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Question : 126.All of the following statements regarding recognition of receivables under : 1258899

Accounting

 

 

126.All of the following statements regarding recognition of receivables under U.S. GAAP and IFRS are true except:    

A. U.S. GAAP and IFRS have similar asset criteria that apply to recognition of receivables.

 

B. Receivables that arise from revenue-generating activities are subject to broadly similar criteria for U.S. GAAP and IFRS.

 

C. The realization principle under GAAP implies an arm’s length transaction occurs.

 

D. GAAP refers to the earnings process and IFRS refers to risk transfer and ownership reward.

 

E. Differences arise mainly from industry-specific guidance under U.S. GAAP.

 

 

 

 

127.All of the following statements regarding valuation of receivables under U.S. GAAP and IFRS are true except:   

A. Both require the allowance method for uncollectibles unless uncollectibles are immaterial.

 

B. Both require that receivables be reported net of estimated collectibles.

 

C. Both require that the expenses for estimated collectibles be recorded in the same period revenues generated from those receivables are recorded.

 

D. Both allow using percent of sales, percent of receivables, or aging of receivables to estimate uncollectibles.

 

E. Both require that the expense related to uncollectibles be recorded when the receivable is determined to be uncollectible.

 

 

 

 

128.Under IFRS, the term provision:   

A. Refers to expense.

 

B. Usually refers to a liability whose amount or timing is uncertain.

 

C. Means establishing a provision for bad debts.

 

D. Means establishing a contra-asset account.

 

E. Means establishing an asset account.

 

 

 

 

129.Winkler Company borrows $85,000 and pledges its receivables as security. The journal entry to record this transaction would be:   

A. Debit Cash of $85,000 and credit Accounts Receivable $85,000.

 

B. Debit Cash of $85,000 and credit Accounts Payable $85,000.

 

C. Debit Note Receivable $85,000 and credit Accounts Receivable $85,000.

 

D. Debit Cash $85,000 and credit Notes Payable $85,000.

 

E. Debit Accounts Receivable $85,000 and credit Notes Payable $85,000.

 

 

 

 

130.Mullis Company sold merchandise on account to a customer for $625, terms n/30. The journal entry to record this sale transaction would be:   

A. Debit Cash of $625 and credit Sales $625.

 

B. Debit Cash of $625 and credit Accounts Receivable $625.

 

C. Debit Accounts Receivable $625 and credit Sales $625.

 

D. Debit Accounts Receivable $625 and credit Cash $625.

 

E. Debit Sales $625 and credit Accounts Receivable $625.

 

 

 

 

131.Mullis Company sold merchandise on account to a customer for $625, terms n/30. The journal entry to record the collection on account would be:   

A. Debit Cash of $625 and credit Sales $625.

 

B. Debit Cash of $625 and credit Accounts Receivable $625.

 

C. Debit Accounts Receivable $625 and credit Sales $625.

 

D. Debit Accounts Receivable $625 and credit Cash $625.

 

E. Debit Sales $625 and credit Accounts Receivable $625.

 

 

 

 

132.MacKenzie Company sold $300 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 1.5% service charge for sales on its credit cards and credits MacKenzie’s account immediately when sales are made. The journal entry to record this sale transaction would be:   

A. Debit Cash of $300 and credit Sales $300.

 

B. Debit Cash of $300 and credit Accounts Receivable $300.

 

C. Debit Accounts Receivable $300 and credit Sales $300.

 

D. Debit Cash $295.50; debit Credit Card Expense $4.50 and credit Sales $300.

 

E. Debit Cash $295.50 and credit Sales $295.50.

 

 

 

 

133.MacKenzie Company sold $180 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4% service charge for sales on its credit cards. MacKenzie electronically remits the credit card sales receipts to the credit card company and receives payment in approximately 5 days. The journal entry to record this sale transaction would be:   

A. Debit Cash of $180 and credit Sales $180.

 

B. Debit Cash of $180 and credit Accounts Receivable—Regional $180.

 

C. Debit Accounts Receivable—Regional $172.80; debit Credit Card Expense $7.20 and credit Sales $180.

 

D. Debit Cash $172.80; debit Credit Card Expense $7.20 and credit Sales $180.

 

E. Debit Cash $172.80 and credit Sales $172.80.

 

 

 

 

134.MacKenzie Company sold $180 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4% service charge for sales on its credit cards. MacKenzie electronically remits the credit card sales receipts to the credit card company and receives payment in approximately 5 days. The journal entry to record the collection from the credit card company would be:   

A. Debit Cash of $172.80 and credit Accounts Receivable—Regional $172.80.

 

B. Debit Cash of $180; credit Credit Card Expense $7.20 and credit Accounts Receivable $172.80.

 

C. Debit Accounts Receivable—Regional $172.80; debit Credit Card Expense $7.20 and credit Sales $180.

 

D. Debit Cash $172.80; debit Credit Card Expense $7.20 and credit Sales $180.

 

E. Debit Cash $172.80 and credit Sales $172.80.

 

 

 

 

135.Frederick Company borrows $63,000 from First City Bank and pledges its receivables as security. Which of the following is true regarding this transaction:   

A. First City Bank is the factor in this transaction.

 

B. Frederick Company’s financial statements must disclose the pledging of receivables.

 

C. Frederick Company no longer has the risk of bad debts.

 

D. First City Bank takes ownership of the receivables at the time of the pledge.

 

E. No journal entry is required for this event.

 

 

 

 

136.Majesty Productions accepted a $7,200, 120-day, 6% note from Swartz Studio on March 1. On the date the note matures, Swartz is unable to pay, but Majesty intends to continue collection efforts. What entry should Majesty record on the maturity date for this dishonored note?   

