ACC 201 Test- All Questions 100% Correctly Answered
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Course
ACC 201
Institution
ACC 201
which of the following is NOT one of the sections of a cash budget? - Answer Cash from
operations section
A debit balance in Cash Over and Short is reported as a - Answer miscellaneous expense
Balance Sheet - Answer Current Assets, Liabilities
Income Statement - Answer revenues, expenses
ACC 201 Test- All Questions 100% Correctly
Answered
which of the following is NOT one of the sections of a cash budget? - Answer Cash from
operations section
A debit balance in Cash Over and Short is reported as a - Answer miscellaneous expense
Balance Sheet - Answer Current Assets, Liabilities
Income Statement - Answer revenues, expenses
Cash Flow Statement - Answer cash infow and outflow according to 3 business activity
types
retained earnings statement - Answer previous RE + NI - dividend
accounts receivable are valued and reported on the balance sheet - Answer at cash
realized value
if an account is collected after having been previously written off - Answer there will be
both debit and a credit to accounts receivable
one might infer from a debit balance in allowance for doubtful accounts that - Answer
more accounts have been written off than had been estimated
under the allowance method of accounting for bad debts, why must uncollectible
accounts receivable be estimated at the end of the accounting period? - Answer to
match bad debt expense to the period in which the revenues were earned
the collection of an account that has been previously written off under the allowance
method of accounting for uncollectibles - Answer does not affect income in the period it
is collected.
Bad Debt Expense is considered - Answer a necessary risk of doing business on a credit
basis
the retailer considers MasterCard sales as - Answer cash sales
which of the following is NOT a depreciable asset - Answer land
depreciation is the process of allocating the cost of a plan asset over its useful life in -
Answer systematic and rational manner
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