ACC Mid term part 1 and 2
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• Question
1
2 out of 2 points
Source documents
can provide evidence that a transaction has occurred.
• Question
2
2 out of 2 points
Expense
recognition is tied to revenue recognition.
• Question
3
2 out of 2 points
To
obtain maximum benefit from a bank reconciliation, the reconciliation should be
prepared by the employee authorized to sign checks.
• Question
4
2 out of 2 points
An
aging of accounts receivable schedule is based on the premise that the longer
the period an account remains unpaid, the greater the probability that it will
eventually be collected.
• Question
5
2 out of 2 points
A
concentration of credit risk is a threat of nonpayment from a single customer
or class of customers that could adversely affect the financial health of the
company.
• Question
6
2 out of 2 points
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