Chapter 6,7 and 8.

Chapter 6,7 and 8.

University

10 Qs

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Chapter 6,7 and 8.

Chapter 6,7 and 8.

Assessment

Quiz

Business

University

Practice Problem

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Jesus Millet

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10 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If a 10% note receivable for $10,000 is created on January 1, 2015, and it has a maturity date of December 31, 2018.

Interest Revenue of $1,000 will be recorded in 2015

The note receivable will be classified as a current asset

No interest revenue will be recovered in 2015

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Income Statement is composed of what?

Assets, Liabilities, Stockholders Equity (Equity)

Revenues, and Expenses

Retained Earnings, Dividends, and Net income

The Balance Sheet

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  When using the allowance method, as Bad Debt Expense is recorded

    Total assets increase and stockholders’ equity decreases

Total liabilities increase and stockholders’ equity decreases

Total assets remain the same and stockholder’s equity remains the same

Total assets decrease and stockholders’ equity decreases

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of account is the Allowance of Doubtful Accounts?

Contra-Asset

Asset

Contra-Revenue

Liability

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False: Total Assets is not increased or decreased after a write off and a recovery.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Bad Debt Expense has a normal Debit Balance

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

is the direct write off method accepted under GAAP?

Yes, it is accepted

no, it is NOT accepted

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