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Accounting for accounts receivable Multiple choice questions quiz
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ABOUT THIS QUIZ:
- Chapter: Accounting for accounts receivable
- Quiz Type: Multiple choice questions (MCQs) quiz
- Number of MCQs: 20
- Total Points: 20
- Approximate Time Required: 10 – 12 minutes
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Question 1 of 20
1. Question
The journal entry for recording accounts receivable is:
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Question 2 of 20
2. Question
The payment terms 2/10, n/30 tell us that:
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Question 3 of 20
3. Question
The cash discount (also known as purchase discount or sale discount) is given to customers for:
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Question 4 of 20
4. Question
The accounts receivable that cannot be collected because of their bankruptcy or another reason are termed as:
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Question 5 of 20
5. Question
Under allowance method, the journal entry to record uncollectible accounts expense is:
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Question 6 of 20
6. Question
The Fortune Company uses allowance method to recognize uncollectible accounts expense. It provides you the following selected information:
- Accounts receivable on December 31, 2017: $380,000
- Required balance in Allowance for Doubtful Accounts account on December 31, 2017: $3,000
- Existing balance in Allowance for Doubtful Accounts account on December 31, 2017: $2,500
The journal entry required to recognize uncollectible accounts expense on December 31, 2017 is:
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Question 7 of 20
7. Question
Allowance for doubtful accounts is an example of:
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Question 8 of 20
8. Question
Under allowance method, the journal entry to write off an uncollectible account is:
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Question 9 of 20
9. Question
Under direct write off method, the journal entry to recognize uncollectible accounts expense is:
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Question 10 of 20
10. Question
Under allowance method, the correct journal entry to reinstate a previously written off account is:
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Question 11 of 20
11. Question
The correct journal entry for collection of accounts receivable is:
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Question 12 of 20
12. Question
A promissory note is written by:
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Question 13 of 20
13. Question
In a promissory note, the debtor makes:
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Question 14 of 20
14. Question
Which of the following journal entries converts an account receivable into a note receivable?
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Question 15 of 20
15. Question
Accounts receivable are reported in the balance sheet:
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Question 16 of 20
16. Question
The John & Stewart Company provides you the following selected information:
- Balance in accounts receivable account on December 31, 2017: $70,000
- Balance in allowance for doubtful accounts account on December 31, 2017 after making adjusting entry for uncollectible accounts expense: $2,000
- Uncollectible accounts expense for the year 2017: $500
On the basis of above information, the net realizable value of accounts receivable to be shown in the balance sheet as at December 31, 2017 would be:
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Question 17 of 20
17. Question
The US Company uses sales method to estimate its credit losses. It provides you the following selected information:
- Total credit sales for the year 2017: $800,000
- Estimated uncollectible credit sales for the year 2017: 1%
- Balance in allowance for doubtful accounts account on December 31, 2017 before making adjusting entry for uncollectible accounts expense: $5,000
The uncollectible accounts expense to be reported in the income statement for the year 2017 is:
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Question 18 of 20
18. Question
The main purpose of factoring accounts receivable is:
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Question 19 of 20
19. Question
In a factoring with recourse, the loss resulting from bad debts is born by:
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Question 20 of 20
20. Question
In a factoring without recourse transaction, the loss resulting from bad debts is born by:
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