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Chapters 1-4The Accounting Cycle
Chapters 5-8Current Assets
Chapters 9-11Long-Term Assets
Chapters 12-14Liabilities/Equities
Chapters 15-16Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20Managerial/Cost
Chapters 21-24Budgeting/Decisions

Chapters 1-4The Accounting Cycle
Chapters 5-8Current Assets
Chapters 9-11Long-Term Assets
Chapters 12-14Liabilities/Equities
Chapters 15-16Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20Managerial/Cost
Chapters 21-24Budgeting/Decisions

Chapter 7 – Goals Achievement

By admin / August 17, 2015

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Goals Achievement
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Question 1 of 9

1. Question
The majority of receivables are trade receivables.
- true
- false
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Question 2 of 9

2. Question
Advances to employees and deposits with utilities are examples of:
- trade receivables
- nontrade receivables
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Question 3 of 9

3. Question
Costs associated with the extension of credit include credit checks, collection efforts, and uncollectible accounts.
- true
- false
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Question 4 of 9

4. Question
When is a sale normally recognized if a customer uses a nonbank credit card?
- at the time of sale
- at the time of collection from the credit card company
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Question 5 of 9

5. Question
Does the allowance method or the direct write-off method achieve a better matching of revenues and expenses?
- allowance
- direct write-off
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Question 6 of 9

6. Question
A separate allowance account is established under the direct write-off method.
- right
- not right
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Question 7 of 9

7. Question
The allowance method of accounting for uncollectible accounts seeks to provide a fair valuation of outstanding receivables on the:
- income statement
- balance sheet
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Question 8 of 9

8. Question
Under the allowance method, the write-off of an uncollectible account will result in a decrease in either income or total assets.
- yes
- no
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Question 9 of 9

9. Question
Under the allowance method, reinstating an account previously written off will cause an increase in the Allowance for Uncollectible Accounts.
- true
- false
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Illustrative Entries

Examples of journal entries for numerous sample transactions

Account Types

Typical financial statement accounts with debit/credit rules and disclosure conventions

Glossary

Includes financial and managerial terms

Time Value of Money

Future and present value tables

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