chap 5

Question 1

Accounts receivable are normally reported at the:
A. Present value of future cash receipts.
B. Current value plus accrued interest.
C.Expected amount to be received.
D. Current value less expected collection costs

Answer 1

expected amount to be received

Question 2

ecognizing sales returns when they occur could result in an overstatement of income in the period of the related sale.
A. True. B. False

Answer 2

T

Question 3

Thời điểm lập dự phòng nợ phải thu khó đòi:A. Chỉ được ghi nhận vào lúc DN có lãiB. Khi lập BCTCC. Khi có dấu hiệu nợ khó đòi phải ghi nhận ngay7.

Answer 3

F

Question 4

If a company uses the balance sheet approach to estimate bad debt expense, bad debt expense for a period can be determined by:
A. Adding the beginning balance in the allowance for uncollectible accounts to the provision for uncollectible accounts and deducting the desired ending balance in the allowance for uncollectible accounts.
Image of page 1

Answer 4

T

Question 5

Difference between gross method or net method of cash discount while selling merchandise:
Revenues
Expenses
Cash received

Answer 5

F