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Q 1/26
Score 0
An uncollectible Account Receivable is:
30
an account that the corporation does not expect to receive payment for.
Q 2/26
Score 0
An Uncollectible Accounts Expense amount is determined by:
30
multiplying the total charge sales for the period by a percent determined by the business.
26 questions
Q.
An uncollectible Account Receivable is:
1
30 sec
Q.
An Uncollectible Accounts Expense amount is determined by:
2
30 sec
Q.
To incur an uncollectible Account Receivable means that:
3
30 sec
Q.
An account previously written off and paid at a later date is:
4
30 sec
Q.
By selling merchandise on account, customers are encouraged to:
5
30 sec
Q.
Business may be unable to collect some Accounts Receivable amounts. These are referred to as uncollectible accounts , or as:
6
30 sec
Q.
This uncollectible amount is taken out of the Accounts Receivable classification and entered into:
7
30 sec
Q.
an estimation of uncollectible Accounts Receivable will be determined and entered on the worksheet as a(n)
8
30 sec
Q.
Uncollectible Accounts Expense will be ___________ for the estimate of uncollectible Accounts Receivable.
9
30 sec
Q.
Allowance for Uncollectible Accounts will be ________for the same amount to ensure the equality of the debits and credits in the General Ledger.
10
30 sec
Q.
Allowance for Uncollectible Accounts is a :
11
30 sec
Q.
The credit balance in the Allowance for Uncollectible Accounts is deducted from the debit balance in the Accounts Receivable account to determine the ______________of Accounts Receivable for the corporation.
12
30 sec
Q.
Book value of Accounts Receivable when writing off a customer is Accounts Receivable (-) Balance of Allowance for Uncollectible Accounts =
13
30 sec
Q.
The most common percentage for calculating uncollectible Accounts Receivables is 1% of the total___.
14
30 sec
Q.
Another name for an uncollectible Accounts Receivable account is
15
30 sec
Q.
The book value of Accounts Receivable determined by subtracting the balance in Allowance for Uncollectible Accounts from the balance in:
16
30 sec
Q.
The written-off debt is re-entered into the accounting books by debiting Accounts Receivable and the customer's account and crediting:
17
30 sec
Q.
Which method of accounting for uncollectible accounts must be used for income tax purposes?
18
30 sec
Q.
The matching principle concept requires the matching of revenue with _____incurred in generating that revenue.
19
30 sec
Q.
What is a method of accounting for uncollectible accounts that matches the estimated uncollectible accounts expense with corresponding sales?
20
30 sec
Q.
What is the book value of accounts receivable?
21
30 sec
Q.
What are uncollectible accounts estimates based upon?
22
30 sec
Q.
The percentage for the percentage of net sales method is determined by the average of prior years' percentages of ________that are uncollectible.
23
30 sec
Q.
Net sales is calculated by deducting Sales from Sales Discounts and
24
30 sec
Q.
What is an aging of accounts receivable?
25
30 sec
Q.
Which method uses the calculated estimate as the ending balance of the Allowance for Uncollectible Accounts?