Accounting Stating True Or False Questions Homework Help Online
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1) As long as the same person deposits customer checks and records the deposits into the ledger, there will be good internal control over cash receipts.
2) An accountant is under pressure to maximize the company’s net income at year-end. He is told to delay orders of important services until the following year. This action would be considered unethical because it is a misrepresentation of actual transactions.
3) An accountant is under pressure to maximize the company’s net income at year-end. He is told to record expense payments made in December as if they were actually made the following January. This action would be considered unethical because it is a misrepresentation of actual transactions.
4) A company makes a legitimate, properly authorized payment to a supplier. The accountant changes the date of the transaction to shift it to a later time period. Because the transaction is legitimate, this action would not be considered unethical.
5) A company urgently needs to repair its fire alarm system, which will cost $6,000. The two senior managers who are authorized to approve payments over $5,000 are both on holiday and cannot be reached. The office manager is only authorized to approve payments up to $5,000, but is concerned about the risks and safety factors involved, and wants to have the repair work done immediately. She asks if the contractor could split up the repair bill into two separate invoices, one for parts, and one for labor, so that she could approve both of them separately, and get the work done right away. This action would not be considered unethical, as long as the office manager does not violate specific company rules, or deliberately misrepresent the facts of the situation.
6) The two major types of receivables are accounts receivable and notes receivable.
7) The creditor is the entity that signs a note.
8) The allowance method is a method of recording collection losses by estimating uncollectible amounts.
9) The income statement approach computes uncollectible accounts expense as a percentage of net credit sales.
10) The direct write-off method conforms to the matching principle better than the allowance method.
11) A company uses the direct write-off method to account for uncollectible receivables. Uncollectible account expense will be estimated as a percentage of sales.
12) The direct write-off method is used primarily by large, publicly owned companies.
13) Interest revenue must be reported for a note receivable that is outstanding at the end of the accounting period.
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14) The maturity value of a note is the sum of the principal plus interest due at maturity.
15) A note is dishonored when the maker of the note fails to pay the note at maturity.
16) The acid-test ratio appears in the current assets section of the balance sheet.
17) Accounts receivable amounts are generally shown on the balance sheet net of the allowance.
18) The acid-test ratio is computed as current assets divided by current liabilities.
19) When a business discounts a note receivable to a bank or financial broker, the business will generally receive either more or less than the maturity value of the note.
20) When a business is holding a note receivable and wishes to collect cash prior to the maturity date of the note, the business may sell the note to a bank or a financial broker. This process is called discounting a note.
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