財會期中小考試題答案

1、90COMP REHENSIVE EXAMINATION A(CHA PTERS 1 - 5)App roximateP roblemTopicPointsMi nutes90Checki ng WorkA - IMulti pie Choice.2010A - IIMatchi ng .108A - IIIAdjust ing En tries .1520A - IVClos ing En tries .1010A - VJour nal En tries.1812A - VIMult ipl e-Ste p In come Stateme nt.1510A - VIICorrect ing

2、 En tries.121510085The right side of an account is alwaysa.the debitside.5.b.c.d.the creditside.the balance of that account.carried forward to the next accounting period.Posting is the process ofProblem A - IMultiple Choice (20 points)Circle the one best answer.1.A private organization which establi

3、shes broad accounting principles as well asspecific accounting rules is thea.Securities and Exchange Commission.b.Internal Revenue Service.c.Financial Accounting Standards Board.d.Corporate Board of Directors.2.An increase in an expensea.increases revenues.3.b.c.d.increases assets.decreases liabilit

4、ies.decreases pany business with total stockholdersequity of $85,000 paid a $10,000business debt. As a result of this transaction, total stockholdersequitya.did not change.b.increased by $10,000.c.decreased by $10,000.d.increased to $95,000.4.a.preparing a chart of accounts.b.adding a column of figu

5、res.c.transferring journal entries to ledgeraccounts.d.recording entries in ajournal.6.The purpose of recording depreciation on productive assets is toa.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 con

6、formity with the revenue recognitionprinciple.d.allocate the original cost of productive assets to expense over itsuseful7.life.Logan Company debited Prepaid Insurance for $840 on July 1, 2008 for a one-yearfire insurance policy. If the company prepares monthly financial statements,failure to make a

7、n adjusting entry on July 31 for the amount of insurance thathas expired would causea.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

8、.expenses to be overstated by $840 and assets to be understated by $840.6.Unearned revenuesWhich one of the followi ng acco unts isnot closed at the end of an acco untingp eriodReta ined Earnings acco untthe bala nee sheet figures.sep arate legal en tity.8.a.b.Divide nds acco untc.Service Reve nue a

9、cco unt9.d.In sura nee Expense acco untThe sec ond set of debit and credit colu mns on a worksheet is gen erally used fora.clos ing en tries.b.the trial bala nee.c.d.the adjustme nts.10.Gross p rofit is calculated by subtract inga.total expen ses from total reve nues.b.cost of goods sold from net sa

10、les.c.cost of goods sold from total reve nues.d.op erati ng expen ses from net sales.Problem A - IIMatchi ng (10 p oi nts)Match the items below by en teri ng the approp riate letter in the space.1. PartnershipA.2. Liabilities3. RevenuesB.4. Gen eral ledgerC.5. Matchi ng principlecreatedwhe n cash is

11、received in adva nee of p erform ingaNoncurrentresources that do not haveAn econo mic en titywhich is not a7. Income summary8. Intangible assets9. Freight-out10. Sales returns and allowances6.Unearned revenuesProblem A - IIIAdjusting Entries (15 points)The following information for Minton Company is

12、 available on June 30, 2008, the end ofa monthly accounting period. You are to prepare the necessary adjusting journalentries for Minton Company for the month of June for each situation given. Appropriateadjusting entries had been recorded in previous months. You may omit journal entryexplanations.1

13、.Minton Company purchased a 2-year insurance policy on February 1, 2008 and debitedPrepaid 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 wascredited to the Unearned Rent

14、 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 suppliesatJune 30 revealed that there was $240 still on hand.4.On March 31, 2008, Minton Company purchased a delivery van for $45,000.

