Doubtful Debts & Receivables Quiz

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Test your understanding of bad debts and allowances.

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poa

Pakistan

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Doubtful Debts & Receivables Quiz


Doubtful Debts & Receivables QuizVersion en ligne Test your understanding of bad debts and allowances. par poa 1 What is a bad debt? a A debt that will never be collected b A debt that is paid early c A debt that might be difficult to collect d A debt from a new customer 2 If AR is Rs. 100,000 and the allowance is 5%, what is the allowance amount? a Rs. 15,000 b Rs. 5,000 c Rs. 10,000 d Rs. 1,000 3 Which accounting concept requires recognizing doubtful debts? a Materiality b Going Concern c Consistency d Prudence 4 The Allowance for Doubtful Debts account normally has a: a Zero balance b Credit balance c Either debit or credit balance d Debit balance 5 Existing allowance Rs. 3,000; new allowance Rs. 8,000. What is the additional expense? a Rs. 8,000 b Rs. 3,000 c Rs. 5,000 d Rs. 11,000 6 What is the journal entry to write off a bad debt of Rs. 5,000? a Debit Cash, Credit Accounts Receivable b Debit Bad Debts Expense, Credit Accounts Receivable c Debit Allowance for Doubtful Debts, Credit Accounts Receivable d Debit Accounts Receivable, Credit Bad Debts Expense 7 Gross Receivables are Rs. 80,000. Allowance is Rs. 4,000. Net receivables are? a Rs. 72,000 b Rs. 84,000 c Rs. 76,000 d Rs. 80,000 8 A debt that might be difficult to collect but has hope of recovery is called: a Written-off debt b Doubtful debt c Bad debt d Recovered debt 9 Opening allowance Rs. 6,000; closing allowance needed Rs. 4,000. What is the adjustment? a Rs. 2,000 debit to expense b Rs. 2,000 credit to expense c Rs. 4,000 credit to expense d Rs. 4,000 debit to expense 10 A customer pays Rs. 3,000 for a debt written off last year. Journal entry? a Debit Cash Rs. 3,000, Credit Accounts Receivable Rs. 3,000 b Debit Cash Rs. 3,000, Credit Bad Debts Recovered Rs. 3,000 c Debit Bad Debts Expense Rs. 3,000, Credit Cash Rs. 3,000 d Debit Accounts Receivable Rs. 3,000, Credit Cash Rs. 3,000

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Doubtful Debts & Receivables Quiz

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À propos de cette activité

Créé par

Téléchargez la version pour jouer sur papier

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Doubtful Debts & Receivables QuizVersion en ligne

par poa

What is a bad debt?

If AR is Rs. 100,000 and the allowance is 5%, what is the allowance amount?

Which accounting concept requires recognizing doubtful debts?

The Allowance for Doubtful Debts account normally has a:

Existing allowance Rs. 3,000; new allowance Rs. 8,000. What is the additional expense?

What is the journal entry to write off a bad debt of Rs. 5,000?

Gross Receivables are Rs. 80,000. Allowance is Rs. 4,000. Net receivables are?

A debt that might be difficult to collect but has hope of recovery is called:

Opening allowance Rs. 6,000; closing allowance needed Rs. 4,000. What is the adjustment?

A customer pays Rs. 3,000 for a debt written off last year. Journal entry?