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Take Test: Quiz - 2 Chapters 4 to 7 – (Spring 2016) ACC ... ! 7:56 ،2016/2/21 Take Test: Quiz - 2 Chapters 4 to 7 Test Information Description Instructions Multiple Attempts This test allows 2 attempts. This is attempt number 1. Force Completion This test can be saved and resumed later. Question Completion Status: Save All Answers QUESTION 1 Save and Submit 1 points Saved A company had inventory on November 1 of 22 units at a cost of $26 each. On November 2, they purchased 27 units at $27 each. On November 6, they purchased 23 units at $28 each. On November 8, 25 units were sold for $38 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? $1,304 $1,269 $1,271 $1,222 $1,247 QUESTION 2 1 points Saved A company has inventory of 22 units at a cost of $15 each on August 1. On August 5, they purchased 17 units at $13 per unit. On August 12, they purchased 27 units at $28 per unit. On August 15, they sold 44 units. Using the FIFO perpetual inventory method, what is the value of the inventory on August 15 after the sale? rev: 02_25_2014_QC_45964 $476 $338 $616 $580 https://learn.vccs.edu/webapps/assessment/take/launch.jsp?course_as…_id=_2764677_1&course_id=_879223_1&content_id=_85149126_1&step=null 8 من1 صفحة Take Test: Quiz - 2 Chapters 4 to 7 – (Spring 2016) ACC ... ! 7:56 ،2016/2/21 $1,078 QUESTION 3 1 points Saved A company receives a 6.55%, 60-day note for $10,150. The total amount of cash due on the maturity date is: $6,648.2 $39,889.50 $19,944.75 $664.82 $10,260.80 QUESTION 4 1 points Saved A company receives a 9%, 90-day note for $3,200. The total interest due upon the maturity date is: $72.0 $288 $32 $320 $720 QUESTION 5 1 points Saved A company used the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts receivable Allowance for uncollectible accounts Net sales 281,000 debit 340 credit 1,020,000 credit All sales are made on credit. Based on past experience, the company estimates 0.5% of credit sales to be uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared? $1,065 $1,405 $2,550 $5,100 $51,000 QUESTION 6 https://learn.vccs.edu/webapps/assessment/take/launch.jsp?course_as…_id=_2764677_1&course_id=_879223_1&content_id=_85149126_1&step=null 8 من2 صفحة Take Test: Quiz - 2 Chapters 4 to 7 – (Spring 2016) ACC ... QUESTION 6 ! 7:56 ،2016/2/21 1 points Saved 1 points Saved Acme-Jones Corporation uses a LIFO perpetual inventory system. August 2, 40 units were purchased at $19 per unit. August 5, 25 units were purchased at $13 per unit. August 15, 27 units were sold at $55 per unit. August 18, 30 units were purchased at $14 per unit. What was the amount of the cost of goods sold? rev: 10_11_2013_QC_37362 $427.70 $378.00 $432.00 $363.00 $513.00 QUESTION 7 Dell reported net sales of $10,780 million and average accounts receivable of $980 million. Its accounts receivable turnover is: .91 11.0 36.4 53.9 3,920 QUESTION 8 1 points Saved In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that check number 4239 for November's rent was correctly written and drawn for $3,810 but was erroneously entered in the accounting records as $1,380. When reconciling the November bank statement, the company should: Deduct $2,430 from the book balance of cash. Add $2,430 to the bank statement balance. Add $3,810 to the book balance of cash. Deduct $2,430 from the bank statement balance. Add $3,600 to the book balance of cash. QUESTION 9 1 points Saved In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that check number 2889 for December's utilities was correctly written and drawn for $150 but was https://learn.vccs.edu/webapps/assessment/take/launch.jsp?course_as…_id=_2764677_1&course_id=_879223_1&content_id=_85149126_1&step=null 8 من3 صفحة Take Test: Quiz - 2 Chapters 4 to 7 – (Spring 2016) ACC ... ! 7:56 ،2016/2/21 erroneously entered in the accounting records as $501. The journal entry to adjust the books for the bank reconciliation would include which of the following for this situation? $351 decrease to Cash and a $351 decrease to Utility Expense. $351 increase to Cash and a $351 decrease to Utility Expense. $191 decrease to Cash and a $191 decrease to Utility Expense. $191 increase to Cash and a $291 decrease to Utility Expense. $501 increase to Cash. QUESTION 10 1 points Saved On August 1, 2013, Ace Corporation accepted a note receivable in place of an outstanding accounts receivable in the amount of $138,815. The note is due in 90 days and has an interest rate of 8%. What would be the appropriate journal entry to record the receipt of cash at the maturity date? Cash Note Receivable Note Receivable Accounts Receivable 138,815 138,815 138,815 138,815 Note Receivable Interest Revenue Cash 138,815 2,776.30 Cash Interest Receivable Note Receivable 138,815 2,776.30 Cash Interest Revenue Note Receivable QUESTION 11 141,591.30 141,591.30 141,591.3 2,776.30 138,815 1 points Saved On December 31 of the current year, a company's unadjusted trial balance included the following: Accounts Receivable, debit balance of $114,755; Allowance for Doubtful Accounts, credit balance of $1,122. What amount should be debited to Bad Debts Expense, assuming 7% of outstanding accounts receivable at the end of the current year will be uncollectible? $1,122 $5,789 $6,911 $8,033 $9,155 QUESTION 12 https://learn.vccs.edu/webapps/assessment/take/launch.jsp?course_as…_id=_2764677_1&course_id=_879223_1&content_id=_85149126_1&step=null 8 من4 صفحة Take Test: Quiz - 2 Chapters 4 to 7 – (Spring 2016) ACC ... ! 