Allowanceforuncollectibleaccountsisclassifiedas:
A. acontra-expenseaccount
B. acontra-revenueaccount
C. acontra-assetaccount
D. noneoftheabove
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Thepurposeofowningtradingsecuritiesisto:
A. increasecashreserves
B. holdtheinvestmentforatleastoneyear
C. selltheinvestmentformorethanitscost
D. selltheinvestmenttodecreasenetincome
Applecompanypurchasestradingsecurityfor$12,000.Theentrytorecordthistransactionwillincludea:
A. credittotheinvestmentaccount
B. debittotheinvestmentaccount
C. credittothedividendrevenueaccount
D. debittotheunrealizedgainaccount
Whenacompanyreceivesacashdividendonatradingsecurity:
A. revenueisdecreased
B. assetsaredecreased
C. revenueisincreased
D. liabilitiesaredecreased
Whichaccountshowstheamountofaccountsreceivablethatthebusinessdoesnotexpecttocollect?
A. uncollectibleaccountsexpense
B. allowanceforuncollectibleaccounts
C. salesreturnandallowance
D. unearnedaccountsreceivable
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