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FA_Test3_Ch7-9 Test

Enter the letter for the matching Answer
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1.
___ is the process of allocating the cost of a natural resource to expense in a rational & systematic manner.
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2.
Under the __ __ __, depreciation is the same for each year of the asset's useful life & is measured solely by the passage of time.
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3.
_ __ __ means that top management must make it clear that the organization values integrity & unethical activity will not be tolerated.
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4.
To find interest, you must follow this formula:
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5.
Intangible assets include (5):
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6.
Most systems of internal control provide for __ __ __. This principle involves the review, comparison, & reconciliation of data prepared by employees. It is often assigned to internal auditors. Daily cash counts are made by department supervisors.
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7.
__ __ __ are credit losses as debits to it/Uncollectible Accounts Expense. Such losses are a normal & necessary risk of doing business on a credit base.
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8.
The different types of receivables are (3):
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9.
Three primary accounting issues that are associated with accounts receivable are:
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10.
The formula to compute depletion is as follows:
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11.
Actual uncollectible are debited to __ __ __ __ & credited to __ __.
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12.
Estimated uncollectible are debit to __ __ __ & credited to __ __ __ __.
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13.
Know the steps to bank reconciliation, what to deduct/add per bank/book balance.
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14.
The __ is to whom the check is payable.
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15.
The __ __ excludes amounts that the company estimates it will not collect. Thus, this method reduces receivables in the balance sheet by the amount of estimated uncollectible receivables.
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16.
__ __ is amounts owed by customers on account.
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17.
__ __ are highly liquid investments that can be converted into specific amounts & typically have matures of three months/less when purchased.
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18.
Facts that contribute to fraud are (3):
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19.
The __ __ specified in a note is an annual rate of interest.
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20.
The __ __ __ __ is used to assess the liquidity of the receivables.
A.
Total Cost minus Salvage Value / Toal Estimated Units = Depletion Cost per Unit X Number of Units Extracted & Sold = Annual Depletion Expense
B.
Payee
C.
look at study guide!*
D.
A control environment
E.
Opportunity, Financial Pressure, & Rationalization
F.
Accounts receivable
G.
Recognizing, Valuing, & Disposing of accounts receivable.
H.
Cash equivalents
I.
Face Value of Note X Annual Interest Rate X Time in Terms of One Yr = Interest
J.
Interest rate
K.
Allowance for Doubtful Accounts; Accounts Receivable
L.
Accounts Receivable, Notes Receivable, & Other Receivables.
M.
Straight-line method
N.
Bad Debts Expense; Allowance for Doubtful Accounts
O.
Allowance Method
P.
Depletion
Q.
Patents, Copyrights, Trademarks, Franchise, & Goodwill
R.
Bad Dept Expense
S.
Independent internal verification
T.
accounts receivable turnover ratio
Type the Answer that corresponds to the displayed Question.
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21.
___ means that they system must be monitored periodically to asset its adequacy.
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22.
Know how Land, Land Improvements, Equipment, Natural Resources, & Intangible assets are presented on the Balance Sheet.
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23.
The use of __ __ is essential & relate to the safeguarding of assets such as: safes, vaults, & safety deposit boxes; locked warehouses & storage cabinets; computer facilities; alarms; tv monitors & garment sensor; time clocks; indelible ink.
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24.
__ is the value of all favorable attributes that relate to a business enterprise, includes: exceptional management, desirable location, good customer relations,&skilled employees. It cannot be sold individually & is not amortized. Largest intangible asset
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25.
__ __ __ means that the responsibility for related activities should be assigned to different individuals to reduce errors/irregularities. Different individuals approve disbursements, make payments, etc. Check signers are not allowed to record cash.
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26.
__ __ are non-traded. Examples are interest receivable & advances to employees.
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27.
A ____ is a dishonest act by an employee that results in personal benefit to the employee at a cost to the employer.
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28.
__ __ provide evidence that transactions & events have occurred. Require the use of pre-numbered checks & account for them in sequence; each check must have approved invoice; requires employees to use corporate credit cards for reimbursable expenses.
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29.
____ is the most important element of the fraud triangle. When workplace environments lack sufficient controls to deter & detect fraud, employees can take advantage of the company.
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30.
A __ are grants from the federal government, giving the owner the exclusive right to reproduce & sell an artistic or published work.

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