44) The $231 263 Cost of Goods Sokd 57 Loss on Disposal of Equipment86 Revenue 1

Question

44) The $231 263 Cost of Goods Sokd 57 Loss on Disposal of Equipment86 Revenue 124 Selling Expense What is the amount of income from continuing operations for Tuche A) $247 B) $302 C) $194 D) $145 45) The percentag A) over the life of the contract B) at the end of the contract C) at the beginning of the contract D) one year after completion of contract 46) What is the normal journal entry for recording bad debt A) debit Bad Debt Expense, credit Allowance for Uncollectible Accounts B) debit Allowance for Uncollectible Accounts, credit Bad Debt Expense C) debit Bad Debt Expense, credit Accounts Receivable D) debit Accounts Receivable, credit Bad Debt Expense expense? 47) Which of the following is considered to be cash (not a cash A) treasury bill B) money market fund D) money order 12 |Page

Explanation / Answer

Que. 44

Answer will be D. 145, (865+41)-(231+263+57+86+124)

Que. 45

Answer will be A , Under percentage of completion method we recognise income as contract work completes.

Que. 46

Answer will be C ,

Que. 47

Answer will be D as Money orders are cash itself.

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