- credit card for business
- secured credit card business
- trumark financial credit union
- xceed financial credit union
- company credit check
I have few questions that I'm not sure the answers. Please help me. Ten points for the perfect answers. Thanks in advance
11. An audit is useful to financial statement users because it
A. Guarantees that the financial statements are accurate and correct.
B. Guarantees that management has not been involved in misappropriation of assets.
C. Provides reasonable assurance that the financial statements do not have material misstatements.
D. Both A and B.
3. Which of the following is not an advantage of accepting credit cards from retail customers?
A. The acceptance of credit cards tends to increase sales.
B. There are fees charged for the privilege of accepting credit cards.
C. The credit card company performs credit worthiness assessments.
D. The credit card company assumes the cost of slow collections and write-offs.
5. How would accountants estimate the amount of a company's uncollectible accounts expense?
A. Consider new circumstances that are anticipated to be experienced in the future.
B. Compute as a percentage of credit sales.
C. Consult with trade association and business associates.
D. All of these.
8. A company that uses the direct write-off method of accounting for uncollectible accounts must still prepare a year-end adjusting entry to estimate its uncollectible.
TRUE FALSE
10. The percent of sales method to estimate uncollectible accounts expense is also known as the
Direct write-off approach
TRUE FALSE
9. MACRS is an accelerated depreciation method commonly used for tax purposes.
TRUE FALSE
11. An audit is useful to financial statement users because it
A. Guarantees that the financial statements are accurate and correct.
B. Guarantees that management has not been involved in misappropriation of assets.
C. Provides reasonable assurance that the financial statements do not have material misstatements.
D. Both A and B.
3. Which of the following is not an advantage of accepting credit cards from retail customers?
A. The acceptance of credit cards tends to increase sales.
B. There are fees charged for the privilege of accepting credit cards.
C. The credit card company performs credit worthiness assessments.
D. The credit card company assumes the cost of slow collections and write-offs.
5. How would accountants estimate the amount of a company's uncollectible accounts expense?
A. Consider new circumstances that are anticipated to be experienced in the future.
B. Compute as a percentage of credit sales.
C. Consult with trade association and business associates.
D. All of these.
8. A company that uses the direct write-off method of accounting for uncollectible accounts must still prepare a year-end adjusting entry to estimate its uncollectible.
TRUE FALSE
10. The percent of sales method to estimate uncollectible accounts expense is also known as the
Direct write-off approach
TRUE FALSE
9. MACRS is an accelerated depreciation method commonly used for tax purposes.
TRUE FALSE
Financial Accounting question?
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