Accounting 2 Chapter 6

Accounting 2 Chapter 6

11th - 12th Grade

18 Qs

quiz-placeholder

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Accounting 2 Chapter 6

Accounting 2 Chapter 6

Assessment

Quiz

Life Skills

11th - 12th Grade

Medium

Created by

Michele Moore

Used 7+ times

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18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The larger the accounts receivable turnover ratio, the fewer the average number of days for payment

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An accounts receivable turnover ratio that increases from 3.5 to 5.5 is a positive trend.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Analyzing accounts receivable according to when they are due is known as aging net sales

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Two methods used to estimate uncollectible accounts expense are the percentage of sales method and the percentage of uncollectible accounts receivable method.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The difference between the balance of Accounts Receivable and its contra account, Allowance for Uncollectible Accounts, is the book value of accounts receivable.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The accounts receivable turnover ratio is a measure of collection efficiency.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When collection is made on an account that has been written off, two journal entries are made. One reopens the customer's account, and the other records the receipt of cash.

True

False

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