ACC-422-final-exam-set-1.docxACC-422-final-exam-set-1.docx

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ACC-422-final-exam-set-1.docx ACC-422-final-exam-set-1.docx ACC-422-final-exam-set-1.docx ACC-422-final-exam-set-1.docx ACC-422-final-exam-set-1.docx

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1) Which of the following is NOT considered cash for financial reporting purposes? A. Coin, currency, and available funds B. Money orders, certified checks, and personal checks C. Petty cash funds and change funds D. Postdated checks and I.O.U.'s2) What is the preferable presentation of accounts receivable from officers, employees, or affiliated companies on a balance sheet? A. As assets but separately from other receivables. B. By means of footnotes only. C. As offsets to capital. D. As trade notes and accounts receivable if they otherwise qualify as current assets.3) Which of the following items should NOT be included in the Cash caption on the balance sheet? A. Amounts on deposit in checking account at the bank B. Checks from other parties presently in the cash register C. Coins and currency in the cash register D. Postage stamps on hand4) Which of the following is a generally accepted method of determining the amount of the adjustment to bad debt expense? A. A percentage of accounts receivable NOT adjusted for the balance in the allowance B. A percentage of sales NOT adjusted for the balance in the allowance C. A percentage of sales adjusted for the balance in the allowance D. An amount derived from aging accounts receivable and NOT adjusted for the balance

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