1. What is the maturity value of a 60-day, 9% note for $6,000? (Points : 1) $6,5
ID: 2371801 • Letter: 1
Question
1. What is the maturity value of a 60-day, 9% note for $6,000? (Points : 1) $6,540$6,000
$6,090
$5,910
2. The allowance method of accounting for receivables that appear to be uncollectible: (Points : 1) records an expense for uncollectible receivables in advance of their actual write-off.
is rarely used in practice
results when a company sells its receivables
All of these choices are true of the allowance method
3. Businesses that sell most of their goods or services for cash and accept only credit cards would use which method of accounting for uncollectible receivables? (Points : 1) The direct write-off
The allowance method
Either the direct write-off or the allowance method
These businesses would not use any method as they have no bad debts
4. When the estimate based on the sales approach to estimating uncollectibles is used: (Points : 1) any existing balance in the allowance for doubtful accounts is not taken into consideration.
any existing balance in the allowance for doubtful accounts must be taken into consideration.
only a credit balance in the allowance for doubtful accounts must be taken into consideration.
only a debit balance in the allowance for doubtful accounts must be taken into consideration.
5. Accounts Receivable has a balance of $378,000 and the Allowance for Doubtful Accounts has a positive balance of $1,200 at fiscal year end prior to adjustment. If the estimate based on the sales approach to estimating uncollectibles is $13,780, the amount of uncollectible accounts expense is __________. (Points : 1) $14,980
$12,580
$13,780
$1,200
6. Which of the following types of inventory accounts do manufacturing companies have? Work in Process, Material or Finished Goods? (Points : 1) Yes, Yes, Yes
No, Yes, Yes
No, Yes, Yes
No, Yes, No
7. When the first-in, first-out (FIFO) method is used to value inventory, cost of goods sold: (Points : 1) is made up of the earliest costs.
is made up of the most recent costs.
is made up of the average of earliest and most recent costs.
None of the above
8. Use the following data to calculate the cost of ending inventory under Average Cost.
(Points : 1) $750
$825
$675
$600
9. Which inventory cost flow assumption would value ending inventory at more recent costs? (Points : 1) LIFO
FIFO
Average
Specific Identification
10. Use the following data to value inventory under the lower of cost or market rule, applied on an individual basis.
(Points : 1) $6,700
$6,000
$5,900
$6,800
Explanation / Answer
1.What is the maturity value of a 60-day, 9% note for $6,000? (Points : 1) $6,090 2.The allowance method of accounting for receivables that appear to be uncollectible: (Points : 1) records an expense for uncollectible receivables in advance of their actual write-off. 3. Businesses that sell most of their goods or services for cash and accept only credit cards would use which method of accounting for uncollectible receivables? (Points : 1) These businesses would not use any method as they have no bad debts 4.When the estimate based on the sales approach to estimating uncollectibles is used: (Points : 1) only a credit balance in the allowance for doubtful accounts must be taken into consideration 5.Accounts Receivable has a balance of $378,000 and the Allowance for Doubtful Accounts has a positive balance of $1,200 at fiscal year end prior to adjustment. If the estimate based on the sales approach to estimating uncollectibles is $13,780, the amount of uncollectible accounts expense is __________. (Points : 1) $13,780 6.Which of the following types of inventory accounts do manufacturing companies have? Work in Process, Material or Finished Goods? (Points : 1) Yes, Yes, Yes 7.When the first-in, first-out (FIFO) method is used to value inventory, cost of goods sold: (Points : 1) is made up of the most recent costs. 8it is not showing the image you uploaded 9.Which inventory cost flow assumption would value ending inventory at more recent costs? (Points : 1) FIFO 10. it is not showing the image you uploaded
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