Accounting Question!?

12.Under the allowance method of accounting for bad debts, why must uncollectible accounts receivable be estimated at the end of the accounting period?

A.to allow the collection department to schedule work for the next accounting period

B.to determine the gross realizable value of accounts receivable

C.the IRS rules require the company to make the estimate

D.to match bad debt expanse to the period in which the revenues were earned

13.A high receivables turnover ratio indicates

A.the companys sales are increasing

B.a larger proportion of the company's sales are on credit

C.customers are making payment very quickly

D.customers are making payments slowly

14.Which of the following is NOT one of the main factors that contribute to fraudulent activity?

A.opportunity

B.incompatible duties

C.financial pressure

D.rationalization

15.which one of the following is NOT an objective of a system of internal controls

A.safeguard company assets

B.overstate liabilities in order to be conservative

C.enhance the accuracy and reliability of accounting records

D.reduce the risks of errors

16.All of the following are examples of internal control procedures except

A.an extensive marketing plan

B.bonding of employees

C.separation of duties

D.recording of all transactions

17.Internal control is a defined, in part, as a plan that safeguards

A.All balance sheet accounts

B.assets

C.liabilities

D.capital stock

18.when two or more people get together for the purpose of circumventing prescribed controls, it is called

A.a fraud committee

B.collusion

C.a division of duties

D.bonding of employees

19.A very small company would have the most difficulty in implementing which of the following internal control activities?

A.separation of duties

B.limited access to assets

C.periodic independent verification

D.sound personnel procedures

20.Joe is a warehouse custodian and also maintains the accounting record of the inventory held at the warehouse. An assessment of this situation indicates

A.documentation procedures are violated

B.independent internal verification is violated

C.segregation of duties is violated

D.establishment of responsibility is violated

21. Physical controls to safeguard assets do not include

A.cashier department supervisors

B.vaults

C.safety deposit boxes

D. locked warehouses

22.Mrs. Smith has worked for Bosco inc. for 20 yrs. without taking a vacation. An internal control feature that would address this situation would be

A. Human resource controls

B. establishment of responsibility

C. physical controls

D. documentation procedures

23. The reconciliation of the cash register tape with the cash in the register is an example of

A. other controls

B. independent internal verification

C. Establishment of responsibility

D. segregation of duties

The following information was available for Bowyer Company at December 31, 2012: beginning inventory $90,000; ending inventory $70,000; cost of goods sold $660,000; and sales $900,000. Bowyer's inventory turnover ratio in 2012 was:

1. Compute the Inventory Turnover Ration (show all calculations)

2. Computer the Days in Inventory Ratio (show all calculations)

The financial statements of the Nelson Manufacturing Company reports net sales of $400,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of the year, respectively.

1. Compute Avg. Collection Period of accounts receivable for Nelson (show calculations)

4 Answers

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  • 8 years ago
    Favorite Answer

    cmmmmooon

    Source(s): me
  • 4 years ago

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  • 5 years ago

    Some people, like myself, chose to take accounting as an elective... Don t be rude...

  • 8 years ago

    If you can't do the homework, drop the course. You aren't accountant material.

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