課程名稱︰中級會計學
課程性質︰必修
課程教師︰劉心才 (助教名:謝昇峰)
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）︰101.11.14
考試時限（分鐘）：110
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
Chapter 7~8
A. Multiple Choice (30 points)
1. What is a compensating balance?
A. Savings account balances.
B. Margin accounts held with brokers.
C. Temporary investments serving as collateral for outstanding loans.
D. Minimum deposits required to be maintained in connection with a borrowing
arrangement
2. Under which section of the statement of financial position is "cash
restricted for plant expansion "reported?
A. Current assets.
B. Non-current assets.
C. Current liabilities.
D. Equity.
3. Bank overdrafts generally should be
A. reported as a deduction from the current asset section.
B. reported as a deduction from cash.
C. netted against cash and a net cash amount reported.
D. reported as a current liability
4. What is the normal journal entry when writing-off an account as
uncollectible under the allowance method?
A. Debit Allowance for Doubtful A counts, credit Accounts Receivable.-
B. Debit Allowance for Doubtful Accounts, credit Bad Debt Expense
C. Debit Bad Debt Expense, credit Allowance for Doubtful Accounts.
D. Debit Accounts Receivable, credit Allowance for Doubtful Accounts.
5. Which of the following concepts relates to using the allowance method in
accounting for accounts receivable?
A. Bad debt expense is an estimate that is based on historical and prospective
information.
B. Bad debt expense is based on the actual amounts determined to be
uncollectible.
C. Bad debt expense is an estimate that is based on an analysis of the
receivables aging.
D. Bad debt expense is management's determination of which accounts will be
sent to the attorney for collection.
6. Why are inventories included in the computation of net income?
A. To determine cost of goods sold.
B. To determine sales revenue.
C. To determine merchandise returns.
D. Inventories are not included in the computation of net income.
7. Which of the following is a characteristic of a perpetual inventory system?
A. Inventory purchases are debited to a Purchases account.
B. Inventory records are not kept for every item.
C. Cost of goods sold is recorded with each sale.
D. Cost of goods sold is determined as the amount of purchases less the change
in inventory.
8. How is a significant amount of consign met inventory reported in the
statement of financial position?
A. The inventory is reported separately on the consignor's statement of
financial position.
B. The inventory is combined with other inventory on the consignor's statement
of financial position.
C. The inventory is reported separately on the consignee's statement of
financial position.
D. The inventory is combined with other inventory on the consignee's statement
of financial position.
9. Where should goods in transit that were recently purchased f.o.b.
destination be included on the statement of financial position?
A. Accounts payable.
B. Inventory.
C. Equipment.
D. Not on the statement of financial position
10. If a company uses the periodic inventory system, what is the impact on net
income of including goods in transit f.o.b. shipping point in purchases,
but not ending inventory?
A. Overstate net income.
B. Understate net income.
C. No effect on net income.
D. Not sufficient information to determine effect on net income.
※ 選擇題解答: DBDAA / ACADB
B. Problems (70 points)
I.
SEK Corp. factors $400,000 of accounts receivable with May Financing, Inc.,
without guaranteeing any payment for possible credit losses (without recourse)
on July 1, 2010. The receivables records are transferred to May Financing,
which will receive the collections. May Financing assesses a finance charge of
1.5% of the amount of accounts receivable and also reserves an amount equal to
4% of accounts receivables to cover sales discount, returns, and allowances.
The transaction is to be recorded as a sale.
(a) Prepare the journal entry on July 1, 2010, for SEK Corp. to record the sale
of receivables, without recourse.
(b) Prepare the journal entry on July 1, 2010, for May Financing, Inc. to
record the purchase of receivables without recourse.
II.
On July 1, 2010, Rentoul Inc. made two sales.
1.
It sold land having a fair value of $900,000 in exchange for a 4-year
zero-interest-bearing promissory note in the face amount of $1,416,163.
The land is carried on Rentoul's books at a cost of $590,000.
