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$2.00 accounting help

  • From Business: Accounting
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  • Due on May. 09, 2012
  • Asked on May. 07, 2012 at 09:06:59AM
Asked by :
Selena0215
Selena0215 Not confirmed
Rating (1):A+
Questions Asked: 520
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Q:

A 60-day, 12% note for $15,000 dated May 1 is received from a customer on account. The maturity value of the note is

    Choose one answer. 
a. $15,300.                       
b. $15,000.                       
c. $14,700.                       
d. $16,800.                       
 

 

The process of a company selling its accounts receivable to another company is referred to as
    Choose one answer. 
a. discounting.                       
b. adjusting.                       
c. assignment.                       
d. factoring.                       
 
  The two methods of accounting for uncollectible receivables are the allowance method and the
    Choose one answer. 
a. equity method.                       
b. direct write-off method.                       
c. interest method.                       
d. cost method.                       
 

  One of the weaknesses of the direct write-off method is that it

    Choose one answer. 
a. understates accounts receivable on the balance sheet.                       
b. violates the matching principle.                       
c. is too difficult to use for many companies.                       
d. is based on estimates.                       
 

  Allowance for Doubtful Accounts is listed on the balance sheet under the caption

    Choose one answer. 
a. stockholders' equity.                       
b. investments.                       
c. fixed assets.                       
d. current assets.                       
 

  What type of account is Allowance for Doubtful Accounts?

    Choose one answer. 
a. Contra asset                       
b. Asset                       
c. Revenue                       
d. Expense                       
 

  The presentation of net accounts receivable on the balance sheet will be most accurate under the

    Choose one answer. 
a. direct write-off method.                       
b. estimate based on the percentage of sales method.                       
c. estimate based on analysis of receivables.                       
d. none of these.                       
 

  The term "inventory" indicates

    Choose one answer. 
a. merchandise held for sale in the normal course of business.                       
b. materials in the process of production or held for production.                       
c. both of these.                       
d. neither of these.                       
 

  The inventory method that considers the inventory to be composed of the units of merchandise acquired earliest is called

    Choose one answer. 
a. first-in, first-out.                       
b. retail method.                       
c. average cost.                       
d. last-in, first-out.                       
 

  Inventory costing methods place primary emphasis on assumptions about

    Choose one answer. 
a. flow of goods.                       
b. flow of costs.                       
c. flow of goods or costs depending on the method.                       
d. flow of values.                     
 

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  • Posted on May. 07, 2012 at 09:32:15AM
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