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keAssignment/take AssignmentMain.do?invoker-assignments&takeAssignmentSessionlocator=assignment-take&inprogress=false Calculator Which of the following reflects strong internal control? A company ships goods to customers right before year-end even though the customers have not ordered them Physical inventory counts are not performed because the company uses a perpetual inventory system The person who opens the mail also makes the journal entry to record any customer payments received by mail. It takes two days to get a cheque written because of the approvals required. Calculator What should a company do to improve its accounts receivable tumover rate? O increase its sales force O lower its selling prices O reduce the number of employees working in the credit department o give customers credit terms of 2/10, 1/30, rather than 1/10, n/30 Calculator Camper City started business on January 1, 2013. During the year, the company performed services for a particular customer totalling $250,000, of which 40% remain uncollected at the end of December. The customer has recently filed for bankruptcy. Under accrual accounting, what are the net amounts that impact the financial statements for 2013? statement of earnings: $150,000, statement of cash flows: $250,000 statement of earings: $250,000, statement of cash flows: $250,000 statement of earnings: $250,000, statement of cash flows: $150,000 statement of carings: $150,000, statement of cash flows: $150,000 o P Calculator One primary purpose of a classified statement of financial position is to help users evaluate the working capital of a company O True O False The initial step in the accounting cycle is to journalize transactions True O False ReAssignment/takeAssignment Main.doinvoker assignments&takeAssignmentSessionLocator assignment-take&inprogress=false Calculator As promise for future payment, Carlock Systems received a six-month, 12% note for $50,000 from a customer on November 1, Year 1. The note is due ca April 30, Year 2. Assuming the company's accounting period ends on December 31, how much interest revenue should be recognized during Year 1 and Year 2 under accrual accounting? O Year 1: 50Year 2: $6,000 Year 1: $1,000; Year 2: $5,000 Year 1: $2,000, Year 2: $1,000 Year 1:51,000 Year 2: $2,000 BP 2 ssignment/take AssignmentMain.do?invoker assignments&takeAssignmentSessionLocator=assignment-take&inprogress=false Calculator Which of the following situations violates the matching principle? A one-year insurance policy is purchased partway through the year, full payment is recorded as insurance expense when the payment is made Some of the amount that was paid for a one-year insurance policy partway through Year 1 is recorded as insurance expense in Year 2 Sales commissions on all sales made in Year 1 are recorded as an expense in Year 1 even though some of the commissions have not yet been pand Wages expense is recorded in Year 1 even though payday is not until sometime in Year 2. eAssignment/takeAssignmentMain.do?invoker assignments&takeAssignmentSessionLocator=assignment-take&inprogress=false Calculator Which of the following expresses the distinction between accounts receivable and notes receivable? Accounts receivable usually includes current assets, notes receivable usually includes noncurrent assets. Notes receivable results from credit sale transactions for merchandising companies, accounts receivable results from credit sale transactions for service companies Accounts receivable requires payment of interest, notes receivable does not. Notes receivable generally specifies an interest rate and a maturity date at which any interest and principle must be repaid; accounts receivable does not 2 keAssignment/take AssignmentMain.do?invoker-assignments&takeAssignmentSessionlocator=assignment-take&inprogress=false Calculator Which of the following reflects strong internal control? A company ships goods to customers right before year-end even though the customers have not ordered them Physical inventory counts are not performed because the company uses a perpetual inventory system The person who opens the mail also makes the journal entry to record any customer payments received by mail. It takes two days to get a cheque written because of the approvals required. Calculator What should a company do to improve its accounts receivable tumover rate? O increase its sales force O lower its selling prices O reduce the number of employees working in the credit department o give customers credit terms of 2/10, 1/30, rather than 1/10, n/30 Calculator Camper City started business on January 1, 2013. During the year, the company performed services for a particular customer totalling $250,000, of which 40% remain uncollected at the end of December. The customer has recently filed for bankruptcy. Under accrual accounting, what are the net amounts that impact the financial statements for 2013? statement of earnings: $150,000, statement of cash flows: $250,000 statement of earings: $250,000, statement of cash flows: $250,000 statement of earnings: $250,000, statement of cash flows: $150,000 statement of carings: $150,000, statement of cash flows: $150,000 o P Calculator One primary purpose of a classified statement of financial position is to help users evaluate the working capital of a company O True O False The initial step in the accounting cycle is to journalize transactions True O False ReAssignment/takeAssignment Main.doinvoker assignments&takeAssignmentSessionLocator assignment-take&inprogress=false Calculator As promise for future payment, Carlock Systems received a six-month, 12% note for $50,000 from a customer on November 1, Year 1. The note is due ca April 30, Year 2. Assuming the company's accounting period ends on December 31, how much interest revenue should be recognized during Year 1 and Year 2 under accrual accounting? O Year 1: 50Year 2: $6,000 Year 1: $1,000; Year 2: $5,000 Year 1: $2,000, Year 2: $1,000 Year 1:51,000 Year 2: $2,000 BP 2 ssignment/take AssignmentMain.do?invoker assignments&takeAssignmentSessionLocator=assignment-take&inprogress=false Calculator Which of the following situations violates the matching principle? A one-year insurance policy is purchased partway through the year, full payment is recorded as insurance expense when the payment is made Some of the amount that was paid for a one-year insurance policy partway through Year 1 is recorded as insurance expense in Year 2 Sales commissions on all sales made in Year 1 are recorded as an expense in Year 1 even though some of the commissions have not yet been pand Wages expense is recorded in Year 1 even though payday is not until sometime in Year 2. eAssignment/takeAssignmentMain.do?invoker assignments&takeAssignmentSessionLocator=assignment-take&inprogress=false Calculator Which of the following expresses the distinction between accounts receivable and notes receivable? Accounts receivable usually includes current assets, notes receivable usually includes noncurrent assets. Notes receivable results from credit sale transactions for merchandising companies, accounts receivable results from credit sale transactions for service companies Accounts receivable requires payment of interest, notes receivable does not. Notes receivable generally specifies an interest rate and a maturity date at which any interest and principle must be repaid; accounts receivable does not 2