Multiple choice questions (5 points each, spend on avg. 2.5 minutes per question

Question

Multiple choice questions (5 points each, spend on avg. 2.5 minutes per question)

Choose the best answer for each of the following.

1.Which of the following procedures is not consistent with a good cash internal control system?

2.Which of the following is true regarding the petty cash fund?

3.In the bank reconciliation process, which of the following would cause the bank balance shown on the bank statement to be higher than the book balance?

4.BarbCo sells golf balls to Pop's Shop under the terms 3/10 n/40. These terms imply which of the following:

5.Which of the following is true regarding the "Accounts Receivable" approach for handling bad debts under the Allowance Method:

6.Which of the following pairs of methods of accounts receivable financing are the least similar?

7.IWANTCASH Co. factored its accounts receivables with recourse and the transfer did not meet the criteria set forth in FAS125. Which of the following statements is true regarding the financial statement effects of this transaction.

8.Accounts receivable are normally reported at the:

9.Collections of accounts receivable that previously have been written off are credited to:

10.According to DuPont analysis, a company is effectively leveraging when:

Explanation / Answer

1. a.
2. b.
3. a.
4. c.
5. e.
6. b.
7. a.
8. e.
9. e.
10.d.

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