Quiz7B - I ntermediate Accounting 1 (3367) Chapter 7 Quiz...

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Intermediate Accounting 1 (3367) Chapter 7 Quiz Fall 2010. . 1. The net amount reported for short-term receivables is affected when a specific account receivable is determined to be uncollectible. a. True b. False 2. Cash equivalents are investments with original maturities of three months or less. a. True b. False 3. Bank overdrafts, if material, should be a. Reported as a deduction from the current asset section. b. Reported as a deduction from cash. c. Netted against cash and a net cash amount reported. d. Reported as a current liability. 4. If a company employs the gross method of recording accounts receivable from customers, then sales discounts taken should be reported as a. an item of "other expense" in the income statement. b. a deduction from accounts receivable in determining the net realizable value of accounts receivable. c. sales discounts forfeited in the cost of goods sold section of the income statement. d.
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This note was uploaded on 10/02/2010 for the course ACCT 5457 taught by Professor Polm during the Spring '10 term at Rensselaer Polytechnic Institute.

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Quiz7B - I ntermediate Accounting 1 (3367) Chapter 7 Quiz...

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