Acc 422 Intermediate Financial Accounting Ii Final Exam 60 Mcq'

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1) Which of the following is NOT considered cash for financial reporting purposes?
A. Coin, currency, and available funds
B. Money orders, certified checks, and personal checks
C. Petty cash funds and change funds
D. Postdated checks and I.O.U.'s
2) What is the preferable presentation of accounts receivable from officers, employees, or affiliated companies on a balance sheet?
A. As assets but separately from other receivables.
B. As offsets to capital.
C. As trade notes and accounts receivable if they otherwise qualify as current assets.
D. By means of footnotes only.
3) Which of the following is considered cash?
A. Money market savings certificates
B. Certificates of deposit (CDs)
C. Postdated checks
D. Money market checking accounts
4) If a company employs the gross method of recording accounts receivable from customers, then sales discounts taken should be reported as
A. an item of "other expense" in the income statement
B. a deduction from accounts receivable in determining the net realizable value of accounts receivable
C. a deduction from sales in the income statement
D. sales discounts forfeited in the cost of goods sold section of the income statement

5) Assuming that the ideal measure of short-term receivables in the balance sheet is the discounted value of the cash to be received in the future, failure to follow this practice usually does NOT make the balance sheet misleading because
A. the allowance for uncollectible accounts includes a discount element
B. the amount of the discount is NOT material
C. most short-term receivables are NOT interest-bearing
D. most receivables can be sold to a bank or factor

6) Which of the following methods of determining a

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1) Which of the following is NOT considered cash for financial reporting purposes?
A. Coin, currency, and available funds
B. Money orders, certified checks, and personal checks
C. Petty cash funds and change funds
D. Postdated checks and I.O.U.'s
2) What is the preferable presentation of accounts receivable from officers, employees, or affiliated companies on a balance sheet?
A. As assets but separately from other receivables.
B. As offsets to capital.
C. As trade notes and accounts receivable if they otherwise qualify as current assets.
D. By means of footnotes only.
3) Which of the following is considered cash?
A. Money market savings certificates
B. Certificates of deposit (CDs)
C. Postdated checks
D. Money market checking accounts
4) If a company employs the gross method of recording accounts receivable from customers, then sales discounts taken should be reported as
A. an item of "other expense" in the income statement
B. a deduction from accounts receivable in determining the net realizable value of accounts receivable
C. a deduction from sales in the income statement
D. sales discounts forfeited in the cost of goods sold section of the income statement

5) Assuming that the ideal measure of short-term receivables in the balance sheet is the discounted value of the cash to be received in the future, failure to follow this practice usually does NOT make the balance sheet misleading because
A. the allowance for uncollectible accounts includes a discount element
B. the amount of the discount is NOT material
C. most short-term receivables are NOT interest-bearing
D. most receivables can be sold to a bank or factor

6) Which of the following methods of determining a

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http://www.justassignment.com/ACC-422-Intermediate-Financial-Accounting-II-Final-Exam-60-MCQ-121.htm
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1) Which of the following is NOT considered cash for financial reporting purposes?
A. Coin, currency, and available funds
B. Money orders, certified checks, and personal checks
C. Petty cash funds and change funds
D. Postdated checks and I.O.U.'s
2) What is the preferable presentation of accounts receivable from officers, employees, or affiliated companies on a balance sheet?
A. As assets but separately from other receivables.
B. As offsets to capital.
C. As trade notes and accounts receivable if they otherwise qualify as current assets.
D. By means of footnotes only.
3) Which of the following is considered cash?
A. Money market savings certificates
B. Certificates of deposit (CDs)
C. Postdated checks
D. Money market checking accounts
4) If a company employs the gross method of recording accounts receivable from customers, then sales discounts taken should be reported as
A. an item of "other expense" in the income statement
B. a deduction from accounts receivable in determining the net realizable value of accounts receivable
C. a deduction from sales in the income statement
D. sales discounts forfeited in the cost of goods sold section of the income statement

5) Assuming that the ideal measure of short-term receivables in the balance sheet is the discounted value of the cash to be received in the future, failure to follow this practice usually does NOT make the balance sheet misleading because
A. the allowance for uncollectible accounts includes a discount element
B. the amount of the discount is NOT material
C. most short-term receivables are NOT interest-bearing
D. most receivables can be sold to a bank or factor

6) Which of the following methods of determining a

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http://www.justassignment.com/ACC-422-Intermediate-Financial-Accounting-II-Final-Exam-60-MCQ-121.htm
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E-Mail us at [e-mail])

