Which of the following is included in “Other Receivables”?

InvestmentsNotes receivables

Accounts receivablesLoans to employees

Which of the following is included in “Other Receivables”?

InvestmentsNotes receivables

Accounts receivablesLoans to employees

Which of the following duties should NOT be performed by a

credit department?

A. Evaluate customers who apply for credit

b. Handle cash receiptsc. Monitor customer payment records

d. Review applicant’s income and credit history

Which of the following duties should NOT be performed by a

credit department?

A. Evaluate customers who apply for credit

b. Handle cash receiptsc. Monitor customer payment records

d. Review applicant’s income and credit history

Which is a method of establishing control over collections of accounts

receivable?

A. Set up a petty cash fundb. Establish a bank lock box system

c. Allow no one but the bookkeeper to handle cash

d. Designate an authorized check signer.

Which is a method of establishing control over collections of accounts

receivable?

A. Set up a petty cash fundb. Establish a bank lock box system

c. Allow no one but the bookkeeper to handle cash

d. Designate an authorized check signer.

Which is a disadvantage of selling on credit?

A. Sales can be made to more peopleb. Profits are increased

c. Some customers do not pay, creating an expense

d. Both A & B

Which is a disadvantage of selling on credit?

A. Sales can be made to more peopleb. Profits are increased

c. Some customers do not pay, creating an expense

d. Both A & B

What are the two methods of accounting for uncollectible

receivables?

Allowance methodLiability method

Direct write-off methodAsset method

What are the two methods of accounting for uncollectible

receivables?

Allowance methodLiability method

Direct write-off methodAsset method

Which are the two methods of estimating uncollectible

receivables?

Aging of accounts receivable method

Percent of Sales methodAllowance method

Direct write off method

Which are the two methods of estimating uncollectible

receivables?

Aging of accounts receivable method

Percent of Sales methodAllowance method

Direct write off method

Which is the income statement approach to estimating bad debts?

Aging of accounts receivable method

Percent of Sales methodAllowance method

Direct write off method

Which is the income statement approach to estimating bad debts?

Aging of accounts receivable method

Percent of Sales methodAllowance method

Direct write off method

Which is the balance sheet approach to estimating bad debts?

Aging of accounts receivable method

Percent of Sales methodAllowance method

Direct write off method

Which is the balance sheet approach to estimating bad debts?

Aging of accounts receivable method

Percent of Sales methodAllowance method

Direct write off method

What is it called when the maker of a promissory note fails to pay the

note on the due date?

A discounted noteA discarded note

A dishonored noteAn uncollectible note

What is it called when the maker of a promissory note fails to pay the

note on the due date?

A discounted noteA discarded note

A dishonored noteAn uncollectible note

What is the maturity value of a note?

What is the maturity value of a note?

Principal amount plus interest

Other things to know:

calculating maturity dateMaturity value

Interest