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ACC 255 NAU FINAL EXAM-QUESTIONS & ANSWERS
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ACC 255 NAU FINAL EXAM-QUESTIONS & ANSWERS
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ACC 255 NAU FINAL EXAM-QUESTIONS &ANSWERS
A. To determine the age of accounts receivable balance
B. To allow the collection department so schedule work for the next accounting period
C. internal Revenue service tax rules require the company to make the estimate
D. To match bad debit expense to the period in which the related credit sales are made
Correct Ans-D. To match bad debit expense to the period in which the related credit sales
are made
At what value are accounts recivable reported on the balance sheet
A. Cash relizable value
B. Fair Market value
C. Present Value
D. Maturity value Correct Ans-A. Cash relizable value
Which statement is true about reporting recivable on the balance sheet ?
A. Bad debits Expense and allowance for Doubtful Accounts are both shown as deduction from
Accounts receivable in the Assets section
B. Bad Debit Expenses is shown as deduction from accounts Receivable in the Assets section
C. Accounts Receivable is shown in the Assets section and allowance for doubtful accounts is
shown in the libilities section
, D. Allowance for Doubful Accounts is shown as a deduction from accounts recivable in the
assets section Correct Ans-D. Allowance for Doubful Accounts is shown as a deduction from
accounts recivable in the assets section
Income taxes payable Correct Ans-current liabilities
Office supplies Correct Ans-current Assets
buildings Correct Ans-Property, plant and Equipment
Retained Earnings (ending) Correct Ans-Stockholders' equity
Accounts Receivable Correct Ans-Current Assets
Goodwill Correct Ans-Intagible Assets
sales revenue Correct Ans-Not on the balance sheet
furniture and Fixture Correct Ans-property, plant, and equipment
Notes Payable Correct Ans-current and long term liabilities
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