Ask Question, Ask an Expert


Ask Accounting Basics Expert

1. All of the given are intangible assets except:

a) patents.
b) land improvements.
c) goodwill.
d) franchises.

2. Daily cash count of register receipts made by cashier department supervisor demonstrates an application of which of the given internal control principles?

a) Documentation procedures
b) Segregation of duties
c) Establishment of responsibility
d) Independent internal verification

3. Felix Company has $140,000 balance in Accounts Receivable and $1,000 debit balance in Allowance for Doubtful Accounts. Credit sales for period totaled $900,000. Determine the amount of the bad debt adjusting entry if Felix uses percentage of receivables basis (at 10%)?

a) $15,000
b) $14,000
c) $16,000
d) $15,200

4. Constraint of conservatism is best expressed as:

a) cost of applying accounting principle must not exceed its benefit.
b) only material items should be recorded and reported.
c) when in doubt, choose the method which will least likely overstate assets and net income.
d) the lower of cost or market method must be used for inventories.

5. If merchandise is sold for $2,000 subject to credit terms of 2/10, n/30, the entry to record collection in full  within discount period would include a:

a) debit to Sales Discounts for $40.
b) credit to Cash for $1,960.
c) credit to Accounts Receivable for $40.
d) none of the above.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921703

Have any Question? 

Related Questions in Accounting Basics

Question 1you own an automobile parts company and have been

Question #1 You own an automobile parts company and have been approached by a leading car manufacturer to supply parts to the company. How would you determine that the car manufacturer has a good record of servicing sale ...

During the month a company started 300000 units of product

During the month a company started 300,000 units of product in a particular manufacturing process. The beginning work in process inventory was 50,000 units, and the ending inventory was 40,000 units. Direct materials are ...

Accounting assignmentyou are a business consultant

Accounting Assignment You are a business consultant providing information and advice to future small business owners. One difficult concept for your clients to understand is the concept of economic substance. Accountants ...

Subject overviewthis subject covers a critical review of

Subject Overview This subject covers a critical review of developments in accounting theory and professional standards including the search for a conceptual framework, the evaluation and comparison of various accounting ...

Primary task response within the discussion board area

Primary Task Response: Within the Discussion Board area, write 300-400 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your cla ...

Assignmentthis assignment has 2 parts 1000 10 word theory

Assignment This assignment has 2 parts, 1000 + 10% word theory interpretation essay and a response to a practical application of the theory. The assignment must be typed, use Arial font, 12, to avoid plagiarism, make sur ...

As an auditor for the cpa firm of hinkson and calvert you

As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients. 1. LR Corporation is a closely held corporation whose stock is not publicly traded. On December ...

1 the ultimate responsibility for the formulation of

1) The ultimate responsibility for the formulation of financial reporting rules in the US rests with: a. Congress b. Financial accounting standards board c. IRS d. Securities & exchange commission 2) In countries where t ...

Do the following assignment using microsoft excel

Do the following assignment using Microsoft Excel (handwritten projects will not be accepted) This is an individual assignment, make sure you have included your name, Id and Section no on the printout. Submit in class on ...

Question -owing to low liquidity lisa ltd decides on 1 july

Question - Owing to low liquidity, Lisa Ltd decides on 1 July 2015 to sell its land and buildings to Anderson Ltd. The carrying values of the land and buildings in the books of Lisa Ltd, at 1 July 2015, are: Land at Cost ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate