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Which of the following is included in “Other Receivables”? Investments Notes receivables...
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Transcript of Which of the following is included in “Other Receivables”? Investments Notes receivables...
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
