Recalling the Estimation

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This is to test your knowledge about the topic we have discussed.

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Kyle Villamor

Philippines

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Recalling the Estimation


Froggy Jumps Recalling the EstimationOnline version This is to test your knowledge about the topic we have discussed. by Kyle Villamor 1 Which of the following methods of estimating doubtful accounts is considered an Income Statement approach? a Percentage of Sales Method b From This to This c Percentage of Accounts Receivable 2 What major accounting principle is violated when using either Aging or Percentage of Accounts Receivable method? a Historical Cost Principle b Matching Principle c Maiipit Ka Ngani 3 What do you call the period beyond the maximum credit term? a Depende kung 3 yan b Not due c Past due 4 The allowance for doubtful accounts normally has a ______ balance. a Credit b Debit c Bakit Sino Ka Bang Nambabasher? 5 What method of estimating doubtful accounts involves an analysis where the accounts are classified into not due or past due? a Aging the Accounts Receivable b Percent of Accounts Receivable Method c Sakadung Kading Padungding 6 Which estimation method directly multiplies current period charge or total sales by a historical loss rate to compute doubtful accounts expense? a Percent of Sales Method b Sikretong Malupet c Percent of Accounts Receivable Method 7 Under the Aging of Accounts Receivable method, when is an account considered past due? a At the end of the accounting period b When payment exceeds the maximum credit terms agreed upon c Yohoo Dito Ang Tingin 8 Why might the Allowance for Doubtful Accounts temporarily exhibit a debit balance prior to year-end adjustments? a This is Lans b Accounts written off during the period exceeded the starting allowance balance c Sales discounts were overstated 9 How should a correction resulting from testing the reasonableness of the allowance via aging be accounted for? a Retrospectively as a prior-period adjustment b digidigidigidigihey c Currently and prospectively as a change in accounting estimate 10 What is the correct entry to record an adjustment for an inadequate allowance for doubtful accounts? a Dr. Doubtful Accounts Expense, Cr. Allowance for Doubtful Accounts b ops ops ops c Dr. Accounts Receivable, Cr. Allowance for Doubtful Accounts

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Recalling the Estimation

Froggy Jumps

About this activity

Created by

Download the paper version to play

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Recalling the EstimationOnline version

by Kyle Villamor

Which of the following methods of estimating doubtful accounts is considered an Income Statement approach?

What major accounting principle is violated when using either Aging or Percentage of Accounts Receivable method?

What do you call the period beyond the maximum credit term?

The allowance for doubtful accounts normally has a ______ balance.

What method of estimating doubtful accounts involves an analysis where the accounts are classified into not due or past due?

Which estimation method directly multiplies current period charge or total sales by a historical loss rate to compute doubtful accounts expense?

Under the Aging of Accounts Receivable method, when is an account considered past due?

Why might the Allowance for Doubtful Accounts temporarily exhibit a debit balance prior to year-end adjustments?

How should a correction resulting from testing the reasonableness of the allowance via aging be accounted for?

What is the correct entry to record an adjustment for an inadequate allowance for doubtful accounts?