ACC 205 Week 2 Quiz

Feb 3rd, 2012
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Ashford University
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Grading SummaryThese are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.Date Taken:9/4/2011Time Spent:1 h , 34 min , 52 secsPoints Received:7 / 10 (70%)Question Type:# Of Questions:# Correct:True/False32Multiple Choice75Grade Details1.Question :A company has the following account balances. What is the acid-test ratio? (Please round to two decimal places.)Cash$50,000Short-term investments85,000Net current receivables120,000Inventory145,000Total current liabilities275,000Student Answer:.931.45.641.76None of these is correctPoints Received:1 of 1Comments:2.Question :In a bank reconciliation, an NSF check will be shown on the bank side of the reconciliation.Student Answer:TrueFalsePoints Received:1 of 1Comments:3.Question :The aging-of-accounts-receivable method computes uncollectible accounts expense as a percentage of net credit sales.Student Answer:TrueFalsePoints Received:1 of 1Comments:4.Question :The cash balance in a company's general ledger and the bank's balance on the bank statement will generally be different because of the time lag in recording transactions.Student Answer:TrueFalsePoints Received:0 of 1Comments:5.Question :A company has Net sales of $850,000, Beginning net receivables of $230,

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