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FINANCIAL ACOOUNTING ACC291 EXAM Multiple Choice questions correct answers provided FINANCIAL ACOOUNTING ACC291 EXAM Multiple Choice questions 1) Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense? A. Bad Debts Expense 15000 Allowances for Doubtful Acc...

which of the following things are scarce? - answer-everything that cost money the nominal interest rate is 7%. The inflation rate if 3% - answer-the real rate of interest is 4% the amount of a given input purchase by a firm depends on the: - answer-*price of finished good *prices of all other related goods *price of the input *state of technology The legislative act that established the Land Grand University System - answer-Merrill Act "Superstorm Sandy" disrupted transportation...

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Cash Money that is FREE and CLEAR and available to be spend in current operations. Not Cash: Security deposits & bond sinking funds Three-Month Rule Highly liquid securities with ORIGINAL maturity dates of three months or less are treated as cash. Bad Debts - Direct Write-Off Method - No entry for bad debts until customer actually defaults. - At default, the cutomer's account is written off. - Theoretically weak, matching issue - Only allowed if bad debt expense is i...

Cash - ANSWER Money that is FREE and CLEAR and available to be spend in current operations. Not Cash: - ANSWER Security deposits & bond sinking funds Three-Month Rule - ANSWER Highly liquid securities with ORIGINAL maturity dates of three months or less are treated as cash. Bad Debts - Direct Write-Off Method - ANSWER - No entry for bad debts until customer actually defaults. - At default, the cutomer's account is written off. - Theoretically weak, matching issue - Only allowed if b...

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ACC 291 Wk-5 Final Exam 1) Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense? A. Bad Debts Expense 15000 Allowances for Doubtful Accounts 15000 B. Bad Debts Expense 12000 Allowances for Doubtful Accounts 12000 C. Bad Debts Expense $12,000 Accounts Receivab...

Key Initiatives in Corporate Social Responsibility. Corporate Social Responsibility Initiatives From Around the World: An Introduction Samuel O. Idowu Abstract By and large, it is safe to assert that we have now passed the stage where modern scholars or anyone else are still debating or contending whether or not corporate social responsibility is a desirable field. The field has now been fully accepted globally and is now talked about seriously in all countries around the world in terms o...

1) Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense? A. Bad Debts Expense ................ ................ $15,000 Allowances for Doubtful Accounts ................ ................ $15,000 B. Bad Debts Expense ................ ................ $12,000 ...