Question : 81. A bank statement includes: A. A list of outstanding checks. B. A list of : 1225910

81. A bank statement includes: 

A. A list of outstanding checks.

B. A list of petty cash amounts.

C. The beginning and the ending balance of the depositor’s account.

D. A listing of deposits in transit.

E. All of these.

82. For which item does a bank NOT issue a debit memorandum? 

A. To notify a depositor of all withdrawals through an ATM.

B. To notify a depositor of a fee assessed to the depositor’s account.

C. To notify a depositor of an uncollectible check.

D. To notify a depositor of periodic payments arranged in advance, by a depositor.

E. To notify a depositor of a deposit to their account.

83. Preparing a bank reconciliation on a monthly basis is an example of: 

A. Establishing responsibility.

B. Separation of duties.

C. Protecting assets by proving accuracy of cash records.

D. A technological control.

E. Poor internal control.

84. The number of days’ sales uncollected: 

A. Is used to evaluate the liquidity of receivables.

B. Is calculated by dividing accounts receivable by sales.

C. Measures a company’s ability to pay its bills on time.

D. Measures a company’s debt to income.

E. Is calculated by dividing sales by accounts receivable.

85. The days’ sales uncollected ratio is used to: 

A. Measure how many days of sales remain until the end of the year.

B. Determine the number of days that have passed without collecting on accounts receivable.

C. Identify the likelihood of collecting sales on account.

D. Estimate how much time is likely to pass before the amount of accounts receivable is received in cash.

E. Measure the amount of layaway sales for a period.

86. The number of days’ sales uncollected is calculated by: 

A. Dividing accounts receivable by net sales.

B. Dividing accounts receivable by net sales and multiplying by 365.

C. Dividing net sales by accounts receivable.

D. Dividing net sales by accounts receivable and multiplying by 365.

E. Multiplying net sales by accounts receivable and dividing by 365.

87. The number of days’ sales uncollected: 

A. Measures how much time is likely to pass before the current amount of accounts receivable is received in cash.

B. Can be used for comparisons to other companies in the same industry.

C. Can be used for comparisons between current and prior periods.

D. Reflects the liquidity of receivables.

E. All of these.

88. A company had net sales of $31,500 and ending accounts receivable of $2,700 for the current period. Its days’ sales uncollected equals: 

A. 11.7 days.

B. 23.3 days.

C. 31.3 days.

D. 42.5 days.

E. 46.6 days.

89. Maxtel had net sales of $4,235 million and ending accounts receivable of $775 million. Its days’ sales uncollected equals: 

A. 298 days.

B. 66.8 days.

C. 19.4 days.

D. 81.8 days.

E. 65.2 days.

90. The following information is taken from Hogan Company’s December 31 balance sheet:   

If net credit sales and cost of goods sold for the current year were $612,000 and $367,200, respectively, the firm’s days’ sales uncollected for the year is: 

A. 60 days

B. 85 days

C. 42 days

D. 154 days

E. 70 days