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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

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