2.
It rendered services in exchange for a 3%, 8-year promissory note having a face
value of $400,000 (interest payable annually).
Rentoul Inc. recently had to pay 8% interest for money that it borrowed from
British National Bank. The customers in these two transactions have credit
ratings that require them to borrow money at 12% interest.
Instructions:
Record the two journal entries that should be recorded by Rentoul Inc. for the
sales transactions above that took place on July 1, 2010.
III.
On December 31, 2010, Iva Majoli Company borrowed $62,092 from Paris Bank,
signing a 5-year, $100,000 zero-interest-bearing note. The note was issued to
yield 10% interest. Unfortunately, during 2012, Majoli began to experience
financial difficulty. As a result, as December 31, 2012, Paris Bank determined
that it was probable that it would receive back only $75,000 at maturity. The
market rate of interest on loans of this nature is now 11%.
Instructions:
(a) Prepare the journal entry to record the issuance of the loan by Paris Bank on December 31,2010.
(b) Prepare the entry, if any, to record the impairment of the loan on December 31, 2012, by Paris Bank.
IV. E8-2 (Inventory Costs)
In your audit of Garza Company, you find that a physical inventory on December
31, 2010, showed merchandise with a cost of $441,000 was on hand at that date.
You also discover the following items were all excluded from the $441,000.
1. Merchandise of $61,000 which is held by Garza on consignment. The consignor
is the Bontemps Company.
2. Merchandise costing $33,000 which was shipped by Garza f.o.b. destination to
a customer on December 31, 2010. The customer was expected to receive the
merchandise on January 6, 2011.
3. Merchandise costing $46,000 which was shipped by Garza f.o.b. shipping point
to a customer on December 29, 2010. The customer was scheduled to receive
the merchandise on January 2, 2011.
4. Merchandise costing $73,000 shipped by a vendor f.o.b. destination on
December 30, 2010, and received. by Garza on January 4, 2011.
5. Merchandise costing $51,000 shipped by a vendor f.o.b. shipping point on
December 31, 2010, and received by Garza on January 5, 2011. .
Instructions
Based on the above information, calculate the amount that should appear on
Garza's statement of financial position at December 31, 2010, for inventory.
V. E8-10 (Inventory Errors—Periodic)
Thomason Company makes the following errors during the current year.(In all
cases, assuming ending inventory in the following year is correctly stated.).
1. Both ending inventory and purchases and related accounts payable are
understated. (Assume this purchase was recorded and paid for in the
following year.)
2. Ending inventory is overstated, but purchases and related accounts payable
are recorded correctly.
3. Ending inventory is correct, but a purchase on account was not recorded.
(Assume this purchase was recorded and paid for in the following year.)
Instructions
Indicate effect of each of these errors on working capital, current ratio
(assume that the current ratio is greater than 1 , retained earnings, and net
income for the current year and the subsequent year.
VI. E8-23 (FIFO and LIFO—Periodic)
Torn Brady Shop began operations on January 2, 2010. The following stock record
card for footballs was taken from the records at the end of the year.
Date Voucher Terms Units Received Units Invoice Cost Gross Invoice Amount
1/15 10624 Net30 50 $20 $1,000
3/15 11437 1/5, net 30 65 16 1,040
6/20 21332 1/10, net 30 90 15 1,350
9/12 27844 1/10, net 30 84 12 1,008
11/24 31269 1/10, net 30 76 11 836
Totals 365 $5,234
A physical inventory on December 31, 2010, reveals that 110 footballs were in
stock. The bookkeeper informs you that all the discounts were taken.
Assume that Tom Brady Shop uses the invoice price less discount for recording
purchases.
Instructions
(a) Compute the December 31, 2010, inventory using the FIFO method.
(b) Compute the 2010 cost of goods sold using the LIFO method.
(c) What method would you recommend to the owner to minimize income taxes in
2010 using the inventory information for footballs as a guide?
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