ACCT 504 Week 4 Quiz

ACCT 504 Week 4 Quiz

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Attachments: ACCT 504 N Week 4 Quiz.docx [ Preview Here ]

Q -1
 
Anderson Company had the following information in
 
20142014.
 
Accounts receivable 12/31/14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $14,000
 
Allowance for uncollectible account 12/31/14 (before adjustment). . . . . . .  850
 
Credit sales during 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  36,000
 
Cash sales during 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  11,000
 
Collections from customers on account during 2014. . . . . . . . . . . . . . . . . .  45,000
 
If uncollectible accounts are determined by the aging-of-receivables method to be
 
$1,260 the uncollectible-account expense for 2014
 
would be:.
 
 
 
Q-2  All of the following are controls for cash received over the counter except
 
A.the cash drawer should open only when the sales clerk enters an amount on the keys.
 
B.the sales clerk must have access to the cash register tape.
 
C.a printed receipt must be given to the customer.
 
D.the customer should be able to see the amounts entered into the cash register.
 
 
 
 
 
Q-3  Patrick Company had the following information in 2014.
 
Accounts receivable 12/31/14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $9,000
 
Allowance for uncollectible account 12/31/14 (before adjustment). . . . . . .  800
 
Credit sales during 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  38,000
 
Cash sales during 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  16,000
 
Collections from customers on account during 2014. . . . . . . . . . . . . . . . . .  47,000
 
If uncollectible accounts are determined by the aging-of-receivables method to be
 
$1,050,  the uncollectible account expense for 2014 would be $250.
 
The balance of the Allowance account after the adjusting entry would be
 
 
 
Q-4 All of the following are objectives of internal control except
 
A.to safeguard assets.
 
B.to comply with legal requirements.
 
C.to maximize net income.
 
D.to ensure accurate and reliable accounting records.
 
 
 
Q-5All of the following are internal control procedures except
 
A.Sarbanes-Oxley reforms.
 
B.assignment of responsibilities.
 
C.adequate records.
 
D.internal and external audits.
 
 
 
Q-6 Ryan Company had the following information in
 
2014.
 
Accounts receivable 12/31/14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $8,000
 
Allowance for uncollectible account 12/31/14 (before adjustment). . . . . . .  700
 
Credit sales during 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  40,000
 
Cash sales during 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  9,000
 
Collections from customers on account during 2014. . . . . . . . . . . . . . . . . .  45,000
 
Uncollectible accounts are determined by the percent-of-sales method to be
 
4% of credit sales. How much is uncollectible-account expense for
 
2014?
 
 
 
Q-7 Which of the following assets are not included in "cash equivalents" in a typical balance sheet?
 
A.Time deposits
 
B.Certain very low-risk equity securities
 
C.Foreign government securities
 
D.U.S. government securities
 
E.All of the above might be included in "cash equivalents."
 
 
 
Q-8 Net sales total $584,000. Beginning and ending accounts receivable are
 
$46,000 and $50,000, respectively. Calculate days' sales in receivables.
 
 
 
Q-9 Tennis Academy held investments in trading securities with a fair value of  $50,000 at December 31, 2014. These investments cost Fairway Pro Fairway Pro 45,000 on January 1, 2014 What is the appropriate amount for Fairway Pro Fairway Pro to report for these investments on the December 31,
 
2014 balance sheet?
 
 
 
Q-10 Requiring that an employee with no access to cash do the accounting is an example of which characteristic of internal control?
 
A.Competent and reliable personnel
 
B.Assignment of responsibility
 
C.Monitoring of controls
 
D.Separation of duties

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