
chap 8 9
Quiz
•
Mathematics
•
University
•
Practice Problem
•
Hard
Nguyen Nhien
Used 3+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An internal control system consists of the policies and procedures managers use to:
A. Protect assets.
B. Ensure reliable accounting.
C. Promote efficient operations.
D. Urge adherence to company policies.
E. All of these.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A properly designed internal control system:
A. Lowers the company's risk of loss.
B. Insures profitable operations.
C. Eliminates the need for an audit.
D. Requires the use of non-computerized systems.
E. Is not necessary if the company uses a computerized system.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Cash, not including cash equivalents, includes:
A. Postage stamps.
B. Coins, currency, and checking accounts.
C. IOUs.
D. Two-year certificates of deposit.
E. Money market funds.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A company had net sales of $31,500 and ending accounts receivable of $2,700 for the current period. Its days' sales uncollected equals:
A. 11.7 days.
B. 23.3 days.
C. 31.3 days.
D. 42.5 days.
E. 46.6 days
Answer explanation
($2,700/$31,500) x 365 = 31.3 days
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Mattel had net sales of $4,235 million and ending accounts receivable of $775 million. Its days' sales uncollected equals:
A. 298 days.
B. 66.8 days.
C. 19.4 days.
D. 81.8 days.
E. 65.2 days
A. 298 days.
B. 66.8 days.
C. 19.4 days.
D. 81.8 days.
E. 65.2 days
Answer explanation
($775/$4,235) x 365 = 66.8 days
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The person who signs a note receivable and promises to pay the principal and interest is the:
A. Maker.
B. Payee.
C. Holder.
D. Receiver.
E. Owner.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The interest accrued on $6,500 at 6% for 60 days is:
A. $ 36.
B. $ 42.
C. $ 65.
D. $180.
E. $420
Answer explanation
$6,500 x 0.06 x 60/360 = $65
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