1.The entry necessary to establish a petty cash fund should include:A)A debit to Cash and a credit to Petty Cash.B)A debit to Cash and a credit to Cash Over and Short.C)A debit to Petty Cash and a credit to cash.D)A debit to Petty Cash and a credit to Accounts Receivable.E)A debit to Cash and a credit to Petty Cash Over and Short.
2.When a petty cash fund is in use:A)Expenses paid with petty cash are recorded when the fund is replenished.B)Petty Cash is debited when funds are replenished.C)Petty Cash is credited when funds are replenished.D)Expenses are not recorded.E)Cash is debited when funds are replenished.
3.Outstanding checks refer to checks that have been:A)Written, recorded, sent to payees, and received and paid by the bank.B)Written and not yet recorded in the company books.C)Held as blank checks.D)Written, then recorded on the company books and sent to the customer, but have not yet been paid by the bank.E)Issued by the bank.
4.A company made a bank deposit on September 30 that did not appear on the bank statement dated as of September 30. In preparing the September 30 bank reconciliation, the company should:A)Deduct the deposit from the bank statement balance.B)Send the bank a debit memorandum.C)Deduct the deposit from the September 30 book balance and add it to the October 1 book balance.D)Add the deposit to the book balance of cash.E)Add the deposit to the bank statement balance.
1.The interest accrued on $6,500 at 6% for 60 days is:A)$36.B)$42.C)$65.D)$180.E)$420.
2.The amount of bad debt expense can be estimated by:A)The percent of sales method.B)The direct charge-off method.C)The aging of accounts receivable method.D)Only A & C.E)All of the above.
3.A method of estimating bad debts expense that involves a detailed examination of outstanding accounts and their length of time past due is the:A)Direct write-off method.B)Aging of accounts receivable method.C)Percentage of sales method.D)Aging of investments method.E)Percent of accounts receivable method.
4.A company used the percent of sales method to determine its bad debts expense. At the end of the current year, the company’s unadjusted trial balance reported the following selected amounts:Accounts receivable………………$355,000 debitAllowance for uncollectible accounts… 500 creditNet Sales………………………. 800,000 creditAll sales are made on credit. Based on past experience, the company estimates 0.6% of credit sales to be uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared?A)$1,275B)$1,775C)$4,500D)$4,800E)$5,500
1.Lomax Enterprises purchased a depreciable asset for $22,000 on March 1, 20007. The asset will be depreciated on the straight-line method over its four-year useful life. Assuming the asset’s value is $2,000, what will be the amount of accumulated depreciation on this asset on December 31, 2010?A)$5,000.00B)$4,166.67C)$16,666.68D)$20,000.00E)$19,166.67
2.The straight-line method depreciation method and the double-declining-balance depreciation method:A)Produce the same total depreciation over an asset’s useful life.B)Produce the same depreciation expense each year.C)Produce the same book value each year.D)Are acceptable for tax purposes only.E)Are the only acceptable methods of depreciation for financial reporting.
3.A method that allocates an equal portion of the total depreciable cost for a plant asset to each unit produced is called:A)Accelerated depreciation.B)Declining-Balance depreciation.C)Straight-line depreciation.D)Units-of-production depreciation.E)Modified accelerated cost recovery system (MACRS) depreciation.
4.A depreciation method that necessarily produces larger depreciation expense during the early years of an asset’s life and smaller expense in the later years is a (an):A)Double-declining balance method.B)Book value depreciation method.C)Straight-line depreciation method.D)Units-of-production depreciation method.E)Unrealized depreciation method.
1 The violation of a statute that proximately causes an injury is termed as ________.
2 A(n) ________ is an agreement in which the accused admits to a lesser crime than charged, and in return, the government agrees to impose a lesser sentence than might have been obtained had the case gone to trial.
3 ________ crimes require that the perpetrator either knew or should have known that his or her actions would lead to harmful results.
4 Which of the following accurately describes the fair use doctrine with reference to copyrighted material?
1 Which of the following actions would make Sarah liable for battery?
2 Which of the following is a key function of the U.S. Court of Appeals for the Federal Circuit with regards to patents?
3 A collection of criminal statutes is referred to as a(n) ________.
4 A(n) ________ is a document for a person’s detainment, based on a showing of probable cause that the person committed a crime.
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