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ACC 556 WEEK 5 MIDTERM EXAM PART 2

ACC 556 WEEK 5 MIDTERM EXAM PART 2

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Author: Christine Farr
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http://theperfecthomework.com/acc-556-week-5-midterm-exam-part-2/

·       QUESTION 1

2 out of 2 points
 
 
 
Receivables are

 
 
 
 
 
 
 
·       QUESTION 2

2 out of 2 points
 
 
 
Dobler Company gathered the following reconciling information in preparing its June bank reconciliation: Cash balance per books, 6/30                               $8,400Deposits in transit                                                       600Notes receivable and interest collected by bank      1,480Bank charge for check printing                                     50Outstanding checks                                                 3,000NSF check                                                                  280 The adjusted cash balance per books on June 30 is

 
 
 
 
 
 
 
·       QUESTION 3

2 out of 2 points
 
 
 
Management usually wants ________ financial statements and the IRS requires all businesses to file _________ tax returns.

 
 
 
 
 
 
 
·       QUESTION 4

2 out of 2 points
 
 
 
At Emerson Company, one bookkeeper prepares the cash deposits while the other bookkeeper enters the collections in the journal and ledger. Which of the following is the best explanation of this type of internal control principle over cash receipts?

 
 
 
 
 
 
 
·       QUESTION 5

2 out of 2 points
 
 
 
Which of the following is least likely to help a company minimize losses as credit standards are relaxed?

 
 
 
·       Question 6
 
 
 
2 out of 2 points
 
 
 
What is an advantage of using the multiple-step income statement?

 
 
 
 
 
 
 

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