課程名稱︰會計學甲一上
課程性質︰必修
課程教師︰王泰昌
開課學院：管理學院
開課系所︰財務金融學系
考試日期（年月日）︰101.01.04
考試時限（分鐘）：170
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
Acc 1003 03 Accounting 第三次小考
注意事項
1.本試卷(不包含注意事項說明頁)共6頁，請同學作答前務必確認。
2.請作答於答卷上，並請標明題號。作答於題目卷上將不予計分。
3.本次考卷可使用鉛筆。
4.本次考試可使用電子計算機，但不得使用手機、電子辭典。
Multiple-Choice (42%)
1.If an account is collected after having been previously written off,
a.the allowance account should be debited.
b.only the control account needs to be credited.
c.both income statement and statement of financial position accounts will be
affected.
d.there will be both a debit and a credit to accounts receivable.
2.Bad Debts Expense is reported on the income statement as
a.part of cost of goods sold
b.reducing gross profit
c.an operating expense.
d.a contra-revenue account.
3.Bellingham Inc. took a physical inventory at the end of the year and
calculated that $1,650,000 of goods were on hand. Bellingham determined that
$25,000 of goods were in transit. The goods were shipped f.o.b. shipping point
and were received two days after the inventory count. The company also had
$275,000 of goods out on consignment. What amount should Bellingham report for
inventory on its statement of financial position ?
a.$1,350,000 b.$1,650,000 c.$1,925,000 d.$1,950,000
Use the following information for question 4~5
The following information was available from the inventory records of Queen
Company of July.
Units Unit Cost Total Cost
Balance at July 1 30,000 $9.00 $270,000
Purchases:
July 6 20,000 10.20 204,000
July 26 27,000 10.40 280,800
Sales:
July 7 (25,000)
July 31 (40,000)
Balance at July 31 12,000
4.What is Queen’s cost of goods available for sale ?
a.$77,000 b.$284,800 c.$754,800 d.cannot be determined.
5.What should be the inventory reported on Queen’s July 31 statement of
financial position using the FIFO inventory method ?
a.$108,000 b.$117,600 c.$124,800 d.$126,000
6.Hahn Company uses the percentage of sales method for recording bad debts
expense. For the year, cash sales are $300,000 and the credit sales are
$1,200,000. Management estimates that 1% is the sales percentage to use.
What adjusting entry will Hahn Company make to record the bad debts expense?
a. Bad Debts Expense 15,000
Allowance for Doubtful Accounts 15,000
b. Bad Debts Expense 12,000
Allowance for Doubtful Accounts 12,000
c. Bad Debts Expense 12,000
Accounts Receivable 12,000
d. Bad Debts Expense 15,000
Accounts Receivable 15,000
7.On February 1,Platt Company received a $5,000,10%,four-month note receivable.
The cash to be received by Platt Company when the note becomes due is
a.$167 b.$5,000 c.$5,167 d.$5,500
8.Which of the following statements is correct with respect to inventories ?
a.The FIFO method assumes that the costs of the earliest goods acquired are the
last to be sold.
b.It is generally good business management to sell the most recently acquired
goods first.
c.Under FIFO, the ending inventory is based on the latest units purchased.
d.FIFO seldom coincides with the actual physical flow of inventory.
9.A company just starting in business purchased three merchandise inventory
items at the following prices. First purchase $80; Second purchase $95;
Third purchase $85. If the company sold two units for a total of $240 and
used FIFO costing, the gross profit for the period would be
a.$65 b.$75 c.$60 d.$50
10.Which of the following transactions affects only statement of financial
position accounts?
a. Recovery of a bad debt using the allowance method.
b. Recording bad debt expense using the allowance method.
c. Writing off a bad debt using the direct write-off method.
d. Recording bad debt expense using the percentage of sales basis.
