Which of the following would not be included in the cash balance in a balance sheet prepared on January 1, 2008? 1.Coin and currency balances 2.Balances.

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Presentation transcript:

Which of the following would not be included in the cash balance in a balance sheet prepared on January 1, 2008? 1.Coin and currency balances 2.Balances in checking accounts 3.Balances in petty cash accounts 4.A GIC maturing on May 1, 2008

In preparing bank reconciliation, which of the following item should be adjusted in the bank statement? 1.Non-sufficient fund (NSF) cheque. 2.Bank service charges. 3.Deposit in transit. 4.Interest earned.

Under the direct write-off method, writing off an account as uncollectible will: 1.increase both the current ratio and net income. 2.decrease both the current ratio and net income. 3.increase the current ratio and decreases net income. 4.decrease the current ratio and increases net income.

If a company's collection period for accounts receivable is unacceptably long, which of the following statements is false? 1.The company may need to borrow to meet its accounts payable. 2.The company may offer cash discounts to increase the collection period. 3.The company may discount its notes receivable to increase cash flow. 4.Cash flows from operating activities may be lower than expected for the firm's sales.

Which of the following is not a type of internal control procedure? 1.Segregation of duties 2.Independent verification 3.Proper authorizations 4.Review by external auditor

The Management Report on Internal Control includes all of the following except: 1.management states its responsibility for the internal control system. 2.management's assessment of the effectiveness of the internal control system. 3.auditors have issued a report on management's assessment. 4.the financial statements contain certain amounts based on management's judgments.

A company purchases 25% of the share of the supplier of a key component in its manufacturing process. Which of the following is the most likely reason for the acquisition? 1.To obtain a return on idle cash 2.To control the activities of the supplier 3.To influence significantly the activities of the supplier 4.None of the above

On November 1, 2008, Jenn Corporation invested $20,000 of excess cash in a 90-day Guaranteed Income Certificate. The GIC matures on January 31, 2009, and has an annual interest rate of 12%. The revenue recognized by Jenn in the year ended December 31, 2008, and the year ended December 31, 2009, respectively, was: 1.0, $ $200, $ $400, $ $600, 0.

Soho Restaurant accepts Diners Club credit cards. During the week ended July 5, 2008, the total Diners Club credit card sales were $25,000. Diners Club pays the amount due to Soho on July 8 after deducting a 4% collection fee. Which of the following represents the impact on the accounting equation from the receipt of cash from Diners Club on July 8?

Which of the following statements is true? 1.The direct write-off method can result in an understatement of the accounts receivable balance on the balance sheet. 2.The main difference between the direct write-off method and the allowance method is the timing of the recognition of bad debts expense. 3.Under the allowance method, when bad debts are written off, the allowance account is debited and bad debts expense is credited. 4.The main difference between the percentage of net credit sales method and the percentage of accounts receivable method is the percentage used in calculating the allowance for doubtful accounts.