A typical example of a forcing event is a(n)

a. mental breakdown.
b. natural disaster.
c. IRS audit.
d. slow business year.


ANSWER: a

Business

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An estimate based on an analysis of receivables shows that $780 of accounts receivables are uncollectible. The Allowance for Doubtful Accounts has a debit balance of $110. After preparing the adjusting entry at the end of the year, the balance in the Uncollectible Accounts Expense is

A) $110 B) $780 C) $670 D) $890

Business

On December 1, Victoria Company signed a 90-day, 6% note payable, with a face value of $15,000. Assuming the company does not prepare reversing entries, what is the journal entry to record the repayment of the note on March 1?

A. Debit Notes Payable, $15,000; Debit Interest Expense, $225; Credit Cash, $15,225. B. Debit Notes Payable, $15,000; Debit Interest Expense, $150; Debit Interest Payable, $75; Credit Cash, $15,225. C. Debit Notes Payable, $15,000; Credit Cash, $15,000. D. Debit Notes Payable, $15,075; Debit Interest Expense, $150; Credit Cash, $15,225. E. Debit Notes Payable, $15,225; Credit Cash, $15,225.

Business

Customers' accounts that we no longer consider collectible are referred to as uncollectible accounts (or bad debts).

Answer the following statement true (T) or false (F)

Business

Which of the following is not one of the devices in RADIUS central authentication?

A) The supplicant B) The verifier C) The authenticator D) The RADIUS central authentication server

Business