1.

Pertanyaan #1
Company X has $5,000 in restricted cash on the Balance Sheet. It is being held in order to pay off a
long-term note. How would Company X classify restricted cash on the Balance Sheet?

1 / 1 poin

Current liability

Noncurrent asset

Current asset

Noncurrent liability

Benar

2.
Pertanyaan #2
Which account would the seller use to recognize discounts not taken by the customer under the net
method?

0 / 1 poin

Interest revenue

Deferred revenue xxxxx

Sales revenue xxxxxxxx

Discount revenue xxxxxx

Salah
More information about the concept tested in this question can be found in the Lesson 1-1 video.

3.
Pertanyaan #3
Use the following information to answer questions 3-4.
Company X uses the Balance Sheet approach for estimating bad debt. At the beginning of the year,
allowance for uncollectible accounts had a credit balance of $2,000, and there were no write-offs
during the year. Company X had the following age groups of accounts receivable:

Age Group Amount Estimated Percent of Uncollectible

0-60 $300,000 3%
61-90 $40,000 10%
91-120 $10,000 25%
Over 120 $5,000 50%
What is the balance at the end of the year in the allowance for uncollectible accounts?

1 / 1 poin

$9,000

$16,000

$18,000

$20,000

Benar

4.
Pertanyaan #4
What is the bad debt expense recognized for the year by Company X?

0 / 1 poin

$9,000

$16,000

$18,000

$20,000

Salah
More information about the concept tested in this question can be found in the Lesson 1-2 video.

5.
Pertanyaan #5
Company X sold goods to Company Y and received a $500,000, 9-month, non-interest bearing note
in payment, which has a discount rate of 8%. What amount would Company X recognize as the
discount on the note when it records this transaction?

1 / 1 poin

$0

$10,000

$30,000

$40,000

Benar

6.
Pertanyaan #6
Use the following information regarding Company X to answer questions 6-7.

2015
Accounts Receivable $350
Net Sales (only 2016)
What is Company X’s receivables turnover ratio for 2016?

0 / 1 poin

3.11 times

3.5 times

4.0 times xxxxxx

4.22 times xxxxxx

Salah
More information about the concept tested in this question can be found in the Lesson 1-3 video.

7.
Pertanyaan #7
What is Company X’s average collection period and how does it compare to the industry average of
100 days?

1 / 1 poin

104.28 days; slower

104.28 days; quicker

117.36 days; quicker

117.36 days; slower

Benar

8.
Pertanyaan #8
Use the following information to answer questions 8-9. Company X performed a bank reconciliation
on December 31 using the following information:

December 31 book balance: $6,780

Service charge: $30

Deposits outstanding: $1,450

Outstanding checks: $750

Nonsufficient funds (NSF) check: $500

What is Company X’s corrected cash balance on December 31?

0 / 1 poin

$5,500

$6,250
$7,480

$8,230

Salah
More information about the concept tested in this question can be found in the Lesson 1-4 video.

9.
Pertanyaan #9
What was the bank balance on December 31 before adjustments?

0 / 1 poin

$5,550

$6,780 xxxxx

$6,950 xxxxxx

$8,180 xxxxxx

Salah
More information about the concept tested in this question can be found in the Lesson 1-4 video.

10.
Pertanyaan #10
Company X incorrectly recorded a cash disbursement on accounts payable for $540 when the
correct amount was $450. Which of the following would be the proper journal entry to correct this
error?

0 / 1 poin
xxxx

Debit Credit
Cash: $90 Accounts Payable: $90

xxxxx

Debit Credit
Accounts Payable: $90 Cash: $90
Debit Credit
Cash: $90 Accounts Receivable: $90

xxxxxxxxx

Debit Credit
Accounts Receivable: $90 Cash: $90