Accounts Receivable - State Competency Test

Payee wishes to sign a check over to another person, signing their name and Pay to the order of the new person.

We received a $2,000 invoice dated 6/21/21, shipping terms 2/10, n 30; it is 6/30/21, what will be the payment amount?

___________ are something you own of value.

Transport Out/Freight Out - delivery expense to be paid by the seller with terms of FOB ______________.

Uncollectible Accounts

A __________ endorsement, the most common type, is endorsed by the payee and presented to the bank for cash or deposit.

Sales Discount & Sales Returns/Allowances are both classified as Contra Revenue accounts and have a ________ balance.

Receivables are a .................... Payables are a ..................

A list of accounts used by a business

Which endorsement is done by writing "For deposit only" in the endorsement area, instead of the payee signing his name?

Source documents for Sales Returns and Allowances are _______________________.

According to the Chart of Accounts numbering system, the 6000 division consist of which accounts?

Transport In/Freight In - the shipping cost to be paid by the buyer of merchandise when the terms are FOB ____________.

Controls can either be preventative, deterring fraud/mistakes, or detective, identifying issues after they happen.

When you reversed two digits in a number. You wrote $540 when the amount is $450.

The national professional organization for CPA's and enforces compliance with the profession's ethical standards.

Double Entry Accounting means every transaction has at least one debit and one credit

What financial statement show the financial condition of your company on that day?

Form that must be completed to verify the identity and employment authorization of individuals hired in the US.

A wage and tax statement that reports employees' annual wages and the amount of taxes withheld from their paychecks.

Keeping accounting systems which contain confidential information safe and secure at all times.

A Trial Balance will not balance, when a Credit was posted as a Debit or vice versa).

Accounts receivables is classified as a(an) __________.

Which financial statement shows the results of the operation over a period of time (month or year)?

Revenues are reported on the income statement in the period in which the cash is earned and expenses are purchased

Which accounts are included on an Income Statement?

____________ with a useful life of more than one year that is used in producing revenues in a business's operations.

The _______ is responsible for the cost of shipping when the terms of the sale are FOB Destination Point.

All of the following accounts are classified as assets, except:

The process of determining the name, subject, or some other caption under which the documents are to be filed.

The ________ is responsible for the cost of shipping with the terms FOB Shipping Point.

The total cost of an asset includes of the associated cost/added cost to the original price of the asset.

Accounts Receivable is classified as a ___________; Equipment is classified as a ___________.

Sorting a company’s accounts receivables into current, 1-30 days past due, 31-60 days past due.

Which accounts are included on a Balance Sheet?

______ discounts are deductions that aim to motivate customers to pay their bills within a certain time frame.

Accounts Payable Ledger Numbers begin with a 1 and are sorted alphabetically by the vendor name.

Cash, Accounts Receivables, Prepaid Insurance, Supplies, Equipment are classified as _________ accounts.

Shipping terms of the sale are FOB Destination Point. What does FOB stand for?

The posting order for special journals is sales, purchase, general journal, accts receivable, accts payable

According to the Chart of Accounts numbering system, the 3000 division consist of which accounts?

What is the Fundamental Accounting Equation?

Plant assets are also known as _________ assets.

Accounts Receivables increase on the

An Employee's Withholding Allowance Certificate that tells the employer the amount of tax to withhold.

Accounts receivables handles the ______________ accounts.

Accounting method where revenues and expenses are reported in the period when they are received or paid out.

On June 1, $800 of goods are sold with terms of 1/10, n/30. How much will the seller receive if the buyer pays on June 8

Accounts Receivable Ledger Numbers begin with a __ and are assigned alphabetically by the Customer’s company name.

You purchased a truck for $50,000, added a towing packing for $10,000, what would be the asset value?

A set of rules that encompass the details, complexities, and legalities of business and corporate accounting.