Which of the following is included in “Other Receivables”? Investments Notes receivables Accounts receivables Loans to e

1. Which of the following is included in “Other Receivables”?InvestmentsNotes receivablesAccounts receivablesLoans to employees

2. Which of the following is included in “Other Receivables”?InvestmentsNotes receivablesAccounts receivablesLoans to employees

3. Which of the following duties should NOT be performed by a credit department?A. Evaluate customers who apply for creditb. Handle cash receiptsc. Monitor customer payment recordsd. Review applicant’s income and credit history

4. Which of the following duties should NOT be performed by a credit department?A. Evaluate customers who apply for creditb. Handle cash receiptsc. Monitor customer payment recordsd. Review applicant’s income and credit history

5. Which is a method of establishing control over collections of accounts receivable?A. Set up a petty cash fundb. Establish a bank lock box systemc. Allow no one but the bookkeeper to handle cashd. Designate an authorized check signer.

6. Which is a method of establishing control over collections of accounts receivable?A. Set up a petty cash fundb. Establish a bank lock box systemc. Allow no one but the bookkeeper to handle cashd. Designate an authorized check signer.

7. Which is a disadvantage of selling on credit?A. Sales can be made to more peopleb. Profits are increasedc. Some customers do not pay, creating an expensed. Both A & B

8. Which is a disadvantage of selling on credit?A. Sales can be made to more peopleb. Profits are increasedc. Some customers do not pay, creating an expensed. Both A & B

9. What are the two methods of accounting for uncollectible receivables?Allowance methodLiability methodDirect write-off methodAsset method

10. What are the two methods of accounting for uncollectible receivables?Allowance methodLiability methodDirect write-off methodAsset method

11. Which are the two methods of estimating uncollectible receivables?Aging of accounts receivable methodPercent of Sales methodAllowance methodDirect write off method

12. Which are the two methods of estimating uncollectible receivables?Aging of accounts receivable methodPercent of Sales methodAllowance methodDirect write off method

13. Which is the income statement approach to estimating bad debts?Aging of accounts receivable methodPercent of Sales methodAllowance methodDirect write off method

14. Which is the income statement approach to estimating bad debts?Aging of accounts receivable methodPercent of Sales methodAllowance methodDirect write off method

15. Which is the balance sheet approach to estimating bad debts?Aging of accounts receivable methodPercent of Sales methodAllowance methodDirect write off method

16. Which is the balance sheet approach to estimating bad debts?Aging of accounts receivable methodPercent of Sales methodAllowance methodDirect write off method

17. What is it called when the maker of a promissory note fails to pay the note on the due date?A discounted noteA discarded noteA dishonored noteAn uncollectible note

18. What is it called when the maker of a promissory note fails to pay the note on the due date?A discounted noteA discarded noteA dishonored noteAn uncollectible note

19. What is the maturity value of a note?

20. What is the maturity value of a note?Principal amount plus interest

21. Other things to know:calculating maturity dateMaturity valueInterest