Review of Week 11&12

Review of Week 11&12

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6 Qs

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Review of Week 11&12

Review of Week 11&12

Assessment

Quiz

Other

University

Medium

Created by

Rebecc Wang

Used 2+ times

FREE Resource

6 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 3 pts

Media Image

____ are investments in the form of debt or equity that the management of the company wants to actively purchase and sell to make profit in the short term with securities they believe are going to increase in price, these securities can be found on the balance sheet at the fair value on the balance sheet date.

Deposit in transit

Trading securities

Miscellaneous expense

Outstanding checks

2.

MULTIPLE CHOICE QUESTION

1 min • 3 pts

An ____ is a contra account that nets against the total receivables presented on the balance sheet to reflect only the amounts expected to be paid.

Accounts receivable

Accumulated depreciation

allowance for doubtful accounts

Unearned revenue

3.

MULTIPLE CHOICE QUESTION

45 sec • 3 pts

A _____ is a person who borrows money on a promissory note.

payee

maker

lender

4.

MULTIPLE CHOICE QUESTION

1 min • 3 pts

_____ are an example of a bank charge that is made for payment of a note at some point prior to maturation.

Interest-bearing notes

Proceeds of the discounted note

Bank discounts

Note receivables

5.

MULTIPLE CHOICE QUESTION

1 min • 3 pts

A ____ is a potential financial liability that may occur in the future. It's included in a financial statement if the liability is likely to occur and its amount can be accurately estimated.

current liability

contingent liability

note payable

non-current liability

6.

MULTIPLE CHOICE QUESTION

1 min • 3 pts

_____ is calculated by dividing your net credit sales by your average accounts receivable.

Debt ratio

Accounts receivable turnover ratio

Quick ratio

Days' sales in receivables