暨南大学-基础会计学考试试卷及答案

1 暨南大学考试试卷 Question 1 20 marks Select the best answer for each of the following unrelated items If more than one answer is given for an item that item will not be marked Incorrect answers will be marked as zero No account will be taken of any explanations you offer 2 marks each 12345678910 1 The idea that a business be accounted for separately and independently from its owner or owners is known as the a objectivity principle b business entity principle c going concern principle d revenue recognition principle 2 Expenses that are incurred during an accounting period but that prior to end of period adjustments remain unrecorded because payment is not due are 课程类别课程类别 必修必修 选修选修 考试方式考试方式 开卷开卷 闭卷闭卷 教教 师师 填填 写写 课程 2005 2006 学年第 二 学期 基础会计学 FA 1 试题 授课教师 考试时间 2006 年 7 月 7 日 姓 名 沈 红 涛 试卷类别试卷类别 A A B B A A 共共 8 8 页页 考考 生生 填填 写写 国 际 学院 C G A 专业 2005 级 姓名 学号 内招内招 外招外招 试题号试题号一二三四五六七八九十总总 分分 成成 绩绩 2 a prepaid expenses b unearned expenses c net expenses d accrued expenses 3 When a petty cash fund is in use a expenses paid with petty cash are recorded when the fund is replenished b the Cash account is not affected when the fund is replenished c Petty Cash is debited when the fund is replenished d Petty Cash is credited when the fund is replenished 4 In reconciling the bank balance the amount of an unrecorded bank service charge should be a added to the book balance of cash b deducted from the book balance of cash c added to the bank statement balance d deducted from the bank statement balance 5 A partnership that has two classes of partners limited partners and one or more general partners is a a permanent partnership b temporary partnership c limited partnership d general partnership 6 If an invoice for 300 dated January 27 with credit terms of 2 10 n 30 is paid on February 7 the amount paid would be a 294 b 270 c 300 d 306 7 On December 31 1993 ADT Company s unadjusted trial balance included the following items Debit Accounts receivable61 500 Allowance for doubtful accounts 690 What amount should be debited to Bad Debts Expense assuming 6 of outstanding accounts receivable on December 31 1993 will be uncollectible a 3 648 60 b 3 731 40 c 4 380 00 d 3 000 00 3 8 An example of a capital expenditure is a a payment for the current year s insurance coverage against fire loss on a building b the payment of an employee s wages c a payment for an office typewriter d none of these 9 X Ray Company sold for 6 000 an x ray machine that originally cost 10 000 The accumulated depreciation on this machine was 4 000 X Ray Company s gain loss on this sale is a O b 2 000 c 4 000 d 6 000 10 Ford and Lincoln formed a partnership with capital contributions worth 45 000 and 55 000 respectively Their partnership agreement calls for Ford to receive a 12 000 per year salary Also each partner is to receive a share of earnings equal to a 10 return on capital investments The remaining income or loss is to be divided equally If the net income for the year is 28 000 then Ford and Lincoln s respective shares are a 14 000 14 000 b 20 000 8 000 c 12 000 16 000 d 19 500 8 500 Question 2 12 marks The owner of a lawn service company prepares monthly financial statements The following information is available at the end of July a The annual insurance amounting to 1 200 went into effect on July 1 The prepaid insurance account was debited and cash credited on the same date b The lawn service company s lawn tractor was purchased for 3 200 last year The value of the lawn tractor at the end of its estimated four year useful life was determined to be 800 This information was made available to record amortization for July c A customer paid for the entire summer s service in April The journal entry credited the Unearned Service Fees account when the payment was received The monthly fee is 500 d The last weekly salary of 1 400 was paid to employees on Friday July 27 Employees are paid based on a five day workweek e Revenues of 1 800 were earned by July 31 but not recorded Required Prepare the appropriate adjusting entries for July 31 4 Question 3 8 marks Timmons Company had a January 1 2002 balance in Allowance for Doubtful Accounts of 7 000 a Apr 15 Joe Blow s account receivable of 5 700 was deemed uncollectible b July 1 Badman Duke paid the full amount of his previously written off account receivable The receivable of 2 300 had been written off in 2001 c Dec 31 Bad debts expense was estimated to be 2 0 of credit sales which had amounted to be 375 