财会期中小考试题答案Word下载.docx

1、 b. Internal Revenue Service. c. Financial Accounting Standards Board. d. Corporate Board of Directors. 2. An increase in an expense a. increases revenues. b. increases assets. c. decreases liabilities. d. decreases stockholdersequity. 3. A company business with total stockholders equity of $85,000

2、paid a $10,000 business debt. As a result of this transaction, total stockholders equity a. did not change. b. increased by $10,000. c. decreased by $10,000. d. increased to $95,000. 4. The right side of an account is always a. the debit side. b. the credit side. c. the balance of that account. d. c

3、arried forward to the next accounting period. 5. Posting is the process of a. preparing a chart of accounts. b. adding a column of figures. c. transferring journal entries to ledger accounts. d. recording entries in a journal. 6. The purpose of recording depreciation on productive assets is to a. re

4、flect the decline in the market value of the assets each period. b. reduce income when the company has an exceptionally profitable year. c. be in conformity with the revenue recognition principle. d. allocate the original cost of productive assets to expense over its useful life. 7. Logan Company de

5、bited Prepaid Insurance for $840 on July 1, 2008 for a one-year fire insurance policy. If the company prepares monthly financial statements, failure to make an adjusting entry on July 31 for the amount of insurance that has expired would cause a. assets to be overstated by $840 and expenses to be un

6、derstated by $840. b. expenses to be overstated by $70 and assets to be understated by $70. c. assets to be overstated by $70 and expenses to be understated by $70. d. expenses to be overstated by $840 and assets to be understated by $840. 8. Which one of the following accounts is not closed at the

7、end of an accounting period? a. Retained Earnings account b. Dividends account c. Service Revenue account d. Insurance Expense account 9. The second set of debit and credit columns on a worksheet is generally used for a. closing entries. b. the trial balance. c. the balance sheet figures. d. the adj

8、ustments. 10. Gross profit is calculated by subtracting a. total expenses from total revenues. b. cost of goods sold from net sales. c. cost of goods sold from total revenues. d. operating expenses from net sales.Problem A - II Matching （10 points）Match the items below by entering the appropriate le

9、tter in the space.A. A liability created when cash is received in advance of performing a service for a customer.B. Freight costs incurred by the seller.C. Noncurrent resources that do not have a physical substance.D. An economic entity which is not a separate legal entity.E. A contra-revenue accoun

10、t.F. The matching of efforts （expenses） with accomplishments （revenues）.G. Creditors claims on total assets.H. A temporary account used in closing revenue and expense accounts.I. Contains all assets, liabilities, and stockholders equity accounts.J. Gross increases in stockholders equity resulting fr

11、om business activities entered into for the purpose of earning income. 1. Partnership 2. Liabilities 3. Revenues 4. General ledger 5. Matching principle 6. Unearned revenues 7. Income summary 8. Intangible assets 9. Freight-out 10. Sales returns and allowancesProblem A - III Adjusting Entries （15 po

12、ints）The following information for Minton Company is available on June 30, 2008, the end of a monthly accounting period. You are to prepare the necessary adjusting journal entries for Minton Company for the month of June for each situation given. Appropriate adjusting entries had been recorded in pr

13、evious months. You may omit journal entry explanations. 1. Minton Company purchased a 2-year insurance policy on February 1, 2008 and debited Prepaid Insurance for $2,400.2. On January 1, 2008, a tenant in an apartment building owned by Minton Company paid $4,500 which represents six months rent in

14、advance. The amount received was credited to the Unearned Rent account.3. On June 1, 2008, the balance in the Office Supplies account was $200. During June, office supplies costing $580 were purchased. A physical count of office supplies at June 30 revealed that there was $240 still on hand.4. On Ma

15、rch 31, 2008, Minton Company purchased a delivery van for $45,000. It is estimated that the annual depreciation will be $9,000.5. Minton Company has two employees who earn $100 and $120 per day, respectively. They are paid each Friday for a five-day work week that begins each Monday. Assume June 30

16、is a Wednesday in 2008.Problem A - IV Closing Entries （10 points）The end of the period account balances after adjustments of Edson Cleaners and Laundry are as follows: Account Balances （After Adjustments）Cash $ 9,000Cleaning Supplies 3,500Prepaid Rent 3,600Equipment 128,000Accumulated DepreciationEq

