Accounting Chapter 14
Quiz
•
Other
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12th Grade
•
Practice Problem
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Hard
Kris Miller
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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The allowance method of accounting for uncollectible accounts does not comply with generally accepted accounting principles
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
When a customer account is written off under the allowance method, the book value of accounts receivable decreases
True
False
Answer explanation
The book value of accounts receivable reported on the Balance Sheet, represents an estimate of the total amount of accounts receivable the business expects to collect in the future.
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A note provides a business with legal evidence of a debt in the event it becomes necessary to go to court to collect
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The total assets are reduced when a business accepts a note receivable from a customer needing an extension of time to pay an account receivable
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The book value of accounts receivable must be a resonable and unbiased estimate of the money the business expects to collect in the future
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The accounting concept Neutrality is applied when the process of making accounting estimates is free from bias
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The expense of an uncollectible account should be recorded in the accounting period that the account becomes uncollectible
True
False
Answer explanation
Estimating uncollectible accounts expense at the end of a fiscal period records the expense of uncollectible accounts in the same period as the RELATED REVENUE!
Accounting Concept: Matching Expenses with Revenue
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