Which of the following is
included in “Other Receivables”?
Investments
Notes receivables
Accounts receivables
Loans to employees
Which of the following is
included in “Other Receivables”?
Investments
Notes receivables
Accounts receivables
Loans to employees
Which of the following duties should
NOT be performed by a credit
department?
A. Evaluate customers who apply for credit
b. Handle cash receipts
c. Monitor customer payment records
d. Review applicant’s income and credit
history
Which of the following duties should
NOT be performed by a credit
department?
A. Evaluate customers who apply for credit
b. Handle cash receipts
c. Monitor customer payment records
d. Review applicant’s income and credit
history
Which is a method of establishing
control over collections of accounts
receivable?
A. Set up a petty cash fund
b. Establish a bank lock box system
c. Allow no one but the bookkeeper to handle
cash
d. Designate an authorized check signer.
Which is a method of establishing
control over collections of accounts
receivable?
A. Set up a petty cash fund
b. Establish a bank lock box system
c. Allow no one but the bookkeeper to handle
cash
d. Designate an authorized check signer.
Which is a disadvantage of
selling on credit?
A. Sales can be made to more people
b. Profits are increased
c. Some customers do not pay, creating
an expense
d. Both A & B
Which is a disadvantage of
selling on credit?
A. Sales can be made to more people
b. Profits are increased
c. Some customers do not pay, creating
an expense
d. Both A & B
What are the two methods of
accounting for uncollectible
receivables?
Allowance method
Liability method
Direct write-off method
Asset method
What are the two methods of
accounting for uncollectible
receivables?
Allowance method
Liability method
Direct write-off method
Asset method
Which are the two methods of
estimating uncollectible receivables?
Aging of accounts receivable method
Percent of Sales method
Allowance method
Direct write off method
Which are the two methods of
estimating uncollectible receivables?
Aging of accounts receivable method
Percent of Sales method
Allowance method
Direct write off method
Which is the income statement
approach to estimating bad debts?
Aging of accounts receivable
method
Percent of Sales method
Allowance method
Direct write off method
Which is the income statement
approach to estimating bad debts?
Aging of accounts receivable
method
Percent of Sales method
Allowance method
Direct write off method
Which is the balance sheet
approach to estimating bad debts?
Aging of accounts receivable
method
Percent of Sales method
Allowance method
Direct write off method
Which is the balance sheet
approach to estimating bad debts?
Aging of accounts receivable
method
Percent of Sales method
Allowance method
Direct write off method
What is it called when the maker of
a promissory note fails to pay the
note on the due date?
A discounted note
A discarded note
A dishonored note
An uncollectible note
What is it called when the maker of
a promissory note fails to pay the
note on the due date?
A discounted note
A discarded note
A dishonored note
An uncollectible note
What is the maturity value of a
note?
What is the maturity value of a
note?
Principal amount plus interest
Other things to know:
calculating maturity date
Maturity value
Interest
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