Question 1

The lack of uniform commercial laws among countries makes international sales simpler than domestic sales.

Accepted Answer

A) True 
 B)False

Question 2

When liquidating a partnership, after all noncash assets are sold and all creditors are paid, any remaining cash is distributed to the partners in the same proportions as the earnings are shared.

Accepted Answer

A) True 
 B)False

Question 3

Select the one term that best fits each definition.
-A partnership financial statement showing net income or loss distribution to partners.

Accepted Answer

A)  bill of lading 
B)  distribution of net income statement 
C)  exports 
D)  imports 
E)  letter of credit
F) liquidation of a partnership
G) partnership agreement
H) realization
I) time draft
J) trade acceptance 
A)  bill of lading 
B)  distribution of net income statement 
C)  exports 
D)  imports 
E)  letter of credit
F) liquidation of a partnership
G) partnership agreement
H) realization
I) time draft
J) trade acceptance

Question 4

Select the one term that best fits each definition.
-A draft that is payable at a fixed or determinable future time after it is accepted.

Accepted Answer

A)  bill of lading 
B)  distribution of net income statement 
C)  exports 
D)  imports 
E)  letter of credit
F) liquidation of a partnership
G) partnership agreement
H) realization
I) time draft
J) trade acceptance 
A)  bill of lading 
B)  distribution of net income statement 
C)  exports 
D)  imports 
E)  letter of credit
F) liquidation of a partnership
G) partnership agreement
H) realization
I) time draft
J) trade acceptance

Question 5

Select the one term that best fits each definition.
-A form signed by a buyer at the time of a sale of merchandise in which the buyer promises to pay the seller a specified sum of money, usually at a stated time in the future.

Accepted Answer

A)  bill of lading 
B)  distribution of net income statement 
C)  exports 
D)  imports 
E)  letter of credit
F) liquidation of a partnership
G) partnership agreement
H) realization
I) time draft
J) trade acceptance 
A)  bill of lading 
B)  distribution of net income statement 
C)  exports 
D)  imports 
E)  letter of credit
F) liquidation of a partnership
G) partnership agreement
H) realization
I) time draft
J) trade acceptance

Question 6

A trade acceptance is similar to a draft except a draft is generally paid by a bank and a trade acceptance is paid by the buyer.

Accepted Answer

A) True 
 B)False

Question 7

The entry to journalize the receipt of cash for the value of a time draft includes a

Accepted Answer

A)  debit to Time Drafts Receivable and a credit to Cash. 
B)  debit to Cash and a credit to Time Drafts Receivable. 
C)  debit to Cash and a credit to Sales. 
D)  debit to Sales and a credit to Cash. 
A)  debit to Time Drafts Receivable and a credit to Cash. 
B)  debit to Cash and a credit to Time Drafts Receivable. 
C)  debit to Cash and a credit to Sales. 
D)  debit to Sales and a credit to Cash.

Question 8

Select the one term that best fits each definition.
-A written agreement setting forth the conditions under which a partnership is to operate.

Accepted Answer

A)  bill of lading 
B)  distribution of net income statement 
C)  exports 
D)  imports 
E)  letter of credit
F) liquidation of a partnership
G) partnership agreement
H) realization
I) time draft
J) trade acceptance 
A)  bill of lading 
B)  distribution of net income statement 
C)  exports 
D)  imports 
E)  letter of credit
F) liquidation of a partnership
G) partnership agreement
H) realization
I) time draft
J) trade acceptance

Question 9

The entry to journalize the receipt of a time draft for an international sale includes a

Accepted Answer

A)  debit to Sales and a credit to Cash. 
B)  debit to Cash and a credit to Sales. 
C)  debit to Sales and a credit to Time Drafts Receivable. 
D)  debit to Time Drafts Receivable and a credit to Sales. 
A)  debit to Sales and a credit to Cash. 
B)  debit to Cash and a credit to Sales. 
C)  debit to Sales and a credit to Time Drafts Receivable. 
D)  debit to Time Drafts Receivable and a credit to Sales.

