8. Which account would NOT be affected by the purchases journal? (Points : 1)

cash inventory supplies expense accounts payable

Question 9.9. A ________ can be used as a control device by verifying that the activity reported by the accounting records matches the activity reported by the bank with the exception of reconciling items. (Points : 1)

cash receipts journal bank reconciliation signature card electronic funds transfer

Question 10.10. What internal control mechanism discourages cashiers at retail outlets from pocketing cash sales? (Points : 1)

the bank statement electronic sensors attached to all retail merchandise the cash register tape that duplicates each receipt for the shift a lock-box system

Question 11.11. Robins Company collected a note receivable on the due date with the following information related to the note:

	-Principal:	$3000
	-Date of Note:	April 1st, 20X2
	-Interest Rate:	5.5%
	-Due Date of Note:	December 31, 20X2

What would be the journal entry to record collection of this note receivable? (Points : 1)

December 31st	Cash	3,000.00
	Notes Receivable		3,000.00

December 31st	Cash	3,123.75
	Notes Receivable		3,000.00
	Interest Revenue		123.75

December 31st	Notes Receivable	3,000.00
	Interest Revenue	165.00
	Cash		3,165.00

December 31st	Cash	3,000.00
	Interest Receivable	165.00
	Notes Receivable		3,165.00

Question 12.12. Mapco had the following information related to accounts receivable during the year.

Accounts receivable balance on January 1st	$15,000
Net credit sales	$150,000
Collections on accounts receivable	$144,000
Allowance account balance on January 1st	$3,200
Write-offs during the year	$3,500

Mapco uses the aging-of-receivables method of estimating uncollectible accounts. They determined that $4,200 of accounts receivable is uncollectible. What will Mapco record for uncollectible account expense for the year? (Points : 1)

$4,200 $7,400 $4,500 $3,900

Question 13.13. Oleo Manufacturing Company requires newly hired factory employees to be trained for one week on the proper way to use the manufacturing equipment. Before the training was implemented, managers of Oleo found that large amounts of raw materials were being scrapped due to errors in operating the machinery. This internal control focuses on ________. (Points : 1)

safeguarding assets promoting operational efficiency encouraging employees to follow company policy ensuring accurate and reliable accounting records

Question 14.14. Roberto Inc. has recently experienced cash flow issues. One of their goals is to collect on receivables in a timelier manner. Their customers generally pay their balances but payments are slow, putting Roberto Inc. in a cash crunch. Which of the following would be the best internal control for correcting this particular problem? (Points : 1)

segregation of duties between cash collecting activities and cash recording activities run credit checks on all customers before extending credit only accept cash on delivery tighten the credit terms on customers and give incentives for early payment

Question 15.15. Which of the following is NOT a rule followed by both IFRS and GAAP with respect to accounting for receivables? (Points : 1)

Both GAAP and IFRS use the realization principle for receivables. Both GAAP and IFRS report receivables at the net value of the estimated uncollectibles. Both GAAP and IFRS require that the allowance method for uncollectibles be used. Both GAAP and IFRS use the direct write-off method for uncollectibles.