Financial Accounting Assets And Liability MCQs Homework Help
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1.Extraordinary repairs are expenditures extending the asset’s useful life beyond its original estimate, and are capital expenditures because they benefit future periods. (True/false)
2.TechCom’s customer, RDA, paid off an $8,300 balance on its account receivable. TechCom should record the transaction as a debit to Accounts Receivable-RDA and a credit to Cash. (True/false)
3.A company received a $1,000, 90-day, 10% note receivable. The journal entry to record receipt of the note includes a debit to Notes Receivable. (True/false)
4.Credit card expense may be classified as:
a. A “discount” deducted from sales to get net sales.
b. A selling expense.
c. An administrative expense.
d. All of these.
e. Only A and B.
5.The inventory turnover ratio is computed by dividing average merchandise inventory by cost of goods sold. (True/false)
6.A company can change its inventory costing method without mentioning this change in its financial statements because it is an internal management decision. (True/false)
7. The matching principle requires:
a. That expenses be ignored if their effect on the financial statements is unimportant to users’ business decisions.
b. The use of the direct write-off method for bad debts.
c. The use of the allowance method of accounting for bad debts.
d. That bad debts be disclosed in the financial statements.
e. That bad debts not be written off
8.Total asset turnover is used to evaluate:
a. The efficiency of management’s use of assets to generate sales.
b. The necessity for asset replacement.
c. The number of times operating assets were sold during the year.
d. The cash flows used to acquire assets.
e. The relation between asset cost and book value
9.The advantage of the allowance method of accounting for bad debts is that it identifies the specific customers who will not pay their bills. (True/false)
10.A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?
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a. Are expenditures making a plant asset more efficient or productive.
b. Are also called improvements.
c. Do not always increase an asset’s life.
d. Are capital expenditures.
e. All of these.
12.If an asset is sold above its book value, the selling company records a loss. (True/false)
13.Revenue expenditures are additional costs of plant assets that materially increase the assets’ life or productive capabilities. (True/false)
14.A company purchased property for a building site. The costs associated with the property were: What portion of these costs should be allocated to the cost of the land and what portion should be allocated to the cost of the new building?
a. $175,800 to Land; $18,800 to Building.
b. $190,000 to Land; $3,800 to Building.
c. $190,800 to Land; $1,000 to Building.
d. $192,800 to Land; $0 to Building.
e. $193,800 to Land; $0 to Building.
15.The accounts receivable method to estimate bad debts obtains the estimated balance in the Allowance for Doubtful Accounts in one of two ways:
(1) computing the percent uncollectible from the total accounts receivable or
(2) aging accounts receivable. (True/false)
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