Accounting 1 Chapter 24

Accounting 1 Chapter 24

10th Grade

23 Qs

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Accounting 1 Chapter 24

Accounting 1 Chapter 24

Assessment

Quiz

Life Skills

10th Grade

Practice Problem

Easy

Used 11+ times

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23 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An Accounts Receivable account that cannot be collected

Uncollectible account

Writing off an account

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Canceling the balance of a customer account because the customer does not pay

Writing off an account

Allowance for Uncollectible Accounts

Uncollectible account

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Contra asset account for Accounts Receivable

Uncollectible Accounts Expense

Allowance for Uncollectible Accounts

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Method of accounting for bad debts used by a business to remove from the accounting records an individual account determined to be uncollectible

Allowance method

Direct write-off method

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Expense account used to record the expense incurred when an Accounts Receivable customer does not pay

Uncollectible Accounts Expense

Book value of accounts receivable

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Method used by a business to record the estimated uncollectible accounts expense in the same fiscal year as the related sales are recorded

Book value of accounts receivable

Allowance method

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A method of estimating uncollectible accounts expense in which a business assumes that a certain percentage of each year’s net sales will be uncollectible

Percentage of net sales

Aging of accounts receivable

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