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31-40 Accounting Test 31. The amount of the outstanding

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31-40 Accounting Test

31. The amount of the outstanding checks is included on the bank reconciliation as a(n)
a. deduction from the balance per bank statement
b. addition to the balance per bank statement
c. addition to the balance per company's records
d. deduction from the balance per company's records

32 Which of the following would be deducted from the balance per books on a bank reconciliation?
a. Notes collected by the bank
b. Service charges
c. Deposits in transit
d. Outstanding checks

33 A $135 petty cash fund has cash of $44 and receipts of $93. The journal entry to replenish the account would include a
a. debit to Cash for $93.
b. credit to Cash Over and Short for $2.
c. credit to Cash for $49.
d. credit to Petty Cash for $93.

34 During 2009, Tempo Inc has monthly cash expenses of $120,000. On December 31, 2009, their cash balance is $1,860,000. The ratio of cash to monthly cash expenses is
a. 77.4
b. 12.0
c. 6.5
d. 15.5

35 Which one of the following would not cause a bank to debit a company's account?
a. Collection of a note receivable
b. Bank service charge
c. Checks marked NSF
d. Wiring of funds to other locations

36 A note receivable due in 18 months is listed on the balance sheet under the caption
a. fixed assets
b. long-term liabilities
c. investments
d. current assets

37 Notes or accounts receivables that result from sales transactions are often called
a. sales receivables.
b. merchandise receivables.
c. trade receivables.
d. non-trade receivables

38 Two methods of accounting for uncollectible accounts are the
a. allowance method and the net realizable method.
b. allowance method and the accrual method.
c. direct write-off method and the accrual method.
d. direct write-off method and the allowance method.

39 Under the allowance method, writing off an uncollectible account
a. affects only income statement accounts.
b. affects only balance sheet accounts.
c. is not acceptable practice.
d. affects both balance sheet and income statement accounts.

40 After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $460,000 and Allowance for Doubtful Accounts has a balance of $30,000. What is the net realizable value of the accounts receivable?
a. $490,000
b. $30,000
c. $430,000
d. $460,000

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