ACC 557 Midterm Exam Part 2 Assignment
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Question 10<br />
Bad Debt Expense is considered<br />
an avoidable cost in doing business on a credit basis.<br />
an internal control weakness.<br />
a necessary risk of doing business on a credit basis.<br />
avoidable unless there is a recession.<br />
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<strong>ACC</strong> <strong>557</strong> Complete <strong>Assignment</strong><br />
Question 11<br />
The collection of an account that had been previously written off<br />
under the allowance method of accounting for uncollectibles<br />
will increase income in the period it is collected.<br />
will decrease income in the period it is collected.<br />
requires a correcting entry for the period in which the account was<br />
written off.<br />
does not affect income in the period it is collected.<br />
Question 12<br />
The maturity value of a $50,000, 9%, 60-day note receivable dated July<br />
3 is<br />
$50,000.<br />
$50,750.<br />
$54,500.<br />
$59,000.<br />
Question 13<br />
The control principle related to not having the same person authorize<br />
and pay for goods is known as<br />
establishment of responsibility.<br />
independent internal verification.<br />
segregation of duties.<br />
rotation of duties.
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