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Financial Accounting 2301sum08

Financial Accounting 2301sum08 - Financial Accounting 2301...

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Financial Accounting 2301 Northeast College Test III Chapter 9.10 & 11 Name_______________________ Date________________________ MULTIPLE CHOICE 1. A note receivable due in 18 months is listed on the balance sheet under the caption a. long-term liabilities b. fixed assets c. current assets d. investments 2. The receivable that is usually evidenced by a formal instrument of credit is a(n) 3. Which of the following receivables would not be classified as an "other receivable”?
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4. Notes or accounts receivables that result from sales transactions are often called 5. The two methods of accounting for uncollectible receivables are the allowance method and the a. equity method b. direct write-off method c. interest method d. cost method 6. The direct write-off method of accounting for uncollectible accounts 7. Under the direct write-off method of accounting for uncollectible accounts, Bad Debts Expense is debited
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8. An alternative name for Bad Debts Expense is 9. Two methods of accounting for uncollectible accounts are the a. direct write-off method and the allowance method. b. allowance method and the accrual method. c. allowance method and the net realizable method. d. direct write-off method and the accrual method. 10. If the direct write-off method of accounting for uncollectible receivables is used, what general ledger account is debited to write off a customer's account as uncollectible? 11. If the direct write-off method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer's account as uncollectible?
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