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Mixed Quiz
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1
Which of the following revenue process events is an accounting event?
A)Send copy of sales order to the credit manager
B)Determine marketing and distribution channels
C)Prepare a bill of lading for the common carrier
D)Estimate the amount of uncollectible accounts receivable
2
Which of the following could not be used in determining whether a revenue could be recognized.
A)Customer takes product home to try out
B)A receivable is deemed collectible
C)A product has been delivered or a service has been rendered
D)The net assets (assets - liabilities) has been increased
3
Which of the following documents is not part of the revenue process?
A)Bill of lading
B)Sales order
C)Packing slip
D)Remittance advice
4
In the following journal entry, revenue is being recognized:

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A)at the same time cash is collected
B)before the cash is collected
C)after the cash is collected
D)on an installment basis
5
The journal entry to record the return of merchandise from a credit customer is:
A)<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078136601/794879/ch10_q5_opta.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (7.0K)</a>
B)<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078136601/794879/ch10_q5_optb.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (7.0K)</a>
C)<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078136601/794879/ch10_q5_optc.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (9.0K)</a>
D)<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078136601/794879/ch10_q5_optd.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (5.0K)</a>
6
The journal entry to record a customer's payment within the discount period is:
A)<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078136601/794879/ch10_q6_opta.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (9.0K)</a>
B)<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078136601/794879/ch10_q6_optb.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (9.0K)</a>
C)<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078136601/794879/ch10_q6_optc.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (9.0K)</a>
D)<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078136601/794879/ch10_q6_optd.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (8.0K)</a>
7
The journal entry to remove a specific customer's account, once it is identified as uncollectible, would debit ______, credit _____, and _____net accounts receivable.
A)accounts receivable, cash, decrease
B)allowance for uncollectible accounts, accounts receivable, not change
C)bad debt expense, accounts receivable, decrease
D)allowance for uncollectible accounts, accounts receivable, decrease
8
Which of the following is not a characteristic of LIFO?
A)if used on the tax return LIFO will have lower taxable income than FIFO.
B)Ending inventory on the balance sheet will be based on the most recent cost.
C)LIFO provides a better matching of revenues and expenses on the income statement than FIFO
D)LIFO cost flow does not correspond to the physical flow of the goods.
9
Pilgrim Thanksgiving Supply has a perpetual inventory system and uses the FIFO method of inventory costing. Pilgrim had a beginning inventory of 45 units and reported the following events during the month of March:

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The cost of goods sold for the March 5 sale is:
A)$260
B)$220
C)$200
D)$215
10
Pilgrim Thanksgiving Supply has a perpetual inventory system and uses the FIFO method of inventory costing. Pilgrim had a beginning inventory of 45 units and reported the following events during the month of March:

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The ending inventory for March:
A)$1,040
B)$800
C)$1,030
D)$1,000
11
Peterson Home Decor has a perpetual inventory system and uses the LIFO method of inventory costing. Peterson reported the following events during the month of May:

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The cost of goods sold for the May 5th sale is:
A)$750
B)$775
C)$800
D)$900
12
Peterson Home Decor has a perpetual inventory system and uses the LIFO method of inventory costing. Peterson reported the following events during the month of May:

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The cost of goods sold for the May 21 sale is:
A)$1,530
B)$1,620
C)$1,515
D)$1,350
13
Peterson Home Decor has a perpetual inventory system and uses the LIFO method of inventory costing. Peterson reported the following events during the month of May:

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The ending inventory on May 30 is:
A)$2,650
B)$2,970
C)$2,540
D)$2,475
14
An unfavorable sales price variance occurs when:
A)The cost of products have decreased increasing the profit from the product.
B)The actual selling price is less than what was budgeted.
C)The company has sold more products than was anticipated.
D)The company sales price decreased causing more product to be sold
15
A favorable sale quantity variance occurs when there is/are:
A)More units sold than budgeted.
B)A higher actual selling price than budgeted
C)A decrease in the cost of products causing an increase in income for the period
D)A decrease in the quantity of bad accounts receivables





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