Bus 302L Financial Accounting Questions and Answer | Latest Update 2024/2025
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Course
Bus 302L
Institution
Bus 302L
Comparing actual outcomes with budget outcomes, then following up, is an
example of a
~~> Controlling activities
Which of the following is typically a starting point for the budget process?
~~> a sales budget
Tax accounting is generally most used by:
~~> Internal revenue service ...
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.
✓ ~~> 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)?
✓ ~~> 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
Master01 | September, 2024/2025 | Latest update
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