_____________________________
_ are those events that would have a negative impact on organization objectives.
Fill in the blank(s) with correct word
(
Q. 2) Which of the following methods of accounting for uncollectible accounts matches sales with bad debts expense?
A) direct write-off method
B) allowance method
C) contra-asset method
D) reconciliation method
(
Q. 3) Employers primarily use the wage-bracket method to determine the amount of tax to be withheld from an employee's pay.
a. True
b. False
Indicate whether the statement is true or false
(
Q. 4) Depreciation is ________.
A) the loss in market value of an asset
B) the allocation of a long-term asset's cost to an expense account over the asset's life
C) an increase in an asset's value over time or usage
D) the revenue earned by a long-term asset over its useful life
(
Q. 5) FIFO is the inventory costing method that follows the physical flow of the goods.
a. True
b. False
Indicate whether the statement is true or false
(
Q. 6) On December 12, Occident, Ltd., a company in Singapore, ordered merchandise from San Francisco Exports. The merchandise was shipped to Occident on December 29, FOB shipping point. The merchandise arrived at Occident's warehouse on February 1.
Occident paid for the merchandise on March 2. When should San Francisco Exports recognize revenue?
A) December 12
B) December 29
C) February 1
D) March 2
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