财会期中小考试题答案
2012年本科分数线-初中毕业留学
COMPREHENSIVE EXAMINATION A
(CHAPTERS 1 - 5)
Problem
A - I
A - II
A - III
A - IV
A
- V
A - VI
A - VII
Topic
Multiple Choice
............................................
Matching ....................................
.................
Adjusting Entries
.........................................
Closing Entries
............................................
Journal Entries
.............................................
Multiple-Step Income Statement
..................
Correcting Entries
........................................
Checking Work
...........................................
Points
20
10
15
10
18
15
12
100
Approximate
Minutes
10
8
20
10
12
10
15
85
5
90
A- 2
Test Bank for Financial Accounting , Sixth
Edition
Problem A - I — Multiple Choice (20
points)
Circle the one best answer.
1. A private organization which establishes broad
accounting principles as well as specific
accounting rules is the
a. Securities
and Exchange Commission.
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
stockholders’equity.
3. A company
business with total stockholders’ equity of
$$85,000 paid a $$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 $$95,000.
4. The right
side of an account is always
a. the debit
side.
b. the credit side.
c. the
balance of that account.
d. carried forward
to the next accounting period.
5.
Posting is the process of
a. preparing a
chart of accounts.
b. adding a column of
figures.
c. transferring journal entries to
ledger accounts.
d. recording entries in a
journal.
6. The purpose of recording
depreciation on productive assets is to
a.
reflect the decline in the market value of the
assets each period.
b. reduce income when
the company has an exceptionally profitable year.
c. be in conformity with the revenue
recognition principle.
d. allocate the
original cost of productive assets to expense over
its useful life.
7. Logan Company
debited Prepaid Insurance for $$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 $$840 and
expenses to be understated by $$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.
Comprehensive Examination A
A- 3
8.
Which one of the following accounts is not
closed at the end of an accounting period?
a.
Retained Earnings account
b. Dividends
account
c. Service Revenue account
d.
Insurance Expense account
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 adjustments.
9.
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 letter in the space.
A. A liability created when cash is received
in
____ 1. Partnership
advance of
performing a service for a
customer.
____
2. Liabilities
B. Freight costs
incurred by the seller.
____ 3. Revenues
____ 4. General ledger
C. Noncurrent resources that do not have a
physical substance.
____ 5.
Matching principle
D. An economic entity
which is not a separate
legal entity.
____ 6. Unearned revenues
E. A
contra-revenue account.
____ 7. Income
summary
F. The matching of efforts
(expenses) with
____ 8. Intangible assets
accomplishments (revenues).
____ 9. Freight-out
G. Creditors’ claims on
total assets.
____ 10. Sales returns
and allowances
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 from
business activities entered
into for the
purpose of earning income.
A- 4
Test Bank for Financial
Accounting , Sixth Edition
Problem A - III —
Adjusting Entries (15 points)
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 previous 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 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 $$240 still on hand.
4. On March 31,
2008, Minton Company purchased a delivery van for
$$45,000. It is estimated
that the annual
depreciation will be $$9,000.
5. Minton Company has two employees
who earn $$100 and $$120 per day, respectively. They
are paid each Friday for a five-day work week
that begins each Monday. Assume June 30 is a
Wednesday in 2008.
Comprehensive
Examination A
A- 5
Problem A - IV —
Closing Entries (10 points)
The end of the
period account balances after adjustments of Edson
Cleaners and Laundry are as
follows:
Account Balances
(After Adjustments)
Cash $$ 9,000
Cleaning Supplies 3,500
Prepaid Rent 3,600
Equipment 128,000
Accumulated Depreciation—Equipment 20,000
Accounts Payable 8,500
Common Stock 60,000
Retained Earnings 46,400
Dividends 7,000
Dry Cleaning Revenues 22,000
Laundry
Revenues 4,000
Cleaning Supplies Expense 5,000
Depreciation Expense 3,000
Rent Expense
900
Salaries Expense 3,400
Utilities
Expense 500
Instructions
Prepare
the end of the period closing entries for Edson
Cleaners and Laundry. You may omit
journal
entry explanations.
A- 6
Test Bank for Financial Accounting ,
Sixth Edition
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
Oct. 8
Oct.
10
Oct. 12
Oct. 15
Oct. 20
Oct. 22
Oct. 25
Oct. 29
Paid cash of $$12,000 for operating
expenses that were incurred and properly recorded
in the previous period.
Purchased
merchandise for $$20,000 on account. Credit terms:
210, n30; Freight term:
FOB Shipping Point.
Paid freight bill of $$470 for merchandise
purchased on October 8.
Borrowed $$10,000 from
Admire Bank signing an 8%, 3-month note.
Paid
for merchandise purchased on October 8. The
company takes all discounts to
which it is
entitled.
Sold merchandise for $$16,000 to Tom
Black on account. The cost of the merchandise
sold was $$10,000. Credit terms: 210, n30.
Purchased a 2-year insurance policy for $$2,400
cash.
Credited Tom Black’s account for $$1,000
for merchandise returned by him from the
sale
on October 20. The cost of the merchandise
returned was $$625.
Purchased office equipment
for $$15,000 paying $$4,000 in cash and signing a
3-month,
9% note for the remainder.
Comprehensive Examination A
A-
7
Problem A - VI — Multiple-Step Income
Statement (15 points)
Below is a partial
listing of the adjusted account balances of Norlin
Department Store at year end
on December 31,
2008.
