[試題] 104上 金成隆 會計學甲一上 第二次期中考
課程名稱︰會計學甲一上
課程性質︰國企系必修
課程教師︰金成隆
開課學院：管理學院
開課系所︰國企系
考試日期（年月日）︰
考試時限（分鐘）：
試題 :
1. An error has occured in the closing entry process if
a. revenue and expense accounts have zero balances.
b. the retained earnings account is credited for the amount of net
income.
c. the dividends accounts is closed to the retained earnings account.
d. the statement of financial position accounts have zero balances.
2. The Sales Returns and Allowances accounts does not provide
information to manangement about
a. inferior merchandise
b. the percentage of credit sales versus cash sales.
c. inefficienies in filling orders.
d. errors in billing customers.
3. Which of the following liabilities are not related to the operating
cycle?
a. Salaries and wages payable.
b. Accounts payable.
c. Utilities payable.
d. Bonds payable.
4. Topeka Bike Company received a $920 check from a customer for the
balance due. The transaction was errorneously as a debit to Cash
$290 and a credit to Service Revenue $290. The correcting entry is
a. debit Cash, $920; credit Accounts Receivable, $920.
b. debit Cash, $630 and Accounts Receivable, $290; credit Service
Revenue, $920.
c. debit Cash, $630 and Service Revenue, $290; credit Accounts
Receivable, $920.
d. debit Accounts Receivable, $920; credit Cash, $630 and Service
Revenue, $290.
5. International Financial Reporting Standard call for companies to
mark the recorded values of certain types of assets and liabilities
to fair value each period. These unrealized gains and losses are
excluded from net income but included in comprehensive income and
include all of the following except
a. adjustments to pension plan assets.
b. gains from foreign currency translation.
c. unrealized losses on certain types of investments.
d. adjustment to fixed assets for depreciation.
6. The inventory account is used in each of the following except the
entry to record
a. goods purchased on account.
b. the return of goods purchsed.
c. payment of freight on goods sold.
d. payment within the discount period.
7. A company shows the following balances:
Sales Revenue ￥1,500,000
Sales Return and Allownaces 270,000
Sales Discounts 30,000
Cost of Goods Sold 840,000
What is the gross profit rate?
a. 56%
b. 70%
c. 44%
d. 30%
8. A reversing entry
a. reverses entries that were made in error.
b. is the exact opposite if an adjusting entry made in a previous
period.
c. is made when a business disposes of an asset it previously
purchased.
d. is made when a company sustains a loss in one period and reverses
the effect with a profit in the next period.
9. A worksheet can be thought as a(n)
a. permanent accounting record.
b. optional device used by accountants.
c. part of the general ledger.
d. part of the journal.
10.The Statement of Financial Position columns of the worksheet contain
data for what financial statement?
a. Income Statement.
b. Retained Earnings Statement.
c. Statement of Cash Flows.
d. None of the these answer choices are correct.
11.Cost of goods sold is determined only at the end of the accounting
period in
a. a perpetual inventory system.
b. a periodic inventory system.
c. both a perpetual and a periodic inventory system.
d. neither a perpetual nor a periodic inventory system.
12.The journal entry to record a return of merchandise purchased on
account under a periodic inventory would be
a. Accounts Payable
Purchase Returns and Allowances
b. Purchse Returns and Allowances
Accounts Payable
c. Accounts Payable
Inventory
d. Inventory
Accounts Payable
13.The credit terms offered to a customer by a business firm are 2/10,
n/30, which means that
a. the customer must pay the bill within 10 days.
b. the customer can deduct a 2% discount if the bill is paid between
the 10th and 30th day from the invoice date.
c. the customer can deduct a 2% discount if the bill is paid within
10 days of the invoice date.
d. twos sales returns can be made within 10 days of the invoice date
and no returns thereafter.
14.Touch Tonix, Inc. sells component parts to Advanced Communications,
Inc. a cell phone manufacturer. On December 10, 2014, Touch Tonix,
Inc. sold €1,020,000 of goods to Advanced Communications, Inc. on
account for €1,320,000. Terms of the sale were 2/10, net 30. On
December 18, 2014, Advanced Communications, Inc. paid the account in
full. Advanced Communications, Inc. uses a perpetual inventory
system. Which of the following is true regarding the impact on the
statement of financial position for Advanced Communications, Inc.
when the payment is made on December 18, 2014?
a. Cash decreased by €999,600.
b. Inventory decreased by €20,400.
c. Accounts payable decreased by €1,020,000.
d. Inventory decreased by €26,400.
15.The following items (in thousands) are taken from the financial
statements of Huang Company for the year ending December31, 2017?
