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1.The Sales Returns and Allowances
 


2.
If a firm had sales of $50,000 during a period and sales returns and allowances of $4,000, its net sales were
 


3.
The entry to record a return by a credit customer of defective merchandise on which no sales tax was charged includes:
 


4.
With the accrual basis of accounting, it is appropriate to recognize revenue from a credit sale
 


5.
On December 31, prior to adjustment, Allowance for Doubtful Accounts has a credit balance of $200. An age analysis of the accounts receivable produces an estimate of $1,000 of probable losses from uncollectible accounts. The adjusting entry needed to record the estimated losses from uncollectible accounts is made for
 


6.
When the allowance method of recognizing losses from uncollectible accounts is used, the entry to record the write-off ofa specific account consists of
 


7.
A firm reported sales of $300,000 during the year and has a balance of $20,000 in its Accounts Receivable account at year-end. Prior to adjustment, Allowance for Doubtful Accounts has a credit balance of $300. The firm estimated its losses from uncollectible accounts to be one-half of 1 percent of sales. The entry to record the estimated losses from uncollectible accounts will include a credit to Allowance for Doubtful Accounts for
 


8.
When a firm uses the allowance method to provide for losses, the collecting of an account previously written off as uncollectible requires an entry
 


9.
On December 31, prior to adjustments, the balance of Accounts Receivable is $16,000 and Allowance for Doubtful Accounts has a credit balance of $95. The firm estimates its losses from uncollectible accounts to be 5% of accounts receivable at the end of the year. The adjusting entry needed to record the estimated losses from uncollectible accounts is made for
 


10.
The adjusting entry to record accrued interest on a note receivable requires
 


11.
When a company issues a promissory note, the accountant records an entry that includes a credit to Note Receivable for
 


12.
How much interest will accrue on a $20,000 face value, 60-day note that bears interest at 9 percent a year (based on a 360 day year)?
 


13.
Notes payable which are to be satisfied with current assets and are due within one year are usually shown
 


14.
Upon collection of the amount due on a $6,000 face value, 90-day note with interest at 10 percent a year, the Note Receivable account is
 


15.
The balance sheet shows
 


16.
Amounts that a business must pay in the future are known as
 


17.
Examples of assets are
 


18.
A net loss results
 


19.
The income statement shows
 


20.
If liabilities are $4,000 and stockholders’ equity is $15,000, assets are
 


21.
Assets and liabilities are reported on
 


22.
The rent paid for future months is a (n)
 


23.
Credits are used to record
 


24.
Debits are used to record increases in
 


25.
A firm paid cash to apply against a debt. To record this transaction, the accountant would
 


26.
When charge customers pay cash to apply against their accounts, the amount is recorded
 


27.
The account used to record increases in stockholders’ equity from the sale of goods or services is
 


28.
Which of the following types of accounts normally have debit balances?
 


29.
Which of the following groups contain only accounts that normally have credit balances?
 


30.
The journal entry to record the sale of services on credit should include
 


31.
The journal entry to record the purchase of equipment for a $100 cash down payment and abalance of $400 due in 30 days would include
 


32.
The journal entry to record the payment of the current month utility bill would include
 


33.
The journal entry to record the payment of dividends for the month is:
 


34.
The journal entry to record the payment of salaries should include
 


35.
On a balance sheet, Accumulated Depreciation—Equipment is reported
 


36.
If the prepaid expenses are not adjusted, assets on the balance sheet
 


37.
If long-term assets are not adjusted, expenses on the income statement
 


38.
The entry to replenish a petty cash fund includes
 


39.
On May 1, 20–, a firm purchased a 1-year insurance policy for $1,800 and paid the full premium in advance. The insurance expense associated with this policy for 20—is
 


40.
To arrive at an accurate balance on a bank reconciliation statement, outstanding checks should be
 


41.
A firm appropriately wrote a check for $78 but entered the amount as payment of $87. On a bank reconciliation statement this error would be shown as
 


42.
The entry to record a purchase of merchandise on credit using a perpetual inventory system Includes
 


43.
A firm that sells a single product had a beginning inventory of 4,000 units with a total cost of $28,000. Early in the year, 10,000 units were purchased at $9 each. Using FIFO, what is the value of the ending inventory of 3,000 units?
 


44.
A firm that sells a single product had a beginning inventory of 4,000 units with a total cost of $16,000 Early in the year, 8,000 units were purchased at $6 each. Using LIFO, what is the value of the ending inventory of 2,000 units?
 


45.
Which of the following is allowed under generally accepted accounting principles?
 


46.
An accountant who records revenue when a credit sale is made rather than waiting for the receipt of cash from the customer is
 


47.
The FASB has concluded that financial reporting rules should
 


48.
Keeping the personal assets of the owner of a business separate from the assets of the firm is an example of
 


49.
Internal control is:
 


50.
Separation of duties refers to separating all of these functions except which of the following?
 


51.
Which of the following is not a control activity?
 

Answer the following questions based upon the information provided in the adjusted trial balance data from the Cameron White Company spreadsheet for the year ended December 31. The balance of the Notes Payable account consists of notes that are due within a year. The mortgage extends for more than a year. The beginning Retained Earnings account for the period was $49,000. The ending retained earnings for the period from the statement of retained earnings is $56,150. There were no dividends paid.

52.
What is the amount of the net realized value for accounts receivable?
 


53.
What is the amount of the net book value for store equipment?
 


54.
What is the amount of the total current assts?
 


55.
What is the amount of the total plant and equipment?
 


56.
What is the amount of total assets?
 


57.
What is the amount of the total current liabilities?
 


58.
What is the amount of the total long-term liabilities?
 


59.
What is the amount of the total stockholders’ equity?
 


60.
What is the amount of net income for the period?
 

 

 
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