沃顿商学院 会计 期末考试题

1、Multiple Choice (20 points, 1 point each) 1.    Which of the following best describes accounting?a)  records economic data but does not communicate the data to users according to any specific rulesb)    is an information system that provides reports to stakeho

2、ldersc)    is of no use by individuals outside of the businessd)    is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements 2.      A listing of a business entitys assets

3、, liabilities and owners equity as of a specific date is:a)        A balance sheetb)        An income statementc)        A statement of owners equityd)        A

4、 statement of cash flows 3.    Financial accounting focuses on the specific needs of decision-makers external to the organization. Which of the following would NOT be an external user?a)        Creditorsb)      

5、;  Shareholdersc)        Managersd)        Tax authority 4.      If total assets increased $20,000 during a period and total liabilities increased $12,000 during the same period, the amount and d

6、irection (increase or decrease) of the change in owners equity for that period isa)        A $32,000 increaseb)        A $32,000 decreasec)        An $8,000 increased)    

7、0;   An $8,000 decrease 5.    Which of the following groups of accounts have a normal debit balance?a)    revenues, capitalb)    capital, assetsc)    liabilities, expensesd)   assets, expenses 6.  

8、60;   A debit may signify:a)        An increase in an asset accountb)        A decrease in an asset accountc)        An increase in a liability accountd)     &#

9、160;  An increase in the owners equity account 7.      The recording of expenses in the same time period as the related revenues is called:a)        Matchingb)        Recognizingc)  

10、60;     Allocationd)        Accuracy8.    On which financial statement will Income Summary be shown?a)    Statement of Owner''s Equityb)    Balance Sheetc)    Income Statementd)

11、    No financial statement 9.      What is the correct order of accounting process?a)        Ledger, journal, trial balance, balance sheet, income statementb)        Journal, trial bala

12、nce, ledger, balance sheet, income statementc)        Journal, ledger, trial balance, balance sheet, income statementd)        Journal, ledger, trial balance, income statement, balance sheet 10. Which of the following ac

13、counts would be classified as a current asset on the balance sheet?a)        Equipmentb)        Landc)        Accumulated Depreciationd)        Accounts Receiva

14、ble11. When the three sections of a balance sheet are presented on a page in a downward sequence, it is called the a)    account formb)    comparative formc)    horizontal formd)    report form12. In credit terms of 1/10, n/30, th

15、e "1" represents the a)    number of days in the discount periodb)    full amount of the invoicec)    number of days when the entire amount is dued)    percent of the cash discount 13. At the end of the fiscal year, befo

16、re the accounts are adjusted, Accounts Receivable has a balance of $200,000 and Allowance for Doubtful Accounts has a credit balance of $2,500. If the estimate of uncollectible accounts determined by the percentage of Account Receivables is $8,500, the amount of uncollectible accounts expense is a)&

17、#160;   $2,500b)      $8,500c)      $6,000d)      $11,000 14. If merchandise inventory is being valued at cost and the price level is steadily rising, the method of costing that will yield the highest net

18、income isa)        FIFOb)        LIFOc)        Averaged)        Periodic 15. Which of the following expenditures incurred in connection with acquiring

19、 machinery should be included in its acquisition cost?a)    Invoice priceb)    Installation costsc)      Both a and bd)      Neither a nor b16. The two methods of accounting for uncollectible receivables are the all

20、owance method and the a)    equity methodb)    direct write-off methodc)    interest methodd)    Cost method17. An example of an accelerated depreciation method is:a)    Straight-line b)    Double Declinin

21、g Balancec)      Units-of-productiond)      Depletion 18. A corporation plans to issue $1,000,000 of 12% bonds at a time when the market rate for similar bonds is 10%, the bonds can be expected to sell at:a)    Their face amo

22、untb)      A premiumc)      A discountd)    A price below their face amount 19. The bonds payable account has a balance of $500,000 and the discount on bonds payable account has a balance of $40,000, what is the carrying amou

23、nt of the bonds?a)        $460,000b)        $500,000c)        $540,000d)        $580,00020. The Stockholders Equity section of the balance sheet may includ

24、e:a)        Common Stockb)        Preferred Stockc)        Retained Earning d)        All of the above True of False (10 points) 1.   

25、The balance sheet may be out of balance after some transactions, but it is never out of balance at the end of an accounting period                            &#

26、160;              (      ) 2.    The statement of cash flows consists of an operating section, an income section, and an equity section         &

27、#160;                                                  

28、                                 (      ) 3.    Expenses are negative stockholders equity accou

29、nts                                        (      ) 4.    An

30、 adjusting entry will always involve a revenue or an expense account and an asset or a liability account.                                 &#

31、160;                                              (    

32、  ) 5.    The double-entry accounting system records each transaction twice.          (      ) 6.    Prepaid expenses are an example of an expense.      &#

33、160;                                       (      ) 7.    The acc

34、umulated depreciation account is closed to the income summary account at the end of the period.                                   

35、                                                  

36、   (      ) 8.    An advantage of the perpetual inventory system is that a physical count of inventory is unnecessary. The periodic method requires a physical count to compute cost of goods sold        

37、60;                                                 

38、60;                                  (      ) 9.    The face amount of a bond is what you can s

39、ell it for.                                 (      ) 10. Under the periodic inventory system, the cost of

40、 goods sold is equal to the beginning merchandise inventory plus the cost of goods purchased plus the ending merchandise inventory.                            &

41、#160;                                                 &

42、#160;        (       ) Matching: (10 points, 2 points each) Match each of the following statements with its proper term.A.     Statement of cash flowsB.     Matching conceptC.  

