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FA chapter 5 quiz

meli ssa 10 preguntas 5,0 (1 valoración)

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Preguntas del test (10)

  1. 1All of the following are objectives of internal control except
    1. Ato safeguard assets.
    2. Bto maximize net income
    3. Cto comply with legal requirements.
    4. Dto ensure accurate and reliable accounting records.
  2. 2Requiring that an employee with no access to cash do the accounting is an example of
    which characteristic of internal control?
    1. ACompetent and reliable personnel
    2. B. Assignment of responsibility
    3. CSeparation of duties
    4. DMonitoring of controls
  3. 3All of the following are controls for cash received over the counter except
    1. A. the cash drawer should open only when the sales clerk enters an amount on the keys.
    2. Bthe customer should be able to see the amounts entered into the cash register.
    3. Cthe sales clerk must have access to the cash register tape.
    4. Da printed receipt must be given to the customer
  4. 4If a bookkeeper mistakenly recorded a $45 deposit as $54, the error would be shown on
    the bank reconciliation as a
    1. A$9 deduction from the book balance.
    2. B$9 addition to the book balance.
    3. C$54 deduction from the book balance
    4. D$54 addition to the book balance
  5. 5. If a bank reconciliation included a deposit in transit of $780, the entry to record this
    reconciling item would include
    1. Aa debit to cash for $780.
    2. B. a credit to cash for $780.
    3. Ca credit to prepaid insurance for $780.
    4. DNothing, as no entry is required.
  6. 6Before paying an invoice for goods received on account, the controller or treasurer
    should ensure that
    1. A. the company is paying for the goods it ordered
    2. Bthe company has not already paid this invoice.
    3. C. the company is paying for the goods it actually received
    4. Dall of the above are taken into account.
  7. 7Under the allowance method for uncollectible receivables, the entry to record
    uncollectible-account expense has what effect on the financial statements?
    1. A. Decreases assets and has no effect on net income
    2. B. Decreases net income and decreases assets
    3. CDecreases owners’ equity and increases liabilities
    4. Dncreases expenses and increases owners’ equity
  8. 8Van Gogh Company uses the aging method to adjust the allowance for uncollectible accounts at the end of the period. At December 31, the balance of accounts receivable is $240,000
    and the allowance for uncollectible accounts has a credit balance of $5,000 (before adjustment).
    An analysis of accounts receivable produced the following age groups:

    Based on past experience, Van Gogh estimates that the percentage of accounts that will prove
    to be uncollectible within the three age groups is 2%, 8%, and 20%, respectively. Based on these
    facts, the adjusting entry for uncollectible accounts should be made in the amount of
    Imagen de la pregunta 8
    1. A$9,600.
    2. B$5,000.
    3. C$4,600.
    4. D$14,600.
  9. 9Refer to Question 5-58. The net receivables on the Balance Sheet isImagen de la pregunta 9
    1. A$230,400
    2. B$235,000.
    3. C$235,400.
    4. D$225,400.
  10. 10Gordon Company uses the aging method in setting its allowance for doubtful receivables. Allowance for doubtful accounts prior to adjustment has a credit balance of $2,900. Management estimates that due to the economic crisis, a higher level of allowance is necessary and
    decides that a $5,600 allowance is an appropriate amount at the year-end. The amount of expense to report on the Income Statement will be
    1. A$2,700.
    2. B$5,600
    3. C$8,500.
    4. D$2,900.

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Descripción
Test sobre FA chapter 5 quiz, creado por meli ssa el 18/02/2019.
Idioma
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