All of the following statements regarding the financial statement
presentation of receivables are true except:
Question 13
Which of the following is not true regarding a promissory note?
Question 14
The bookkeeper recorded the following journal entry
Allowance for Doubtful Accounts
1,000
Accounts Receivable – Richard James
1,000
Which one of the following statements is false?
Question 15
The direct write-off method is acceptable for financial reporting
purposes only if the bad debt losses are insignificant.
Question 16
When calculating interest on a promissory note with the maturity date
stated in terms of days, the
Question 17
The interest on a $4,000, 9%, 90-day note receivable is
Question 18
Which of the following is a way of disposing of a note receivable?
Question 19
The accounts receivable turnover
Question 20
Match the items below by entering the appropriate code letter in the
space provided.