Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

problem 1: When a bill is due to be paid, an accounting employee pulls a voucher from the _______ file and prepares a __________ for the treasurer to sign.

a) tickler; check
b) cash receipts; check
c) tickler; voucher
d) registration; report

problem 2: Petty cash is usually shown on the balance sheet as:

a) a noncurrent asset.
b) Petty Cash.
c) a liability.
d) Cash.

problem 3: Cash forecasting is an aspect of which of the following?

a) conducting audits
b) an integrated cash management system
c) preparing a bank reconciliation
d) collecting franchise fees

problem 4: Danny Default is the maker of a note to the Long-Stay Hotel for his stay there. On the note's maturity date, Danny has not paid the note. Now the note is called a:

a) dishonored note.
b) non-interest-bearing note.
c) discounted note.
d) debtor.

problem 5:
The Wayside Hotel uses the direct prepare-off method of accounting for bad debts. If the general manager of the hotel determines that a $700 debt is uncollectible and the current balance of Provision for Doubtful Accounts is $100, the journal entry to recognize this bad debt would involve:

a) debiting Accounts Receivable for $700.
b) crediting Accounts Receivable for $700.
c) crediting Provision for Doubtful Accounts for $600.
d) debiting Provision for Doubtful Accounts for $600.

problem 6: Using the allowance method of accounting for bad debt expense _________ the carrying value of Accounts Receivable.

a) increases
b) cancels out
c) decreases
d) has no effect on

problem 7: Net credit sales for the Breakeven Diner for the past year stands at $4,500. If the diner's manager uses the percentage of sales method of estimating bad debt and uses 1.5 percent for this purpose, the amount of bad debt for the year would be:

A) $9.50
B) $67.50
C) 18.40
D) $45.00

problem 8: A 60-day note for $5,000 with an interest rate of 12 percent per annum will have a maturity value of _____________. (Assume that there are 360 days in a year for the purpose of calculating the interest.)

A) $6,300
B) $5,600
C) $5,000
D) $5,100

problem 9: An interest-bearing note receivable dated April 14 matures on July 23. The principal amount is $10,000, the annual interest rate is 10 percent, and the total interest income for the note is _____________. (Assume that a year has 360 days for the purpose of calculating interest.)

A) $1,000
B) $273.97
C) $277.78
D) $280

problem 10
: Which of the following is a policy or practice that endangers the security of a hospitality firm's inventory?

a) There is a separation between the custody of the inventory records and custody of the inventory.
b) A daily inventory of high-priced items must be taken.
c) The accountant who maintains the inventory records may not access the inventory itself.
d) A physical inventory is taken only once every five years.

problem 11: Inventory value is used to find out _____________, which in turn is used to find out gross profit. Answer

A) SALES REVENUE
B) COST OF GOODS SOLD
C) COST OF GOODS USED INTERNALLY
D) PURCHASES

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9953

Have any Question? 


Related Questions in Accounting Basics

Dq1respond to the ethics discussion case at the end of

DQ1 Respond to the Ethics Discussion Case at the end of chapter 5 in the textbook. Dan owns a successful sports bar in downtown Providence. The state is considering legislation that would restrict the sale of alcohol in ...

Hildebrand consumer products incas you know we have

Hildebrand Consumer Products, Inc. As you know, we have recently experienced stagnant growth. In preparation for my upcoming meeting with the Board of Directors, I am asking you to prepare a formal report that will brief ...

Current developments in accounting thought - additional

Current Developments in Accounting Thought - Additional Assignment Question 1 - Mather and Peison (2006) report that public debt contracts tend to have a lower average number of accounting based debt covenants as well as ...

What was the most eye opening information you learned about

What was the most "eye opening" information you learned about droughts? Why did you find it so interesting? Using the supply-and-demand model, explain what would happen to the supply curve during a drought. Also explain ...

Finlon upholstery inc uses a job-order costing system to

Finlon Upholstery Inc. uses a job-order costing system to accumulate manufacturing costs. The company's work-in-process on December 31, 2001, consisted of one job (no. 2077), which was carried on the year-end balance she ...

Problem -the stay healthy medical clinics balance sheet on

Problem - The Stay Healthy Medical Clinic's Balance sheet on December 31, 2014 showed an owner's equity of $1,280,000. The December 31, 2015 balance sheet showed an owner's equity of $1,520,000. During the year, the owne ...

Problem 1the following information relates to billy bobs

Problem 1 "The following information relates to Billy Bob's Donuts defined benefit pension plan during the current reporting year (All the amounts are in millions): Plan Assets at the beginning of the year $350 Expected ...

The balance sheet provides a snapshot of the financial

The Balance Sheet provides a snapshot of the financial condition of a company at the end of an accounting period. It shows the assets, liabilities, and owner's equity in the business. 1. Identify each of the following as ...

1 a title page replace this page with your title page

1. A title page (replace this page with your title page), proper grammar and a reference list. 2. A 2-3 page summary of the article - here's a suggested method for writing the summary: a. Read the article and make sure y ...

Intermediate accounting assignment1 the nail company paid

Intermediate Accounting Assignment 1) The Nail Company paid $1,200,000 to purchase 35% of the outstanding stock of the Toe Corporation. Toe Corporation reports $450,000 of net income and paid a cash dividend of $150,000. ...

  • 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

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen