W09 136a #2 version 1 answers

W09 136a #2 version 1 answers - Answer Key Version#1...

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Answer Key Version #1 UCSB 136a  Version 1 --- mark on scantron!! Barrett Carrere Winter 2009 Mid Term #2 Chapters 6-9   Please put scantron inside front cover when turning in.  ___________________________________________________________ Name, student id #, AM or PM class?  Note: please turn in all to receive credit on test: 1) this test.  2) your green scantron – mark the version # on scantron right now  please!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! You may remove the problem pages from the test if you like, however, please make sure you write  your name on these sheets.     Scoring key Possible Score Multiple choice 15 questions 150 Dollar value LIFO 50 Effective interest 88 Total 288 1. Which of the following is  not  considered cash for financial reporting purposes? 1
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Answer Key Version #1 a. Petty cash funds and change funds b. Money orders, certified checks, and personal checks c. Coin, currency, and available funds d. Postdated checks and I.O.U.'s 7-21 D 2. The advantage of relating a company's bad debt expense to its outstanding accounts receivable is  that this approach a. gives a reasonably correct statement of receivables in the balance sheet. b. best relates bad debt expense to the period of sale. c. is the only generally accepted method for valuing accounts receivable. d. makes estimates of uncollectible accounts unnecessary. 7-38 A 3. Which of the following is true when accounts receivable are factored without recourse?
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