7:56 ،2016/2/21 QUESTION 12 1 points Saved A company had sales of $697,000 and cost of goods sold of $279,000. Its gross profit equals: $(418,000) $697,000 $279,000 $418,000 $976,000 QUESTION 13 1 points Saved A company has sales of $1,660,000, sales discounts of $118,000, sales returns and allowances of $139,000, shipping charges of $31,000, sales commissions of $50,000, net income totaled $279,500, and cost of goods sold of $436,000. What is the net sales amount for the period? $1,660,000 $1,403,000 $1,917,000 $1,681,000 $1,639,000 QUESTION 14 1 points Saved A company purchased $1,900 of merchandise on December 5. On December 7, it returned $300 worth of merchandise. On December 8, it paid the balance in full, taking a 2% discount. The amount of the cash paid on December 8 is: $300 $1,564 $1,568 $1,600 $1,900 QUESTION 15 1 points Saved A company purchased $7,900 worth of merchandise. Transportation costs were an additional $120. The company later returned $1,300 worth of merchandise and paid the invoice within the 2% cash discount period. The total amount paid for this merchandise is: $6,585.60 $6,588.00 $7,742.00 $7,862.00 $6,720.00 https://learn.vccs.edu/webapps/assessment/take/launch.jsp?course_as…_id=_2764677_1&course_id=_879223_1&content_id=_85149126_1&step=null 8 من5 صفحة Take Test: Quiz - 2 Chapters 4 to 7 – (Spring 2016) ACC ... QUESTION 16 ! 7:56 ،2016/2/21 1 points Saved 1 points Saved A corporation uses a FIFO perpetual inventory system. August 2, 31 units were purchased at $18 per unit. August 5, 16 units were purchased at $19 per unit. August 15, 18 units were sold at $37 per unit. August 18, 21 units were purchased at $20 per unit. What was the amount of the ending inventory for the month of August? $958 $942 $950 $558 $1,086 QUESTION 17 A good voucher system includes a set of procedures and approvals designed to control cash disbursements and the acceptance of obligations. True False QUESTION 18 1 points Saved A perpetual inventory system continually updates accounting records for inventory transactions. True False QUESTION 19 1 points Saved After adjustment, the allowance for doubtful accounts has the effect of reducing accounts receivable to its estimated realizable value. True False QUESTION 20 1 points Saved Days' sales in inventory: Is also called days' stock on hand. Focuses on average inventory rather than ending inventory. Is used to measure solvency. Is calculated by dividing cost of goods sold by ending inventory. Is a substitute for the acid-test ratio. https://learn.vccs.edu/webapps/assessment/take/launch.jsp?course_as…_id=_2764677_1&course_id=_879223_1&content_id=_85149126_1&step=null 8 من6 صفحة Take Test: Quiz - 2 Chapters 4 to 7 – (Spring 2016) ACC ... QUESTION 21 ! 7:56 ،2016/2/21 1 points Saved Herald Company had sales of $142,000, sales discounts of $2,700 and sales returns of $3,900. Herald Company's net sales equals: $6,600 $135,400 $139,300 $142,000 $148,600 QUESTION 22 1 points Saved 1 points Saved The inventory turnover ratio: Is used to analyze profitability. Is used to measure solvency. Measures how quickly a company turns over its merchandise inventory. Validates the acid-test ratio. Calculation depends on the company's inventory valuation method. QUESTION 23 There are two methods of accounting for uncollectible accounts: the direct write-off method and the allowance method. True False QUESTION 24 1 points Saved Under the allowance method of accounting for uncollectible accounts receivable, no estimate is made to predict bad debts expense. True False QUESTION 25 1 points Saved With credit terms of 2/10, n/30, the seller is offering the purchaser a 2% cash discount if the amount is paid within 10 days of the invoice date. Otherwise, the full amount is due in 30 days. True False https://learn.vccs.edu/webapps/assessment/take/launch.jsp?course_as…_id=_2764677_1&course_id=_879223_1&content_id=_85149126_1&step=null 8 من7 صفحة Take Test: Quiz - 2 Chapters 4 to 7 – (Spring 2016) ACC ... ! 7:56 ،2016/2/21 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit https://learn.vccs.edu/webapps/assessment/take/launch.jsp?course_as…_id=_2764677_1&course_id=_879223_1&content_id=_85149126_1&step=null 8 من8 صفحة