quiz_2-form_2 - 1. ACC 201 SAMPLE QUIZ 2-2 A company had...

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ACC 201 SAMPLE QUIZ 2-2 1. A company had the following partial list of account balances at year-end: Sales Returns and Allowances $ 1,000 Accounts Receivable 38,000 Sales Discounts (a contra- account) 2,100 Sales Revenue 95,000 Allowance for Doubtful Accounts 1,200 The amount of Net Sales shown on the income statement would be a. $91,900. b. $90,700. c. $89,900. d. $88,600. e. None of the above is correct. 2. Which of the following statements is true ? a. The primary purpose of preparing a bank reconciliation is to reconcile the bank balance at the beginning of the period with the bank balance at the end of the period. b. Most manufacturing and retailing companies record sales revenue at the time they receive an order from a customer. c. The ending inventory of one accounting period becomes the beginning inventory amount of the next accounting period. d. The current ratio is calculated as total assets divided by total equity. 3. At the end of 2007 , Sunny’s Sunblock recorded bad debt expense of $15,000 and wrote off an uncollectible account receivable amounting to $5,000. The gross A/Rec balance on
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quiz_2-form_2 - 1. ACC 201 SAMPLE QUIZ 2-2 A company had...

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