Doubtful Debts - 5min Popquiz
5 Questions
| Total Attempts: 303
5 questions to test your knowledge about Doubtful Debts in Accounting
Questions and Answers
- 1.Doubtful debts are closely related to which accounting concept or principle?
- A.
Historical cost
- B.
Conservatism
- C.
Materiality
- D.
Going concern
- 2.Doubtful debts are the actual losses that the business has incurred from the uncollected money of customer accounts.
- A.
True
- B.
False
- 3.Which of the following are generally acceptable ways of estimating doubtful debts for an accounting period?
- A.
As a % of total accounts receivable
- B.
As a % of total sales made on account
- C.
As a % of total creditors
- D.
As a fixed amount based on previous periods
- 4.The account that is created in the Balance Sheet to record the doubtful debts is called the "...................... for Doubtful Debts"
- 5.Which of the following statements is incorrect?
- A.
Doubtful debts form part of the end-of-period-adjustments
- B.
Accounting for doubtful debts reduces the profits for the accounting period
- C.
Doubtful debts are recorded as a negative asset account in the Balance Sheet
- D.
Under tax law, Doubtful debts are treated the same as Bad debts .
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