ACC 305 Week 3 Quiz (2 Set)

ACC 305 Week 3 Quiz (2 Set)

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Attachments: ACC 305 N Week 3 Quiz (2 Set) 1.docx [ Preview Here ] ACC 305 N Week 3 Quiz (2 Set).docx [ Preview Here ]

ACC 305 Week 3 Quiz (2 Set)

 

 

1.         Question :        On November 10 of the current year, Cherokee Industries sold materials to a customer for $8,000 with credit terms 2/10, n/30. Cherokee uses the net method of accounting for cash discounts.

What entry would Cherokee make on November 10?

 

           

2.         Question :        Cash that is restricted and not available for current operations is reported in the balance sheet as:

           

3.         Question :        Which of the following must be known to compute the interest rate paid from financing an asset purchase with an annuity?

 

4.         Question :        Zulu Corporation hires a new chief executive officer and promises to pay her a signing bonus of $2 million per year for 10 years, starting five years after he joins the company. The liability for this bonus when the CEO is hired:

 

 

5.         Question :        LeAnn wishes to know how much she should set aside now at 7% interest in order to accumulate a sum of $5,000 in four years. She should use a table for the:

 

           

6.         Question :        Loan A has the same original principal, interest rate, and payment amount as Loan B. However, Loan A is structured as an annuity due, while Loan B is structured as an ordinary annuity. The maturity date of Loan A will be:          

 

 

7.         Question :        A note receivable Mild Max Cycles discounted with recourse was dishonored on its maturity date. Mild Max would debit:

 

 

8.         Question :        George Jones is planning on a cruise for his 70th birthday party. He wants to know how much he should set aside at the beginning of each month at 6% interest to accumulate the sum of $4,800 in five years. He should use a table for the:

 

 

9.         Question :        Nontrade receivables do not include:

 

10.       Question :        Which of the following do not change the balance in Accounts receivable?

 

 

 

ACC 305 Week 3 Quiz (2 Set) 1

 

 

 

1. Question : Sandra won $5,000,000 in the state lottery which she has elected to receive at

the end of each month over the next thirty years. She will receive 7% interest on

unpaid amounts. To determine the amount of her monthly check, she should use

a table for the:

 

2. Question : When you use an aging schedule approach for estimating uncollectible accounts:

Student Answer: Bad debts expense is measured indirectly, and the Allowance for

uncollectibles balance is measured directly.

 

3. Question : Which of the following do not change the balance in Accounts receivable?

 

4. Question : Cash that is restricted and not available for current operations is reported in the

balance sheet as:

 

5. Question : Which of the following is recorded by a credit to Accounts receivable?

 

6. Question : George Jones is planning on a cruise for his 70th birthday party. He wants to

know how much he should set aside at the beginning of each month at 6%

interest to accumulate the sum of $4,800 in five years. He should use a table for

the:

 

 

7. Question : A note receivable Mild Max Cycles discounted with recourse was dishonored on

its maturity date. Mild Max would debit:

 

8. Question : Zulu Corporation hires a new chief executive officer and promises to pay her a

signing bonus of $2 million per year for 10 years, starting five years after he joins

the company. The liability for this bonus when the CEO is hired:

 

9. Question : Tammy wants to buy a car that costs $10,000 and wishes to know the amount of

the monthly payments, which will be made at the first of the month, with interest

of 12% on the unpaid balance. She should use a table for the:

 

10. Question : LeAnn wishes to know how much she should set aside now at 7% interest in

order to accumulate a sum of $5,000 in four years. She should use a table for

the:

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