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APU ACCT300 Week 3 quiz 3

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Question;Question 1 of 20;5.0/ 5.0 Points;Money market funds, commercial paper, and U.S. Treasury;Bills are examples of cash equivalents.;A. True;B. False;Answer Key;Question 2 of 20;5.0/ 5.0 Points;When companies sell their receivables to other companies;the transaction is called factoring.;A. True;B. False;Answer Key;Question 3 of 20;5.0/ 5.0 Points;The two methods of accounting for uncollectible receivables;are the allowance method and the;A.equity method.;B.direct write-off method.;C.interest method.;D.cost method.;Answer Key;Question 4 of 20;0.0/ 5.0 Points;A credit memorandum from the bank;A.decreases a bank;customer?s account.;In 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.;Answer Key;Question 5 of 20;5.0/ 5.0 Points;The 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. False;Answer Key;Question 6 of 20;5.0/ 5.0 Points;In reference to a promissory note, the person who makes the;promise to pay is called the;A.maker.;B.payee.;C.seller.;D.receiver.;Answer Key;Question 7 of 20;5.0/ 5.0 Points;A special cash fund used to make small payments that occur;frequently is called a(n);A.operating expenses;fund.;B.change fund.;C.market fund.;D.petty cash fund.;Answer Key;Question 8 of 20;0.0/ 5.0 Points;Allowance 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;In;B.$14,500;C.$14,000;D.$15,500;Answer Key;Question 9 of 20;5.0/ 5.0 Points;The Sarbanes-Oxley Act of 2002 requires companies to;maintain strong and effective internal controls over recording transactions and;preparing financial statements.;A. True;B. False;Answer Key;Question 10 of 20;5.0/ 5.0 Points;The difference between the total receivables and the balance;in Allowance for Doubtful Accounts at the end of a period is referred to as the;net realizable value of the receivables.;A. True;B. False;Answer Key;Question 11 of 20;5.0/ 5.0 Points;The 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.;Answer Key;Question 12 of 20;5.0/ 5.0 Points;The Sarbanes-Oxley Act of 2002 requires companies to;maintain strong and effective internal controls over recording transactions and;preparing financial statements.;A. True;B. False;Answer Key;Question 13 of 20;5.0/ 5.0 Points;Under 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 method;Answer Key;Question 14 of 20;5.0/ 5.0 Points;Inventory 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.;Answer Key;Question 15 of 20;0.0/ 5.0 Points;Accompanying 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?;In;A.Increase Notes Receivable, decrease Cash;B.Increase Cash;increase Miscellaneous Income;C.Increase Cash;decrease Notes Receivable;D.Increase Accounts;Receivable, decrease Cash;Answer Key;Question 16 of 20;5.0/ 5.0 Points;Inventories of merchandising and manufacturing businesses;are reported as current assets on the balance sheet.;A. True;B. False;Answer Key;Question 17 of 20;0.0/ 5.0 Points;Accompanying 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?;In;A.Increase Notes Receivable, decrease Cash;B.Increase Cash;increase Miscellaneous Income;C.Increase Cash;decrease Notes Receivable;D.Increase Accounts;Receivable, decrease Cash;Answer Key;Question 18 of 20;5.0/ 5.0 Points;The 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.;Answer Key;Question 19 of 20;5.0/ 5.0 Points;Bank customers are considered owners of the bank, so the;bank shows their accounts as an asset on the bank?s records.;A. True;B. False;Answer Key;Question 20 of 20;5.0/ 5.0 Points;The process of a company selling its accounts receivable to;another company is referred as;A.discounting.;B.adjusting.;C.assignment.;D.factoring.;Answer Key

 

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