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(solution) Match each of the following terms associated with the best


Match each of the following terms associated with the best description(s) of that term. Each term may be used more than once.

a. Direct Write-off Method

b. Aging of Receivables Method

c. Percent of Sales Method

d. Allowance Method

____ 1. When using this method, estimated bad debts are added to the existing allowance balance.

____ 2. Offers two methods to record bad debt expense by estimating uncollectible accounts.

____ 3. This method focuses on the income statement.

____ 4. This method is most often used by small companies with few receivables.

Match each of the following terms associated with the best description of that term.

a. Accounts Receivable Turnover f. Direct Write-off Method

b. Net Realizable Value g. Allowance for Doubtful Accounts

c. Accounts Receivable h. Bad Debt Expense

d. Aging Report i. Factoring

e. Receivables

____ 5. All money claims against other entities.

____ 6. Records bad debt expense only when a specific customer?s account is deemed worthless.

____ 7. A list of customer accounts sorted by age classes.

____ 8. A receivable created from selling merchandise or services on account.

____ 9. Measures how frequently during the year accounts receivables are being turned into cash.

____ 10. The difference between Accounts Receivable and Allowance for Doubtful Accounts.

Match the following sentences to the inventory cost flow method they describe.

a. FIFO

b. LIFO

c. Average Cost

____ 11. Prohibited under International Financial Reporting Standards (IFRS).

____ 12. Assigns the same value to all inventory units.

____ 13. Never results in either the highest or lowest possible net income.

____ 14. Produces results that are similar to the specific identification method.

____ 15. Produces the highest ending inventory when costs are increasing.

____ 16. Rarely used with a perpetual inventory system.

____ 17. Cost of the latest purchases are assigned to ending inventory.

____ 18. Widely used for tax purposes.

Assign the letter to indicate whether the following items would be added or subtracted from the company?s books or the bank statement during the construction of a bank reconciliation.

a. Added to the company?s books

b. Subtracted from the company?s books

c. Added to the bank statement balance

d. Subtracted from the bank statement balance

____ 19. Bank service charge

____ 20. EFT deposit from a customer

____ 21. Interest revenue earned by the note above

____ 22. Outstanding checks

Indicate the impact of the following situations on current year net income.

a. Net income for the current year will be overstated.

b. Net income for the current year will be understated.

c. Net income for the current year will not be affected.

____ 23. Merchandise was purchased FOB shipping point on the last day of the year. The cost of the merchandise purchased was not included in ending inventory.

____ 24. A consignor included merchandise in the hands of the consignee in ending inventory.

____ 25. Beginning inventory was understated due to an error in last year?s inventory count.

____ 26. Merchandise that was sold and shipped FOB destination on the last day of the year was not included in the seller?s ending inventory.

____ 27. Last year?s ending inventory was recorded as $10,000. The actual inventory on hand the end of last year was $12,000.

____ 28. Merchandise was purchased FOB destination on the last day of the year. The cost of the merchandise purchased was not included in ending inventory.

Match the following elements of internal control:

a. provides reasonable assurance that business goals will be achieved

b. used by management for guiding operations and ensuring compliance with requirements

c. overall attitude of management and employees

d. used to locate weaknesses and improve controls

e. identify, analyze and assess likeliness of vulnerabilities

____ 29. Monitoring

____ 30. Information and Communication

____ 31. Risk Assessment

____ 32. Control Procedures

Match each of the following terms associated with notes receivable with the best description of that term.

a. Face Amount e. Dishonored Note

b. Term f. Maker

c. Interest g. Notes Receivable

d. Maturity Value h. Interest Rate

____ 33. The dollar amount listed on the promissory note.

____ 34. A formal written instrument that represents amounts due from customers.

____ 35. The amount due when the note is paid off.

____ 36. A note that is not paid when it is due

Match the following cost flow assumption to their inventory costing method:

a. Average Cost

b. First-in, First-out (FIFO)

c. Last-in, Last-out (LIFO)

d. Specific Identification

____ 37. Cost flow is an average of the costs.

____ 38. Cost flow matches the unit sold to the unit purchased.

____ 39. Cost flow is in the order in which the costs were incurred.

____ 40. Cost flow is in the reverse order in which the cost were incurred.

 


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