1. A company's sales for the year were $549,650 and a credit to Allowance for Bad Debt for $16,489.50 was made. Based on this entry, what percentage of sales is considered uncollectible? a)4% b)5% c)5% d)3%

2. Which group of assets contains ONLY personal property? a)Land, supplies and vehicle b)Vehicle, supplies and factory equipment c)Landscaping, supplies and factory equipment d)Vehicle, landscaping and office equipment

3.Which internal control is Nathan implementing when he holds a company meeting to review the employee handbook with his employees? a)Monitoring processes b)Risk assessment c)Control environment d)Control activities

4. Which of the following about inventory turnover is true? a)It measures the inventory that is sold and replaced. b)It measures the number of times that the inventory is replaced. c)It measures the inventory that is bought and replaced. d)It measures the number of times that the inventory is sold and replaced.

5. As Ned reviewed the credit accounts, he noticed that a customer who recently filed bankruptcy had an accounts receivable balance of $4,890. Ned instructed the accountant to make a journal entry to write off the customer's entire balance. Which of the following journal entries would be listed as debit? a)Accounts Receivable b)Allowance for Bad Debts c)Bad Debt Expense d)Cash

6.Ian's primary post-merger concern was fraud. Ian told his employees that he was concentrating on methods that address the identification, review and response to fraud. Ian focused on the internal control of __________. a)monitoring processes b)control environment c)control activities d)risk assessment

7. All of the following assets may have a residual value EXCEPT ________. a)farmland b)irrigation fixtures c)a parking lot d)a tractor