Description of this paper

American Public University ACCT 300 Week 3 Quiz 2014 (Graded)

Description

solution


Question

Question;Question 1 of 20 5.0/ 5.0 PointsOf 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. FalseQuestion 2 of 20 5.0/ 5.0 PointsOf 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. FalseQuestion 3 of 20 5.0/ 5.0 PointsInventories of merchandising and manufacturing businesses are reported as current assets on the balance sheet. A. True B. FalseQuestion 4 of 20 5.0/ 5.0 PointsA minimum cash balance required by a bank is called: A.cash in bank. B.cash equivalent. C.compensating balance. D.EFT. Question 5 of 20 5.0/ 5.0 PointsA voucher: A.is received from customers to explain the purpose of a payment. B.is normally prepared in the Accounting Department. C.system is used to control cash receipts. D.system is an internal control procedure to verify that the assets in the records are the ones the company owns. Question 6 of 20 5.0/ 5.0 PointsThe direct write-off method records uncollectible accounts expense in the year the specific account receivable is determined to be uncollectible. A. True B. FalseQuestion 7 of 20 5.0/ 5.0 PointsA voucher system is an example of an internal control procedure over cash payments. A. True B. FalseQuestion 8 of 20 5.0/ 5.0 PointsThe amount of the ?adjusted balance? appearing on a bank reconciliation as of a given date is the amount that is shown on the balance sheet for that date after all adjusting entries have been entered. A. True B. FalseQuestion 9 of 20 5.0/ 5.0 PointsCash equivalents include: A.checks. B.coins and currency. C.money market funds and commercial paper. D.stocks and short-term bonds. Question 10 of 20 5.0/ 5.0 PointsThe framework that has become widely accepted as the standard by which companies design, analyze, and evaluate internal controls is the: A.Internal Control ? Integrated Framework by the Committee of Sponsoring Organizations. B.Internal Control ? Integrated Framework by the Congress of Special Offerings. C.Internal Control Localized Structure by the Committee of Sponsoring Organizations. D.Internal Control Localized Structure by the Congress of Special Offerings. Question 11 of 20 5.0/ 5.0 PointsThe Sarbanes-Oxley Act of 2002 requires companies to maintain strong and effective internal controls over recording transactions and preparing financial statements. A. True B. FalseQuestion 12 of 20 5.0/ 5.0 PointsMoney market funds, commercial paper, and U.S. Treasury Bills are examples of cash equivalents. A. True B. FalseQuestion 13 of 20 5.0/ 5.0 PointsUnder which method of inventory costing is the cost flow assumed to be in the reverse order in which the expenditures were made? A.Average cost B.Last-in, first-out C.First-in, first-out D.Specific identification methodQuestion 14 of 20 5.0/ 5.0 PointsAccompanying the bank statement was a credit memorandum for a short-term note collected by the bank for the customer. What adjustment is required in the depositor?s accounts? A.Increase Notes Receivable, decrease Cash B.Increase Cash, increase Miscellaneous Income C.Increase Cash, decrease Notes Receivable D.Increase Accounts Receivable, decrease CashQuestion 15 of 20 5.0/ 5.0 PointsThe use of the lower-of-cost-or-market method of inventory valuation increases the gross profit for the period in which the inventory replacement price declined. A. True B. FalseQuestion 16 of 20 5.0/ 5.0 PointsAllowance 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. Compute the adjusted balance in the allowance for doubtful accounts. A.$15,000 B.$14,500 C.$14,000 D.$15,500 Question 17 of 20 5.0/ 5.0 PointsThe maturity value of a 12%, 60-day note for $5,000 is $5,100. (Assume 360 days in a year)A. True B. FalseQuestion 18 of 20 5.0/ 5.0 PointsAllowance 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. Compute the adjusted balance in the allowance for doubtful accounts. A.$15,000 B.$14,500 C.$14,000 D.$15,500Question 19 of 20 5.0/ 5.0 PointsAllowance for Doubtful Accounts has an unadjusted balance of $800 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, $800, increase Allowance for Doubtful Accounts, $800 B.Increase Uncollectible Accounts Expense, $15,000, increase Allowance for Doubtful Accounts, $15,000 C.Increase Uncollectible Accounts Expense, $14,200, increase Allowance for Doubtful Accounts, $14,200 D.Increase Uncollectible Accounts Expense, $15,800, increase Allowance for Doubtful Accounts, $15,800 Question 20 of 20 5.0/ 5.0 PointsAccompanying the bank statement was a credit memorandum for a short-term note collected by the bank for the customer. What adjustment is required in the depositor?s accounts? A.Increase Notes Receivable, decrease Cash B.Increase Cash, increase Miscellaneous Income C.Increase Cash, decrease Notes Receivable D.Increase Accounts Receivable, decrease Cash

 

Paper#39931 | Written in 18-Jul-2015

Price : $26
SiteLock