Graded Quiz Unit 6 Attempt review Bus 1102 PDF

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Started on Saturday, 6 March 2021, 11:35 PM State Finished Completed on Sunday, 7 March 2021, 12:13 AM Time taken 38 mins 33 secs Marks 15/20. Grade 75 out of 100.Question 1 Correct Mark 1 out of 1.Tangible assets are typically amortized using the straight-line method over the usefullife of the asse...

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Kizito Udele

Home  My courses  BUS 1102 - AY2021-T3  4 March - 10 March  Graded Quiz Unit 6

Started on State Completed on Time taken

Saturday, 6 March 2021, 11:35 PM Finished Sunday, 7 March 2021, 12:13 AM 38 mins 33 secs

Marks

15.00/20.00

Grade

75.00 out of 100.00

Question 1

Correct

Mark 1.00 out of 1.00

Tangible assets are typically amortized using the straight-line method over the useful life of the asset. Select one: a. True b. False

The correct answer is: False

Question 2

Correct

Mark 1.00 out of 1.00

Audit trail is step-by-step trail of evidence documenting the history of a transaction from its inception and all the steps it went through until its completion. Select one: a. True b. False

The correct answer is: True

Question 3

Correct

Mark 1.00 out of 1.00

Whereby the seller transfers ownership and nancial responsibility at the time of shipment. What is the name of the term? Select one: a. Goods in transit b. FOB shipping point c. FOB destination point

The correct answer is: FOB shipping point

Question 4

Correct

Mark 1.00 out of 1.00

An operating cycle is the amount of time it takes a company to use its cash to provide a product or service and collect payment from the customer. Select one: a. True b. False

The correct answer is: True

Question 5

Correct

Mark 1.00 out of 1.00

Retail inventory method is inventory estimation tool that uses a company’s usual gross prot percentage, related to total sales revenue, to estimate the retail value of the ending inventory, which can then be reduced to an estimated cost gure. Select one: a. True b. False

The correct answer is: True

Question 6

Correct

Mark 1.00 out of 1.00

Financial statement fraud has occurred when nancial statements intentionally hide illegal transactions or fail to accurately reect the true nancial condition of an entity. Select one: a. True b. False

The correct answer is: True

Question 7

Correct

Mark 1.00 out of 1.00

What is the computerized system to record and process a sale immediately when it occurs, usually by scanning the product bar code? Select one: a. point-of-sale system (POS) b. enterprise resource planning (ERP) c. cryptocurrency

The correct answer is: point-of-sale system (POS)

Question 8

Correct

Mark 1.00 out of 1.00

Costs incurred during the life of the asset are expensed right away if they do not extend the useful life of that asset or are capitalized if they extend the asset’s useful life. Select one: a. True b. False

The correct answer is: True

Question 9

Correct

Mark 1.00 out of 1.00

What is the formula for the inventory turnover ratio? Select one: a. Average inventory / Cost of goods sold b. Cost of goods sold / Average inventory c. Neither A or B

The correct answer is: Cost of goods sold / Average inventory

Question 10

Incorrect

Mark 0.00 out of 1.00

Cash purchases of inventory would be recorded in the purchases journal with a debit to Merchandise Inventory and a credit to Accounts Payable. Select one: a. True b. False

The correct answer is: False

Question 11

Correct

Mark 1.00 out of 1.00

The _____________ helps explain the mechanics of fraud by examining the common contributing factors of perceived opportunity, incentive, and rationalization. Select one: a. fraud triangle b. cash-basis c. purchases journal

The correct answer is: fraud triangle

Question 12

Incorrect

Mark 0.00 out of 1.00

A customer just charged $300 of merchandise using Visa. Which special journal would the company use to record this transaction? Select one: a. Cash disbursements journal b. General journal c. Cash receipts journal

The correct answer is: General journal

Question 13

Incorrect

Mark 0.00 out of 1.00

What is a reduction in the value of an asset to the company based on its physical deterioration? Select one: a. Natural resources b. Physical obsolescence c. Functional obsolescence

The correct answer is: Physical obsolescence

Question 14

Incorrect

Mark 0.00 out of 1.00

What is another name for the income statement method? Select one: a. Balance sheet aging of receivables method b. Percentage of sales method c. Percentage of completion method

The correct answer is: Percentage of sales method

Question 15

Correct

Mark 1.00 out of 1.00

Articial intelligence is computerized systems that are taught to use reasoning and other aspects of human intelligence to mimic some of the tasks humans perform. Select one: a. True b. False

The correct answer is: True

Question 16

Incorrect

Mark 0.00 out of 1.00

At what point does revenue recognition occur? Select one: a. When the company has met its obligation on a contract b. When the seller receives the money for the job c. When the purchaser makes payment

The correct answer is: When the company has met its obligation on a contract

Question 17

Correct

Mark 1.00 out of 1.00

What account is used when a customer pays for a product or service on a line of credit? Select one: a. Principal b. Accounts Receivable c. Accounts Payable

The correct answer is: Accounts Receivable

Question 18

Correct

Mark 1.00 out of 1.00

In perpetual inventory systems, inventory errors commonly arise from careless oversight of physical counts. Select one: a. True b. False

The correct answer is: False

Question 19

Correct

Mark 1.00 out of 1.00

The VWX Company collects an honored note with a maturity date of 36 months from establishment, a 8% interest rate, and an initial loan amount of $40,000. Which accounts are used to record collection of the honored note at maturity date? Select one: a. Interest Revenue, Interest Expense, Cash b. Interest Receivable, Cash, Notes Receivable c. Interest Revenue, Interest Receivable, Cash, Notes Receivable

The correct answer is: Interest Revenue, Interest Receivable, Cash, Notes Receivable

Question 20

Correct

Mark 1.00 out of 1.00

The ABC Company purchased a printer for $2,000, and spent $200 on sales taxes and $100 for delivery and setup, What is the capitalized costs? Select one: a. $1,700 b. $2,000 c. $2,300

The correct answer is: $2,300

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