11.Which of the following relationships best describes the percentage of
receivable basis of valuing accounts receivable?
a. Matching, emphasis on income statement relationships.
b. Cash realizable value emphasis on income statement relationships.
c. Matching, emphasis on statement of financial position relationships.
d. Cash realizable value, emphasis on statement of financial position
relationships.
12.Which of the following statement is false regarding the different bases used
for the allowance method?
a. There bases are generally accepted, the percentage of sales, the percentage
of receivables, and the direct write-off.
b. Management can choose whichever basis it prefers.
c. If management wished to emphasize the cash realizable value of receivables
it will select the percentage of receivables basis.
d. The company must determine its past experience with bad debt losses
regardless of which basis it selects.
13.A company just starting business made the following four inventory purchases
in June:
June 1 150 units $5,200
June 10 200 units 7,800
June 15 200 units 8,400
June 28 150 units 6,600
--------------
$28,000
A physical count of merchandise inventory on June 30 reveals that there are
200 units on hand. Using the FIFO inventory method, the amount allocated to
cost of goods sold for June is
a.$8,700 b.$16,960 c.$19,300 d.$20,850
14.Which one of the following inventory methods is often impractical to use?
a. Specific identification
b. Average cost
c. FIFO
d. All of the above are practical to use
Problem:
1.
Remington Company had the following select transactions. (15%)
Apr.1, 2011 Accepted Carter Company’s 1-year, 12% note in settlement of a
$30,000 account receivable.
July 1, 2011 Loaned $20,000 cash to David Pratt on a 9-month, 10% note.
Dec 31,2011 Accrued interest on all notes receivable.
Apr 1, 2012 Received principal plus interest on the Carter note.
Apr 2, 2012 David Pratt dishonored its note: Remington expects it will
eventually collect.
Instructions
Prepare journal entries to record the transactions. Remington prepares
adjusting entries once a year on December 31.
2.
The December 31, 2010 balance sheet of Sauder Company had Accounts Receivable
of $500,000 and a credit balance in Allowance for Doubtful Accounts of $33,000.
During 2011, the following transactions occurred:
sales on account $1,200,000; sales returns and allowances, $50,000;
collections from customers, $1,165,000; accounts written off $35,000;
previously written off accounts of $5,000 were collected.
Instructions
(a) Journalize the 2011 transactions. (12%)
(b) If the company uses the percentage-of-sales basis to estimate bad debts
expense and anticipates 2% of net sales to be uncollectible, what is the
adjusting entry at December 31, 2011? (5%)
(c) If the company uses the percentage-of-receivables basis to estimate bad
debts expense and determines that uncollectible accounts are expected to be
4% of accounts receivable, what is the adjusting entry at December 31,
2011? (5%)
(d) Which basis would produce a higher net income for 2011 and by how much?
(3%)
3.
Kegin Company sells many products. Whamo is one of its popular items.
Below is an analysis of the inventory purchase and sales of Whamo for the month
of March. Kegin Company uses the periodic inventory system.
Purchases Sales
Units Unit Cost Units Selling Price/Unit
3/1 Beginning Inventory 100 $40
3/3 Purchase 60 $50
3/4 Sales 70 $80
3/10 Purchase 200 $55
3/16 Sales 80 $90
3/19 Sales 60 $90
3/25 Sales 50 $90
3/30 Purchase 40 $60
Instructions
Using the FIFO assumption, calculate the amount charged to cost of goods sold
and ending inventory for March. (Show Consumptions) (10%)
4.
Horton Company has the following accounts receivable in its general ledger at
July 31: Accounts Receivable $40,000. During August, the following transactions
occurred.
Aug 1 Added 1% finance charges to $15,000 of credit card balances for not
paying within the 30 day grace period.
Aug 15 Sold $25,000 of accounts receivable to Fast Factors Inc. who charge a
2% commission.
Aug 28 Collected $7,000 from Horton credit card customers including $350 of
finance charges previously billed.
Instructions
Journalize the transactions. (8%)
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