Site MapHelpFeedbackMultiple Choice Quiz
Multiple Choice Quiz
(See related pages)

1
To be recognized, revenues must be
A)Realized
B)Realizable
C)Earned
D)All the above
2
Recording a sale while keeping the goods in your own warehouse is called:
A)Invoice and keep.
B)Bill and hold.
C)Recognition.
D)None of the above.
3
Which of the accounts would not be included in the Revenue and Collection cycle?
A)Cash in bank.
B)Accounts Receivable.
C)Raw Materials.
D)Bad Debt Expense.
4
Custody is transferred from the warehouse to the shipping department upon authorization of the
A)Shipping order.
B)Customer order.
C)Purchase order.
D)Invoice.
5
A form signed by the carrier to verify goods are shipped is called the
A)Shipping order.
B)Receiving report.
C)Carrier form.
D)Bill of lading.
6
A fraud technique whereby someone steals a cash receipt and uses a later cash receipt from another customer to cover the theft of the first receipt is called
A)Kiting
B)Lapping
C)Bill and hold
D)None of the above
7
Approval of credit sales by the credit department supports the assertion of
A)Existence or occurrence.
B)Completeness.
C)Valuation or allocation.
D)Rights and obligations.
8
Confirming accounts receivable primarily supports the assertion of
A)Existence.
B)Completeness.
C)Valuation or allocation.
D)Rights and obligations.
9
The most reliable evidence comes from
A)A positive confirmation.
B)A negative confirmation.
C)A blank confirmation.
D)Examining a sales invoice.
10
Which of the following responses to a confirmation request at December 31 is most likely to indicate a misstatement?
A)This amount was paid on December 30th.
B)We are unable to confirm this account.
C)We returned these items in November.
D)We received these goods on January 4th.





To learn more about the book this website supports, please visit its Information Center.
Copyright (c)2015 McGraw-Hill Education .
Any use is subject to the Terms of Use and Privacy Notice | Report Piracy


LouwersOnline Learning Center

Home > Chapter 7 > Multiple Choice Quiz