concern 1 when a firm receives an interest-bearing note receivable, it willcredit note Receivable because that the confront value the the note.debit note Receivable because that the face value that the note.credit notes


Accounting Quiz due in 8-9 hours

Question 1 when a firm receives one interest-bearing note receivable, it will

credit note Receivable for the challenge value of the note.

You are watching: When a company receives an interest-bearing note receivable, it will

debit notes Receivable for the challenge value of the note.

credit note Receivable for the maturity value of the note.

debit note Receivable for the maturity worth of the note.

Question 2 when an legacy is sold, a gain occurs once the

sale price above the depreciable cost of the heritage sold.

book value exceeds the revenue price of the heritage sold.

sale price exceeds the original expense of the legacy sold.

sale price over the publication value of the heritage sold.

Question 3 notes or account receivables that an outcome from sales transactions are often called

merchandise receivables.

trade receivables.

non-trade receivables.

sales receivables.

Question 4 i m sorry of the following is no a argued procedure to create internal control over cash disbursements?

The financial institution statement is reconciled monthly.

Blank checks are stored with minimal access.

Different individuals approve and make the payments.

Anyone can sign the checks.

Question 5 each of the complying with is a feature of internal control except

recording of all transactions.

separation of duties.

bonding the employees.

an extensive marketing plan.

Question 6 A system of interior control

is premised top top the principle of pure assurance.

invariably will have prices exceeding benefits.

can be calculation ineffective by employee collusion.

is infallible.

Question 7 Which among the following items would certainly not be thought about cash?

Postdated checks.

Currency.

Money orders.

Coins.

Question 8 Entries are made come the small Cash account when

replenishing the fund.

recording shortages in the fund.

making payments the end of the fund.

establishing the fund.

Question 9 The depreciation technique that applies a constant percentage come depreciable expense in calculating depreciation is

none of these.

sum-of-year’s-digits.

units-of-activity.

straight-line.

Question 10 A tree asset v a cost of $360,000 and accumulated depreciation of $342,000 is offered for $42,000. What is the lot of the obtain or ns on handle of the tree asset?

$42,000 gain.

$24,000 gain.

$24,000 loss.

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