$1$

The total revenue amount stated on IBM's income statement only includes cash sales.

True

False

$2$

At the most recent balance sheet date, IBM expected to collect $\_\_\_\_\_\_\_\_$ in cash from sales on account to its customers $($in millions$).$

$$6,308$

$$233$

$$6,774$

$$6,541$

$3$

At the most recent balance sheet date, IBM customers owed $\_\_\_\_\_\_\_\_$ in total from sales on account $($in millions$).$

$$6,774$

$$233$

$$6,541$

$$6,308$

none of the above answers are correct.

$4$

At the most recent balance date, IBM's estimate of uncollectible accounts receivable was $($in millions$)$:

$$6,541$

$$6,774$

$$6,308$

$$233$

$5$

When IBM writes off an uncollectible accounts receivable:

total assets increase and net income decreases

total assets and net income are not impacted

total assets decrease and net income decreases

total assets decrease and net income increases

$6$

During the most recent reporting period, IBM's cost of inventories sold was $($in millions

$$6,374$

$$32,687$

$$29,673$

$$97$

$7$

The amount IBM received from inventories sold during the most recent reporting period was $($in millions$)$:

$$6,374$

$$29,673$

$$10,435$

$$1,639$

$8$

During the most recent reporting period:

IBMrodced more inventory than it sold.

IBM sold more inventory than it produced.

IBM sold the same amount of inventory as it produced

$9$

IBM's cost of goods purchased for the most recent reporting period was $($in millions$)$:

$$7,926$

$$9,478$

$$9,478$

$$6,277$

$10$

Assuming increasing prices, IBM's cost flow assumption results in $\_\_\_\_\_\_\_\_\_\_$ total assets on the balance sheet and $\_\_\_\_\_\_\_\_$ net income on the income statement than FIFO.

less, less

less, more

more, more

more, less