Accounts receivable are reported at a cost b current

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16. Accounts receivable are reported at:a.Costb. current valuec. fair market valued. net realizable value
17. What is the proper accounting for credit card sales if the credit card company isAffiliated with a bankNot affiliated with a bank
18. If accounts receivable are pledge against borrowings, the amount of accountsreceivable pledge should be
19. GERGIE Company, which has an adequate amount in its Allowance for DoubtfulAccounts, writes off and uncollectible an account receivable from a bankrupt customer.This action will:
20. JAMELA Cycle Shop sells a bicycle to SCHIELDS, a customer who uses Express Charge(a national credit card, but not issued by a bank). In recording this sale, JAMELA CycleShop should report:a.An account receivable from SCHIELDSb.A cash receiptc.An account receivable from Express Charged.A small increase in the allowance for doubtful accounts.
21. ERICKA Company received a 60-day, 15% note for P3,000 on June 16.Which of thefollowing is not true?
22. Discounting a note receivable creates23. Inventories do not encompass
24. Which of the following items should not be included in the inventory at year end?a.Goods held but awaiting return to vendor due to wrong specificationsb.Goods returned by a customerc.Goods out on consignmentd.Goods held on consignment for sale on commission
PUP JPIA Manila A.Y. ’16 – ‘17

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