13. All of the following examples of valuation allowance accounts EXCEPT: are
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- 41.Which of the following shall be taken into consideration when measuring and recognizing impairment loss on receivables?A. Past experiences on the collectability of the receivablesB. Present condition of the debtor, including the present economic environmentC. Future expectations based on information that are available without undue cost and effort a. A, B and C b. A and B only c. A only d. B only27-Which one of the following is an example for 'Deferrals'? a. Provision for doubtful debt b. Depreciation c. Unearned revenue d. Outstanding expensesThe direct write-off method requires estimates of: * (a) Uncollectible accounts expense (b) Valuation allowance (c) Both a and b (d) None of the above.
- Which of the following is not an expense adjustment? A. None of the above B. Consumable inventory adjustment C. Depreciation D. Prepaid expenseThe adjustment to be made for provision for doubtful debt is O a. Credit profit and loss account and deduct the provision from debtors O b. Debit profit and loss account and deduct the provision from debtors Oc. Credit profit and loss account and add the provision to debtors Od. Debit profit and loss account and add the provision to debtorsBad debt expense is normally reported on the income statement as a(n) a. Operating expense b. Offset agaisnt gross c. Financial expense in the order items section d. Contra-revenue amount
- 21. Statement 1: Under simplified approach for the impairment of receivables, an entity measures its expected credit loss without applying the 3 stages under the general approach.Statement 2: The changes in the loss allowance balance are recognized in profit or loss as an impairment gain or loss. a. Only Statement 1 is true. b. Both statements are false. c. Both statements are true. d. Only Statement 2 is true.Which of the following accounts is an example of a contra-asset?A) Cost of Goods Sold B)Sales Discounts C) Purchases D) Deferred Revenue E) LIFO ReserveWhich of the following is a limitation of the direct write-off method of accounting for uncollectibles? a. The direct write-off method overstates assets on the balance sheet. b. The direct write-off method does not match expenses against revenue very well. c. The direct write-off method does not set up an allowance for uncollectibles. d. All of the above
- please qucikly, thanks! 30 Which of the following is not a contra account? A, Purchase returns and allowances B. Sales returns and allowances C. Accumulated depletion D, Accumulated depreciation7. Accounting policies disclosed in the notes to financial statements typically include all of the following, except a. The cost flow assumption b. The depreciation method c. Significant estimates d. Significant inventory purchasing policies18. Which of the following loss contingencies is not usually accrued? a. product warranty obligationsb. premium offer obligationsc. risk of loss from fired. noncollectibility of receivables