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Quiz 2 1. One advantage to using a perpetual inventory system is that the company never has to physically count the inventory. True 2. The...

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Quiz 2 1. One advantage to using a perpetual inventory system is that the company never has to physically count the inventory. True 2. The weighted-average inventory method will likely result in neither the highest nor the lowest ending inventory. True 3. When calcula±ng accounts receivable turnover, a company would prefer a higher number rather than a lower number (within reason). False A lower number means that the customers are paying their debts easily hence low probability of incurring bad debts 4. When performing a bank reconcilia±on, checks outstanding are added back to the bank balance. False 5. Usually the quick ra±o will be a lower number than the current ra±o. True
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Multple Choice 6. The bad-deb± me±hod ±ha± uses ±he accoun±s receivable aging repor± is _______________. b. ±he percen±age-of-receivables me±hod 7. When i± is de±ermined ±ha± ±oo much money has been se± aside for uncollectble accoun±s, we will _______________. d. credi± reserve for uncollectble accoun±s 8. A cus±omer whose accoun± was previously wri²en oF unexpec±edly pays us. If we are using ±he allowance me±hod we would _______________. d. debi± cash and credi± bad-deb± expense 9. When a re±ailer accep±s a bank card (VISA or Mas±erCard), ±hey will make wha± en±ry for ±he day’s receip±s? C . debi± cash and credi± sales 10. The company prepares, bu± does no± ye± pay, i±s ³rs± payroll of ±he new year. Salaries ±o±al $10,000 and 7.65% is wi±hheld from paychecks for ´ICA ±ax. Ignore all o±her payroll deductons. The journal en±ries will be _______________.
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ACCT 220 answer.docx

Quiz 2
1. One advantage to using a perpetual inventory system is that the company never
has to physically count the inventory.
True. It updates inventory balances automatically. However, the...

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