000 Required Prepare journal entries to record these events during 2002 Question 4 15 marks On February 1 2002 Enviro Engineering Inc has issued a 416 000 5 three year bond Interest is to be paid semi annually beginning August 1 2002 Assuming the market interest rate is 4 and the straight line amortization method is used Required Prepare journal entries for the transactions on the following dates Show your calculations 5 a February 1 2002 date of issue b August 1 2002 interest payment date c September 30 2002 Enviro s year end Question 5 6 marks Norton Construction Company purchased a cement mixer for 14 500 The mixer is expected to have a useful life of five years and a salvage value of 1 000 The company engineers estimate the mixer will have a useful life of 7 500 hours of which 2 625 hours were used in 2001 The company s year end is December 31 Required Compute the depreciation expense for 2001 assuming the cement mixer was purchased on July 1 2001 using the following methods a straight line b units of production and c double declining balance 6 Question 6 10 marks The comparative balance sheets for 2000 and 2001 and the 2001 income statement for Morris s Costume Shop are as follows MORRIS S COSTUME SHOP Balance Sheet December 31 2001 2000 Assets Cash 110 000 36 000 Accounts Receivable 220 000 360 000 Merchandise Inventory 660 000 480 000 Property Plant and Equipment 1 540 0001 644 000 Total Assets 2 530 000 2 520 000 Liabilities and Shareholders Equity Current Liabilities 495 000 600 000 Mortgage Payable 940 000996 000 Common Stock 150 000 shares outstanding 600 000600 000 Retained Earnings 495 000324 000 Total Liabilities and Shareholders Equity 2 530 000 2 520 000 MORRIS S COSTUME SHOP Income Statement For Year Ended December 31 2001 Sales 1 703 000 Less Cost of Goods Sold950 000 Gross Profit on Sales 753 000 Operating Expenses Administrative Expenses 215 000 Selling Expenses 231 000 Total Operating Expenses 446 000 Operating Income 307 000 Other Expenses Interest Expense 44 000 7 Income before Taxes 263 000 Income Tax Expense 92 000 Net Income 171 000 Additional Information 1 Morris s common stock is currently selling for 20 50 per share 2 Morris s paid a dividend of 1 00 per share during 2001 Required Calculate the following ratios a Quick ratio b Inventory turnover c Stockholders equity to total assets ratio d Rate of return on common stockholders equity e Earnings per share Question 7 13 marks Arrowhead Optics has hired you as a consultant Your assistance is needed in preparing income statement to submit to the Kansas National Bank for a 1 000 000 loan Arrowhead sells fiber optic telephone systems to large businesses Arrowhead buys systems from Santa Fe Communications Electronics Purchases during the first year of operations were as follows Month ofUnitsCost perTotal PurchasePurchasedUnitCost Feb 1 000 1 500 1 500 000 May5 0001 4007 000 000 Nov 4 0001 2004 800 000 Dec 2 0001 1002 200 000 Arrowhead has 3 500 units on hand on Dec 31 the company s fiscal year end Since this is its first year of operations Arrowhead has not formally chosen an inventory cost method Sales for the year totaled 14 800 000 operating expenses amounted to 1 700 000 Required a Which inventory cost method would you recommend that Arrowhead use for the income statement submitted to the bank for the loan Why b Assuming that Arrowhead s income tax rate is 40 which inventory cost method would you recommend that Arrowhead use for income tax purposes Why 8 Support your answer with the Income Statement and show your calculations 10 Question 8 16 marks 11 暨南大学考试试卷参考答案 Question 1 1 B2 D3 A4 B5 C6 C7 C8 C9 A10 D Question 2 12 marks 2 marksa Dec 31 Insurance Expense 100 Prepaid Insurance 100 3 marks b 31 Amortization Expense lawn tractor 50 Accumulated Amortization lawn tractor 50 2 marksc 31 Unearned Service Fees 500 Earned Service Fees 500 3 marksd 31 Salaries Expense 560 Salaries Payable 560 2 markse 31 Accounts Receivable Rent Receivable 1 800 Earned Revenues 1 800 Question 3 8 marks 2 marks a Apr 15 Allowance for Doubtful Accounts 5 700 Accounts Receivable 5 700 3 marks b July 1 Accounts Receivable 2 300 课程类别课程类别 必修必修 选修选修 考试方式考试方式 开卷开卷 闭卷闭卷 课程 2005 2006 学年第 二 学期 基础会计学 FA 1 试题 授课教师 考试时间 2006 年 7 月 7 日 姓 名 沈 红 涛 试卷类别试卷类别 A A B B A A 共共 8 8 页页 国 际 学院 C G A 专业 2005 级 12 Allowance for Doubtful Accounts 2 300 Cash 2 300 Accounts Receivable 2 300 3 marks c Dec 31 Bad debts Expense 7 500 75 000 x0 02 Allowance for Doubtful Accounts 7 500 Que