A. Debit Accounts Receivable $7,200; credit Notes Receivable $7,200.

 

B. Debit Accounts Receivable $7,200; credit Allowance for Doubtful Accounts $7,200.

 

C. Debit Bad Debt Expense $7,344; credit Notes Receivable $7,344.

 

D. Debit Accounts Receivable $7,344; credit Interest Revenue $144; credit Notes Receivable $7,200.

 

E. Debit Accounts Receivable $7,056; debit Interest Revenue $144; credit Notes Receivable $7,200.

Interest: $7,200 * .06 * 120/360 = $144

 

 

 

 

 

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July 1, 2023
    

 

1) Members of OSHA's $100,000 club have:

A) invested more than $100,000 in health and safety equipment for employees.

B) purchased health and safety insurance coverage of at least $100,000.

C) received fines of $100,000 or more for safety or health violations.

D) paid more than $100,000 in workers' compensation claims.

 

2) Workplace safety is a significant issue because approximately ________ employees were injured on the job in 2009.

A) 3,000,000

B) 1,000,000

C) 500,000

D) 250,000

 

3) According to the doctrine of contributory negligence, employers were:

A) not responsible for an employees' injury when another employee's negligence caused the injury.

B) not liable for an employee's injuries when that employee's own negligence caused the injury.

C) responsible for compensating employees for all work-related illnesses and accidents.

D) not responsible for any employees' injuries under any circumstances.

 

4) Workers' compensation laws vary by state, but all are built on the theory that:

A) employees' personal health insurance should pay the medical costs of any injuries.

B) work-related accidents are costs of doing business and should be paid for by employers.

C) governments are responsible for paying the medical costs related to an employee's injuries.

D) employers are not responsible for employee injuries resulting from the employee's own negligence.

5) Which of the following is a true statement about workers' compensation?

A) Workers' compensation laws are federally mandated and enforced by OSHA.

B) Non-union firms are not required to carry workers' compensation insurance.

C) Workers' compensation is not mandatory in all U.S. states.

D) Most states had workers' compensation programs by 1911.

 

6) Workers' compensation:

A) pays only if the worker cannot.

B) is considered a no-fault system.

C) is mandatory in all fifty states.

D) covers employees' medical costs with Medicaid.

 

7) The primary goal of state workers' compensation laws is best described as:

A) providing a means for injured workers to receive care and income without having to sue.

B) determining the cause of work-related accidents and minimizing future accidents.

C) ensuring that employers are not held responsible for accidents caused by worker negligence.

D) spreading the cost of workplace accidents among all workers in the state.

 

8) The ________ holds that employers are not held liable for an employee's injuries when the negligence of another employee contributed to or caused the accident.

A) doctrine of contributory negligence

B) fellow-servant rule

C) general duty provision

D) "no-fault" rule

9) Which of the following is most likely true?

A) Workers' compensation is a federal program. OSHA is the organization that helps individual states meet workers' compensation standards.

B) Workers' compensation is a federal program that provides compensation to employees injured on the job. OSHA is a federal program that creates and enforces safety standards in the work place.

C) OSHA is a federal program that creates safety standards for work environments. Workers' compensation programs are created by the individual states to provide compensation for employees injured on the job.

D) OSHA is a federal program that provides compensation for employees injured on the job. Workers' compensation programs are state programs that provide compensation for employees injured on the job.

 

10) Workers' compensation:

A) replaces the worker's entire income until he/she is able to work again.

B) provides benefits for permanent, but not temporary, impairment.

C) gives survivors burial allowances and income benefits.

D) covers medical expenses up to $100,000.

 

 

 

default image
July 1, 2023
    

 

1) Members of OSHA's $100,000 club have:

A) invested more than $100,000 in health and safety equipment for employees.

B) purchased health and safety insurance coverage of at least $100,000.

C) received fines of $100,000 or more for safety or health violations.

D) paid more than $100,000 in workers' compensation claims.

 

2) Workplace safety is a significant issue because approximately ________ employees were injured on the job in 2009.

A) 3,000,000

B) 1,000,000

C) 500,000

D) 250,000

 

3) According to the doctrine of contributory negligence, employers were:

A) not responsible for an employees' injury when another employee's negligence caused the injury.

B) not liable for an employee's injuries when that employee's own negligence caused the injury.

C) responsible for compensating employees for all work-related illnesses and accidents.

D) not responsible for any employees' injuries under any circumstances.

 

4) Workers' compensation laws vary by state, but all are built on the theory that:

A) employees' personal health insurance should pay the medical costs of any injuries.