Question 10

Legally, a partnership agreement may be either written or oral.

Accepted Answer

A) True 
 B)False

The lack of uniform commercial laws among countries makes international sales simpler than domestic sales.

When liquidating a partnership, after all noncash assets are sold and all creditors are paid, any remaining cash is distributed to the partners in the same proportions as the earnings are shared.

Select the one term that best fits each definition. -A partnership financial statement showing net income or loss distribution to partners.

Select the one term that best fits each definition. -A draft that is payable at a fixed or determinable future time after it is accepted.

Select the one term that best fits each definition. -A form signed by a buyer at the time of a sale of merchandise in which the buyer promises to pay the seller a specified sum of money, usually at a stated time in the future.

A trade acceptance is similar to a draft except a draft is generally paid by a bank and a trade acceptance is paid by the buyer.

The entry to journalize the receipt of cash for the value of a time draft includes a

Select the one term that best fits each definition. -A written agreement setting forth the conditions under which a partnership is to operate.

The entry to journalize the receipt of a time draft for an international sale includes a

Legally, a partnership agreement may be either written or oral.

The Accounting Equation

Debit and Credit Parts

Journalizing Transactions

Posting to a General Ledger

Cash Control Systems

Work Sheet and Adjusting Entries

Financial Statements for a Proprietorship

Closing Entries and Post-Closing

Accounting for Purchases and Cash Payments

Accounting for Sales and Cash Receipts

Using a General Journal

Preparing Payroll Records

Accounting for Payroll and Payroll Taxes

Uncollectible Accounts Receivable

Adjusting Entries and a Trial Balance

Financial Statements and Closing Entries

Financial Statement Analysis

Acquiring Capital for Growth and Development

Plant Assets and Intangible Assets

Accounting for Inventory

Accruals, Deferrals, and Reversing Entries

End-Of-Fiscal-Period Work for a Corporation

Accounting for Partnerships

Recording International and Internet Sales

Service Business Organized As a Proprietorship

Merchandising Business As a Corporation

Filters

Exam 27: Additional Accounting Procedures

The lack of uniform commercial laws among countries makes international sales simpler than domestic sales.

When liquidating a partnership, after all noncash assets are sold and all creditors are paid, any remaining cash is distributed to the partners in the same proportions as the earnings are shared.

Select the one term that best fits each definition. -A partnership financial statement showing net income or loss distribution to partners.

Select the one term that best fits each definition. -A draft that is payable at a fixed or determinable future time after it is accepted.

Select the one term that best fits each definition. -A form signed by a buyer at the time of a sale of merchandise in which the buyer promises to pay the seller a specified sum of money, usually at a stated time in the future.

A trade acceptance is similar to a draft except a draft is generally paid by a bank and a trade acceptance is paid by the buyer.

The entry to journalize the receipt of cash for the value of a time draft includes a

Select the one term that best fits each definition. -A written agreement setting forth the conditions under which a partnership is to operate.

The entry to journalize the receipt of a time draft for an international sale includes a

Legally, a partnership agreement may be either written or oral.

The Accounting Equation

Debit and Credit Parts

Journalizing Transactions

Posting to a General Ledger

Cash Control Systems

Work Sheet and Adjusting Entries

Financial Statements for a Proprietorship

Closing Entries and Post-Closing

Accounting for Purchases and Cash Payments

Accounting for Sales and Cash Receipts

Using a General Journal

Preparing Payroll Records

Accounting for Payroll and Payroll Taxes

Uncollectible Accounts Receivable

Adjusting Entries and a Trial Balance

Financial Statements and Closing Entries

Financial Statement Analysis

Acquiring Capital for Growth and Development

Plant Assets and Intangible Assets

Accounting for Inventory

Accruals, Deferrals, and Reversing Entries

End-Of-Fiscal-Period Work for a Corporation

Accounting for Partnerships

Recording International and Internet Sales

Service Business Organized As a Proprietorship

Merchandising Business As a Corporation

Filters