Accounts payable ￥ 54,000
Accounts receivable 33,000
Accumulated depreciation-equipment 84,000
Advertising expense 63,000
Cash 45,000
Share capital-ordinary 126,000
Dividends 42,000
Depreciation expense 36,000
Equipment 630,000
Insurance expense 9,000
Notes payable, due 6/30/2018 210,000
Prepaid insurance(12-month policy) 18,000
Rent expense 51,000
Retained earnings (1/1/2017) 180,000
Salaries and wages expense 96,000
Service revenue 399,000
Supplies 12,000
Supplies expense 18,000
What are total current assets at December 31, 2017?
a. ￥78,000
b. ￥96,000
c. ￥108,000
d. ￥654,000
Problem I:
Indicate the proper sequence of the steps in the accounting cycle by
placing numbers 1-8 in the blank spaces.
__ a. Analyze business transactions.
__ b. Journalize and post adjusting entries.
__ c. Journalize and post closing entries.
__ d. Journalize the transactions.
__ e. Prepare a post-closing trial balance.
__ f. Prepare a worksheet.
__ g. Prepare financial statements.
__ h. Post to ledger accounts.
Problem II:
Prepare the necessary journal entries to record the following
transaction, assuming Herwitt Company uses a perpetual inventory system.
(a) Purchased $250,000 of merchandise on account, terms 2/10, n/30.
(b) Returned $500 of damaged merchandise for credit.
(c) Paid for the merchandise purchandise within 10 days.
Problem III:
An examination of the accounts of Freeman Company for the month of
October revealed the following errors after the transactions were
journalized and posted. Prepare correcting entries for each of the
above assuming the errorneous entries are not reversed.
(a) A check for $700 was issued for goods previously purchased on
account. The bookkeeper debited Accounts Receivable and credited
Cash for $700.
(b) A check for $580 was received as payment on account. The bookkeeper
debited Accounts Payable for $850 and credited Accounts Receivable
for $850.
(c) When making the entry to record the year's depreciation expense,
the bookkeeper debited Accumulated Depreciation for $1,500 and
credited Cash for $1,500.
(d) When accruing interest on a note payable, the bookkeeper debited
Interest Receivable for $200 and credited Interest Payable for $200.
Problem IV:
Prepare the necessary journal entries to record the following
transactions, assuming Darby Company uses a perpetual inventory system.
(a) Darby sells $55,000 of merchandise, terms 1/10, n/30. The
merchandise cost $30,000.
(b) The customer in (a) returned $5,000 of merchandise to Darby. The
merchandise returned cost $3,000.
(c) Darby received the balance due within the discount period.
Problem V:
North Company prepared the following adjusting entries at the year end
on December 31, 2017.
(a) Interest Expense 300
Interest Payable 300
(b) Unearned Service Revenue 1,500
Service Revenue 1,500
(c) Insurance Expense 1,200
Prepaid insurance 1,200
(d) Interest Receivable 100
Interest Revenue 100
(e) Supplies Expense 250
Supplies 250
(f) Salaries and Wages Expense 3,000
Salaries and Wages Payable 3,000
In an effort to minimize errors in recording transactions, North
Company utilizes reversing entries.
Instrctions:
Prepare reversing entries on January 1, 2018, for the adjusting entries
given where appropriate.
Problem VI:
The income statement of Wilcox, Inc. includes the items listed below:
Net sales $900,000
Gross profit 340,000
Beginning inventory 80,000
Purchase discounts 15,000
Purchase returns and allowances 8,000
Freight-in 10,000
Operating expenses 300,000
Purchases 560,000
Instructions:
Use the appropriate items listed above as a basis for determining
(a) Cost of goods sold
(b) Cost of goods available for sale
(c) Ending inventory
Problem VII:
Kenndey Company had the following account balances at year-end: cost
of goods sold $85,000; inventory $15,000; operating expenses $39,000;
sales discounts $1,600; and sales returns and allowances $2,300. A
physical count of inventory determines that inventory on hand is $14400
Instructions:
(a) Prepare the adjusting entry necessary as a result of the physical
count.
(b) Prepare closing entries.
Problem IIX:
Paxson Supply Company uses a periodic inventory system.During September
, the following transactions and events occured.
Sept. 3 Purchased 90 backpacks at $30 each from Barnes Company, terms
2/10, n/30.
Sept. 6 Received credit of $150 for the return of 5 backpacks
purchased on Sept. 3 that were defective.
Sept. 9 Sold 15 backpacks for $40 each to Starr Books, terms 2/10,
n/30.
Sept. 13 Paid Barnes Company in full.
Problem IX:
Ex. 236
The following items were taken from the post-closing trial balance of
Aloma Macarty Company (All pounds are in thousands):
Accumulated depreciation-equip. ￡5,455
Accounts payable 2,244
Notes payable due after 2014 168
Share capital-ordinary 9,800
Retained earnings 5,263
Accounts receivable 1,496
Cash 2,868
Mortgage payable 743
Patent 680
Equipment 14,300
Land held for investment 464
Short-term investments 3,490
Notes payable due in 2014 681
Inventories 1,056
Prepare a classified statement of financial position in good form as of
December 31, 2013.
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