15、It isestimated that the annual depreciation will be $9,000.5. Minton Company has two employees who earn $100 and $120 per day, respectively. Theyare paid each Friday for a five-day work week that begins each Monday. Assume June30 is a Wednesday in 2008.Problem A - IVClos ing En tries (10 p oi nts)Th

16、e end of the p eriod acco unt bala nces after adjustme nts of Eds on Clea ners and Laundryare asfollows:Acco unt Bala nces(After Adjustments)Cash$ 9,000Clea ning Supp lies3,500Prep aid Rent3,600Equipment128,000Accumulated Dep reciati onEquipment20,000Acco unts Payable8,500Common Stock60,000Reta ined

17、 Earnings46,400Divide nds7,000Dry Clea ning Reve nues22,000Laundry Reve nues4,000Clea ning Supp lies Expense5,000Dep reciati on Expense3,000Rent Expense900Salaries Expense3,400UtilitiesExpense500In structionsPrepare the end of the p eriod clos ing en tries for Eds on Clea ners and Laun dry. Youmayom

18、it journal entry explan ations.Problem A - VJournal Entries (18 points)Prepare the necessary general journal entries for the month of October forCompany for each situation given below. Bosco uses a perpetual inventory system.Paid cash of $12,000 for operating expenses that were incurred and properly

19、recorded in the previous period.Freight term: FOB Shipping Point.to which it is entitled.merchandise sold was $10,000. Credit terms: 2/10, n/30.BoscoOct.Oct.Purchased merchandise for $20,000 on account. Credit terms: 2/10,n/30;Oct. 10Paid freight bill of $470 for merchandise purchased on October 8.O

20、ct. 12Borrowed $10,000 from Admire Bank signing an 8%, 3-month note.Oct. 15Paid for merchandise purchased on October 8. The company takes all discountsOct. 20Sold merchandise for $16,000 to Tom Black on account. The costof theOct. 22Purchased a 2-year insurance policy for $2,400 cash.Oct. 25Credited

21、 Tom Blacks account for $1,000 for merchandise returnedby himProblem A - IVClos ing En tries (10 p oi nts)from the sale on October 20. The cost of the merchandise returned was $625.Problem A - VIMultiple-Step Income Statement (15 points)Oct. 29Purchased office equipment for $15,000 paying $4,000 in

22、cash and signing a3-month, 9% note for the remainder.Below is a partial listing of the adjusted account balances of Norlin Department Storeat year end on December 31, 2008.Accounts Receivable$ 19,000Cost of Goods Sold255,000Selling Expenses (includes depreciation)35,000Interest Expense1,000Accumulat

23、ed DepreciationBuilding10,000Sales Discounts22,000Merchandise Inventory45,000Administrative Expenses (includes depreciation)20,000Sales340,000Accounts Payable14,000Interest Revenue800InstructionsUsing whatever data you believe appropriate, prepare a multiple-step income statementfor Norlin Departmen

24、t Store for the year ended December 31, 2008.Problem A - VIMultiple-Step Income Statement (15 points)Problem A - VIICorrecting Entries (12 points)The following errors were made in journalizing and posting transactions in May intheSilas Company.1.An $800 payment for repairs incurred on account and pr

25、operly recorded in April wasdebited 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 andcred

26、ited to Accounts Payable $570.4.The receipt of $800 from a customer for future service was recorded as a debittoAccounts Receivable $800 and a credit to Service Revenue $800.InstructionsPrepare the correcting entries at May 31 assuming the incorrect entry is not reversed.(Omit explanations.)Problem

27、A - ISolutionSalaries Payable660Solutions Comprehensive ExaminationAPrepaid InsuranceRent Revenue .Office SuppliesAccumulated DepreciationDelivery Van1. c4.7.10. b2. d5.8.3. a6.9.Problem A - IISolution..5.10.Problem A - IIISolution1.Insurance Expense1002.Unearned Rent .7503.Office Supp

28、lies Expense5404.Depreciation Expense7505.Salaries Expense660100750540750Notes Payable10,000Problem A - IVSolutionDry Cleaning Revenues22,000Laundry Revenues .4,000Income Summary .26,000Income Summary12,800Cleaning Supplies Expense5,000Depreciation Expense3,000Rent Expense .900Salaries Expense3,400U

29、tilitiesExpense500Income Summary13,200Retained Earnings13,200Retained Earnings7,000Dividends7,000Problem A - VSolutionOct.Accounts Payable12,000Oct.Oct. 10Oct. 12Oct. 15Cash12,000Merchandise InventoryAccounts PayableMerchandise InventoryCashCash .Accounts Payable20,00020,00047047010,00020,000Oct. 20Oct. 22Oct. 25Oct. 29Merchandise InventoryCashAccounts Receivable16,00040019,600Sales16,000Cost of Goods S