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100_mcqs_accounting_assignment 2015

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Question Q1. Allowance for Doubtful Accounts has an unadjusted balance of $500 at the end of the year, and an analysis of accounts in the customers ledger indicates doubtful accounts of $15,000. Which of the following records the proper provision for doubtful accounts? a. Increase Uncollectible Accounts Expense, $14,500; increase Allowance for Doubtful Accounts, $14,500 b. Increase Uncollectible Accounts Expense, $15,000; increase Allowance for Doubtful Accounts, $15,000 c. Increase Uncollectible Accounts Expense, $14,000; increase Allowance for Doubtful Accounts, $14,000 d. Increase Uncollectible Accounts Expense, $15,500; increase Allowance for Doubtful Accounts, $15,500 Q2. The FIFO method of costing inventory is based on the assumption that costs should be charged against revenues in the reverse order in which they were incurred. a. true b. false Q3. The two methods of accounting for uncollectible receivables are the allowance method and the a. equity method. b. direct write-off method. c. interest method. d. cost method. Q4. The due date of a 60-day note dated July 10 is September 9. a. true b. false Q5. The party promising to pay a note at maturity is the payee. a. true b. false Q6. Merchandise Inventory is presented on the balance sheet in the current assets section. a. true b. false Q7. A note receivable due in 90 days is listed on the balance sheet under a. long-term liabilities. b. fixed assets. c. current liabilities. d. current assets. Q8. 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. a. true b. false Q9. Use the following data to calculate the cost of ending inventory under the FIFO method. September 1 Beginning Inventory 15 units @ $20 September 10 Purchases 20 units @ $25 September 20 Purchases 25 units @ $28 September 30 Ending Inventory 30 units a. $825 b. $750 c. $675 d. $840 Q10. Receivables are usually a significant portion of a. total current liabilities. b. total liabilities. c. total current assets. d. total assets. Q11. Allowance for Doubtful Accounts has an unadjusted balance of $400 at the end of the year, and uncollectible accounts expense is estimated at 1% of net sales. If net sales are $300,000, the amount of the adjustment to record the provision for doubtful accounts is a. $400. b. $3,400. c. $3,000. d. $2,600. Q12. When the estimate based on analysis of receivables is used, income is reduced when a specific receivable is written off. a. true b. false Q13. The inventory data for an item for November are: Nov. 1 Inventory 25 units at $20 10 Purchased 30 units at $21 30 Purchased 10 units at $22 Sold 35 units Using the last-in, first-out method, what is the cost of the merchandise inventory of 30 units on November 30? a. $640 b. $623 c. $600 d. $605 Q14. After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $430,000 and Allowance for Doubtful Accounts has a balance of $30,000. What is the net realizable value of the accounts receivable? a. $30,000 b. $460,000 c. $430,000 d. $400,000 Q15. Other receivables do NOT include a. accounts receivable. b. interest receivable. c. taxes receivable. d. receivables from employees or officers. Q16. The interest on a 6%, 60-day note for $5,000 is $50. a. true b. false Q17. Use the following data to calculate cost of merchandise sold under FIFO method. September 1 Beginning Inventory 15 units @ $20 September 10 Purchases 20 units @ $25 September 20 Purchases 25 units @ $28 September 30 Ending Inventory 30 units a. $825 b. $750 c. $675 d. $600 Q18. After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $500,000 and Allowance for Doubtful Accounts has a balance of $25,000. What is the net realiza

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