1) Which of the following is NOT considered cash for financial reporting purposes?
A. Coin, currency, and available funds
B. Money orders, certified checks, and personal checks
C. Petty cash funds and change funds
D. Postdated checks and I.O.U.'s
2) What is the preferable presentation of accounts receivable from officers, employees, or affiliated companies on a balance sheet?
A. As assets but separately from other receivables.
B. As offsets to capital.
C. As trade notes and accounts receivable if they otherwise qualify as current assets.
D. By means of footnotes only.
3) Which of the following is considered cash?
A. Money market savings certificates
B. Certificates of deposit (CDs)
C. Postdated checks
D. Money market checking accounts
4) If a company employs the gross method of recording accounts receivable from customers, then sales discounts taken should be reported as
A. an item of "other expense" in the income statement
B. a deduction from accounts receivable in determining the net realizable value of accounts receivable
C. a deduction from sales in the income statement
D. sales discounts forfeited in the cost of goods sold section of the income statement

5) Assuming that the ideal measure of short-term receivables in the balance sheet is the discounted value of the cash to be received in the future, failure to follow this practice usually does NOT make the balance sheet misleading because
A. the allowance for uncollectible accounts includes a discount element
B. the amount of the discount is NOT material
C. most short-term receivables are NOT interest-bearing
D. most receivables can be sold to a bank or factor

6) Which of the following methods of determining a

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http://www.justassignment.com/ACC-422-Intermediate-Financial-Accounting-II-Final-Exam-60-MCQ-121.htm
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E-Mail us at [e-mail])

1) Which of the following is NOT considered cash for financial reporting purposes?
A. Coin, currency, and available funds
B. Money orders, certified checks, and personal checks
C. Petty cash funds and change funds
D. Postdated checks and I.O.U.'s
2) What is the preferable presentation of accounts receivable from officers, employees, or affiliated companies on a balance sheet?
A. As assets but separately from other receivables.
B. As offsets to capital.
C. As trade notes and accounts receivable if they otherwise qualify as current assets.
D. By means of footnotes only.
3) Which of the following is considered cash?
A. Money market savings certificates
B. Certificates of deposit (CDs)
C. Postdated checks
D. Money market checking accounts
4) If a company employs the gross method of recording accounts receivable from customers, then sales discounts taken should be reported as
A. an item of "other expense" in the income statement
B. a deduction from accounts receivable in determining the net realizable value of accounts receivable
C. a deduction from sales in the income statement
D. sales discounts forfeited in the cost of goods sold section of the income statement

5) Assuming that the ideal measure of short-term receivables in the balance sheet is the discounted value of the cash to be received in the future, failure to follow this practice usually does NOT make the balance sheet misleading because
A. the allowance for uncollectible accounts includes a discount element
B. the amount of the discount is NOT material
C. most short-term receivables are NOT interest-bearing
D. most receivables can be sold to a bank or factor

6) Which of the following methods of determining a

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Or Copy & paste below link in your Brower

http://www.justassignment.com/ACC-422-Intermediate-Financial-Accounting-II-Final-Exam-60-MCQ-121.htm
Or
Visit : www.JustAssignment.com
E-Mail us at [e-mail])

1) Which of the following is NOT considered cash for financial reporting purposes?
A. Coin, currency, and available funds
B. Money orders, certified checks, and personal checks
C. Petty cash funds and change funds
D. Postdated checks and I.O.U.'s
2) What is the preferable presentation of accounts receivable from officers, employees, or affiliated companies on a balance sheet?
A. As assets but separately from other receivables.
B. As offsets to capital.
C. As trade notes and accounts receivable if they otherwise qualify as current assets.
D. By means of footnotes only.
3) Which of the following is considered cash?
A. Money market savings certificates
B. Certificates of deposit (CDs)
C. Postdated checks
D. Money market checking accounts
4) If a company employs the gross method of recording accounts receivable from customers, then sales discounts taken should be reported as
A. an item of "other expense" in the income statement
B. a deduction from accounts receivable in determining the net realizable value of accounts receivable
C. a deduction from sales in the income statement
D. sales discounts forfeited in the cost of goods sold section of the income statement

5) Assuming that the ideal measure of short-term receivables in the balance sheet is the discounted value of the cash to be received in the future, failure to follow this practice usually does NOT make the balance sheet misleading because
A. the allowance for uncollectible accounts includes a discount element
B. the amount of the discount is NOT material
C. most short-term receivables are NOT interest-bearing
D. most receivables can be sold to a bank or factor

6) Which of the following methods of determining a