Ch 10 Trade Receivable (Impairment loss on TR)

Ch 10 Trade Receivable (Impairment loss on TR)

9th - 10th Grade

6 Qs

quiz-placeholder

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Ch 10 Trade Receivable (Impairment loss on TR)

Ch 10 Trade Receivable (Impairment loss on TR)

Assessment

Quiz

Other

9th - 10th Grade

Hard

Created by

Khairul Adli

Used 7+ times

FREE Resource

6 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define allowance for impairment on trade receivables.

It represents the amount owed by credit customer.

It represents the amount owed by a credit customer which are unlikely to be collectible.

It represents the amount owed by a credit customer which are likely to pay up.

It represents the amount owed by a credit customer who has gone bankrupt.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

State the double entry when an allowance for impairment of trade receivables of $500 is made in the first year of business.

Dr Trade receivables

Cr Cash at bank

Dr Impairment loss on trade receivables

Cr Trade receivables

Dr Impairment loss on trade receivables

Cr Allowance for impairment of trade receivables

Dr Trade receivables

Cr Allowance for impairment of trade receivables

3.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

Bonjour Trading had a balance of $4 400 in his trade receivables (TR) account on 31 Dec 2020. The business provides an allowance for impairment of trade receivables based on 10% of the TR balance. Calculate the impairment loss on trade receivables for 31 Dec 2020.

$440

$3960

$4400

$4840

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

On 1 January 2020, Johnny had a balance of $3200 in his allowance for impairment of trade receivables.

On 31 December 2020, he had a balance of $5200 in his allowance for impairment of trade receivables.

What is the impairment loss on trade receivables for the year ended 31 December 2020?

$2000

$3200

$8400

$5200

5.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Media Image

Refer to the question above.

$140

$1000

$210

$70

6.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Media Image

Refer to the question above.

960

240