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$2.00 accounting help

  • From Business: Accounting
  • Closed, but you can still post tutorials
  • Due on May. 09, 2012
  • Asked on May. 07, 2012 at 08:50:43AM
Asked by :
Selena0215
 
 
Q:

At the end of a period before the accounts are adjusted, Allowance for Doubtful Accounts has a balance of $250, and net sales on account for the period total $500,000. If uncollectible accounts expense is estimated at 1% of net sales on account, the current provision to be made for uncollectible accounts expense is $4,997.50.

    Answer:
 
TrueFalse
 
Inventories of merchandising and manufacturing businesses are reported as current assets on the balance sheet.
    Answer: 
 
TrueFalse
 
 
Of the three widely used inventory costing methods (FIFO, LIFO, and average), the FIFO method of costing inventory is based on the assumption that costs are charged against revenues in the order in which they were incurred.
    Answer: 
 
TrueFalse
 
During inflationary periods, the use of the FIFO method of costing inventory will result in a greater amount of net income than would result from the use of the LIFO cost method.
    Answer: 
 
TrueFalse
 
During inflationary periods, the use of the FIFO method of costing inventory will yield an inventory amount for the balance sheet approximating the current replacement cost.
    Answer:
 
TrueFalse
 
The balance of the allowance for doubtful accounts is deducted from accounts receivable on the balance
 sheet.
    Answer: 
 
TrueFalse
 
The net realizable value is used for purposes of valuing out-of-date merchandise in inventory.
    Answer: 
 
TrueFalse
 
Average cost is a method of inventory valuation.
    Answer: 
 
TrueFalse
 
In valuing damaged merchandise for inventory purposes, net realizable value is the estimated selling price less any direct cost of disposition.
    Answer: 
 
TrueFalse
 
Market," as used in the phrase "lower of cost or market" for valuing inventory, refers to the price at which the inventory is being offered for sale by its owner.
    Answer: 
 
TrueFalse
 
 
 

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  • Posted on May 07, 2012 at 12:22:45PM
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