Quickcom Has Net Sales of $135,000 and Average Accounts Receivable

question 309

Multiple Choice

Quickcom has net sales of $135,000 and average accounts receivable of $67,000.What is the accounts receivable turnover for the period?

• A)20
• B)73
• C)1,825
• D)2
• E)25

Understand the impacts of adopting average costing versus FIFO on unit costs.

Understand the fundamental differences between process costing and other costing systems.

Identify businesses or scenarios where process costing is more appropriate than job order costing.

Calculate equivalent units of production using the first-in, first-out (FIFO) method.

---

Definitions:

Federal Consumer Credit Protection Act

Legislation that aims to ensure fair and informed use of consumer credit, including provisions on disclosure of credit terms and protecting consumers from unfair practices.

Garnished

Refers to having a portion of one’s earnings or assets seized for the purpose of debt repayment, typically by court order.

Writ Of Execution

A writ of execution is a court order that authorizes the enforcement of a judgment, typically involving the seizure or sale of the debtor's property.

Judgment

A final decision made by a court regarding the rights and obligations of the parties in a case.