Question 1

Uncollectible notes receivable should be estimated at year end and recorded as a debit to Bad Debts Expense and a credit to Notes Receivable.

Accepted Answer

A) True 
 B)False

Question 2

The total interest on a $10,000, 6%, 6-month note receivable is

Accepted Answer

A) $ 50. 
B) $100. 
C) $300. 
D) $600. 
A) $ 50. 
B) $100. 
C) $300. 
D) $600.

Question 3

The term "receivables" refers to

Accepted Answer

A) amounts due from individuals or companies. 
B) merchandise to be collected from individuals or companies. 
C) cash to be paid to creditors. 
D) cash to be paid to debtors. 
A) amounts due from individuals or companies. 
B) merchandise to be collected from individuals or companies. 
C) cash to be paid to creditors. 
D) cash to be paid to debtors.

Question 4

A note receivable is a written promise by the maker to the payee to pay a specified amount of money at a definite time.

Accepted Answer

A) True 
 B)False

Question 5

Accounts receivable are valued and reported on the statement of financial position

Accepted Answer

A) in the non-current asset section. 
B) at the gross amount less sales returns and allowances. 
C) at net realizable value. 
D) only if they are not past due. 
A) in the non-current asset section. 
B) at the gross amount less sales returns and allowances. 
C) at net realizable value. 
D) only if they are not past due.

Question 6

Under the allowance method of accounting for uncollectible accounts, Bad Debts Expense is debited

Accepted Answer

A) when a credit sale is past due. 
B) at the end of each accounting period. 
C) whenever a pre-determined amount of credit sales have been made. 
D) when an account is determined to be uncollectible. 
A) when a credit sale is past due. 
B) at the end of each accounting period. 
C) whenever a pre-determined amount of credit sales have been made. 
D) when an account is determined to be uncollectible.

Uncollectible notes receivable should be estimated at year end and recorded as a debit to Bad Debts Expense and a credit to Notes Receivable.

The total interest on a $10,000, 6%, 6-month note receivable is

The term "receivables" refers to

A note receivable is a written promise by the maker to the payee to pay a specified amount of money at a definite time.

Accounts receivable are valued and reported on the statement of financial position

Under the allowance method of accounting for uncollectible accounts, Bad Debts Expense is debited

Introduction to Financial Statements

A Further Look at Financial Statements

The Accounting Information System

Accrual Accounting Concepts

Merchandising Operations and the Multiple-Step Income Statement

Reporting and Analyzing Inventory

Fraud, Internal Control, and Cash

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Stockholders Equity

Statement of Cash Flows

Financial Analysis: the Big Picture

Managerial Accounting

Filters

Exam 8: Reporting and Analyzing Receivables

Uncollectible notes receivable should be estimated at year end and recorded as a debit to Bad Debts Expense and a credit to Notes Receivable.

The total interest on a $10,000, 6%, 6-month note receivable is

The term "receivables" refers to

A note receivable is a written promise by the maker to the payee to pay a specified amount of money at a definite time.

Accounts receivable are valued and reported on the statement of financial position

Under the allowance method of accounting for uncollectible accounts, Bad Debts Expense is debited

Introduction to Financial Statements

A Further Look at Financial Statements

The Accounting Information System

Accrual Accounting Concepts

Merchandising Operations and the Multiple-Step Income Statement

Reporting and Analyzing Inventory

Fraud, Internal Control, and Cash

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Stockholders Equity

Statement of Cash Flows

Financial Analysis: the Big Picture

Managerial Accounting

Filters