MFar

MFar

University

50 Qs

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MFar

MFar

Assessment

Quiz

Other

University

Easy

Created by

Mintsy Mintsy

Used 10+ times

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50 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following pertains to the characteristics of cash and cash equivalents account?

An amount deposited in a bank

A money set aside for the settlement of long-term debt

Unrestricted in use for current operations

Available for the purchase of any type of property, plant, and equipment

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the treatment for the interest paid by the bank to the depositor’s account?

A book reconciling item that is added to the book balance.

A book reconciling item that is deducted from the book balance.

A bank reconciling item that is deducted from the book balance.

A bank reconciling item that is added to the book balance.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Burr Company reported the checkbook balance on December 31, 2024 at P5,000,000 and held the following items on the same date:

What amount should be reported as cash on December 31, 2024?

4,900,000

5,300,000

6,400,000

5,700,000

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Visayas Company provided the following data for December:

What is the adjusted cash in bank?

1,375,000

1,310,000

1,322,000

935,00

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following methods of accounting for doubtful accounts is permitted under GAAP?

Direct write-off method

Allowance method

Both A and B

Neither A nor B

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Statement I: The interest rate to be used to compute for the interest income on a long-term receivable is the ____.

Statement II: The interest rate to be used to compute for the interest receivable on a long-term receivable is the ____.

Stated interest rate; Market interest rate

Stated interest rate; Stated interest rate

Market interest rate; Market interest rate

Market interest rate; Stated interest rate

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Brownie Company provided the following accounts abstracted from the unadjusted trial balance at year-end:

What amount should be recognized as doubtful accounts expense for the current year?

640,000

610,000

160,000

130,000

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