Name: Score:
58 Multiple choice questions
Term 1 of 58
Preferred stock is less
safe
brisk
risky
fixed
Term 2 of 58
Why would a company offer sales discounts?
To encourage customers to pay quickly
The net sales
Promise ni writing to pay a specified amount
Be paid to the irs
Definition 3 of 58
the very first sale of a company's stock to the public
Initial public offering (IPO) involves
How to determine the gain or loss on sale
Allowance method is based on
A non-trade receivable arises from
,Term 4 of 58
Preferred stock typically has a ___ Dividend rate
variable
deferred
contingent
fixed
Term 5 of 58
An account receivable is created by
a credit sale on an open account
a sale that involves a barter exchange
a cash sale made at the point of transaction
a sale that is fully paid upfront
Term 6 of 58
Units-of-production formula
Percentage of credit sales method
aging of accounts receivable
(Cost-residual value)X(1/Useful life)
the historical percentage of credit sales that result in bad debt
(cost-residual value)X(Actual production/estimated total production)
, Term 7 of 58
Examples of tangible assets are
long-lived assets without physical substance
land, PPE, Natural resources
patents, copyrights, franchises, licenses, and trademarks
trademarks
goodwill
Definition 8 of 58
expenses that have been incurred before the end of an account period but have not been paid
Accrued Liabilities are
Impairment occurs when
The record data is the
Deferred tax liability is the
Term 9 of 58
Intangible assets are
long-lived assets without physical substance
be paid to the irs
patents, copyrights, franchises, licenses, and trademarks
interest rate of the fed's
Term 10 of 58
Does bad debt affect the income statement?
Yes
No
58 Multiple choice questions
Term 1 of 58
Preferred stock is less
safe
brisk
risky
fixed
Term 2 of 58
Why would a company offer sales discounts?
To encourage customers to pay quickly
The net sales
Promise ni writing to pay a specified amount
Be paid to the irs
Definition 3 of 58
the very first sale of a company's stock to the public
Initial public offering (IPO) involves
How to determine the gain or loss on sale
Allowance method is based on
A non-trade receivable arises from
,Term 4 of 58
Preferred stock typically has a ___ Dividend rate
variable
deferred
contingent
fixed
Term 5 of 58
An account receivable is created by
a credit sale on an open account
a sale that involves a barter exchange
a cash sale made at the point of transaction
a sale that is fully paid upfront
Term 6 of 58
Units-of-production formula
Percentage of credit sales method
aging of accounts receivable
(Cost-residual value)X(1/Useful life)
the historical percentage of credit sales that result in bad debt
(cost-residual value)X(Actual production/estimated total production)
, Term 7 of 58
Examples of tangible assets are
long-lived assets without physical substance
land, PPE, Natural resources
patents, copyrights, franchises, licenses, and trademarks
trademarks
goodwill
Definition 8 of 58
expenses that have been incurred before the end of an account period but have not been paid
Accrued Liabilities are
Impairment occurs when
The record data is the
Deferred tax liability is the
Term 9 of 58
Intangible assets are
long-lived assets without physical substance
be paid to the irs
patents, copyrights, franchises, licenses, and trademarks
interest rate of the fed's
Term 10 of 58
Does bad debt affect the income statement?
Yes
No
