Reference no: EM13823172
1. The Allowance for uncollectible accounts currently has a debit balance of $900. After analyzing the accounts in the accounts receivable subsidiary ledger using the aging-of-accounts method, the company's management estimates that uncollectible accounts will be $15,000. What will be the amount of Uncollectible account expense reported on the income statement?
$14,900
$15,000
$14,100
$15,900
2. Which of the following describes the internal control procedure documents?
Mandatory vacations will improve internal control.
Separate the custody of assets from accounting.
Prenumber invoices and other documents.
A company should purchase a fireproof vault.
3. The Allowance for uncollectible accounts currently has a credit balance of $900. After analyzing the accounts in the accounts receivable subsidiary ledger using the aging-of-accounts method, the company's management estimates that uncollectible accounts will be $15,000. What will be the amount of Uncollectible accounts expense reported on the income statement?
$15,900
$14,900
$14,100
$15,000
4. A check of $75 deposited by a company was returned to the bank for nonsufficient funds. How would this information be included on the bank reconciliation?
A deduction on the bank side
An addition on the bank side
An addition on the book side
A deduction on the book side
5. On November 15, 2011, Beta Company purchased 500 shares of Aquarium Suppliers Corporation for a short term investment at $60 per share. (Aquarium Suppliers has 1,000,000 shares of common stock issued and outstanding.) At December 31, 2011, the market value of Aquarium Suppliers was $52 per share. How would these facts be reflected on the financial statements of Beta Company?
The net value of trading investments on the balance sheet would remain the same.
The income statement would include the unrealized holding loss.
The net value of trading investments on the balance sheet would increase.
The income statement would include Loss on sale of investments.
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