financial accounting答案2023秋

第五章测试

1.On September 5, the XYZ Co. made a $2,500 credit sale, due in 30 days. On October 1, the customer requested and was granted an extension on the payment. The customer was required to sign a 60-day, 5% note on the day of the extension. Payment was made on the maturity date of the note.
What is the entry on September 5 to record the credit sale?（ ）。
A:
B:
C:
D:

答案:D
2.Refer to Question 1. What is the maturity value of the note? (Round to the closest dollar)（ ）。
A:$2,521.00
B:$2,500.00
C:$2,625.00
D:$2,479.00
3.Refer to Question 1. What is the entry to record the extension on October 1?（ ）。
A:
B:
C:
D:
4.Refer to Question 1. What is the maturity date of the note?（ ）。
A:December 1
B:November 30
C:November 29
D:November 4
5.According to Question 1, What is the entry to record receipt of the payment, on the maturity date of the note?（ ）。
A:
B:
C:
D:
6.When an accounts receivable account has been determined to be uncollectible the entry to record the write off using the allowance method would include:（ ）。
A:A debit to Allowance for Uncollectible Accounts.
B:A credit to Notes Receivable.
C:A debit to Accounts Receivable.
D:A debit to Uncollectible Account Expense.
7.Which of the following about factoring a receivable is false?（ ）。
A:The seller receives the full value of the accounts receivable.
B:The seller receives the amount of the receivable less the financing expenses charged by the financial institution.
C:The seller loses control over the collection process.
D:Factoring is often expensive compared to the costs of retaining the receivable on the books.
8.

Available-for-sale securities are reported on the balance sheet at:（ ）。

A:Historical cost.
B:other  three choices are not  true.
C:Fair value.
D:Amortized cost.
9.

An unrealized gain occurs:（ ）。

A:If the sales price is greater than the investment carrying amount.
B:other  three  choices are not  true.
C:If the fair value of the investment is greater than the current recorded value.
D:If the fair value of the investment is less than the current recorded value.
10.

Which method of writing off an uncollectible account does not violate the expense recognition principle?（ ）。

A:Both Direct write-off method and Allowance method B:Allowance method
C:Neither Direct write-off method or Allowance method D:Direct write-off method