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Doubtful Debts & Receivables Quiz

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Doubtful Debts & Receivables Quiz

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Test your understanding of bad debts and allowances.

Created by

poa
poa
Pakistan

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Doubtful Debts & Receivables Quiz
 

Doubtful Debts & Receivables QuizOnline version

Test your understanding of bad debts and allowances.

by poa
1

What is a bad debt?

2

If AR is Rs. 100,000 and the allowance is 5%, what is the allowance amount?

3

Which accounting concept requires recognizing doubtful debts?

4

The Allowance for Doubtful Debts account normally has a:

5

Existing allowance Rs. 3,000; new allowance Rs. 8,000. What is the additional expense?

6

What is the journal entry to write off a bad debt of Rs. 5,000?

7

Gross Receivables are Rs. 80,000. Allowance is Rs. 4,000. Net receivables are?

8

A debt that might be difficult to collect but has hope of recovery is called:

9

Opening allowance Rs. 6,000; closing allowance needed Rs. 4,000. What is the adjustment?

10

A customer pays Rs. 3,000 for a debt written off last year. Journal entry?

 
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