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The short test it consists of 20 multiple-choice questions. Question 1 The two accounting methods for bad accounts are the reservation method and the: Cost method Method of interest Method of participation Direct cancellation method Question 2 When is an account uncollectible? There is no general rule for determining when an account becomes uncollectible. At the end of the fiscal year. When accounts receivable is converted into notes receivable. When there is a discount on the bills receivable. Question 3 When the amount of use of an asset varies from year to year, the method for determining the amortization expense that best fits the cost allocation with income is: Production unit method MACRS Straight line method Decreasing double balance method Question 4 A team costing $ 160,000, an estimated residual value of $ 40,000 and an estimated life of 15 years, is amortized by the straight-line method over 4 years. Due to the obsolescence, it was determined to shorten the remaining useful life for 3 years and to change the residual value to zero. The amortization expense for the current and future years is: $ 11,000 $ 11,636 $ 16,000 $ 8,000 Question 5 A machine with a cost of $ 120,000 has an estimated residual value of $ 15,000 and an estimated life of 5 years or 15,000 hours. It is depreciated by the unit of production method. What is the amount of depreciation for the second year, during which the machine was used 5,000 hours? $ 5,000 $ 45,000 $ 35,000 $ 21,000 Question 6 The depreciation method that does not use the residual value when calculating the expense for depreciation of the first year is: Double declining balance Production units None of the above straight line Question 7 The direct amortization method for bad debts ... It is often used by small businesses with few accounts receivable. Emphasizes the matching of expenses with income. Emphasizes the realization value in cash. to. Emphasizes the relationships of the balance receivable. Question 8 If it is expected that the collection of other accounts receivable will be in a term greater than one year, it is classified as: Other accounts receivable in current assets Investment in non-current assets Investment in current assets Other receivables in non-current assets Question 9 The term "accounts receivable" includes: Goods to be collected by persons or companies Cash to pay debtors Cash payable to creditors Claims against other entities Question 10 A team costing $ 220,000 has an estimated residual value of $ 30,000 and an estimated life of 10 years or 19,000 hours. It is depreciated by the straight-line method. What is the amount of depreciation for the first year, during which the equipment was used 2,100 hours? $ 22,000 $ 21,000 $ 30,000 $ 19,000 Question 11 If a fixed asset, such as a computer, was purchased on January 1 of the current year for $ 3,750 and with an estimated life of 3 years and a salvage or residual value of $ 150, the journal entry for monthly expense with straight line depreciation is: Accumulated depreciation 100 Depreciation expense Accumulated depreciation 100 1,200 Depreciation expense Depreciation expense 1,200 1,200 Accumulated depreciation 1,200 Depreciation expense 100 Accumulated depreciation 100 Question 12 The notes or accounts receivable that result from sales transactions are often called: Sales receivable Non-business transactions commercial transactions Merchandise credits Question 13 After the accounts are adjusted and closed at the end of the year, accounts receivable has a final balance of $ 340,000 and an estimate of $ 51,000 is estimated for doubtful accounts. What is the net realizable value of accounts receivable? $ 391,000 $ 289,000 $ 340,000 $ 51,000 Question 14 Which of the following credits will not be classified as "another accounts receivable": Receivables Refundable income tax Interest receivable Advance to an employee Question 15 The formula for determining the cost to be depreciated is Initial cost + residual value Initial cost - accumulated depreciation Initial cost-residual value Depreciable cost = initial cost Question 16 The most widely used depreciation method is: Output units straight line Double declining balance others Question 17 Other accounts receivable includes all the following except: Accounts receivable from employees Tax receivable Receivables Interest receivable Question 18 The credit that is usually manifested in a formal way, through a written credit document, is known as: Accounts receivable Commercial receivables Charge receivable Income tax receivable Question 19 A machine costing $ 75,000 has an estimated residual value of $ 5,000 and an estimated life of 4 years or 18,000 hours. What is the amount of depreciation for the second year, using the double declining balance method? $ 17,500 $ 18,750 $ 37,500 $ 16,667 Question 20 The daily entry to register the purchase on credit of a computer at a cost of $ 975 to be used within the company would be Office supplies 975 Accounts payable Office supplies 975 975 Accounts receivable Office equipment 975 975 Accounts payable Office equipment Accounts receivable 975 975 975