100 MCQs Accounting Assignment 2015

Jun 23rd, 2016
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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 wri

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100 MCQs Accounting Assignment 2015Report this Question as InappropriateQuestionQ1. 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 DoubtfulAccounts, $14,500b. Increase Uncollectible Accounts Expense, $15,000; increase Allowance for DoubtfulAccounts, $15,000c. Increase Uncollectible Accounts Expense, $14,000; increase Allowance for DoubtfulAccounts, $14,000d. Increase Uncollectible Accounts Expense, $15,500; increase Allowance for DoubtfulAccounts, $15,500Q2. The FIFO method of costing inventory is based on the assumption that costs should becharged against revenues in the reverse order in which they were incurred.a. trueb. falseQ3. The two methods of accounting for uncollectible receivables are the allowance method andthea. 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. trueb. falseQ5. The party promising to pay a note at maturity is the payee.a. trueb. falseQ6. Merchandise Inventory is presented on the balance sheet in the current assets section.a. trueb. falseQ7. A note receivable due in 90 days is listed on the balance sheet undera. long-term liabilities.b. fixed asse

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