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ACT 311 SPRING 2010   QUIZ   2  -  Chapters 4 (part) and Chapters 5, 6, 7, 8 Read the questions on this document (below) and answer them  in the ASSIGNMENTS  section of the Wiley Plus site for this course.   Look for the assignment named  something like  “Quiz 2 S10” 1
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ACT 311 SPRING 2010   QUIZ   2  -  Chapters 4 (part) and Chapters 5, 6, 7, 8 Qz2  01.  Which of the following journal entries is consistent with the “direct write-off” method? A.  debit Bad Debt Expense and credit Accounts Receivable B.  debit Bad Debt Expense and credit  Allowance for Doubtful Accounts C.  debit Allowance for Doubtful Accounts and credit Accounts Receivable.  D.  debit Allowance for Doubtful Accounts and credit Bad Debt Expense Qz2 02.   What is required for retrospective treatment of an income statement error? A.  Show an adjustment to the beginning balance in the Statement of Retained Earnings. B.  Restate the prior year’s  income statement.  C.  Both of the above . D.  None of the above.  Qz2 03. Uno’s Restaurant is a chain of 20 restaurants.  In 2010 it sold three of the restaurants  at a loss.  How should this loss be reported? A.  As "extraordinary loss." B.  As "loss from discontinued operation " C.  As "other loss." Qz2 04.  The Charlton Company had an extraordinary gain of $8,000.  Assuming a tax rate of 
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This note was uploaded on 10/21/2010 for the course ACT 311 taught by Professor Jones during the Spring '10 term at UMass Dartmouth.

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ACT311Quiz2S10Studentdoc -...

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