ACC291 Week 1 Practice Quiz

ACC/291 Week 1 Practice Quiz

  1. What type of receivable is evidenced by a formal instrument and normally requires the payment of interest?

An account receivable
A note receivable
A trade receivable
Past-due accounts receivables

Practice Question 05

  1. When is a receivable recorded by a service organization?

When the related expenses are incurred
When the customer pays
When the bill is sent to the customer
When service is provided on account

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Practice Question 10

  1. At what value are accounts receivable reported on the balance sheet?

Present value
Cash (net) realizable value
Maturity value
Fair market value

Practice Question 21

  1. Short-term notes receivable are reported at their cash (net) realizable value.

True
False

Practice Question 25

  1. Which one of these statements about promissory notes is incorrect?

A promissory note is more liquid than an account receivable.
The party to whom payment is to be made is called the payee.
The party making the promise to pay is called the maker.
A promissory note is not a negotiable instrument.

Practice Question 02

  1. Which of the following should be classified as an “other” receivable?

Accounts receivable
Notes receivable
Trade receivables
Interest receivable

Practice Question 03

  1. What type of receivables result from sales transactions?

Other receivables
Non-trade receivables
Trade receivables
Long-term receivables

Practice Question 52

  1. Which one of the following is not a method used by companies to accelerate cash receipts?

Offering discounts for early payment
Accepting national credit cards for customer purchases
Selling receivables to a factor
Writing off receivables

Practice Question 53

  1. Which of the following accounts is debited when a company factors its accounts receivable?

 

Accounts Receivable
Service Charge Expense
Interest Expense
Loss on Sale of Accounts Receivable

Practice Question 57

  1. Which of the following is the value at which loans and receivables should be reported under IFRS?

Net of bad debt expense
Maturity value
Cash realizable value
Amortized cost

  1. What type of receivable is evidenced by a formal instrument and normally requires the payment of interest?

 

An account receivable
A note receivable
A trade receivable
Past-due accounts receivables

Practice Question 05

  1. When is a receivable recorded by a service organization?

When the related expenses are incurred
When the customer pays
When the bill is sent to the customer
When service is provided on account

Practice Question 10

  1. At what value are accounts receivable reported on the balance sheet?

Present value
Cash (net) realizable value
Maturity value
Fair market value

Practice Question 21

  1. Short-term notes receivable are reported at their cash (net) realizable value.

True
False

Practice Question 25

  1. Which one of these statements about promissory notes is incorrect?

A promissory note is more liquid than an account receivable.
The party to whom payment is to be made is called the payee.
The party making the promise to pay is called the maker.
A promissory note is not a negotiable instrument.

Practice Question 02

  1. Which of the following should be classified as an “other” receivable?

Accounts receivable
Notes receivable
Trade receivables
Interest receivable

Practice Question 03

  1. What type of receivables result from sales transactions?

Other receivables
Non-trade receivables
Trade receivables
Long-term receivables

Practice Question 52

  1. Which one of the following is not a method used by companies to accelerate cash receipts?

Offering discounts for early payment
Accepting national credit cards for customer purchases
Selling receivables to a factor
Writing off receivables

Practice Question 53

  1. Which of the following accounts is debited when a company factors its accounts receivable?

Accounts Receivable
Service Charge Expense
Interest Expense
Loss on Sale of Accounts Receivable

Practice Question 57

  1. Which of the following is the value at which loans and receivables should be reported under IFRS?

Net of bad debt expense
Maturity value
Cash realizable value
Amortized cost

Course: ACC291 Principles Of Accounting II
School: University of Phoenix

  • : 22/01/2018
  • : 2
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