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Which of the following statements is correct?

Question 1 options:

A)	Under the accrual basis of accounting, expenses are recorded in the period in which they are paid.

B)	Under the accrual basis of accounting, revenue is recorded in the period in which it is earned.

C)	Under the accrual basis of accounting, revenue is recorded in the period in which it is paid.

D)	Under the accrual basis of accounting, revenue is recorded in the period in which it is received.

The adjusting entry to record estimated losses from uncollectible accounts consists of a

Question 2 options:

A)	debit to Allowance for Doubtful Accounts and a credit to Accounts Receivable.

B)	debit to Uncollectible Accounts Expense and a credit to Accounts Receivable.

C)	debit to Uncollectible Accounts Expense and a credit to Allowance for Doubtful Accounts.

D)	debit to Accounts Receivable and a credit to Allowance for Doubtful Accounts.

A firm reported sales of $720,000 for the year and Accounts Receivable has a balance of $40,000 at year-end. Prior to adjustment, Allowance for Doubtful Accounts has a credit balance of $300. The firm estimated its losses from uncollectible accounts to be one-half of 1 percent of sales. The entry to record the estimated losses from uncollectible accounts will include a credit to Allowance for Doubtful Accounts for

Question 3 options:

A)

$3,900.

B)

$7,200.

C)

$3,600.

D)

$3,300.

The Notes Receivable Discounted account

Question 4 options:

A)	is used to record the amount of interest deducted by the bank when a note is discounted.

B)	has a debit balance.

C)	is used to record the amounts due on dishonored notes.

D)	is shown as a deduction from Notes Receivable on the balance sheet.

The use of the LIFO method of inventory valuation

Question 5 options:

A)	assigns the cost of the most recent purchases to the ending inventory.

B)	results in the same valuation as the specific identification method in a time of rising prices.

C)	results in the highest reported net income in a time of rising prices.

D)	results in the lowest reported net income in a time of rising prices.

The retail method is a means of estimating

Question 6 options:

A)	beginning inventory cost.

B)	ending inventory cost.

C)	selling price.

D)	retail price of inventory.