ACC 291 Week 1 Quiz /ACC291 Week 1 Quiz Questions and Answers Latest Study Guide

ACC291 /ACC291 Week 1 Quiz Practice Question 01 What type of receivable is evidenced by a formal instrument and normally requires the payment of interest? An account receivable A note receivable A trade receivable Past-due accounts receivables Practice Question 03 Corristan Company purchased equipment and incurred these costs: Cash price $24,000 Sales taxes 1,200 Insurance during transit 200 Annual maintenance costs ____400 Total costs $25,800 What amount should be recorded as the cost of the equipment? $24,000 $25,200 $25,400 $25,800 Practice Question 05 When is a receivable recorded by a service organization? When the bill is sent to the customer When the customer pays When the related expenses are incurred When service is provided on account Practice Question 10 At what value are accounts receivable reported on the balance sheet? Present value Fair market value Maturity value Cash (net) realizable value