Test #4_ Principles of Accounting I (40010-202040).pdf -...

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12/7/2020Test #4: Principles of Accounting I (40010-202040)Test #4DueDec 3 at 11:59pmPoints100Questions50AvailableNov 23 at 12am - Dec 3 at 11:59pm11 daysTime Limit81 MinutesThis quiz was locked Dec 3 at 11:59pm.Attempt HistoryAttemptTimeScoreLATESTAttempt 140 minutes82 out of 100Score for this quiz:82out of 100Submitted Dec 3 at 12:18amThis attempt took 40 minutes.2 / 2 ptsQuestion 1The Sarbanes-Oxley Act of 2002 applies only to small businesses withless than 100 employees.True.False.Correct!Correct!
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2 / 2 ptsQuestion 2Systems of internal control are the methods an organization uses toprotect against theft of assets, enhance reliable accounting information,promote efficient operations, and ensure compliance with regulations.
12/7/2020Test #4: Principles of Accounting I (40010-202040)True.Correct!Correct!2 / 2 ptsQuestion 3Outstanding checks are checks the bank has paid and deducted from thecustomer’s account during the month.Correct!Correct!
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True.2 / 2 ptsQuestion 4Deposits in transit are deposits made and recorded by the company butnot yet recorded on the bank statement.
0 / 2 ptsQuestion 5Accounts receivable are classified as current assets since they will alwaysbe paid within 30 days.True.ou Answeredou Answered
12/7/2020Test #4: Principles of Accounting I (40010-202040)False.orrect Answerorrect Answer0 / 2 ptsQuestion 6Accounts receivable result from credit sales to customers.ou Answered
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True.orrect Answerorrect Answer2 / 2 ptsQuestion 7The Allowance for Doubtful accounts is a contra asset account.
2 / 2 ptsQuestion 8The longer an accounts receivable remains unpaid, the more likely it is tobe collected.Correct!Correct!
12/7/2020Test #4: Principles of Accounting I (40010-202040)2 / 2 ptsQuestion 9A company borrowed $5,000 by signing a three month note receivable at8% interest.The total amount of interest on the note is $100.False.True.Correct!Correct!
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2 / 2 ptsQuestion 10A company uses the percentage of sales method to account for baddebts.The company had credit sales of $1,200,000 and bad debts haveaveraged 2% of credit sales in the past.The bad debt expense for theyear is $24,000.Correct!Correct!
False.2 / 2 ptsQuestion 11Business assets acquired for use longer than one year are fixed assets.Correct!Correct!
12/7/2020Test #4: Principles of Accounting I (40010-202040)5/212 / 2 ptsQuestion 12Tangible assets are also referred to as Property, Plant and Equipment.

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Term
Spring
Professor
Logorda
Tags
Depreciation, Accountant

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