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116 misse d terms
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Term
Straight ‐ line depr eciation assumes that the bene fits we
deriv e from the use of an asset are the same ea ch year1 of 116
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MGMT 200 EXAM 2 (PURDUE UNIVERSITY) NEWEST 2024 EXAM 2 AND PRACTICE EXAM 100 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) Term
The normal balance of the account "Allowance for
Uncol lectibl e Accounts " is a _______ because _______.2 of 116True
False
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Debit ; it is a contr a account to
Revenue ( a credit
account )
Credit; it is a contr a account to
Accounts
Receiv able (a debit account )
Debit ; it is an expense in the income
statement
Credit; it is a contr a account to Bad
Debt
Expense ( a debit account )
Don't know? Term
During perio ds of rising costs, FIF O gener ally results in
a higher cost of goods sold.3 of 116
Term
Under the allowance metho d, when a comp any writes
off an account receiv able as an actual bad debt , it
records an expense4 of 116Give this one a try later!
True
False
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True
False Term
Cost of goods sold is:5 of 116
Term
Which of the following comput ations would be used to
comput e Net Revenue?6 of 116Don't know?
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Report ed in the income
statement
Report ed in the b alance sheet
A current asset
The cost of inventory on hand at the
end of the
perio d
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