accounting Assumption explains why credit sales are recognised as Revenue?
Relevance
Faithful Representation
Entity
Accrual Basis
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