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3 MC Gu. 06-16 When a bank reconciliation is... When a bank reconciliation is being prepared. bank sewice charges should be Multiple Choice 0 added In the cash balance per bank statement deducted from the cash balance per bank Slammer\". deducted from the cash balance per books. 0 added to the rash balance par bunks. 8 TF Qu. 06-10 All cash receipts should be... All cash receipts should be deposited in a bank on a daily basis. True or False True False13 MC Qu. 06-14 The primary difference between trade... The primary difference between trade receivables and notes receivable is that Multiple Choice O trade receivables are classified as current; notes receivable are classified as long-term. O trade receivables are classified as trade receivables, whereas notes receivable are classified as non-trade. O trade receivables are normal business activity with customers, whereas notes receivable are from activity with suppliers. O a note receivable is a promise in writing, whereas a trade receivable is created when there is a credit sale on an open account.2 MC Qu. 06-18 When a bank reconciliation is... When a bank reconciliation is being prepared, interest income reflected on the bank statement should be Multiple Choice O deducted from the cash balance per books. O added to the cash balance per books. O added to the cash balance per bank statement. O deducted from the cash balance per bank statement.MC Qu. 06-11 On September 1, 2019, a... On September 1, 2019, a business received a $25,000 note. The agreement indicated that 10% interest would be paid on the note, which is due on September 1, 2020. What is the amount of interest earned on this note during the year ended December 31, 2019? Multiple Choice O $0.00 O $833.33 O $625.00 O $2,500.0014 MC Qu. 06-29 The primary reason for establishing... The primary reason for establishing an allowance account (rather than writing off uncollectible accounts to bad debt expense) is that the allowance method Multiple Choice O ensures that overdue trade receivables are not overlooked. O results in a more accurate reporting of revenues on the statement of earnings. O simplifies the bookkeeping effort. O conforms to the matching process.12 MC Qu. 06-23 Sales discounts, also called cash... Sales discounts, also called cash discounts, are often specifically granted to customers in order to Multiple Choice O increase the company's chances to collect the receivable and, as a result, minimize bad debts. O give favourable terms to high-volume buyers. O encourage early payment of invoices. O motivate customers to buy slow-moving merchandise.4 MC Ou. 06-15 Which oi the following statements... Which ofthe following statements regarding 1he receivable turnover is not correct? Multiple Choice O Collections From customers cause the balance in accounts receivable account to decrease. O The receivables turnover ratio is also referred to as the days to collect ratio. 0 A sudden decline in the receivables turnover ratio may indicate that the company is channel stuffing. When a company sells on credit, the balance in its accounts receivable account increases. 11 TF Qu. 06-02 Sales revenue should always be... Sales revenue should always be recorded at the listed or printed catalogue price. True or False True False
