What is the primary purpose of a balance sheet?

Accounts Receivable and Credit Transactions

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Business
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10th - 12th Grade
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Easy

Jackson Turner
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To show the company's revenue and expenses
To display the company's assets, liabilities, and equity
To list all the company's transactions
To provide a summary of the company's cash flow
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why must revenue be recognized when it is earned, even if cash has not been collected?
To avoid paying taxes
Due to accrual-based accounting and GAAP
Because of cash-based accounting
To simplify financial statements
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when a company collects cash from an accounts receivable?
Debit cash and credit accounts receivable
Debit cash and credit sales
Debit accounts receivable and credit cash
Debit sales and credit cash
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a bad debt reserve?
A reserve for employee bonuses
An expense account for uncollectible accounts receivable
A fund set aside for future investments
A savings account for the company
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might a company have a receivable specialist?
To manage inventory
To oversee employee payroll
To track customer payments and handle debt collections
To manage company investments
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is accounts receivable different from notes receivable?
Accounts receivable is tied to a sale, while notes receivable is a loan
Accounts receivable is for short-term loans, while notes receivable is for long-term loans
Notes receivable is tied to a sale, while accounts receivable is a loan
Both are the same and used interchangeably
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do businesses often sell on credit?
To increase their cash flow
To be competitive and meet customer preferences
To avoid paying taxes
To reduce their inventory
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