A B UD C |7. If bad debts expense is determined by estimating uncollectible accounts receivable, the entry to record the write-off of a specific uncollectible account would decrease: allowance for uncollectible accounts. net income. net book value of accounts receivable. bad debts expense. 8. If management intentionally underestimates bad debts expense, then net income is A overstated and assets are understated. B understated and assets are overstated C understated and assets are understated. D overstated and assets are overstated 9. Which of these items will not appear in the retained earnings statement? A Net Loss B Prior period adjustment, net of taxes с Cumulative effect on prior years of a change in accounting principles, net of tax D Dividends. E All of the above appear in the statement of retained earnings
A B UD C |7. If bad debts expense is determined by estimating uncollectible accounts receivable, the entry to record the write-off of a specific uncollectible account would decrease: allowance for uncollectible accounts. net income. net book value of accounts receivable. bad debts expense. 8. If management intentionally underestimates bad debts expense, then net income is A overstated and assets are understated. B understated and assets are overstated C understated and assets are understated. D overstated and assets are overstated 9. Which of these items will not appear in the retained earnings statement? A Net Loss B Prior period adjustment, net of taxes с Cumulative effect on prior years of a change in accounting principles, net of tax D Dividends. E All of the above appear in the statement of retained earnings
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:A
B
UD
C
|7. If bad debts expense is determined by estimating uncollectible accounts receivable,
the entry to record the write-off of a specific uncollectible account would decrease:
allowance for uncollectible accounts.
net income.
net book value of accounts receivable.
bad debts expense.
8. If management intentionally underestimates bad debts expense, then net income is
A overstated and assets are understated.
B understated and assets are overstated
C
understated and assets are understated.
D overstated and assets are overstated
9. Which of these items will not appear in the retained earnings statement?
A
Net Loss
B
Prior period adjustment, net of taxes
с Cumulative effect on prior years of a change in accounting principles, net of tax
D
Dividends.
E
All of the above appear in the statement of retained earnings
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