Which of the following accounts is not a contra-revenue? Group of answer choices A)Sales discounts B)Credit card discounts C)Sales returns and allowances D)Allowance for doubtful accounts E)All the above are contra-revenues

The allowance for doubtful accounts is an example of a(n) Group of answer choices expense account control account adjunct account contra account

19.Which of the following statements is incorrect?     a. Trade receivables are recognized simultaneously with the recognition of related revenue when the criteria for revenue recognition are met. b. Under the gross price method, sales discounts are reported as a deduction from sales revenue. c. When accounts receivable are pledged against borrowing, the amount of accounts receivable pledged shall be included in the total receivables with disclosures. d. When discounting notes, the term discount period refers to the period of time that the note has been held by the endorser or payee; i.e. the period from the date of the note up to the date of discounting.

The Allowance for Doubtful Accounts account is a contra-account that offsets: Multiple Choice Bad Debt Expense. Cash. Net Income. Accounts Receivable.

Which one of the following statements is NOT true about account receivables? Select one: a. Account receivables have debit balances. b. Account receivables are current assets. c.   Account receivables are can be discounted.   d. Account receivables only relate to credit sales.

Why do we need to provide allowance for doubtful accounts in accounting for receivables? Is it necessary? Explain your answer.

Which one of the following best describes the allowance for doubtful accounts? a.Statement of earnings account b.Liability account c.Contra account d.Cash flow account

Which of the following statement is not true about the del-credere commission? Select one: a. If del-credere commission is allowed, bad debt will be debited in consignment account b. Del-credere commission is generally relevant for credit sales c. If del-credere commission is allowed, bad debt will not be recorded in the books of consignor d. Del-credere commission is allowed by consignor to consignee

Which of the following entries would be the appropriate entry for writing off an uncollectible account receivable under the allowance method? O Dr. Bad Debt Expense Cr. Accounts Receivable O Dr. Sales Cr. Accounts Receivable O Dr. Accounts Receivable Cr. Bad Debt Expense O Dr. Allowance for Doubtful Accounts Cr. Accounts Receivable

44.Which is a valid statement regarding the gross price, net price and allowance methods of recording accounts receivable from customers?     a. Under the gross method, sales discount is recorded when taken and this account is reported as an item of other expense in the statement of comprehensive income. b. Under the net method, sales discount is recorded when not taken and this is reported as an item of other income in the statement of comprehensive income.  c. When accounts receivable have not yet been collected at the end of the year and the discount period has already lapsed, after appropriate adjusting entry(ies), the amount of net  accounts receivable reported under the gross method is greater than the amount reported under the net method. d. When accounts receivable have not yet been collected at the end of the year and the discount period has already lapsed, no adjusting entry is required under the net method.