Question

Answer all questions please

19)Which of the following is a true statement about a company that uses the allowance method?

a.The net realizable value of its accounts receivable is shown on the balance sheet.

bUncollectible Accounts Expense is recorded when a receivable is written off

c.Uncollectible accounts are not recorded until the amount becomes significant.

d. None of these answer choices are correct.

22) Which of the following best describes the percent of receivables method?

a. Credit sales approach

b. Income statement approach

c. Direct write-off approach

d. Balance sheet approach

23) A company uses the effective interest method to amortize a bond discount. Which of the following statements is true regarding the interest expense that is recognized each year?

a. It will be greater than the interest payment and it will also increase from year to year.

b.It will remain the same from year to year.

c.It will increase from year to year.

d It will be greater than the interest payment.

24) How will an impairment loss of $15,000 relating to goodwill affect the elements of the financial statements?

a.Retained earnings decreases

b.All of these answer choices are correct.

c. Goodwill decreases

d. Impairment loss increases

30) Which of the following would not be presented in the financing section of the statement of cash flows?

a.Repayment of long-term bonds payable

b.Purchased treasury stock

c.Purchased a new office building by issuing a note payable

d. Issuing of preferred stock

37) Which of the following is a cost of extending credit to customers?

a.Fees paid to credit card companies

b.Lost sales

c.Explicit interest

d. Uncollectible accounts expense

38) Which of the following is (are) the term(s) used to describe the person responsible for making payment on the due date of a promissory note

a.Borrower or maker or debtor

b.Borrower

c.Lender or maker

d. Maker or debtor

51) Which of the following transactions would be disclosed on a schedule of noncash investing and financing activities?

a.The issuance of bonds for cash

b.Recording depreciation expense

c.A building acquired by issuing mortgage note

d.All of these answer choices are correct

55) What does the accounts receivable turnover ratio measure?

a.Average balance of accounts receivables

b.How quickly inventory turns into accounts receivable

c. How quickly the accounts receivable balance increases

d.How quickly accounts receivable turn into cash

answer all Please

Answer 1

Q19.
Answer is a. The net realizable value of Accounts receivable is hown on the balance sheet.
Q22.
Answer is d. balance Sheet approach
Q23.
Answer is a/ It will be greater than interest payment and it will also increase from year to year
Q24.
Answer is b. all of these choices are correct
Q30.
Answer is c. Purchase of new office building by issuing a note payable.
Q37.
Answer is a. Fees paid to credit card companies
Q38.
Answer is a. Borrower or maker or debtor
Q51.
Answer is c. a building acquired by issuing mortgage note
Q55.
Answer is d. How quickly accounts receivable turn in to cash