Bus 302L Financial Accounting Exam Study Questions and Answers |100% Pass
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Course
BUS 302L
Institution
BUS 302L
Bus 302L Financial Accounting Exam
Study Questions and Answers |100% Pass
Comparing actual outcomes with budget outcomes, then following up, is an example of a - Answer-
Controlling activities
Which of the following is typically a starting point for the budget process? - Answer-a sales budget
...
Olsen Company prepares its statement of cash flows using the indirect method. Indicate whether the
item would be added to net income (increase), deducted from net income (decrease), or has no effect
on net income to determine net cash flows from operating activities. A decrease in the value from the
beginning of the year to the end of the year for Inventory, which is a current asset. - Answer✔✔-No
effect
An Accounts Receivable previously written off as uncollectable is finally collected. The amount collected
was 500.Which of the following journal entries is correct (assuming the allowance method is used)? -
Answer✔✔-Accounts Receivable $500
Allowance for Uncollectible Accounts $500
Cash 500
Accounts Receivable 500
A company ages its accounts receivables to determine its end of period adjustment for bad debts. At the
end of the current year, management estimated that 15,750 of the accounts receivable balance would
be uncollectible. Prior to any year-end adjustments, the Allowance for Doubt full Accounts had a debit
balance of 175. What adjusting entry should the company make at the end of the current year to record
its estimated bad debts expense? - Answer✔✔-c. Bad Debts Expense...........15,925
Allowance for Doubtful Accounts.............. 15,925
(15,750 + 175)
In present value calculations, the process of determining the present value is called - Answer✔✔-
discounting the future amount
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