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ACC 291 Week 1 Practice Quiz

ACC 291 Week 1 Practice Quiz PLDZ-4905
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ACC 291 Week 1 Practice Quiz

http://issuu.com/lucky269/docs/uoptutorial.docx

 

ACC 291 Week 1 Practice Quiz

 

 

 

 

Practice Question 01

 

 

 

 

What type of receivable is evidenced by a formal instrument and normally requires the payment of interest?

A trade receivable

 

An account receivable

 

A note receivable

 

Past-due accounts receivables

 

 

 

Practice Question 05

 

When is a receivable recorded by a service organization?

When service is provided on account

 

When the related expenses are incurred

 

When the bill is sent to the customer

 

When the customer pays

 

 

Practice Question 10

 

 

 

 

At what value are accounts receivable reported on the balance sheet?

Cash (net) realizable value

 

Present value

 

Maturity value

 

Fair market value

 

 

Practice Question 21

 

 

 

 

Short-term notes receivable are reported at their cash (net) realizable value.

True

 

False

 

 

Practice Question 25

 

 

 

 

Which one of these statements about promissory notes is incorrect?

The party to whom payment is to be made is called the payee.

 

The party making the promise to pay is called the maker.

 

A promissory note is not a negotiable instrument.

 

A promissory note is more liquid than an account receivable.

 

 

 

Practice Question 02

 

Which of the following should be classified as an “other” receivable?

Accounts receivable

 

Notes receivable

 

Interest receivable

 

Trade receivables

 

 

Practice Question 03

 

 

 

 

What type of receivables result from sales transactions?

Other receivables

 

Non-trade receivables

 

Trade receivables

 

Long-term receivables

 

 

 

Practice Question 52

 

Which one of the following is not a method used by companies to accelerate cash receipts?

Offering discounts for early payment

 

Writing off receivables

 

Selling receivables to a factor

 

Accepting national credit cards for customer purchases

 

 

 

Practice Question 53

 

Which of the following accounts is debited when a company factors its accounts receivable?

Interest Expense

 

Accounts Receivable

 

Service Charge Expense

 

Loss on Sale of Accounts Receivable

 

 

 

Practice Question 57

 

Which of the following is the value at which loans and receivables should be reported under IFRS?

Maturity value

 

Cash realizable value

 

Amortized cost

 

Net of bad debt expense

ACC 291 Week 1 Practice Quiz http://issuu.com/lucky269/docs/uoptutorial.docx ACC 291 Week 1 Practice Quiz Practice Question 01 What type of receivable is evidenced by a formal instrument and normally requires the paymen
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