ACC 291 Week 2 Chapter 08, 09 And 10 Practice Quiz

ACC 291 Week 2 Chapter 08, 09 And 10 Practice Quiz
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ACC 291 Week 2 Chapter 08, 09 and 10 Practice Quiz

Question 1

Receivables are frequently classified as:

accounts receivable and general receivables.

accounts receivable, notes receivable, and employee receivables.

accounts receivable, notes receivable, and other receivables.

accounts receivable, company receivables, and other receivables.

Question 2

Buehler Company on June 15 sells merchandise on account to Chaz Co. for $1,000, terms 2/10, n/30. On June 20, Chaz Co. returns merchandise worth $300 to Buehler Company. On June 24, payment is received from Chaz Co. for the balance due. What is the amount of cash received?

$700

$680

$686

None of the above

Question 3

Which of the following approaches for bad debts is best described as a balance sheet method?

percentage-of-sales basis

percentage-of-receivables basis

Both percentage-of-receivables basis and direct write-off method

direct write-off method

Question 4

Hughes Company has a credit balance of $5,000 in its Allowance for Doubtful Accounts before any adjustments are made at the end of the year. Based on the review and aging of its accounts receivable at the end of the year, Hughes estimates that $60,000 of its receivables are uncollectible. The amount of bad debts expense which should be reported for the year is:

$55,000.

$65,000.

$5,000.

$60,000.

Question 5

Hughes Company has a debit balance of $5,000 in its Allowance for Doubtful Accounts before any adjustments are made at the end of the year. Based on the review and aging of its accounts receivable at the end of the year, Hughes estimates that $60,000 of its receivables are uncollectible. The amount of bad debts expense which should be reported for the year is:

$60,000....