6 - University of Massachusetts Dartmouth Accounting 211...

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University of Massachusetts Dartmouth Accounting 211 – Principles of Accounting Chapter 6 Quiz – Due Monday 11/3/08 Name: ______________________ Multiple Choice – 5 points each 1. Sales discounts with terms 2/10, n/30 mean: a. 10 percent discount for payment within 30 days. b. 2 percent discount for payment within 10 days or the full amount (less returns) is due within 30 days. c. Two-tenths of a percent discount for payment within 30 days. d. None of the above. Answer: b 2. You have determined that Company X estimates bad debt expense with an aging of accounts receivable schedule. Company X’s estimate of uncollectible receivables resulting from the aging analysis equals a. bad debt expense for the current period b. the ending balance in the Allowance for Doubtful Accounts for the period c. the change in the Allowance for Doubtful Accounts for the period d. both (a) and (c) 3. Upon receipt of the most recent bank statement, you discover that you recently received an “insufficient funds check” from a customer. Which of the following describes the actions to be taken when preparing a bank reconciliation? Balance per books Balance per bank a. No change Decrease b. Decrease Increase c. Decrease No change d. Increase Decrease 4. Which of the following best describes the proper presentation of accounts receivable in the financial statements? a.
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This note was uploaded on 10/28/2010 for the course ACT 211 taught by Professor Sarzgowic during the Spring '10 term at UMass Dartmouth.

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6 - University of Massachusetts Dartmouth Accounting 211...

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