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accounting kahoot ch 5-8
Terms in this set (25)
How are deposits in transit treated on a bank reconciliation?
addition to bank
Which of the following is not part of the fraud triangle?
(opportunity, unethical behavior, financial pressure, rationalization)
Which of the following is not an internal control activity?
(document procedures, independently verify, restrict access, physical search)
What would the journal entry to record a NSF check be?
debit accounts receivable, credit cash
A company mistakenly recorded a $60 deposit as $6, what would be shown...
addition to book $54
How do we calculate cost of goods sold in a periodic system?
beg inventory+purchases-ending inventory
Company A purchases goods from company B with terms FOB destination, who pays shipping?
How do we record the payment of transportation costs from a buyer perspective?
debit inventory, credit cash
How do we treat purchase discounts?
subtract from cost of inventory
What does the Gross Profit Percentage tell us?
how much of each sale goes to profits
The allowance for doubtful accounts is a contra-asset that offsets:
The adjusting entry to record the estimated bad debts in the period credit sales occur would
debit to bad debt expense and a credit to allowance for doubtful accounts
Failing to record bad debt expense in the same period as the related revenue violates which principle?
expense recognition principle (matching)
When a company writes off a customers account balance that will not be collected, what happens to assets?
total assets do not change
The allowance for D.A. has a DR balance of $500. We estimate that $2,500 will not be collected, what is our adjustment?
What is a method to speed up the collection of receivables?
What entry typically occurs when we collect interest from a note receivable
debit cash, credit interest revenue and interest receivable
What is the receivables turnover ratio?
net sales revenue/average net receivables
What type of inventory is reported on our balance sheet?
which inventory method would result in higher net income when costs are declining?
Inventory was purchased at $5 and has a market value of $2. What value should be reported on the balance sheet?
What is the inventory turnover ratio?
Inventory shipped FOB shipping point, still in transit, should be included in:
the inventory balance of the buyer
Consignment inventory is reported on the balance sheet of the company holding the inventory.
The primary goals of inventory managers are to balance quantity, quality and sales price of inventory
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