Quiz2 - The University of Hong Kong Faculty of Business and...

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The University of Hong Kong Faculty of Business and Economics School of Business BUSI 1002 Introduction to Accounting (K, L, M & N) Semester I, 2009/10 Quiz 2 Name: _______________________________________ Student I.D. Number: ___________________________ Sub-class: ___________________________ (1) Under the allowance method, when a receivable that had been previously written off is collected: A) Net income is increased. B) Net assets are increased. C) Net income and net assets are not affected. D) Net assets and net income are both increased. (2) All of the following assets are amortized except: A) Patents B) Franchises C) Copyrights D) Equipment (3) A company's had fixed interest expense of $6,000, its income before interest expense and any income taxes is $18,000, and its net income is $8,400. The company's times interest earned ratio equals: A) 0.33. B) 0.71. C) 1.40. D) 3.00. (4) In the accounting records of a defendant, lawsuits: A) Are estimated liabilities. B) Should always be recorded.
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This note was uploaded on 12/10/2010 for the course BUSI BUSI 1002 taught by Professor Drjasmine during the Spring '10 term at HKU.

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Quiz2 - The University of Hong Kong Faculty of Business and...

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