财会期中小考试题答案Word格式文档下载.docx
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财会期中小考试题答案Word格式文档下载.docx
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b.InternalRevenueService.
c.FinancialAccountingStandardsBoard.
d.CorporateBoardofDirectors.
2.Anincreaseinanexpense
a.increasesrevenues.
b.increasesassets.
c.decreasesliabilities.
d.decreasesstockholders’equity.
3.Apanybusinesswithtotalstockholders’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.reduceinewhenthepanyhasanexceptionallyprofitableyear.
c.beinconformitywiththerevenuerecognitionprinciple.
d.allocatetheoriginalcostofproductiveassetstoexpenseoveritsusefullife.
7.LoganpanydebitedPrepaidInsurancefor$840onJuly1,2008foraone-yearfireinsurancepolicy.Ifthepanypreparesmonthlyfinancialstatements,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)withacplishments(revenues).
G.Creditors’claimsontotalassets.
H.Atemporaryaccountusedinclosingrevenueandexpenseaccounts.
I.Containsallassets,liabilities,andstockholders’equityaccounts.
J.Grossincreasesinstockholders’equityresultingfrombusinessactivitiesenteredintoforthepurposeofearningine.
1.Partnership
2.Liabilities
3.Revenues
4.Generalledger
5.Matchingprinciple
6.Unearnedrevenues
7.Inesummary
8.Intangibleassets
9.Freight-out
10.Salesreturnsandallowances
ProblemA-III—AdjustingEntries(15points)
ThefollowinginformationforMintonpanyisavailableonJune30,2008,theendofamonthlyaccountingperiod.YouaretopreparethenecessaryadjustingjournalentriesforMintonpanyforthemonthofJuneforeachsituationgiven.Appropriateadjustingentrieshadbeenrecordedinpreviousmonths.Youmayomitjournalentryexplanations.
1.Mintonpanypurchaseda2-yearinsurancepolicyonFebruary1,2008anddebitedPrepaidInsurancefor$2,400.
2.OnJanuary1,2008,atenantinanapartmentbuildingownedbyMintonpanypaid$4,500whichrepresentssixmonths'
rentinadvance.TheamountreceivedwascreditedtotheUnearnedRentaccount.
3.OnJune1,2008,thebalanceintheOfficeSuppliesaccountwas$200.DuringJune,officesuppliescosting$580werepurchased.AphysicalcountofofficesuppliesatJune30revealedthattherewas$240stillonhand.
4.OnMarch31,2008,Mintonpanypurchasedadeliveryvanfor$45,000.Itisestimatedthattheannualdepreciationwillbe$9,000.
5.Mintonpanyhastwoemployeeswhoearn$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
monStock60,000
RetainedEarnings46,400
Dividends7,000
DryCleaningRevenues22,000
LaundryRevenues4,000
CleaningSuppliesExpense5,000
DepreciationExpense3,000
RentExpense900
SalariesExpense3,400
UtilitiesExpense500
Instructions
PreparetheendoftheperiodclosingentriesforEdsonCleanersandLaundry.Youmayomitjournalentryexplanations.
ProblemA-V—JournalEntries(18points)
PreparethenecessarygeneraljournalentriesforthemonthofOctoberforBoscopanyforeachsituationgivenbelow.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.Thepanytakesalldiscountstowhichitisentitled.
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-StepIneStatement(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-stepinestatementforNorlinDepartmentStorefortheyearendedDecember31,2008.
ProblemA-VII—CorrectingEntries(12points)
ThefollowingerrorsweremadeinjournalizingandpostingtransactionsinMayintheSilaspany.
1.An$800paymentforrepairsincurredonaccountandproperlyrecordedinAprilwasdebitedtoRepairExpense$800andcreditedtoCash$800.
2.Acollectionof$3,000onaccountfromacustomerwasrecordedasadebittoCash$300andacredittoAccountsReceivable$300.
3.Abillfor$750fornewofficeequipmentwasdebitedtoOfficeSupplies$570andcreditedtoAccountsPayable$570.
4.Thereceiptof$800fromacustomerforfutureservicewasrecordedasadebittoAccountsReceivable$800andacredittoServiceRevenue$800.
PreparethecorrectingentriesatMay31assumingtheincorrectentryisnotreversed.(Omitexplanations.)
Solutions—prehensiveExaminationA
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
IneSummary26,000
IneSummary12,800
CleaningSuppliesExpense5,000
DepreciationExpense3,000
RentExpense900
SalariesExpense3,400
UtilitiesExpense500
IneSummary13,200
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.15AccountsPayable20,000
MerchandiseInventory400
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