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Below are set of MCQ questions on financial accounting. please help me solve these. thank you


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On January 1 , 2017 Hilldale , Inc . had total assets of $354 ,000 . During the year , the company purchased new machinery worth $86 ,000 and promised to pay the amount due after two years . Throughout the year, it earned revenue of $59,000 every month . Calculate the asset turnover ratio . CA. 1.74 times OB . 1. 81 times WE 1.57 times @ D. 1.03 times

Interest is generaly stated as a monthly rate on notes receivable. True False*

At the beginning of 2018 , Uptown Travel , Inc . has the following account balances* Accounts receivable* $46, 000 ( Debit) Allowance for Bad Debts $8,000 ( Credit ) During the year , credit sales were $830 ,000 . Cash collected on credit sales was $7 70 ,000 , and $ 18,000 was written off . Uptown uses the aging - of - receivables method to record bad debts expense . The amount estimated as uncollectible was $27, 000 . The amount of Bad Debts Expense for 2018 is* OA. $10,000 OB. $27. 000 OF $9,000 OD. $37. 000

Electronic data interchange [EDI] allows a retailer's computers to communicate with the computers of suppliers. CI True 0 False

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On January 1 , 2017 Hilldale , Inc . had total assets of $354 ,000 . During the year , the company purchased new machinery worth $86 ,000 and...
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