Acc 291 Final Exam - Go to the Link to Get the Answers

ACC/291 Final Exam

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1) Hahn Company uses the percentage of gross sales method for recording bad debts expense. For the year, cash sales atomic number 18 $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting compliance will Hahn Company make to record the bad debts expense?
A. Bad Debts Expense 15000 Allowances for provisional Accounts 15000
B. Bad Debts Expense 12000 Allowances for Doubtful Accounts 12000
C. Bad Debts Expense $12,000 Accounts due $12,000
D. Bad Debts Expense $15,000 Accounts Receivable $15,000

2) Using the percentage of receivables method for recording bad debts expense, estimated unfit accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is $3,000 credit onward adjustment, what is the amount of bad debts expense for that period?
A. $15,000
B. $12,000
C. $18,000
D. $8,000

3) Intangible additions
A. should be reported under the heading Property, Plant, and Equipment
B. should be reported as a separate classification on the balance sheet
C. should be reported as Current Assets on the balance sheet
D.



are not reported on the balance sheet because they inadequacy physical substance

4) Intangible assets are the rights and privileges that result from ownership of persistent assets that
A. must be generated internally
B. are depletable natural resources
C. do not have physical substance
D. have been exchanged at a gain

5) The book value of an asset is equal to the
A. assets market value less its historic hail
B. red-hot book value relied on by secondary markets
C. successor cost of the asset
D. assets cost less compile depreciation

6) Gains on an exchange of plant assets that has commercial substance are
A. deducted from the cost of the new asset acquired
B. deferred
C. not possible
D. recognized immediately


7) Ordinary repairs are...If you command to get a full essay, order it on our website: Ordercustompaper.com



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