ACCT 2014 Ch. 8 Review

ACCT 2014 Ch. 8 Review

University

5 Qs

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ACCT 2014 Ch. 8 Review

ACCT 2014 Ch. 8 Review

Assessment

Quiz

Business

University

Medium

Created by

Melissa Mattox

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5 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are true about the difference between Accounts Receivable and Notes Receivable EXCEPT

Notes Receivable are longer term than Accounts Receivable

Notes Receivable result from a written/formal agreement

Notes Receivable are only related to inventory purchases

Notes Receivable charge interest

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounts Receivable minus Allowance for Doubtful Accounts is called

Net Realizable Value

Net Book Value

Fair Market Value

Collectible Value

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Dr. Fortner gives Dr. Brown a 90-day note for $20, with 5% interest on January 1. Which of the following is true?

Dr. Brown owes Dr. Fortner $20

In 90 days, Dr. Fortner will pay Dr. Brown $5

In 90 days, Dr. Fortner will pay Dr. Brown $20.25

Dr. Fortner loaned Dr. Brown $20

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

President Lewis borrowed $100 from Melissa at 10% interest for 180 days. What is the face amount of the note?

$100

$10

$5

$18

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under the Allowance method, Bad Debt Expense is debited when

a specific account is deemed uncollectible

an adjusting entry is made at the end of the period

a customer account is reinstated

a customer declares bankruptcy