18 - In the form of payment with acceptance credit, which is the journal entry to be made if the policies sent by the exporter are accepted by the importer? A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 121 02 RECEIVABLES-FC XX 601 01 FOREIGN GOODS SALES XX B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 02 FOREIGN BUYER XX 601 01 FOREIGN GOODS SALES XX C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 02 FOREIGN BUYER XX 121 02 RECEIVABLES-FC XX D) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 121 02 RECEIVABLES-FC XX 120 02 FOREIGN BUYER XX E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 02 BANK X DTH XX 121 02 RECEIVABLES-FC XX

18 - In the form of payment with acceptance credit, which is the journal entry to be made if the policies sent by the exporter are accepted by the importer? A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 121 02 RECEIVABLES-FC XX 601 01 FOREIGN GOODS SALES XX B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 02 FOREIGN BUYER XX 601 01 FOREIGN GOODS SALES XX C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 02 FOREIGN BUYER XX 121 02 RECEIVABLES-FC XX D) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 121 02 RECEIVABLES-FC XX 120 02 FOREIGN BUYER XX E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 02 BANK X DTH XX 121 02 RECEIVABLES-FC XX

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter22: Providing And Obtaining Credit

Section: Chapter Questions

Problem 2Q

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3 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 121 02 Foreign Currency Receivables XXX120 02 Foreign Buyer XXXWhich transaction belongs to the journal entry made above?A) Submission of the policy for collection B) Refund record of the policyC) Acceptance record of the policyD) Guarantee record of the policyE) Registration of collection from foreign buyer
24 - How are the total values received or to be received in return for goods and services sold abroad into which account?A) Other Discounts Account / DebtB) Foreign Sales Account / ReceivableC) To / Credit to Gross Sales AccountD) Other Sales will be credited to your accountE) Domestic Sales Account / Receivable
24 - How are the total values received or to be received in return for goods and services sold abroad, to which account?A) Other Discounts Account / DebtB) Foreign Sales Account / ReceivableC) To / Credit to Gross Sales AccountD) Other Sales To Be AccountedE) Domestic Sales Account / Receivable
19-Oman Cement company receives invoice from Sohar Cement Company. What type of source document will receive by Oman Cement Company? a. Receipt b. Payment c. Sales invoice d. Purchase invoice
Nostro Account will receive remittance in O a. Foreign Currency O b. Home Currency O C. US Dollars O d. EURO
The short-term loan that are given to importers and exporters are known as; a. Re-purchase agreement b. Treasury bills c. Certificate of deposit d. Banker's acceptance
33 - What is the record to be made when the company pays a debt that arises from the purchase of goods on credit, by paying a check from a customer by endorsement?A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT COMMERCIAL GOODS XX SELLERS XXB) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT SELLERS XX CHECKS RECEIVED XXC) THE CODE AND NAME OF THE ACCOUNT WILL BE DEBT COMMERCIAL GOODS XX CHECKS RECEIVED XXD) CODE AND NAME OF THE ACCOUNT WILL BE DEBT SELLERS XX CHECK GIVEN AND PAYMENT ORDERS. XXE) THE CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT CHECK GIVEN
CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 100 01 TL Case 23000 100 02 Dollars Case 23000B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 02 X Bank DTH Hes 23000 100 01 TL Case 23000C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 100 02 Dollars Case 23000 100 01 TL Case 23000D) THE CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 100 03 Case of Euro 5000 100 01 TL Case 5000E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 100 02 Dollars Case 5000 100 01 TL Case 5000
17 - THE CODE AND NAME OF THE ACCOUNT WILL BE DEBT 153 COMMERCIAL GOODS XXX 191 DEDUCTIBLE VAT XXX 103 CHECKS GIVEN XXX 100 CASE XXX Which account was used incorrectly in the purchase of goods?A) 191 Deductible VATB) 103 Checks Given and Payment OrdersC) 100 CratesD) All RightE) 153 Trade Goods
Which one of the following is financial instrument is used by the exporter and importer to fulfill their short term financial requirement? O a. Treasury Bills O b. Bankers' acceptances C. Certificate of Deposits O d. Commercial Papers
17-Which of the following journal entry is correct for payment of loan instalment? a. DebitBank Credit Cash account b. Debit Loan account Credit Cash account c. Debit Cash account. Credit Capital d. Debit Cash account Credit Loan
25 - On 12.12.20XX, the entity purchased goods worth $ 50,000 from entity B on credit. Exchange rate on the day of the transaction $ 1 = 2.5 TL (VAT is not taken into account)A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 153 COMMERCIAL GOODS 50000 300 BANK CREDITS 50000 B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 153 COMMERCIAL GOODS 125000 300 BANK CREDITS 125000C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 153 COMMERCIAL GOODS 50000 320 SELLERS 50000 D) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 153 COMMERCIAL GOODS 125000 321 BORROWINGS 125000 E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 153 COMMERCIAL GOODS 125000 320 SELLERS 125000