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Adv. Accounting - Ch. 10 Review
Test Description: Notes Receivable, Unearned Revenue & Accrued Revenue
Instructions: Answer all questions to get your test result.
1) A note that is not paid when due is called a(n)
A
discarded note
B
dishonored note
C
overdue note
D
unpaid note
2) If unearned revenue is first recorded as a liability, no adjusting or reversing entry is required.
A
True
B
False
3) Interest rates on notes receivable are generally stated in terms of days, since most notes receivable are for 90 days or less.
A
False
B
True
4) A company may issue notes receivable to employees (FYI-p. 292).
A
False
B
True
5) When unearned revenue is recorded, the amount to be received in the future is not yet known.
A
True
B
False
6) By transferring the maturity value of a dishonored note from a customer to Accounts Receivable, the business has a complete credit history on the customer's transactions.
A
False
B
True
7) When the note receivable from a customer is not paid when it comes due, the business transfers the maturity value of the note to the accounts receivable account.
A
True
B
False
8) If a business accepts a large number of notes receivable, it may maintain a separate ledger, similar to the accounts receivable ledger.
A
False
B
True
9) If the maturity date of a note is in a fiscal period that is different from the date of the note, an adjusting entry will be needed at the end of the fiscal period.
A
True
B
False
10) A common use of a note receivable is when a business borrows money from the bank to pay vendors.
A
False
B
True
*select an answer for all questions
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