暨南大学基础会计学考试试卷及答案

1、暨南大学考试试卷教师填写课程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 课程类别必修 选修 考试方式开卷 闭卷 试卷类别(A、B、) A 共 8 页考生填写 国 际 学院 C G A 专业 2005 级姓名 学号 内招 外招 试题号一二三四五六七八九十总 分成 绩Question 1 (20 marks) Select the best answer for each of the following unrelated items. If more than one answer is given for

2、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)123456789101. The idea that a business be accounted for separately and independently from its owner or owners is known as the:a. objectivity principl

3、e.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: a. prepaid expenses.b.unearned expenses.d

4、.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 replenis

5、hed.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 o

6、f 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

7、.$270.c .$300.d.$306.7. On December 31, 1993, ADT Company's unadjusted trial balance included the following items: DebitAccounts 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,

8、1993, will be uncollectible? a. $3,648.60b.$3,731.40c. $4,380.00d. $3,000.008. 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 the

9、se.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

10、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 th

11、e year is $28,000, then Ford and Lincolns respective shares are: a.$14,000; $14,000b.$20,000;$ 8,000c.$12,000; $16,000d.$19,500;$ 8,500Question 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 ann

12、ual 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 companys 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

13、 determined to be $800. This information was made available to record amortization for July.c) A customer paid for the entire summers 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,

14、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.Question 3 (8 marks)Timmons Company had a January 1, 2002, balance in Allowance f

15、or Doubtful Accounts of $7,000. a) Apr. 15 Joe Blows 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

16、be 2.0% of credit sales, which had amounted to be $375,000.RequiredPrepare 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. Ass

17、uming the market interest rate is 4% and the straight-line amortization method is used.RequiredPrepare journal entries for the transactions on the following dates (Show your calculations): a) February 1, 2002 (date of issue)b) August 1, 2002 (interest payment date)c) September 30, 2002 (Enviros year

18、-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.

19、 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.Question 6 (10 marks)The comparative balan

20、ce sheets for 2000 and 2001 and the 2001 income statement for Morris's Costume Shop are as follows:MORRIS'S COSTUME SHOPBalance SheetDecember 31 2001 2000AssetsCash .$ 110,000$ 36,000Accounts Receivable 220,000 360,000Merchandise Inventory 660,000 480,000Property, Plant, and Equipment 1,540,

21、0001,644,000Total Assets$2,530,000$2,520,000Liabilities and Shareholders' EquityCurrent Liabilities$ 495,000$ 600,000Mortgage Payable940,000996,000Common Stock (150,000 shares outstanding)600,000600,000Retained Earnings495,000324,000Total Liabilities and Shareholders Equity$2,530,000$2,520,000MO

22、RRIS'S COSTUME SHOPIncome StatementFor Year Ended December 31, 2001Sales$1,703,000Less: Cost of Goods Sold950,000Gross Profit on Sales$ 753,000Operating Expenses:Administrative Expenses$215,000Selling Expenses231,000Total Operating Expenses446,000Operating Income$ 307,000Other Expenses:Interest

23、Expense44,000Income before Taxes$ 263,000Income Tax Expense92,000Net Income$ 171,000Additional 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.RequiredCalculate the following ratios:a) Quick ratiob) Inven

24、tory turnoverc) Stockholders' equity to total assets ratio d) Rate of return on common stockholders' equity e) Earnings per shareQuestion 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

25、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 PurchasePurchasedUnitCostFeb.1,000$1,500$1,500,000May5,00

26、01,4007,000,000Nov.4,0001,2004,800,000Dec.2,0001,1002,200,000Arrowhead 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 expe

27、nses amounted to $1,700,000.Requireda) 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 i

28、ncome tax purposes? Why?Support your answer with the Income Statement and show your calculationsQuestion 8 (16 marks)暨南大学考试试卷参考答案课程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 课程类别必修 选修 考试方式开卷 闭卷 试卷类别(A、B、) A 共 8 页 国 际 学院 C G A 专业 2005 级Question 11 B2 D3 A4 B5 C6 C7 C8 C9 A10 DQu

29、estion 2 (12 marks)2 marksa) Dec.31 Insurance Expense100Prepaid Insurance 1003 marksb) 31 Amortization Expense, lawn tractor 50 Accumulated Amortization, lawn tractor 502 marksc) 31 Unearned Service Fees500Earned Service Fees 5003 marksd) 31 Salaries Expense560Salaries Payable 5602 markse) 31 Accoun

30、ts Receivable (Rent Receivable).1,800Earned Revenues 1,800Question 3 (8 marks)2 marks a) Apr. 15 Allowance for Doubtful Accounts 5,700 Accounts Receivable 5,7003 marks b) July 1 Accounts Receivable 2,300 Allowance for Doubtful Accounts 2,300Cash 2,300 Accounts Receivable 2,3003 marks c) Dec. 31 Bad debts Expense 7,500 (=75,000x0.02) Allowance for Doubtful Accounts 7,500Question 4 (15 mar