Chapter 3

Question 1

What are cash or cash equivalents

Answer 1

q

Question 2

What items are not cash or cash equivalents?

Answer 2

h

Question 3

How do you classify unrestricted and restricted cash

Answer 3

6

Question 4

Are deposits in transit added or subtracted from bank reconcilation

Answer 4

d

Question 5

are outstanding checks added or subtracted from bank recociliation

Answer 5

5

Question 6

are service charges added or subtracted from books

Answer 6

3

Question 7

are bank collections added or subtracted from books

Answer 7

f

Question 8

how are errors treated during bank reconciliations

Answer 8

f

Question 9

how are NSF checks treated for book reconciliations

Answer 9

f

Question 10

how is interest income treated for book reconciliations

Answer 10

f

Question 11

how are negative bank acct balances treated

Answer 11

fff

Question 12

can balanes in the same bank acct be netted?

Answer 12

f

Question 13

can balances in different bank accounts be netted

Answer 13

f

Question 14

How is AR valued

Answer 14

r

Question 15

Account analysis for an AR T account

Answer 15

r

Question 16

Gross method discounds

Answer 16

r

Question 17

net method discounts

Answer 17

r

Question 18

How to apply trade discounts

Answer 18

r

Question 19

how should accounts receivable be presented on the balance sheet?

Answer 19

r

Question 20

How to perform direct write off method

Answer 20

rrr

Question 21

IS the allowance method or the accural method allowable for GAAP?

Answer 21

g

Question 22

What are allowance methods for GAAP

Answer 22

df

Question 23

Explain the percentage of sales method

Answer 23

g

Question 24

Explain the percentage of AR at year end method

Answer 24

fa

Question 25

Explain the aging of receviables method at year end?

Answer 25

f

Question 26

When there is a provisional amount to uncollectibles expense what do you do?

Answer 26

f

Question 27

How are bad debt expenses charged?

Answer 27

f

Question 28

What JE is made when a receivable is determined to be uncollectable?

Answer 28

ff

Question 29

When would you use the direct write off method

Answer 29

f

Question 30

What is the JE to restore a previously written off account

Answer 30

g

Question 31

What is factoring of AR

Answer 31

3

Question 32

What is factoring with recourse

Answer 32

f

Question 33

What is factoring without recourse

Answer 33

f

Question 34

How do you value notes receivable

Answer 34

4

Question 35

What are discounted notes receviable

Answer 35

g

Question 36

What are notes receivable with recourse

Answer 36

g

Question 37

What are notes receivable without recourse

Answer 37

v3

Question 38

How do you figure out the dicount rate for notes receviables

Answer 38

4