Accounts Receivable $$ 19,000
Cost of Goods Sold 255,000
Selling
Expenses (includes depreciation) 35,000
Interest Expense 1,000
Accumulated
Depreciation—Building 10,000
Sales Discounts
22,000
Merchandise Inventory 45,000
Administrative Expenses (includes
depreciation) 20,000
Sales 340,000
Accounts Payable 14,000
Interest Revenue
800
Instructions
Using whatever
data you believe appropriate, prepare a multiple-
step income statement for Norlin
Department
Store for the year ended December 31, 2008.
A- 8
Test Bank for
Financial Accounting , Sixth Edition
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 $$800 payment for
repairs incurred on account and properly recorded
in April was debited
to Repair Expense $$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 to
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.
Instructions
Prepare the correcting
entries at May 31 assuming the incorrect entry is
not reversed. (Omit
explanations.)
Comprehensive Examination A
A- 9
Solutions — Comprehensive
Examination A
Problem A - I —
Solution
1. c 4. b 7. c 10. b
2. d 5. c 8.
a
3. a 6. d 9. d
Problem A - II
— Solution
1. D 6. A
2. G 7. H
3. J 8.
C
4. I 9. B
5. F 10. E
Problem A - III — Solution
1. Insurance
Expense ..........................................
..............................
Prepaid
Insurance .......................................
.........................
2. Unearned
Rent ............................................
..................................
Rent
Revenue ..........................................
.............................
3. Office
Supplies Expense ................................
...............................
Office
Supplies ........................................
.............................
4.
Depreciation Expense ............................
.......................................
Accumulated Depreciation—Delivery Van
............................
5. Salaries
Expense .........................................
.................................
Salaries
Payable .........................................
..........................
Problem
A - IV — Solution
Dry Cleaning Revenues .....
..................................................
...............
Laundry Revenues ...........
..................................................
.................
Income Summary ..........
..................................................
...........
Income Summary ............
..................................................
..................
Cleaning Supplies Expense
..................................................
......
Depreciation Expense ...............
.................................................
Rent Expense ...............................
..............................................
Salaries Expense ...........................
............................................
Utilities Expense ...............................
..........................................
Income Summary ..............................
..................................................
Retained Earnings ..........................
............................................
Retained Earnings ...........................
..................................................
.
Dividends ...............................
..................................................
..
100
100
750
750
540
540
750
750
660
660
22,000
4,000
26,000
12,800
5,000
3,000
900
3,400
500
13,200
13,200
7,000
7,000
A- 10
Test Bank for Financial
Accounting , Sixth Edition
Problem A - V —
Solution
Oct. 5
Oct. 8
Oct. 10
Oct. 12
Oct. 15
Oct. 20
Oct. 22
Oct.
25
Oct. 29
Accounts Payable ........
..................................................
....
Cash .................................
.........................................
Merchandise Inventory .......................
................................
Accounts
Payable .........................................
.............
Merchandise Inventory ........
...............................................
Cash .......................................
...................................
Cash ...
..................................................
.............................
Notes Payable
..................................................
.........
Accounts Payable .................
.............................................
Merchandise Inventory
..............................................
Cash .......................................
...................................
Accounts
Receivable ......................................
....................
Sales ................
..................................................
.......
Cost of Goods Sold .................
...........................................
Merchandise Inventory
..............................................
Prepaid Insurance ...........................
...................................
Cash ..
..................................................
......................
Sales Returns and
Allowances
...........................................
Accounts Receivable
.................................................
Merchandise Inventory .......................
................................
Cost of
Goods Sold ......................................
.............
Office Equipment .............
..................................................
Cash .......................................
...................................
Notes
Payable .........................................
..................
12,000
12,000
20,000
20,000
470
470
10,000
10,000
20,000
400
19,600
16,000
16,000
10,000
10,000
2,400
2,400
1,000
1,000
625
625
15,000
4,000
11,000
Comprehensive Examination A
A-
11
Problem A - VI — Solution
NORLIN
DEPARTMENT STORE
Income Statement
For Year
Ended December 31, 2008
Sales revenues
Sales ...........................................
.......................................
Less: Sales discounts ...........................
..............................
Net sales ..
..................................................
.................................
Cost
of goods sold ...................................
...................................
Gross
profit ..........................................
.......................................
Operating expenses
Selling expenses ....
..................................................
..........
Administrative expenses .......
..............................................
Total operating expenses
.............................................
Income from operations ......................
........................................
Other revenues and gains
Interest revenue
..................................................
...............
Other expenses and losses
Interest expense ...........................
......................................
Net
Income ...........................................
.......................................
Problem A - VII — Solution
1.
May 31 Accounts Payable .........................
...............................
Repair
Expense .........................................
..........
2. 31 Cash ................
..................................................
..........
Accounts Receivable
...........................................
3. 31 Office Equipment .....................
....................................
Office Supplies .................................
...................
Accounts Payable
................................................
4. 31 Cash ............................
................................................
Service Revenue ..........................
................................
Unearned
Revenue
.............................................
Accounts Receivable
...........................................
Note: No explanations either before or after
entries.
$$340,000
22,000
35,000
20,000
800
1,000
800
2,700
750
800
800
$$318,000
255,000
63,000
55,000
8,000
(200)
$$ 7,800
800
2,700
570
180
800
800