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Questions Answered Incorrectly
2. Renaud, Inc. has credit sales of $85,000 for the period. The balance in Allowance for Doubtful Accounts is a debit of $817. If Renaud uses the aging method to estimate uncollectible accounts and an aging of accounts receivable reflected an estimated amount of uncollectible accounts of $6,342, what is the credit to Allowance for Doubtful Accounts?
A. $6,342
B. $5,525
C. $7,159
D. $4,250
Student Answer: B
Answer: Incorrect
3. The following is selected data for Allied Industries:
Allied Industries 2014 2013
Sales $1,642,000 $1,743,000
Net Income $173,000 $191,000
Total Current Assets $177,000 $163,000
Property, Plant, and Equipment $724,000 $644,000
What is the return on assets (rounded to the nearest tenth of a percent) for 2014?
A. 23.9
B. 20.3
C. 19.2
D. 25.3
Student Answer: C
Answer: Incorrect
4. A $10,000 bond issued with a stated interest rate of 7%, when the market rate of interest is 8%, means that the bond will be sold for
A. more than $10,000.
B. the maturity value.
C. $10,000.
D. less than $10,000.
Student Answer: A
Answer: Incorrect
7. The disclosure of a contingent liability only in the footnotes designates that an actual obligation is
A. remote.
B. probable.
C. certain.
D. possible.
Student Answer: B
Answer: Incorrect
10. Budget Auto signed a $45,000, 8%, 30-year installment note on November 1, 2014. The note requires semiannual payments of $750 plus interest on May 1 and November 1 of each year. How will Budget Auto classify this loan on its December 31, 2014 Balance Sheet?
A. Current portion of long-term debt, $750; long-term debt, $44,250
B. Current portion of long-term debt, $45,000; long-term debt, $0
C. Current portion of long-term debt, $1,500; long-term debt, $43,500
D. Current portion of long-term debt, $0; long-term debt, $45,000
Student Answer: D
Answer: Incorrect
12. Which accounting principle dictates whether the cost of a repair should be expensed?
A. Entity
B. Matching
C. Conservatism
D. Objectivity
Student Answer: A
Answer: Incorrect
13. Under the allowance method, recording the receipt of cash after an account has been written off first requires that you
A. debit Allowance for Doubtful Accounts.
B. reinstate the customer’s account.
C. audit the customer’s account.
D. debit Bad Debt Expense.
Student Answer: A
Answer: Incorrect
15. A $450 collection on a note from a customer is reflected on Columbia Electric’s bank statement. When doing the bank reconciliation, Columbia should
A. add $450 to the bank balance.
B. subtract $450 from the bank balance.
C. add $450 to their book balance.
D. subtract $450 from their book balance.
Student Answer: B
Answer: Incorrect
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