Thẻ ghi nhớ - ACCOUNTING 1 EXAM 3 - Quizlet

31/7/2021 Thẻ ghi nhớ: ACCOUNTING 1 EXAM 3 | Quizlet
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ACCOUNTING 1 EXAM 3
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Thuật ngữ trong học phần này (45)
Wiley Company purchased new A. $42,000

equipment for $42,000. Wiley paid B. $49,700
cash for the equipment. Other costs C. $47,400
associated with the equipment D. $45,000
were: transportation costs, $3,000;
sales tax paid $2,400; and $42,000 + $3,000 + $2,400 + $2,300 = $49,700
installation cost, $2,300. The cost
recorded for the equipment was:
ACCOUNTING 1 EXAM 3
https://quizlet.com/201004646/accounting-1-exam-3-flash-cards/ 1/8
Barton Health Services provided Option A

care to a patient worth $1,200.
Because the patient was over the
age of 65, Barton granted the
patient a 20% discount and the
customer paid the correct amount
in cash. How would Barton record
the service transaction?
A. Cash 960
Service Revenue 960
B. Cash 960
Trade Discount 240
Service Revenue 1,200
C. Cash 1,200
Service Revenue 1,200
D. Cash 1,200
Trade Discount 240
Service Revenue 960
A. Franchises.
B. Goodwill.
Which of the following intangible C. Patents.
assets is not amortized? D. Copyrights.
Goodwill
ACCOUNTING 1 EXAM 3
A. Expense in the income statement.
B. Contra asset to accounts receivable in the balance sheet.
The account "Allowance for

Uncollectible Accounts" is classified C. Contra revenue to credit sales in the income statement.
as a(n):
D. Liability account in the balance sheet.
Contra asset to accounts receivable in the balance sheet.
A. Only recorded by the seller of a business.
B. The value of a business as a whole, over and above the value of its net
identifiable assets.
Goodwill is: C. Amortized over the greater of its estimated life or forty years.
D. Recorded when created internally through advertising expense.
The value of a business as a whole, over and above the value of its net
identifiable assets.
ACCOUNTING 1 EXAM 3
A. Weighted-average.
B. LIFO.
In a period when inventory costs

C. Moving-average.
are falling, the lowest taxable

D. FIFO.
income is most likely reported by

using the inventory method of:

FIFO
A. Deferred pending determination of success.
B. Expensed if unsuccessful, capitalized if successful.
Research and development costs C. Expensed in the period they are determined to be unsuccessful.
should be:
D. Expensed in the period incurred.
Expensed in the period incurred.
ACCOUNTING 1 EXAM 3
A company has the following Net realizable value $56,300
balances on December 31, 2018,
after year-end adjustments: Net realizable value = $62,500 - $6,200 = $56,300.

Accounts Receivable = $62,500;
Allowance for Uncollectible
Accounts = $6,200.
Calculate the net realizable value of

accounts receivable.
In a period of rising costs, which A. Periodic.
inventory valuation method would a B. Weighted-average cost.
company likely choose if they want C. FIFO.
to have the highest possible D. LIFO.
balance of inventory on the balance
sheet? FIFO
When customers purchase products A. Bad debt.
on account, Spitz Manufacturing B. Sales allowances.
offers them a 2% reduction in the C. Sales return.
amount owed if they pay within 10 D. Sales discount.
days. This is an example of a:

Bad debt. Sales Discount
ACCOUNTING 1 EXAM 3
A. Accounts Payable.
B. Utilities Expense.
C. Delivery Expense.
Which of the following items would

D. Service Revenue.
not appear in an income statement?

Accounts Payable
On November 10 of the current Option D
year, Flores Mills provides services
to a customer for $8,000 with credit No sales discount is awarded because payment is not received within 10
terms 2/10, n/30. The customer days.
made the correct payment on
December 5. How would Flores
record the collection of cash on
December 5?
A. Cash 7,840
Accounts Receivable 7,840
B. Cash 7,840
Sales Discounts 160
C. Cash 7,840
Sales Revenue 160
D. Cash 8,000

ACCOUNTING 1 EXAM 3
A. Assets, dividends, and expenses.
B. Dividends, liabilities, and assets.
Which of the accounts are

C. Expenses, dividends, and stockholders' equity.
decreased on the debit side and

increased on the credit side?

D. Liabilities, stockholders' equity, and revenues.
Liabilities, stockholders' equity, and revenues.
A. Are reported on a net-of-tax basis if material.
B. Are the excess of the cash received over the book value.
Gains on the sale of long-term C. Are recorded as a debit.
assets for cash:
D. Are the excess of the book value over the cash received.
Are the excess of the cash received over the book value.
ACCOUNTING 1 EXAM 3
A. The merchandise will not be shipped until payment has been received.
B. The seller holds title until the merchandise is received at the buyer's
location.
C. The merchandise has not yet been shipped.
Merchandise sold FOB destination

indicates that:
D. The seller transfers title to the buyer once the merchandise is shipped.
The seller holds title until the merchandise is received at the buyer's
location.

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31/7/2021 Thẻ ghi nhớ: ACCOUNTING 1 EXAM 3 | Quizlet

Khoa học xã hội / Kinh tế học / Tài chính

Thuật ngữ trong học phần này (45)

Wiley Company purchased new A. $42,000

cash for the equipment. Other costs C. $47,400

associated with the equipment D. $45,000

were: transportation costs, $3,000;

Barton Health Services provided Option A

Service Revenue 960

Trade Discount 240

Service Revenue 1,200

Service Revenue 1,200

Trade Discount 240

Service Revenue 960

Which of the following intangible C. Patents.

assets is not amortized? D. Copyrights.

A. Expense in the income statement.

B. Contra asset to accounts receivable in the balance sheet.

The account "Allowance for

Contra asset to accounts receivable in the balance sheet.

A. Only recorded by the seller of a business.

D. Recorded when created internally through advertising expense.

In a period when inventory costs

are falling, the lowest taxable

income is most likely reported by

using the inventory method of:

A. Deferred pending determination of success.

B. Expensed if unsuccessful, capitalized if successful.

D. Expensed in the period incurred.

Expensed in the period incurred.

A company has the following Net realizable value $56,300

balances on December 31, 2018,

after year-end adjustments: Net realizable value = $62,500 - $6,200 = $56,300.

Calculate the net realizable value of

In a period of rising costs, which A. Periodic.

inventory valuation method would a B. Weighted-average cost.

company likely choose if they want C. FIFO.

to have the highest possible D. LIFO.

balance of inventory on the balance

When customers purchase products A. Bad debt.

on account, Spitz Manufacturing B. Sales allowances.

offers them a 2% reduction in the C. Sales return.

amount owed if they pay within 10 D. Sales discount.

days. This is an example of a:

Bad debt. Sales Discount

Which of the following items would

not appear in an income statement?

On November 10 of the current Option D

year, Flores Mills provides services

Accounts Receivable 7,840

Sales Discounts 160

Accounts Receivable 8,000

Sales Revenue 160

Accounts Receivable 8,000

Accounts Receivable 8,000

A. Assets, dividends, and expenses.

B. Dividends, liabilities, and assets.

Which of the accounts are

decreased on the debit side and

increased on the credit side?

Liabilities, stockholders' equity, and revenues.

A. Are reported on a net-of-tax basis if material.

Gains on the sale of long-term C. Are recorded as a debit.