ACCT 742: SELF STUDY QUESTIONS (“SSQ”)

Module 01, Chapter 5

References to “EP” and “DC” are the “Exercises & Problems” and “Discussion Cases” from the Textbook

Cash receipts

Cash disbursements

Credit Sales

Sales returns and allowances

Purchases on credit

Purchase returns

Uncollectible account write-

offs

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 ACCT 742: SELF STUDY QUESTIONS (“SSQ”)
Module 01, Chapter 5
References to “EP” and “DC” are the “Exercises & Problems” and “Discussion Cases” from the Textbook

Use the following schedule to assist in the analysis

Low High

Selling price $xxxxxxxx $xxxxxxxxx

Less: Advertising and

shipping expenses $_______ $________

Auditors' estimate of
the range for the
inventory valuation $xxxxxxxx $xxxxxxxxx

Use the following for your journal entry, if needed, for parts (a) and (b)

a) Debits Credits
Loss (or Cost of Goods Sold) $ 12,000
Inventory $12,000
Write down the inventory to the nearest end of the auditors' range.

b) Debits Credits
Loss (or Cost of Goods Sold) $ 12,000
Inventory $12,000
Write down the inventory to the nearest end of the auditors' range.

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 ACCT 742: SELF STUDY QUESTIONS (“SSQ”)
Module 01, Chapter 5
References to “EP” and “DC” are the “Exercises & Problems” and “Discussion Cases” from the Textbook

Use the following schedule to organize your analysis

Elements that Increase Risk of Acceptance Implication

Elements that Decrease Risk of Acceptance Implication

*** End of SELF STUDY QUESTIONS for this Module ***

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