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Accounts Receivable Test Answers (new)


Here you will have all the updated Accounts Receivable Test answers of Upwork Finance and Accounting category, 

1. An increase in the firm's receivable turnover ratio means that _____
 Answers: • it is collecting credit sales more quickly than before
 2. A company recorded two sales of $20.000 and $30,000 on March 1, 2007 under the credit terms of 3/10, n/30. Payment for the $20,000 sale was received on March 10, 2007. Payment for the $30,000 sale was received on March 25, 2007.
 Under the gross method and the net method, which of the following amounts should appear as net sales in the March income statements?
 Gross method Net method
 Answers: • $49,400 $48,500
 3. A company recorded two sales of $20.000 and $30,000 on March 1, 2007 under the credit terms of 3/10, n/30. Payment for the $20,000 sale was received on March 10, 2007. Payment for the $30,000 sale was received on March 25, 2007.What would be the gross sales for the month of March?
 Gross method Net method
 Answers: • $49,400 $48,500
 4. What is meant by Factoring?
 Answers: • sale of Accounts Receivables
 5. A company's accounting policy for recording revenues______
 Answers: • must be disclosed if different from the revenue principle
 6. A business-printed or catalog price is called the ______
 Answers: • list price