29 Jun Question Question 1 of 20
Question
Question 1 of 20
5.0/ 5.0 Points
Money market funds, commercial paper, and U.S. Treasury Bills are examples of cash equivalents.
A. True
B. False
Answer Key:
Question 2 of 20
5.0/ 5.0 Points
When companies sell their receivables to other companies, the transaction is called factoring.
A. True
B. False
Answer Key:
Question 3 of 20
5.0/ 5.0 Points
The two methods of accounting for uncollectible receivables are the allowance method and the:
A.equity method.
B.direct write-off method.
C.interest method.
D.cost method.
Answer Key:
Question 4 of 20
0.0/ 5.0 Points
A credit memorandum from the bank:
A.decreases a bank customer’s account.
In B.is used to show a bank service charge.
C.shows that a company has deposited a customer’s NSF check.
D.shows the bank has collected a note receivable for the customer.
Answer Key:
Question 5 of 20
5.0/ 5.0 Points
The amount of the “adjusted balance” appearing on a bank reconciliation as of a given date is the amount that is shown on the balance sheet for that date after all adjusting entries have been entered.
A. True
B. False
Answer Key:
Question 6 of 20
5.0/ 5.0 Points
In reference to a promissory note, the person who makes the promise to pay is called the:
A.maker.
B.payee.
C.seller.
D.receiver.
Answer Key:
Question 7 of 20
5.0/ 5.0 Points
A special cash fund used to make small payments that occur frequently is called a(n):
A.operating expenses fund.
B.change fund.
C.market fund.
D.petty cash fund.
Answer Key:
Question 8 of 20
0.0/ 5.0 Points
Allowance for Doubtful Accounts has an unadjusted balance of $500 at the end of the year, and an analysis of accounts in the customers’ ledger indicates doubtful accounts of $15,000. Compute the adjusted balance in the allowance for doubtful accounts.
A.$15,000
In B.$14,500
C.$14,000
D.$15,500
Answer Key:
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