Question 4 Explain the measurement of accounts receivable. (Write a complete answer)
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- Explain and answer the following questions below: 1. Explain the measurement of accounts receivable. 2. Explain the treatment of dishonored notes. 3. What is the meaning of cash equivalent?Explain and answer the following questions below: 1. What is a compensating balance? Site an example. 2. Explain the subsequent measurement of notes receivable. 3. What is cash?_______________ 4. When accounts receivable is factored, the accounts payable shall be credited. True or False?_______________ 5. The interest on a non-interest bearing note is equal to its discount amount._______________ 6. The practice of realizing cash from accounts receivable before its maturity date is widespread. Defalcation is one of them. True or False?
- 7) Adjusting entries are made: A) For the differences between the bank statement cash balance and adjusted cash balance on the bank reconciliation. B) For the difference between the book (financial statement) cash balance and the adjusted cash balance on the bank reconciliation. C) Both A and B are true. D) Neither A, nor B, is true.Use the image for the following question: Q1. Honesty & Co. What is the adjusted cash amount of cash receipts during OctoberA. 760,650B. 772,150C. 779,650D. 789,650 Q2. Honesty & Co. What is the adjusted amount of disbursements per bank during October? A. 624,700B. 605,700C. 633,200D. 615,700 Q3. Honesty & Co. What is the adjusted cash balance as of September 30, 2021? A. 3,000B. 2,500C. None of the optionsD. 2,000 Q4. Honesty & Co. What is the unadjusted amount of cash receipts per bank during October? A. 789,650B. None of the optionsC. 780,450D. 790,450 Q5. Honesty & Co. What is the unadjusted amount of cash disbursements per book during October? A. None of the optionsB. 640,300C. 630,300D. 633,200MCQ 1Which of the following is not considered cash for financial reporting purposes?a. Petty cash funds and change fundsb. Dividends receivablec. Coin, currency, and available fundsd. Money orders, certified checks, and personal checksMCQ 2Travel advances should be reported asa. supplies.b. cash because they represent the equivalent of money.c. investments.d. None of these answer choices are correct.
- Identify the term/s being asked in the following statements: part 2 4. The practice of realizing cash from accounts receivable before its maturity date is widespread. Defalcation is one of them. True or False? 5. This is the criterion to determine whether the transfer is accounted for as borrowing. 6. What account to debit if the company pays a delinquent notes receivable that was previously discounted. 7. On January 1, an entity received a one-year note receivable bearing interest at the market rate. The face value of the note receivable and the entire interest are due in one year. When the note receivable was recorded on January 1, the Interest receivable is debited. True or False? 8. A 120-day, 10% interest-bearing note receivable is sold to a bank with recourse after being held for 60 days. The proceeds are calculated using an 8% interest rate. In this situation, what happened to the notes receivable?1) When all of the cash for an account previously written off under the direct write-off method is unexpectedly collected, the correct entry is: a.dependent on the period in which the cash was collected. b.debit Bad Debt Expense and credit Accounts Receivable. c.debit Accounts Receivable and credit Bad Debt Expense. d.debit Cash and credit Accounts Receivable. 2) To the maker of a note, the note is a(n) ___________________ . a. note payable b. note receivable c. account receivable d. account payable 3) Under the perpetual inventory method, when inventory is purchased, Merchandise Inventory a. and Accounts Payable are debited and Cash is credited. b. is debited and Cash or Accounts Payable is credited. c. is credited and Cash or Accounts Payable is debited. d. and Accounts Payable are credited and Cash is debited.7. Which statement is true? a. Bank service charge will cause the cash balance per ledger to be higher than that reported by the bank, all other things being equal b. Outstanding checks will cause the cash balance per ledger to be greater than the balance reported by the bank, all other things being equal c. An error made by the bank by charging an amount to the depositor’s account requires a correcting entry in the depositor’s own records d. The cash amount shown in the balance sheet must be the balance reported in the bank statement
- Statement 1: Bank service charge is a book reconciling item and will never affect the bank proof of cash. Statement 2: The notes collected by the bank in prior period is added to current months receipts to arrive at the book adjusted cash balance. Only statement 1 is true Only statement 2 is true Both statements are true Both statements are false1. Advances for travel expenses are reported as: a. Supplies b. Cash, since they are equivalent to money c. Investments d. None of the above 2. Which of the following items is not included in the Cash section in the Balance Sheet? a. Coins and dollars in the cash register b. Checks from other entities received at the cash register c. Amounts deposited in the Bank's checking account d. Postage stamps available 3. All of the following can be included under the Cash classification, except: a. Dollars b. Money Market Funds c. Balance in checking account d. Balance in savings account 4. Which of the following inventories maintained by a manufacturer is similar to the merchandise inventory of a seller? a. Raw material b. Work in progress c. Finished goods d. Materials 5. Where should the raw material be classified in the State of Situation? a. Prepaid expenses b. Inventory c. Team d. It is not included in the Statement of SituationStatement 1: Overstated bank charges will be deducted to compute the balance per bank statement in book to bank method. Statement 2: Understated book receipts will be added to compute for the balance per books in the bank to book method. A. Both statements are true B. Both statements are false C. Statement 1 is True, Statement 2 is False D. Statement 2 is False, Statment 2 is True
