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ACC 556 WEEK 5 CHAPTER 8 HOMEWORK

ACC 556 WEEK 5 CHAPTER 8 HOMEWORK

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Author: Christine Farr
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·       QUESTION 1

1 out of 1 points
 
 
 
An aging of accounts receivable schedule is based on the premise that the longer the period an account remains unpaid, the greater the probability that it will eventually be collected.

 
 
 
 
 

 
 
 
·       QUESTION 2

1 out of 1 points
 
 
 
Allowance for Doubtful Accounts is a contra account that is deducted from Accounts Receivable on the balance sheet.

 
 
 
 
 
 
 
·       QUESTION 3

1 out of 1 points
 
 
 
Under the allowance method, Bad Debt Expense is debited when an account is deemed uncollectible and must be written off.

 
 
 
 
 
 
 
·       QUESTION 4

1 out of 1 points
 
 
 
Interest on a 6-month, 10 percent, $10,000 note is calculated by multiplying $10,000 ´ 0.10 ´ 6/12.

 
 
 
 
 
 
 
·       QUESTION 5

1 out of 1 points
 
 
 
If a company has significant concentrations of credit risk, it must discuss this risk in the notes to its financial statements.

 
 
 
 
 
 
 
·       QUESTION 6

1 out of 1 points
 
 
 
Interest is usually associated with

 
 
 
 
.

 
 
 
·       QUESTION 7

1 out of 1 points
 
 
 
On January 15, Nifty Company sells merchandise on account to Martinez Associates for $3,000 with terms 3/10, n/30. On January 20, Martinez returns merchandise worth $600 to Nifty. On January 24, payment is received from Martinez for the balance due. What is the amount of cash received?

 
 
 
 
 
 
 
·       QUESTION 8

1 out of 1 points
 
 
 
The expense recognition

 
 
 
 
 
 
 
·       QUESTION 9

1 out of 1 points
 
 
 
Which one of the following is not a principle of sound accounts receivable management?

 
 
 
 

 
 
 
·       QUESTION 10

1 out of 1 points
 
 
 
Bad Debt Expense is considered


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