Chapter 24: Uncollectible Accounts Receivable Assessment

Quiz
•
Business
•
9th Grade
•
Medium
Sydney Van Meter
Used 3+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an uncollectible account (bad debt?)
A payment received ahead of schedule.
An account that cannot be collected and must be written off.
A partial payment from a customer.
An account paid in full.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which method of handling uncollectible accounts is the only one allowed for tax purposes?
allowance method
direct write-off method
percentage of sales method
aging method
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the fundamental principle of accounting, what should be matched?
assets and liabilities
credits and debits
revenue and expenses incurred in generating that revenue
cash and accounts receivable
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When should uncollectable accounts expense be reported?
when the account is determined to be uncollectible
at the beginning of the fiscal year
in the year that the sale takes place
when payment is received
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of requiring customers to complete a credit application?
to collect personal information
to prevent bad debt
to increase sales
to create customer loyalty
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the book value of accounts receivable?
the total amount owned by customers
the amount reasonably expected to be collected
the original sale amount
the amount written off as bad debt
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which account is used to record estimated uncollectible amounts under the allowance method?
Bad Debt Expense
Accounts Receivable
Allowance for Uncollectible Accounts
Income Summary
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