Details of this Paper

APU ACCT300 week 3 quiz

Description

solution


Question

Question;ACCT300 week 3 quizQuestion 1 of 20The bank reconciliation: A.should be prepared by an employee who records cash transactions. B.is part of the internal control system. C.is for information purposes only. D.is sent to the bank for verification.Question 2 of 20A note receivable due in 90 days is listed on the balance sheet under: A.long-term liabilities. B.fixed assets. C.current liabilities. D.current assets.Question 3 of 20Of 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 4 of 20A credit memorandum from the bank: A.decreases a bank customer?s account. B.is used to show a bank service charge. C.shows that a company has deposited a customer?s NSF check. D.shows the bank has collected a note receivable for the customer.Question 5 of 20Inventories of merchandising and manufacturing businesses are reported as current assets on the balance sheet.A. True B. FalseQuestion 6 of 20Cash equivalents include: A.checks. B.coins and currency. C.money market funds and commercial paper. D.stocks and short-term bonds.Question 7 of 20Inventory refers to the:A.merchandise held for sale in the normal course of business. B.materials sold during the year. C.assets purchased to assist the production process. D.claims arising from the purchase of raw material.Question 8 of 20The purpose of the Sarbanes-Oxley Act of 2002 is to:A.restore public confidence and trust in the financial statements of publicly held companies. B.require all companies to prepare financial statements. C.protect companies from demands of investors, stockholders, and creditors. D.do all of these.Question 9 of 20In reference to a promissory note, the person who makes the promise to pay is called the:A.maker. B.payee. C.seller. D.receiver.Question 10 of 20If the cost of an item of inventory is $60 and the current replacement cost is $65, the amount included in inventory according to the lower-of-cost-or-market method is: A.$5 B.$60 C.$65 D.$125Question 11 of 20Money market funds, commercial paper, and U.S. Treasury Bills are examples of cash equivalents.A. True B. FalseQuestion 12 of 20A note receivable due in 90 days is listed on the balance sheet under: A.long-term liabilities. B.fixed assets. C.current liabilities. D.current assets.Question 13 of 20Inventory costing methods place primary emphasis on assumptions about: A.flow of goods. B.flow of costs. C.flow of goods or costs depending on the method. D.flow of values.Question 14 of 20Inventories of merchandising and manufacturing businesses are reported as current assets on the balance sheet.A. True B. FalseQuestion 15 of 20The 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 20The maturity value of a 12%, 60-day note for $5,000 is $5,100. (Assume 360 days in a year)A. True B. FalseQuestion 17 of 20Of 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 18 of 20The 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 19 of 20On the bank?s accounting records, customers? accounts are normally shown as a(n): A.revenue. B.liability. C.asset. D.expenses.Question 20 of 20A minimum cash balance required by a bank is called: A.cash in bank. B.cash equivalent. C.compensating balance. D.EFT.

 

Paper#42771 | Written in 18-Jul-2015

Price : $20
SiteLock