Accounting Procedure Assignment
An accounting procedure that (1) estimates and reports bad debts expense from credit sales during the period the sales are recorded, and (2) reports accounts receivable at the estimated amount of cash to be collected is the: A. Aging of notes receivable. B. Adjustment method for uncollectible debts. C. Allowance method of accounting for bad debts. D. Direct write-off method of accounting for bad debts. E. Cash basis method of accounting for bad debts 7. Failure by a promissory note's maker to pay the amount due at maturity is known as: A. Protesting a note. B. Closing a note. D. Discounting a note. C. Dishonoring a note. E. Depreciating a note
8. For which item does a bank NOT issue a debit memorandum? A. To notify a depositor of all withdrawals through an ATM. B. To notify a depositor of a fee assessed to the depositor's account C. To notify a depositor of an uncollectible check. D. To notify a depositor of periodic payments arranged in advance, by a depositor. E. To notify a depositor of a deposit to their account. 9. A bank statement includes the A.A list of outstanding checks. B. A list of petty cash amounts. C.A listing of deposits in transit. D. The beginning and the ending balance of the depositor's account. E. All of these. 10. Cash, not including cash equivalents, includes A. Postage stamps B. Coins, currency, and checking accounts. C. 1OUS. D. Two-year certificates of deposit E. Stocks & bonds Page..