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Dashboard / My papers / ACCTN102-22B (HAM) / Week 12 - starting 3 October: Accounting for Non-Current Assets

/ Chapter 8 Online Test

Started on Tuesday, 26 July 2022, 9:11 PM

State Finished
Completed on Tuesday, 26 July 2022, 10:23 PM
Time taken 1 hour 12 mins
Marks 6.00/10.00
Grade 60.00 out of 100.00

Question 1

Incorrect

Mark 0.00 out of 1.00

XYZ Limited had purchases on credit of $1000, terms 2/10, n/30. If XYZ Ltd wants to receive the discount stated in the terms,
XYZ would have to pay the purchase price in full within ____ of the purchase.

Select one:
a. 30 days 

b. 20 days

c.
10 days

d. 15 days

Your answer is incorrect.

Question 2

Incorrect

Mark 0.00 out of 1.00

A 180 days Bill Payable is an example of a:

Select one:
a.
Not enough information given

b.
Contingent Liability

c.
Current Liability

d. 
Long-term Liability

Your answer is incorrect.

Question 3

Correct

Mark 1.00 out of 1.00

The total cash to be received from a $6,500, 60-day bill receivable (assuming 360 days for the business period) at 10% is
[answer to the nearest dollar]:

Select one:
a.
$6,701

b.
$6,430

c.
$6,903

d. $6,608

Your answer is correct.

Question 4

Incorrect

Mark 0.00 out of 1.00

To the payer (maker) of a Bill Receivable, interest is a/an

Select one:
a. Revenue

b. 
Asset

c.
Liability

d.
Expense

Your answer is incorrect.

Question 5

Correct

Mark 1.00 out of 1.00

When an account receivable is determined to be bad and is written off as uncollectible, the GST portion of the debt

Select one:
a. can be claimed back from the IRD

b.
can be claimed back from the debtor

c.
must be returned to the debtor

d.
must be paid to the IRD

Your answer is correct.

Question 6

Correct

Mark 1.00 out of 1.00

Marine Ltd has net credit sales of $450,000 for the accounting period. Based on past experience, they have estimated their
bad debt expense to be 0.5%. Using the Percentage of Credit Sales Method, what is their Doubtful Debts Expense for the
year?

Select one:
a. 
$2 250

b.
$3 000

c. $22 500

d.
$2 000

Your answer is correct.

Question 7

Correct

Mark 1.00 out of 1.00

A ___________ is the result of a transaction or event that creates a future sacrifice of economic benefits.

Select one:
a. 
Liability

b.
Equity

c.
Revenue

d.
Asset

Your answer is correct.

Question 8

Correct

Mark 1.00 out of 1.00

The journal entry for estimating an increase in uncollectible debts (assuming no GST implications) using the Provision Method
is:

Select one:
a.
Dr Provision for Doubtful debts and Cr Bank

b.
Dr Provision for Doubtful debts and Cr Bad Debts

c. Dr Doubtful debts and Cr Accounts Receivable

d. 
Dr Doubtful debts and Cr Provision for Doubtful debts

Your answer is correct.

Question 9

Correct

Mark 1.00 out of 1.00

Credit losses are considered to be _______ expenses of the business.

Select one:
a.
Administrative

b.
General

c. 
Operating

d.
Office

Your answer is correct.

Question 10

Incorrect

Mark 0.00 out of 1.00

To the payee of a Bill Receivable, the interest is a/an:

Select one:
a. Expense

b. Liability

c.
Revenue

d. 
Asset

Your answer is incorrect.

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