ACC 556 STR help A Guide to career/uophelp.com ACC 556 STR help A Guide to career/uophelp.com | Page 23

ACC 556 Chapter 8 Quiz (100% Score) For more course tutorials visit www.uophelp.com Chapter 8 Quiz Question 1 An aging of accounts receivable schedule is based on the premise that the longer the period an account remains unpaid, the greater the probability that it will eventually be collected. Question 2 Allowance for Doubtful Accounts is a contra account that is deducted from Accounts Receivable on the balance sheet. Question 3 Under the allowance method, Bad Debt Expense is debited when an account is deemed uncollectible and must be written off. Question 4 Interest on a 6-month, 10 percent, $10,000 note is calculated by multiplying $10,000 ´ 0.10 ´ 6/12. Question 5