quiz8 w-answers - 1. Accounts receivable are reported on...

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1. Accounts receivable are reported on the balance sheet at their fair market value. True Fals e Score: 1 of 1 2. Under the allowance method, the write off of an account receivable leaves the net realizable value of the accounts receivable unchanged. True Fals e Score: 1 of 1 3. Allowance for Doubtful Accounts is written off at the end of the fiscal year. True Fals e Score: 1 of 1 4. The direct write-off method violates the matching principle. True Fals e Score: 1 of 1 5. Short-term notes receivable are reported at their net realizable
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value. True Fals e Score: 1 of 1 6. The Receivables Turnover Ratio is computed by dividing net sales by accounts receivable. True Fals e Score: 0 of 1 7. A captive finance company is one that is owned by the company selling the product. True Fals e Score: 1 of 1 8. Which of the following would be classified as an “other” receivable? Interest receivable Accounts receivable Notes receivable Trade receivable
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Score: 1 of 1 9. Accounts receivable are reported on the balance sheet at: maturity value net realizable value fair market value present value Score: 1 of 1 10. When an account is written off under the allowance method the: Accounts Receivable account is debited Bad Debts Expense account is debited Allowance for Doubtful Accounts is debited Loss on Accounts Receivable account is debited Score: 1 of 1 11. A short-term notes receivable is recorded at its: present value maturity value face value fair market value
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Score: 1 of 1 12. The entry to record the dishonor of a note receivable includes a debit to: Allowance for Doubtful Accounts Loss on Notes Receivable Bad Debts Expense Accounts Receivable Score: 1 of 1 13. Which of the following accounts is debited when a company factors its accounts
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This note was uploaded on 10/19/2011 for the course ACCOUNTING 102 taught by Professor Singh during the Spring '11 term at Wayne State University.

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quiz8 w-answers - 1. Accounts receivable are reported on...

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