B) work-related accidents are costs of doing business and should be paid for by employers.

C) governments are responsible for paying the medical costs related to an employee's injuries.

D) employers are not responsible for employee injuries resulting from the employee's own negligence.

5) Which of the following is a true statement about workers' compensation?

A) Workers' compensation laws are federally mandated and enforced by OSHA.

B) Non-union firms are not required to carry workers' compensation insurance.

C) Workers' compensation is not mandatory in all U.S. states.

D) Most states had workers' compensation programs by 1911.

 

6) Workers' compensation:

A) pays only if the worker cannot.

B) is considered a no-fault system.

C) is mandatory in all fifty states.

D) covers employees' medical costs with Medicaid.

 

7) The primary goal of state workers' compensation laws is best described as:

A) providing a means for injured workers to receive care and income without having to sue.

B) determining the cause of work-related accidents and minimizing future accidents.

C) ensuring that employers are not held responsible for accidents caused by worker negligence.

D) spreading the cost of workplace accidents among all workers in the state.

 

8) The ________ holds that employers are not held liable for an employee's injuries when the negligence of another employee contributed to or caused the accident.

A) doctrine of contributory negligence

B) fellow-servant rule

C) general duty provision

D) "no-fault" rule

9) Which of the following is most likely true?

A) Workers' compensation is a federal program. OSHA is the organization that helps individual states meet workers' compensation standards.

B) Workers' compensation is a federal program that provides compensation to employees injured on the job. OSHA is a federal program that creates and enforces safety standards in the work place.

C) OSHA is a federal program that creates safety standards for work environments. Workers' compensation programs are created by the individual states to provide compensation for employees injured on the job.

D) OSHA is a federal program that provides compensation for employees injured on the job. Workers' compensation programs are state programs that provide compensation for employees injured on the job.

 

10) Workers' compensation:

A) replaces the worker's entire income until he/she is able to work again.

B) provides benefits for permanent, but not temporary, impairment.

C) gives survivors burial allowances and income benefits.

D) covers medical expenses up to $100,000.

 

 

 

default image
July 1, 2023
    

 

 

61. The _____ is the tendency to recall the items at the beginning and end of a list more readily than those in the middle. 
A. halo effect
B. ambiguity effect
C. serial position effect
D. framing effect

62. Having a better memory for items at the beginning of a list demonstrates the _____, whereas having a better memory for items at the end of a list demonstrates the _____. 
A. recency effect/primacy effect
B. primacy effect/recency effect
C. flashbulb memory effect/metamemory effect
D. metamemory effect/flashbulb memory effect

63. George has just graduated from college and is going on his first big job interview. He has learned that there are 10 other applicants for the job. On account of information on the serial position effect that he learned in his psychology class, George asks to be either the first or the last candidate interviewed. Why? 
A. The serial position effect predicts that either the first or the last job applicant interviewed will be remembered better than the applicant interviewed second.
B. The serial position effect predicts that the candidate interviewed in the "middle" position will be viewed less favorably than the other two applicants.
C. Research has shown that the serial position effect is used often by management to arbitrarily hire job applicants.
D. Research has shown that people interviewed either early or late in the day are evaluated most positively.

64. According to the serial position effect, if you are a waiter trying to remember all the orders for a table of 7, you should pay particular attention to the _____ orders, because these are the ones you are most likely to forget. 
A. first and second
B. sixth and seventh
C. third, fourth, and fifth
D. first, third, and seventh

65. Multiple choice exams involve testing a student's _____ abilities, whereas essay exams involve testing _____ abilities. 
A. episodic memory/semantic memory
B. semantic memory/episodic memory
C. recall/recognition
D. recognition/recall

66. Asking an eyewitness to describe a suspect's physical appearance to a sketch artist would be an example of a _____ task, whereas asking an eyewitness to identify a suspect on the basis of a lineup of five possible assailants is an example of a _____ task. 
A. recognition/recall
B. recall/recognition
C. rehearsal/elaboration
D. chunking/rehearsal

67. Samantha prides herself on "never forgetting a face," although she frequently cannot put the correct name with a specific "face." Samantha is really saying that she _____. 
A. is better at recognition than at recall
B. is better at recall than at recognition
C. is better at memory retrieval than at memory reconstruction
D. is better at memory reconstruction than at memory recall

68. The memory of emotionally significant events that people often recall with more accuracy and vivid imagery than everyday events is known as _____. 
A. precognition
B. working memory
C. procedural memory
D. flashbulb memory

69. Elaine is writing a paper about reactions to the tragedy that occurred at the Twin Towers on September 11, 2001. She interviews ten of her classmates and asks them to remember that day. She is surprised to learn that nearly all of the students she interviewed offer very detailed, vivid accounts of where they were and what they were doing when they first learned of the terrorist attacks. Elaine has discovered that most of her classmates have _____ of September 11, 2001. 
A. a repressed memory
B. a flashbulb memory
C. implicit but not explicit memories
D. extrasensory perception

70. Motivated forgetting and repressed memories are usually associated with what type of memories? 
A. Factual information from studying
B. Traumatic memories
C. Sensory memories
D. Flashbulb memory

 

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