Recording, Reporting and Management of Accounts Receivable

Recording, Reporting and Management of Accounts Receivable

11th - 12th Grade

15 Qs

quiz-placeholder

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Recording, Reporting and Management of Accounts Receivable

Recording, Reporting and Management of Accounts Receivable

Assessment

Quiz

Specialty

11th - 12th Grade

Easy

Created by

Troy Steel

Used 1+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

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

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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