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1. Two methods of accounting for uncollectible accounts are the (Points : 2)       allowance method and the accrual method.

      allowance method and the net realizable method.

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      direct write-off method and the accrual method.

      direct write-off method and the allowance method.

Question 2. 2. Which of the following would be considered as an unlikely occurrence? (Points : 2)       Manufacturer offers a cash discount to a wholesaler.

      Wholesaler offers a cash discount to a retailer.

      Retailer offers a cash discount to a customer.

      All of these are standard practices.

Question 3. 3. A reasonable amount of uncollectible accounts is evidence (Points : 2)       that the credit policy is too strict.

      that the credit policy is too lenient.

      of a sound credit policy.

      of poor judgments on the part of the credit manager.

Question 4. 4. Three accounting issues associated with accounts receivable are (Points : 2)       depreciating, returns, and valuing.

      depreciating, valuing, and collecting.

      recognizing, valuing, and disposing.

      accrual, bad debts, and disposing.

Question 5. 5. Notes or accounts receivables that result from sales transactions are often called (Points : 2)       sales receivables.

      non-trade receivables.

      trade receivables.

      merchandise receivables.

Question 6. 6. The net amount expected to be received in cash from receivables is termed the (Points : 2)       cash realizable value.

      cash-good value.

      gross cash value.

      cash-equivalent value.

Question 7. 7. A customer charges a treadmill at Annie’s Sport Shop. The price is $4,000 and the financing charge is 9% per annum if the bill is not paid in 30 days. The customer fails to pay the bill within 30 days and a finance charge is added to the customer’s account.

The accounts affected by the journal entry made by Annie’s Sport Shop to record the finance charge are (Points : 2)

      Accounts Receivable



    Finance Receivable

      Accounts Receivable

    Interest Payable

      Accounts Receivable

    Interest Revenue

Question 8. 8. Lifetime sells softball equipment. On November 14, they shipped $2,000 worth of softball uniforms to Palos Middle School, terms 2/10, n/30. On November 21, they received an order from Tinley High School for $1,200 worth of custom printed bats to be produced in December. On November 30, Palos Middle School returned $200 of defective merchandise. Lifetime has received no payments from either school as of month end. What amount will be recognized as net accounts receivable on the balance sheet as of November 30? (Points : 2)       $1,800




Question 9. 9. The existing balance in Allowance for Doubtful Accounts is considered in computing bad debts expense in the (Points : 2)       direct write-off method.

      percentage of receivables basis.

      percentage of sales basis.

      percentage of receivables and percentage of sales basis.

Question 10. 10. The receivable that is usually evidenced by a formal instrument of credit is a(n) (Points : 2)       trade receivable.

      note receivable.

      accounts receivable.

      income tax receivable.

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