100 a bank statement includes a a list of outstanding checks b a list of petty cash 3455372

100. A bank statement includes:
A. A list of outstanding checks.
B. A list of petty cash amounts.
C. The beginning and the
ending balance of the depositor’s account.
D. A listing of deposits in transit.
E. All of these.

101. For which item does a bank NOT issue a debit
memorandum?
A. To notify a depositor of all withdrawals through an
ATM.
B. To notify a depositor of a fee assessed to the
depositor’s account.
C. To notify a depositor of a uncollectible check.
D. To notify a depositor of periodic payments arranged
in advance, by a depositor.
E. To notify a depositor of
a deposit to their account.

102. Preparing a bank reconciliation on a monthly basis
is an example of:
A. Establishing responsibility.
B. Separation of duties.
C. Protecting assets by
proving accuracy of cash records.
D. A technological control.
E. Poor internal control.

103. The number of days’ sales uncollected:
A. Is used to evaluate the
liquidity of receivables.
B. Is calculated by dividing accounts receivable by
sales.
C. Measures a company’s ability to pay its bills on
time.
D. Measures a company’s debt to income.
E. Is calculated by dividing sales by accounts
receivable.

104. The days’ sales uncollected ratio is used
to:
A. Measure how many days of sales remain until the end
of the year.
B. Determine the number of days that have passed without
collecting on accounts receivable.
C. Identify the likelihood of collecting sales on
account.
D. Estimate how much time
is likely to pass before the amount of accounts receivable is received in cash.
E. Measure the amount of layaway sales for a period.

105. The number of days’ sales uncollected is
calculated by:
A. Dividing accounts receivable by net sales.
B. Dividing accounts
receivable by net sales and multiplying by 365.
C. Dividing net sales by accounts receivable.
D. Dividing net sales by accounts receivable and
multiplying by 365.
E. Multiplying net sales by accounts receivable and
dividing by 365.

106. The number of days’ sales uncollected:
A. Measures how much time is likely to pass before the
current amount of accounts receivable is received in cash.
B. Can be used for comparisons to other companies in the
same industry.
C. Can be used for comparisons between current and prior
periods.
D. Reflects the liquidity of receivables.
E. All of these.

107. A company had net sales of $31,500 and ending
accounts receivable of $2,700 for the current period. Its days’ sales
uncollected equals:
A. 11.7 days.
B. 23.3 days.
C. 31.3 days.
D. 42.5 days.
E. 46.6 days.

108. Mattel had net sales of $4,235 million and ending
accounts receivable of $775 million. Its days’ sales uncollected equals:
A. 298 days.
B. 66.8 days.
C. 19.4 days.
D. 81.8 days.
E. 65.2 days.

109. The following information is taken from Hogan
Company’s December 31 balance sheet:

.png”>

If net credit sales and cost of goods sold for the current year were $612,000
and $367,200, respectively, the firm’s days’ sales uncollected for the year
is:
A. 60 days
B. 85 days
C. 42 days
D. 154 days
E. 70 days