43、60;  PostingD.     Financial accountingE.      Intangible Assets - 1. The process of transferring the debits and credits from the journal entries to the accounts- 2. Rights or economic benefits, such as patents, trademarks and copyrights and goo

44、dwill that are not physical in nature- 3. A summary of the cash receipts and cash payments for a specific period of time, such as a month or a year- 4. A concept of accounting in which expenses are matched with the revenue generated during a period by those expenses.- 5. A specific field of accounti

45、ng concerned primarily with the recording and reporting of economic data and activities to stakeholders outside the business. Journalizing Entries (10 points) The Wildcat Corporation has the following accounts in its ledger: Cash; Accounts Receivable; Merchandise Inventory; Equipment; Accu

46、mulated Depreciation; Accounts Payable; Sales; Wages Expense; Depreciation Expense       Journalize the following selected transactions. Journal entry explanations may be omitted.1.      Collected account receivable $3,0002.   

47、60;  Acquired merchandise inventory on open account; $5,0003.      Paid cash for wages, $3,0004.      Depreciation for the month, $6005.      Sold merchandise on account to Comer Co., $5,000, trade discount 30%, terms 2/

48、10, n/30. The cost of the merchandise sold was $1,400 Computation (30 points) 1.      An equipment acquired at the beginning of the fiscal year at a cost of $70,000 has a estimated residual value of $5,200 and an estimated useful life of 8 years. Determine the depr

49、eciation for each of the first two years (a) by the straight-line method and (b) by the declining balance method.            2. For each of the following, calculate the cost of inventory reported on the balance sheet. (a)The total merchandi

50、se on hand at the end of the year as determined by taking a physical inventory is $55,000. Of the $55,000, $7,000 is held on consignment.(b)The total merchandise inventory counted at the end of the year was $65,000. Purchases for $7,000 are in transit under FOB shipping point terms.(c)The

51、total merchandise inventory counted at the end of the year was $60,000. Purchases for $5,000 are in transit under FOB destination terms.  3. The bank statement for Allen Co. indicates a balance of $8,000.00 on June 30, 2005. After the journals for June had been posted, the c

52、ash account had a balance of $6，307.00. Prepare a bank reconciliation on the basis of the following reconciling items: ( 6 points) (a)Cash sales of $342 had been erroneously recorded in the cash receipts journal as $324.(b)Deposits in transit not recorded by bank, $500.00.(c)Bank debit mem

53、orandum for service charges, $25.00.(f)Checks outstanding, $2,200.00.  Financial Statement Preparation (15 points)On May 1, 2005, the amount of Beth Moore's capital in his Company was $101,000. During May, she withdrew $15,100 from the business. The amounts of the various assets, liabi

54、lities, revenues, and expenses are as follows: (20 points) Accounts payable$8,900Accounts receivable25,950Cash11,390Net Sales70,800Insurance expense1,475Land74,400Miscellaneous expense1,510Prepaid insurance2,000Rent expense8,000Cost of Merchandise Sold35,300Supplies950Supplies expense825Salary

55、expense3,800 Prepare (a) the income statement for May using multiple-step income statement, (b) the balance sheet as of May 31. Explain (5 points) What are the differences between balance sheet, income statement and statement of cash flows?Answers for the Final Exam: Multiple Choice (

56、20 points, 1 point each)baccd  aaddd   ddcac   bbbad     True of False (10 points, 1 point each)1. F 2. F 3. T 4. T 5. F 6. F 7. F 8. F 9. F 10.F Matching: (10 points, 2 points each)1. C 2. E 3. A 4. B    5. D 

57、Journalizing Entries (10 points, 2 points each)1. Cash         3,000       Account Receivable     3,0002. Merchandise Inventory   5,000       Account Payable  &

58、#160;             5,0003. Wages Expense       3,000       Cash                    

59、60;                   3,0004. Depreciation Expense            600       Accumulated Depreciation 6005. Account Receivabl

60、e        3,500       Sales                                   

61、;             3,500 Cost of Merchandise Sold            1,400              Merchandise inventory   &

62、#160;    1,400 Computation (30 points. 10 points each)1.       a)        Straight-Line MethodAnnual depreciation = (70,000-5,200)/8 = $8,100So the annual depreciation for each year is $8,100 b)   

63、;     DDB MethodDDB rate = 2*(1/8) = 25% The first year annual depreciation = 70,000*25% = 17,500The second year annual depreciation = (70,000 17,500) *25% = $13,125 2 (a)$48,000(b)$72,000(c)$60,000 3Allen Co.Bank ReconciliationJune 30, 2005   Cash balanc

64、e according to bank statement $8,000.00Add deposits in transit not recorded by bank    500.00  $8,500.00Deduct outstanding checks  2,200.00Adjusted balance $6,300.00  =Cash balance according to depositor''s records $6,307.00Add 

65、;   Error in recording cash sales of         $342 as $324   18.00  $6,325.00Deduct:  Bank service charges    25.00Adjusted balance $6,300.00  =   Financial Statement Preparation (15 points) (a) Moore Services Company