Tutorials and Demos
An additional set of ledger accounts kept outside the General Ledger for recording individual transactions for each individual debtor or creditor is known as
The three major classifications on a cash flow statement are:
Revenue, expenses, net income
Operating, investing, financing
Assets, financing, funding
Receipts, payments, net income
The accountant for Umbrella Corp. is preparing the statement of cash flows. Cash flow from operations is $14,500, and cash on the balance sheet increased by $2,800. Accounting records of Umbrella Corp. show the following other amounts: [Capital expenditure $12,000] [Investment in joint venture $8,000] [Acquisitions $5,400] [Dividends from affiliates $1,600]. The cash flow from financing activities of Umbrella Corp. under U.S. GAAP is:
While preparing the bank reconciliation statement, deposit in transit is usually:
Added to the balance as per bank statement
Added to the balance as per cash book
Subtracted from the balance as per bank statement
ABC Corp. provides a “2/20, net 50” credit term to its customers. On January 2nd, it sold goods on credit amounting to $1,200. How much should ABC Corp. expect to receive if the customer pays the amount due on January 15th of the same year?
A company’s accounts receivable collection period/days sales outstanding had the following trend in the preceding three years: [2018: 35 days] [2017: 32 days] [2016: 28 days]. Based on this data, what is the most likely conclusion that can be drawn?
Management of accounts receivable has contributed to improve liquidity.
Management of accounts receivable has deteriorated the liquidity.
Management of accounts receivable has contributed to improve profitability.
The company is following a strict credit policy.
On February 14, the company sold products costing $10,000 for $20,000 on account. The company uses the perpetual inventory method. In recording this transaction, which of the following accounts were likely debited?
Sales and Inventory
Accounts Receivable and Cost of Goods Sold |
Accounts Payable and Sales
Accounts Receivable and Inventory
Accounts Payable is classified as a/an _______________ in the __________________.
Expense; Balance Sheet
Current Assets; Balance Sheet
Current Liability; Balance Sheet
Income; Income Statement
Which of the following would require a credit entry to Accounts Payable?
Payment to supplier
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