17、uipment 20,000Accounts Payable 8,500Common Stock 60,000Retained Earnings 46,400Dividends 7,000Dry Cleaning Revenues 22,000Laundry Revenues 4,000Cleaning Supplies Expense 5,000Depreciation Expense 3,000Rent Expense 900Salaries Expense 3,400Utilities Expense 500InstructionsPrepare the end of the perio

18、d closing entries for Edson Cleaners and Laundry. You may omit journal entry explanations.Problem A - V Journal Entries （18 points）Prepare the necessary general journal entries for the month of October for Bosco Company for each situation given below. Bosco uses a perpetual inventory system.Oct. 5 P

19、aid cash of $12,000 for operating expenses that were incurred and properly recorded in the previous period.Oct. 8 Purchased merchandise for $20,000 on account. Credit terms: 2/10, n/30; Freight term: FOB Shipping Point.Oct. 10 Paid freight bill of $470 for merchandise purchased on October 8.Oct. 12

20、Borrowed $10,000 from Admire Bank signing an 8%, 3-month note.Oct. 15 Paid for merchandise purchased on October 8. The company takes all discounts to which it is entitled.Oct. 20 Sold merchandise for $16,000 to Tom Black on account. The cost of the merchandise sold was $10,000. Credit terms: 2/10, n

21、/30.Oct. 22 Purchased a 2-year insurance policy for $2,400 cash.Oct. 25 Credited Tom Blacks account for $1,000 for merchandise returned by him from the sale on October 20. The cost of the merchandise returned was $625.Oct. 29 Purchased office equipment for $15,000 paying $4,000 in cash and signing a

22、 3-month, 9% note for the remainder.Problem A - VI Multiple-Step Income Statement （15 points）Below is a partial listing of the adjusted account balances of Norlin Department Store at year end on December 31, 2008.Accounts Receivable $ 19,000Cost of Goods Sold 255,000Selling Expenses （includes deprec

23、iation） 35,000Interest Expense 1,000Accumulated DepreciationBuilding 10,000Sales Discounts 22,000Merchandise Inventory 45,000Administrative Expenses （includes depreciation） 20,000Sales 340,000Accounts Payable 14,000Interest Revenue 800Using whatever data you believe appropriate, prepare a multiple-s

24、tep income statement for Norlin Department Store for the year ended December 31, 2008.Problem A - VII Correcting Entries （12 points）The following errors were made in journalizing and posting transactions in May in the Silas Company.1. An $800 payment for repairs incurred on account and properly reco

25、rded in April was debited to Repair Expense $800 and credited to Cash $800.2. A collection of $3,000 on account from a customer was recorded as a debit to Cash $300 and a credit to Accounts Receivable $300.3. A bill for $750 for new office equipment was debited to Office Supplies $570 and credited t

26、o Accounts Payable $570.4. The receipt of $800 from a customer for future service was recorded as a debit to Accounts Receivable $800 and a credit to Service Revenue $800.Prepare the correcting entries at May 31 assuming the incorrect entry is not reversed. （Omit explanations.）Solutions Comprehensiv

27、e Examination AProblem A - I Solution1. c 4. b 7. c 10. b2. d 5. c 8. a3. a 6. d 9. dProblem A - II Solution1. D 6. A2. G 7. H3. J 8. C4. I 9. B5. F 10. EProblem A - III Solution1. Insurance Expense 100 Prepaid Insurance 1002. Unearned Rent 750 Rent Revenue 7503. Office Supplies Expense 540 Office S

28、upplies 5404. Depreciation Expense 750 Accumulated DepreciationDelivery Van 7505. Salaries Expense 660 Salaries Payable 660Problem A - IV SolutionDry Cleaning Revenues 22,000Laundry Revenues 4,000 Income Summary 26,000Income Summary 12,800 Cleaning Supplies Expense 5,000 Depreciation Expense 3,000 R

29、ent Expense 900 Salaries Expense 3,400 Utilities Expense 500Income Summary 13,200 Retained Earnings 13,200Retained Earnings 7,000 Dividends 7,000Problem A - V SolutionOct. 5 Accounts Payable 12,000 Cash 12,000Oct. 8 Merchandise Inventory 20,000 Accounts Payable 20,000Oct. 10 Merchandise Inventory 470 Cash 470Oct. 12 Cash 10,000 Notes Payable 10,000Oct. 15