高数期末Word下载.docx

高数期末Word下载.docx

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ProblemA-I—MultipleChoice（20points）

Circletheonebestanswer.

1.Aprivateorganizationwhichestablishesbroadaccountingprinciplesaswellasspecificaccountingrulesisthe

a.SecuritiesandExchangeCommission.

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.

ProblemB-II—ComputationofNetPurchases/CostofGoodsSold（10points）

BarkleyCompanyusesaperiodicinventorysystemandhasthefollowingaccountbalances:

BeginningInventory$50,000,EndingInventory$80,000,Freight-in$12,000,Purchases$300,000,PurchaseReturnsandAllowances$8,000,andPurchaseDiscounts$6,000.

Instructions

Computeeachofthefollowing:

（a）Netpurchases

（b）Costofgoodsavailableforsale

（c）Costofgoodssold

ProblemB-III—InternalControloverCashReceiptsandDisbursements（10points）

Sixinternalcontrolprinciplesrelatedtocashtransactionsarediscussedinthetextbook.Theseprinciples,withcodeletters,are:

CodeInternalControlPrinciple

ADocumentationprocedures

BEstablishmentofresponsibility

CIndependentinternalverification

DPhysical,mechanical,andelectroniccontrols

ESegregationofduties

FOthercontrols

Instructions:

Matchtheaboveprinciplestothefollowingapplicationsrelatedtocashreceiptsandcashdisbursementsbyplacingthecodeinthespaceprovided.Eachcodelettercanbeusedonce,morethanonce,ornotatall.

____1.Cashisreceivedbyoneemployeeandrecordedintheaccountingrecordsbyanother.

____2.Dailycashcountsshouldbemadebycashierdepartmentsupervisors.

____3.Paymentsareapprovedbyoneemployeewhilethedisbursementismadebyanother.

____4.Allchecksarepre-numbered.

____5.Onlythetreasurerisauthorizedtosignchecks.

____6.Cashregistertapesareusedforover-the-counterreceipts.

____7.Eachcheckiscomparedwithanapprovedinvoicebeforebeingissued.

____8.Employeehoursaretrackedusingatimeclock.

____9.Allpersonnelwhohandlecashshouldbebonded.

____10.Inventoryisstoredinalockedwarehousewithrestrictedaccess.

ProblemB-IV—BankReconciliation（15points）

UnruhCompanyreceivedabankstatementforthemonthofOctober2008,whichshowedabalanceperbankof$3,600.Thecompany'

sCashaccountinthegeneralledgershowedabalanceof$1,204atOctober31.OtherinformationthatmayberelevantinpreparingabankreconciliationforOctoberfollows:

1.ThebankreturnedanNSFcheckfromacustomerfor$480.

2.Thecompanyrecordedcashreceiptsof$340onOctober31butthisamountdoesnotappearonthebankstatement.

3.AcheckcorrectlywrittenbyUnruhandpaidbythebankfor$1,740wasincorrectlyrecordedinthecashpaymentsjournalfor$1,470.Thecheckwasapaymentonaccount.

4.CheckswhichwerewritteninSeptemberbutstillhadnotbeenpresentedtothebankforpaymentatOctober31amountedto$780.

5.Thebankincludedacreditmemorandumfor$1,526,whichrepresentsacollectionofacustomer'

snotebythebankforthecompany;

principalamountofthenotewas$1,400andtheremainderwasinterest.

6.Thebankincludeda$20debitmemorandumforservicechargesforthemonthofOctober.

7.CheckswritteninOctoberwhichhavenotbeenpaidbythebankatOctober31amountedto$1,200.

1.PrepareabankreconciliationforUnruhCompanyforOctoberwhichreconcilesthebalanceperbooksandthebalanceperbanktotheiradjustedcorrectbalances.

2.PreparethenecessaryadjustingentriesforUnruhCompanyatOctober31,2008.

ProblemB-V—PeriodicInventories（12points）

CarsonCompanyusestheperiodicinventorymethodandhadthefollowinginventoryinformationavailableforthemonthofNovember.

DateTransactionUnitsUnitCost

11/1Beginninginventory400$3

11/5PurchaseNo.1500$5

11/12SaleNo.1400

11/18PurchaseNo.2500$6

11/25SaleNo.2900

11/30PurchaseNo.3600$7

AphysicalcountofunitsonNovember30revealedthat700unitswereonhand.

Answerthefollowingindependentquestionsandshowcomputationssupportingyouranswers.

1.Assumethatthecompanyusestheaveragecostmethod.WhatisthedollarvalueoftheendinginventoryonNovember30?

2.AssumethatthecompanyusestheLIFOinventorymethod.WhatisthedollarvalueofthecostofgoodssoldduringNovember?

3.AssumethatthecompanyusestheFIFOinventorymethod.ThedollarvalueoftheendinginventoryonNovember30is:

ProblemB-VI—AccountsReceivable（10points）

DolanCompanyusestheallowancemethodtoaccountforuncollectibleaccounts.Preparetheappropriatejournalentriestorecordthefollowingtransactionsduring2008.Youmayomitjournalentryexplanations.

June20TheaccountofKenWattsfor$1,000wasdeemedtobeuncollectibleandiswrittenoffasabaddebt.

Oct.14Receivedacheckfor$1,000fromKenWatts,whoseaccounthadpreviouslybeenwrittenoffasuncollectible.

Dec.31Usethefollowinginformationforyear-endadjustingentries:

ThebalanceofAccountsReceivableandAllowanceforDoubtfulAccountsatyearendare$131,000and$2,900,respectively.Itisestimatedthatbaddebtswillbe4%ofaccountsreceivable.

ProblemB-VII—CorrectingEntries（9points）

AninexperiencedaccountantforElstonCompanymadethefollowingincorrectentries.

1.NotesReceivable21,600

AccountsReceivable20,000

InterestRevenue1,600

Facts:

Accepteda$20,000,1year,8%notefromJoeWoodCompanyforbalancedue.

2.AccountsReceivable25,000

Sales25,000

AcceptedVisacreditcardfor$25,000;

theservicefeeis2%.

3.AllowanceforDoubtfulAccounts12,300

NotesReceivable12,000

InterestRevenue300

Facts:

M.Adlerdishonoreda$12,000,10%,3-monthnotebecauseofbankruptcy.Adlerisexpectedtopay.Nointeresthadbeenaccruedonthenote.

PrepareentriestocorrectElstonCompany'

sbooksbasedonthefactsgiven.Donotreverseoutincorrectentriesthatwererecordedabove,butrathercorrecttheaccountbalancessothattheyreflecttheproperamounts.

ProblemB-VIII—NotesReceivable（14points）

Preparejournalentriestorecordthefollowingevents:

Jul.1KleinCompanyacceptedan8%,3-month,$30,000notedatedJuly1fromGreerCompanyforaccountbalancedue.

Jul.31KleinaccruedinterestontheabovenoteforthemonthofJuly.

Oct.1CollectedGreerCompanynoteinfull.AssumeinterestwascorrectlyaccruedonAugust31andSeptember30.

Oct.1Assumeinsteadthatthenoteisdishonoredandthatnointeresthas