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Ch13QuizSol - Chapter 13 Quiz Solution Please choose the...

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Chapter 13 Quiz Solution Please choose the BEST answer for each of the following 4 multiple-choice questions. Each is worth 1 point. 1. (1 pt) Revenue should ordinarily be recognized when four criteria have been met. Which of the following is NOT one of the four criteria? a. seller has completed most of the activities necessary to produce and sell the goods or services b. cash has been collected from the buyer c. seller is reasonably certain the buyer will pay the cash that is due d. seller can objectively measure the amount of revenue he/she has earned 2. (1 pt) Hildegoth Company reported accounts receivable of $40,000 at the beginning of 2009. It reported a balance of $28,000 at the end of 2009. From this information, it is possible to determine that during 2009, a. credit sales were higher than cash collected from customers b. credit sales were less than cash collected from customers c. the firm was doing a poor job of collecting its receivables d. credit sales decreased from the prior year 3. (1 pt)
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