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Choose the letter that corresponds to the best answer for each question below.
1. The following information is available for Holland Company at December 31:
Money market fund
Questions Chapter 7
Formula for Chapter 7:
Accounts Receivable Turnover = Net Sales / Average Accounts Receivable
1. The Allowance For Doubtful Accounts is classified in
the current asset section of the balance sheet
the current liability section of
Information for Exam 2: The exam will be weighted approximately as follows:
Chapter 5: 40%
Chapter 6: 25%
Chapter 7: 35%
The exam will consist of 40 equally weighted questions . There will be significantly more calculations than on Exam 1;
be sure to brin
1. Merchandise inventory:
A) is a long-term asset.
B)is a current asset.
C) includes supplies.
D) is classified with investments on the balance sheet.
E) Must be sold within one month.
2. The credit terms 2/10, n/30 are interpreted as:
A) 2% cash discount
FINAL TEST Key
The primary objective of financial accounting is:
To serve the decisionmaking needs of internal
B. To provide financial statements to help external users a
C. To monitor and control company activities
ACC 201 - Financial Accounting
Review for Test 1 (includes chapters 1, 2 and 3)
From the following list of questions, I will pick 27 multiple choice questions(each worth
1.5 points=40.5points) and one short question (worth 9.5 points). The short questions
Test 3 Review
1. A credit sale of $2,500 to a customer would result in:
A. A debit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the
accounts receivable ledger
B. A credit to the Accounts Rece
Test 2 Review - Fall 2008
Friday class ONLY
Chapters 5,6,7 & 8
The following review includes 80 multiple choice questions of which I will choose 33 on the test.
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers