财会期中小考试题答案Word下载.docx

财会期中小考试题答案Word下载.docx

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b.InternalRevenueService.

c.FinancialAccountingStandardsBoard.

d.CorporateBoardofDirectors.

2.Anincreaseinanexpense

a.increasesrevenues.

b.increasesassets.

c.decreasesliabilities.

d.decreasesstockholders’equity.

3.Acompanybusinesswithtotalstockholders’equityof$85,000paida$10,000businessdebt.Asaresultofthistransaction,totalstockholders’equity

a.didnotchange.

b.increasedby$10,000.

c.decreasedby$10,000.

d.increasedto$95,000.

4.Therightsideofanaccountisalways

a.thedebitside.

b.thecreditside.

c.thebalanceofthataccount.

d.carriedforwardtothenextaccountingperiod.

5.Postingistheprocessof

a.preparingachartofaccounts.

b.addingacolumnoffigures.

c.transferringjournalentriestoledgeraccounts.

d.recordingentriesinajournal.

6.Thepurposeofrecordingdepreciationonproductiveassetsisto

a.reflectthedeclineinthemarketvalueoftheassetseachperiod.

b.reduceincomewhenthecompanyhasanexceptionallyprofitableyear.

c.beinconformitywiththerevenuerecognitionprinciple.

d.allocatetheoriginalcostofproductiveassetstoexpenseoveritsusefullife.

7.LoganCompanydebitedPrepaidInsurancefor$840onJuly1,2008foraone-yearfireinsurancepolicy.Ifthecompanypreparesmonthlyfinancialstatements,failuretomakeanadjustingentryonJuly31fortheamountofinsurancethathasexpiredwouldcause

a.assetstobeoverstatedby$840andexpensestobeunderstatedby$840.

b.expensestobeoverstatedby$70andassetstobeunderstatedby$70.

c.assetstobeoverstatedby$70andexpensestobeunderstatedby$70.

d.expensestobeoverstatedby$840andassetstobeunderstatedby$840.

8.Whichoneofthefollowingaccountsisnotclosedattheendofanaccountingperiod?

a.RetainedEarningsaccount

b.Dividendsaccount

c.ServiceRevenueaccount

d.InsuranceExpenseaccount

9.Thesecondsetofdebitandcreditcolumnsonaworksheetisgenerallyusedfor

a.closingentries.

b.thetrialbalance.

c.thebalancesheetfigures.

d.theadjustments.

10.Grossprofitiscalculatedbysubtracting

a.totalexpensesfromtotalrevenues.

b.costofgoodssoldfromnetsales.

c.costofgoodssoldfromtotalrevenues.

d.operatingexpensesfromnetsales.

ProblemA-II—Matching（10points）

Matchtheitemsbelowbyenteringtheappropriateletterinthespace.

A.Aliabilitycreatedwhencashisreceivedinadvanceofperformingaserviceforacustomer.

B.Freightcostsincurredbytheseller.

C.Noncurrentresourcesthatdonothaveaphysicalsubstance.

D.Aneconomicentitywhichisnotaseparatelegalentity.

E.Acontra-revenueaccount.

F.Thematchingofefforts（expenses）withaccomplishments（revenues）.

G.Creditors’claimsontotalassets.

H.Atemporaryaccountusedinclosingrevenueandexpenseaccounts.

I.Containsallassets,liabilities,andstockholders’equityaccounts.

J.Grossincreasesinstockholders’equityresultingfrombusinessactivitiesenteredintoforthepurposeofearningincome.

1.Partnership

2.Liabilities

3.Revenues

4.Generalledger

5.Matchingprinciple

6.Unearnedrevenues

7.Incomesummary

8.Intangibleassets

9.Freight-out

10.Salesreturnsandallowances

ProblemA-III—AdjustingEntries（15points）

ThefollowinginformationforMintonCompanyisavailableonJune30,2008,theendofamonthlyaccountingperiod.YouaretopreparethenecessaryadjustingjournalentriesforMintonCompanyforthemonthofJuneforeachsituationgiven.Appropriateadjustingentrieshadbeenrecordedinpreviousmonths.Youmayomitjournalentryexplanations.

1.MintonCompanypurchaseda2-yearinsurancepolicyonFebruary1,2008anddebitedPrepaidInsurancefor$2,400.

2.OnJanuary1,2008,atenantinanapartmentbuildingownedbyMintonCompanypaid$4,500whichrepresentssixmonths'

rentinadvance.TheamountreceivedwascreditedtotheUnearnedRentaccount.

3.OnJune1,2008,thebalanceintheOfficeSuppliesaccountwas$200.DuringJune,officesuppliescosting$580werepurchased.AphysicalcountofofficesuppliesatJune30revealedthattherewas$240stillonhand.

4.OnMarch31,2008,MintonCompanypurchasedadeliveryvanfor$45,000.Itisestimatedthattheannualdepreciationwillbe$9,000.

5.MintonCompanyhastwoemployeeswhoearn$100and$120perday,respectively.TheyarepaideachFridayforafive-dayworkweekthatbeginseachMonday.AssumeJune30isaWednesdayin2008.

ProblemA-IV—ClosingEntries（10points）

TheendoftheperiodaccountbalancesafteradjustmentsofEdsonCleanersandLaundryareasfollows:

AccountBalances

（AfterAdjustments）

Cash$9,000

CleaningSupplies3,500

PrepaidRent3,600

Equipment128,000

AccumulatedDepreciation—Equipment20,000

AccountsPayable8,500

CommonStock60,000

RetainedEarnings46,400

Dividends7,000

DryCleaningRevenues22,000

LaundryRevenues4,000

CleaningSuppliesExpense5,000

DepreciationExpense3,000

RentExpense900

SalariesExpense3,400

UtilitiesExpense500

Instructions

PreparetheendoftheperiodclosingentriesforEdsonCleanersandLaundry.Youmayomitjournalentryexplanations.

ProblemA-V—JournalEntries（18points）

PreparethenecessarygeneraljournalentriesforthemonthofOctoberforBoscoCompanyforeachsituationgivenbelow.Boscousesaperpetualinventorysystem.

Oct.5Paidcashof$12,000foroperatingexpensesthatwereincurredandproperlyrecordedinthepreviousperiod.

Oct.8Purchasedmerchandisefor$20,000onaccount.Creditterms:

2/10,n/30;

Freightterm:

FOBShippingPoint.

Oct.10Paidfreightbillof$470formerchandisepurchasedonOctober8.

Oct.12Borrowed$10,000fromAdmireBanksigningan8%,3-monthnote.

Oct.15PaidformerchandisepurchasedonOctober8.Thecompanytakesalldiscountstowhichitisentitled.

Oct.20Soldmerchandisefor$16,000toTomBlackonaccount.Thecostofthemerchandisesoldwas$10,000.Creditterms:

2/10,n/30.

Oct.22Purchaseda2-yearinsurancepolicyfor$2,400cash.

Oct.25CreditedTomBlack’saccountfor$1,000formerchandisereturnedbyhimfromthesaleonOctober20.Thecostofthemerchandisereturnedwas$625.

Oct.29Purchasedofficeequipmentfor$15,000paying$4,000incashandsigninga3-month,9%notefortheremainder.

ProblemA-VI—Multiple-StepIncomeStatement（15points）

BelowisapartiallistingoftheadjustedaccountbalancesofNorlinDepartmentStoreatyearendonDecember31,2008.

AccountsReceivable$19,000

CostofGoodsSold255,000

SellingExpenses（includesdepreciation）35,000

InterestExpense1,000

AccumulatedDepreciation—Building10,000

SalesDiscounts22,000

MerchandiseInventory45,000

AdministrativeExpenses（includesdepreciation）20,000

Sales340,000

AccountsPayable14,000

InterestRevenue800

Usingwhateverdatayoubelieveappropriate,prepareamultiple-stepincomestatementforNorlinDepartmentStorefortheyearendedDecember31,2008.

ProblemA-VII—CorrectingEntries（12points）

ThefollowingerrorsweremadeinjournalizingandpostingtransactionsinMayintheSilasCompany.

1.An$800paymentforrepairsincurredonaccountandproperlyrecordedinAprilwasdebitedtoRepairExpense$800andcreditedtoCash$800.

2.Acollectionof$3,000onaccountfromacustomerwasrecordedasadebittoCash$300andacredittoAccountsReceivable$300.

3.Abillfor$750fornewofficeequipmentwasdebitedtoOfficeSupplies$570andcreditedtoAccountsPayable$570.

4.Thereceiptof$800fromacustomerforfutureservicewasrecordedasadebittoAccountsReceivable$800andacredittoServiceRevenue$800.

PreparethecorrectingentriesatMay31assumingtheincorrectentryisnotreversed.（Omitexplanations.）

Solutions—ComprehensiveExaminationA

ProblemA-I—Solution

1.c4.b7.c10.b

2.d5.c8.a

3.a6.d9.d

ProblemA-II—Solution

1.D6.A

2.G7.H

3.J8.C

4.I9.B

5.F10.E

ProblemA-III—Solution

1.InsuranceExpense100

PrepaidInsurance100

2.UnearnedRent750

RentRevenue750

3.OfficeSuppliesExpense540

OfficeSupplies540

4.DepreciationExpense750

AccumulatedDepreciation—DeliveryVan750

5.SalariesExpense660

SalariesPayable660

ProblemA-IV—Solution

DryCleaningRevenues22,000

LaundryRevenues4,000

IncomeSummary26,000

IncomeSummary12,800

CleaningSuppliesExpense5,000

DepreciationExpense3,000

RentExpense900

SalariesExpense3,400

UtilitiesExpense500

IncomeSummary13,200

RetainedEarnings13,200

RetainedEarnings7,000

Dividends7,000

ProblemA-V—Solution

Oct.5AccountsPayable12,000

Cash12,000

Oct.8MerchandiseInventory20,000

AccountsPayable20,000

Oct.10MerchandiseInventory470

Cash470

Oct.12Cash10,000

NotesPayable10,000

Oct.15