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Science
Economics
Accounting test #3 example #48224
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Accounting test #3 example #48224
Philip Rogers
9 December 2022
4.4
(151 reviews)
7 test answers
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question
With good internal controls, the person who handles cash can also
answer
No one can handle the cash.
question
When recording credit card or debit card sales using the net method,
answer
Cash received equals sales minus the fee assessed by the card processing company.
question
Is a limitation of the direct write-off method of accounting for uncollectible,
answer
Overstates assets on the balance sheet, doesn't match expense against revenue very well.
question
The entry to record a write-off of an uncollectible account when using the direct-write off method involves a,
answer
Debit to Bad Debts Expense
question
Depreciation
answer
Process of allocating the cost of a fixed asset over the assets useful life.
question
Accumulated depreciation
answer
The total amount of depreciation expense recorded over the life of an asset, is reported on the balance sheet as a contra-asset.
question
Straight line
answer
Allocates on equal amount of an asset cost.
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