ACCT 503 Week 4 Quiz (2 Set)(Syllabus, 2019)

ACCT 503 Week 4 Quiz (2 Set)(Syllabus, 2019)

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QC5-5

Joshua Company had the following information in 2016.

accounts receivable 12/31/16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $15,000

Allowance for uncollectible account 12/31/16 (before adjustment). . . . . . .  700

Credit service revenue during 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . .         47,000

Cash service revenue during 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   13,000

Collections from customers on account during 2016. . . . . . . . . . . . . . . . . .  45,000

If uncollectible accounts are determined by the aging-of-receivables method to be $1,260,

the uncollectible-account expense for 2016 would be

 

Worked Solution

Allowance account, adjusted bal        -           Allowance account, unadjusted bal    =          Uncollectible-account expense

$1,260 -           $700    =          $560

 

 

A.  $600

 

B. $1,260.

 

C. $1,880.

 

D. $560.

 

 

 

Q4-37

 

All of the following are controls for cash received over the counter except

 

A. the sales clerk must have access to the cash register tape.

 

B. a printed receipt must be given to the customer.

 

C. the customer should be able to see the amounts entered into the cash register.

 

D.  the cash drawer should open only when the sales clerk enters an amount on the keys.

 

 

 

QC5-3

 

 

lNeal Company had the following information in 2016:

Accounts receivable 12/31/16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $6,000

Allowance for uncollectible account 12/31/16 (before adjustment). . . . . . .  600

Credit service revenue during 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . .         39,000

Cash service revenue during 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   17,000

Collections from customers on account during 2016. . . . . . . . . . . . . . . . . .  50,000

Uncollectible accounts are determined by the percent-of-sales method to be 33% of credit sales. How much is uncollectible-account expense for 2016?

 

 

 

 

 

QC5-13

Net credit sales total $1,357,200.  Beginning and ending accounts receivable are $50,000 and $43,600, respectively. Calculate days' sales outstanding. (Round interim calculations to two decimal places, XX.XX and the days' sales outstanding (DSO) up to the next whole day.)

 

 

QC5-1

Hank Neylon Productions held investments in trading securities with a fair value of $65,000 at December 31, 2016.

These investments cost Hank Neylon Productions $60,000 on January 1, 2016. What is the appropriate amount for

Hank Neylon Productions to report for these investments on the December 31, 2016,

balance sheet?

 

A. $65,000

 

B. $60,000

 

C. $5,000 gain

 

D. Cannot be determined from the data given

 

 

 

 

 

QC5-6

Daniel Company had the following information in 2016:

 

If uncollectible accounts are determined by the aging-of-receivables method to be $1,240, the uncollectible account expense for

2016 would be $490. Using the aging-of-receivables method, the balance of the Allowance account after the adjusting entry at year-end 2016 would be

 

A. $1,990.

 

B. $1,730.

 

C. $1,240.

 

D. $490.

 

Q4-36

Requiring that an employee with no access to cash do the accounting is an example of which characteristic of internal control?

 

A. Monitoring of controls

 

B. Separation of duties

 

C. Competent and reliable personnel

 

D. Assignment of responsibility

 

 

 

 

 

 

Q4-35

All of the following are internal control procedures except

 

A. adequate records.

 

B. internal and external audits.

 

C. Sarbanes-Oxley reforms.

 

D. assignment of responsibilities.

 

Q4-45

Which of the following assets are not included in "cash equivalents" in a typical balance sheet?

 

A. Time deposits

 

B. U.S. government securities

 

C. Certain very low-risk equity securities

 

D. Foreign government securities

 

E. All of the above might be included in "cash equivalents."

 

Q4-34

All of the following are objectives of internal control except

 

A.  to comply with legal requirements.

 

B. to ensure accurate and reliable accounting records.

 

C. to safeguard assets.

 

D. to maximize net income.

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