ACC281 Week 5 - Post-assessment
Question 1
pts
A company’s ending accounts receivable balance and the period’s advertising expense
would be found on which financial statements, respectively?
Correct!
balance sheet and income statement
Question 2
pts
How does financial accounting differ from managerial accounting?
!
managerial accounting deals with internal reporting and financial deals with external
reporting
Question 3
pts
What calculation would you use to determine the net income?
!
Revenues minus expenses equal net income.
Question 4
pts
Your healthcare organization recently purchased some office equipment on account.
The proper entry would involve a
Correct!
debit to Office Equipment and credit to Accounts Payable.
This study source was downloaded by 100000839404548 from CourseHero.com on 02-02-2022 17:11:36 GMT -06:00
https://www.coursehero.com/file/83862125/ACC281-WEEK-5-FINALdocx/
, Question 5
pts
The income statement and balance sheet approaches are used to estimate uncollectible
accounts. Which of the following comments applies to both of these approaches?
Correct!
The aging process is often used to obtain proper valuation amounts.
Question 6
pts
Kaplan’s Medical Clinic uses the allowance method of accounting for bad debts. The
company recently wrote off the $135 balance of Karen Sorrell as uncollectible. As a
result of the write-off, Kaplan’s Medical Clinic will experience
Correct!
a $135 decline in the net realizable value of Accounts Receivable.
Question 7
pts
The inventory cost flow assumption in which the oldest costs incurred become part of
cost of goods sold when units are sold is
!
FIFO.
Question 8
pts
Depreciation is
Correct!
a system of cost allocation, not valuation.
This study source was downloaded by 100000839404548 from CourseHero.com on 02-02-2022 17:11:36 GMT -06:00
https://www.coursehero.com/file/83862125/ACC281-WEEK-5-FINALdocx/
Question 1
pts
A company’s ending accounts receivable balance and the period’s advertising expense
would be found on which financial statements, respectively?
Correct!
balance sheet and income statement
Question 2
pts
How does financial accounting differ from managerial accounting?
!
managerial accounting deals with internal reporting and financial deals with external
reporting
Question 3
pts
What calculation would you use to determine the net income?
!
Revenues minus expenses equal net income.
Question 4
pts
Your healthcare organization recently purchased some office equipment on account.
The proper entry would involve a
Correct!
debit to Office Equipment and credit to Accounts Payable.
This study source was downloaded by 100000839404548 from CourseHero.com on 02-02-2022 17:11:36 GMT -06:00
https://www.coursehero.com/file/83862125/ACC281-WEEK-5-FINALdocx/
, Question 5
pts
The income statement and balance sheet approaches are used to estimate uncollectible
accounts. Which of the following comments applies to both of these approaches?
Correct!
The aging process is often used to obtain proper valuation amounts.
Question 6
pts
Kaplan’s Medical Clinic uses the allowance method of accounting for bad debts. The
company recently wrote off the $135 balance of Karen Sorrell as uncollectible. As a
result of the write-off, Kaplan’s Medical Clinic will experience
Correct!
a $135 decline in the net realizable value of Accounts Receivable.
Question 7
pts
The inventory cost flow assumption in which the oldest costs incurred become part of
cost of goods sold when units are sold is
!
FIFO.
Question 8
pts
Depreciation is
Correct!
a system of cost allocation, not valuation.
This study source was downloaded by 100000839404548 from CourseHero.com on 02-02-2022 17:11:36 GMT -06:00
https://www.coursehero.com/file/83862125/ACC281-WEEK-5-FINALdocx/
