Sunday, 30 August 2015

Most Recently asked Accounts Receivable Objective type questions and answers

51. A $10,000, 12%, 60-day note receivable is received on January 12. The note is discounted at 12% on January 18. The maturity value of the note is
  a. $10,000
  b. $10,100
  c. $10,200
  d. $11,200
Ans: c

52. A $10,000, 12%, 60-day note receivable is received on January 12. The note is discounted at 12% on January 18. The proceeds of the note will be
  a. $10,000.00
  b. $10,016.40
  c. $10,184.60
  d. $11,200.00
Ans: b

53. This File is use to enter billing rates and ceilings for each labor category on T&M contracts  and to enter labor hour budgets by category for all types of contract.
   A. T&M Billing Rates File
  B. Labor Category File
  C. Contract Workforce File
Ans: a

54. Select which applies - this Revenue Basis option in Contract Master File, billings must be computed and posted to GL before you compute the revenue. 
  A. Normal Method
  B. Based on Billings
  C. Based on GL
Ans: b

55. This is used to initialize some or all of the year-to-date current year’s billing amounts for CPFF and Fixed Price Contract.
   A. Prior Year's Billable Data
  B. Current Year's Billable Data
  C. Billng Master File
Ans: b

56. True or False. Billings can be computed as frequently as required.
   A. True
    B. False
Ans: a

57. This details the timesheet dates, hours, billed amounts, billing rate and labor category of each employee who has charged to a specific contract within a range of timesheet dates. This is also use as supporting document for T&M billing.
  A. Labor Detail by Category
  B. T&M Supporting Schedule
  C. Certificate of Performance - Labor
Ans: b

58. All prior year billing amounts for T&M contracts, including billings in the current year, should be entered in Current Year's Billable Data file.  True or False
   A. True
  B. False
Ans: b

59. Check which applies if you do not wish the provisional billing rate percentage to appear on the billings for the contract/task.
   A. Suppress none
  B. Suppress provisional billing rates
  C. Suppress all
Ans: b

60. This is a three-line billing description that will print at the top of the bill. This description includes prime and other contract number, billing address and contract/task name.
   A. Header Information
  B. Contract Information
  C. Budget Information
Ans: A

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