APU ACCT300 Financial Accounting and Internal Control Concepts: A Comprehensive Quiz
This quiz evaluates knowledge of financial accounting concepts and internal control procedures, focusing on their application in business operations.
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APU ACCT300 Financial Accounting and Internal Control Concepts: A
Comprehensive Quiz
APU ACCT300 week 3 quiz
Question 1 of 20
The bank reconciliation:
A.should be prepared by an employee who records cash transactions.
B.is part of the internal control system.
C.is for information purposes only.
D.is sent to the bank for verification.
Question 2 of 20
A note receivable due in 90 days is listed on the balance sheet under:
A.long-term liabilities.
B.fixed assets.
C.current liabilities.
D.current assets.
Question 3 of 20
Of the three widely used inventory costing methods (FIFO, LIFO, and average), the FIFO
method of costing inventory is based on the assumption that costs are charged against revenues
in the order in which they were incurred.
A. True
B. False
Question 4 of 20
A credit memorandum from the bank:
A.decreases a bank customer’s account.
B.is used to show a bank service charge.
C.shows that a company has deposited a customer’s NSF check.
D. shows the bank has collected a note receivable for the customer.
Question 5 of 20
Inventories of merchandising and manufacturing businesses are reported as current assets on the
balance sheet.
A. True
B. False
Question 6 of 20
Cash equivalents include:
A.checks.
B.coins and currency.
C.money market funds and commercial paper.
D.stocks and short-term bonds.
Question 7 of 20
Inventory refers to the:
A.merchandise held for sale in the normal course of business.
B.materials sold during the year.
Comprehensive Quiz
APU ACCT300 week 3 quiz
Question 1 of 20
The bank reconciliation:
A.should be prepared by an employee who records cash transactions.
B.is part of the internal control system.
C.is for information purposes only.
D.is sent to the bank for verification.
Question 2 of 20
A note receivable due in 90 days is listed on the balance sheet under:
A.long-term liabilities.
B.fixed assets.
C.current liabilities.
D.current assets.
Question 3 of 20
Of the three widely used inventory costing methods (FIFO, LIFO, and average), the FIFO
method of costing inventory is based on the assumption that costs are charged against revenues
in the order in which they were incurred.
A. True
B. False
Question 4 of 20
A credit memorandum from the bank:
A.decreases a bank customer’s account.
B.is used to show a bank service charge.
C.shows that a company has deposited a customer’s NSF check.
D. shows the bank has collected a note receivable for the customer.
Question 5 of 20
Inventories of merchandising and manufacturing businesses are reported as current assets on the
balance sheet.
A. True
B. False
Question 6 of 20
Cash equivalents include:
A.checks.
B.coins and currency.
C.money market funds and commercial paper.
D.stocks and short-term bonds.
Question 7 of 20
Inventory refers to the:
A.merchandise held for sale in the normal course of business.
B.materials sold during the year.
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Document Details
University
Asia Pacific University
Subject
Accounting