财会期中小考试题答案

财会期中小考试题答案财会期中小考试题答案财会期中小考试题答案xxx公司财会期中小考试题答案文件编号：文件日期：修订次数：第1.0次更改批准审核制定方案设计，管理制度COMPREHENSIVEEXAMINATIONA(Chapters1-5) ApproximateProblem Topic Points Minutes A-I MultipleChoice 20 10A-II Matching 10 8A-III AdjustingEntries 15 20A-IV ClosingEntries 10 10A-V JournalEntries 18 12A-VI Multiple-StepIncomeStatement 15 10A-VII CorrectingEntries 12 15 100 85 CheckingWork 5 90

ProblemA-I—MultipleChoice(20points)Circletheonebestanswer. 1. Aprivateorganizationwhichestablishesbroadaccountingprinciplesaswellasspecificaccountingrulesisthe a. SecuritiesandExchangeCommission. b. InternalRevenueService. c. FinancialAccountingStandardsBoard. d. CorporateBoardofDirectors. 2. Anincreaseinanexpense a. increasesrevenues. b. increasesassets. c. decreasesliabilities. d. decreasesstockholders’equity. 3. Acompanybusinesswithtotalstockholders’equityof$85,000paida$10,000businessdebt.Asaresultofthistransaction,totalstockholders’equity a. didnotchange. b. increasedby$10,000. c. decreasedby$10,000. d. increasedto$95,000. 4. Therightsideofanaccountisalways a. thedebitside. b. thecreditside. c. thebalanceofthataccount. d. carriedforwardtothenextaccountingperiod. 5. Postingistheprocessof a. preparingachartofaccounts. b. addingacolumnoffigures. c. transferringjournalentriestoledgeraccounts. d. recordingentriesinajournal. 6. Thepurposeofrecordingdepreciationonproductiveassetsisto a. reflectthedeclineinthemarketvalueoftheassetseachperiod. b. reduceincomewhenthecompanyhasanexceptionallyprofitableyear. c. beinconformitywiththerevenuerecognitionprinciple. d. allocatetheoriginalcostofproductiveassetstoexpenseoveritsusefullife. 7. LoganCompanydebitedPrepaidInsurancefor$840onJuly1,2008foraone-yearfireinsurancepolicy.Ifthecompanypreparesmonthlyfinancialstatements,failuretomakeanadjustingentryonJuly31fortheamountofinsurancethathasexpiredwouldcause a. assetstobeoverstatedby$840andexpensestobeunderstatedby$840. b. expensestobeoverstatedby$70andassetstobeunderstatedby$70. c. assetstobeoverstatedby$70andexpensestobeunderstatedby$70. d. expensestobeoverstatedby$840andassetstobeunderstatedby$840.

8. Whichoneofthefollowingaccountsisnotclosedattheendofanaccountingperiod?

a. RetainedEarningsaccount b. Dividendsaccount c. ServiceRevenueaccount d. InsuranceExpenseaccount 9. Thesecondsetofdebitandcreditcolumnsonaworksheetisgenerallyusedfor a. closingentries. b. thetrialbalance. c. thebalancesheetfigures. d. theadjustments. 10. Grossprofitiscalculatedbysubtracting a. totalexpensesfromtotalrevenues. b. costofgoodssoldfromnetsales. c. costofgoodssoldfromtotalrevenues. d. operatingexpensesfromnetsales.ProblemA-II—Matching(10points)Matchtheitemsbelowbyenteringtheappropriateletterinthespace.A. Aliabilitycreatedwhencashisreceivedinadvanceofperformingaserviceforacustomer.A. Aliabilitycreatedwhencashisreceivedinadvanceofperformingaserviceforacustomer.B. Freightcostsincurredbytheseller.C. Noncurrentresourcesthatdonothaveaphysicalsubstance.D. Aneconomicentitywhichisnotaseparatelegalentity.E. Acontra-revenueaccount.F. Thematchingofefforts(expenses)withaccomplishments(revenues).G. Creditors’claimsontotalassets.H. Atemporaryaccountusedinclosingrevenueandexpenseaccounts.I. Containsallassets,liabilities,andstockholders’equityaccounts.J. Grossincreasesinstockholders’equityresultingfrombusinessactivitiesenteredintoforthepurposeofearningincome. 1. Partnership 2. Liabilities 3. Revenues 4. Generalledger 5. Matchingprinciple 6. Unearnedrevenues 7. Incomesummary 8. Intangibleassets 9. Freight-out 10. Salesreturnsandallowances

ProblemA-III—AdjustingEntries(15points)ThefollowinginformationforMintonCompanyisavailableonJune30,2008,theendofamonthlyaccountingperiod.YouaretopreparethenecessaryadjustingjournalentriesforMintonCompanyforthemonthofJuneforeachsituationgiven.Appropriateadjustingentrieshadbeenrecordedinpreviousmonths.Youmayomitjournalentryexplanations. 1. MintonCompanypurchaseda2-yearinsurancepolicyonFebruary1,2008anddebitedPrepaidInsurancefor$2,400.2. OnJanuary1,2008,atenantinanapartmentbuildingownedbyMintonCompanypaid$4,500whichrepresentssixmonths'rentinadvance.TheamountreceivedwascreditedtotheUnearnedRentaccount.3. OnJune1,2008,thebalanceintheOfficeSuppliesaccountwas$200.DuringJune,officesuppliescosting$580werepurchased.AphysicalcountofofficesuppliesatJune30revealedthattherewas$240stillonhand.4. OnMarch31,2008,MintonCompanypurchasedadeliveryvanfor$45,000.Itisestimatedthattheannualdepreciationwillbe$9,000.5. MintonCompanyhastwoemployeeswhoearn$100and$120perday,respectively.TheyarepaideachFridayforafive-dayworkweekthatbeginseachMonday.AssumeJune30isaWednesdayin2008.

ProblemA-IV—ClosingEntries(10points)TheendoftheperiodaccountbalancesafteradjustmentsofEdsonCleanersandLaundryareasfollows: AccountBalances (AfterAdjustments)Cash $9,000CleaningSupplies 3,500PrepaidRent 3,600Equipment 128,000AccumulatedDepreciation—Equipment 20,000AccountsPayable 8,500CommonStock 60,000RetainedEarnings 46,400Dividends 7,000DryCleaningRevenues 22,000LaundryRevenues 4,000CleaningSuppliesExpense 5,000DepreciationExpense 3,000RentExpense 900SalariesExpense 3,400UtilitiesExpense 500InstructionsPreparetheendoftheperiodclosingentriesforEdsonCleanersandLaundry.Youmayomitjournalentryexplanations.

ProblemA-V—JournalEntries(18points)PreparethenecessarygeneraljournalentriesforthemonthofOctoberforBoscoCompanyforeachsituationgivenbelow.Boscousesaperpetualinventorysystem.Oct. 5 Paidcashof$12,000foroperatingexpensesthatwereincurredandproperlyrecordedinthepreviousperiod.Oct. 8 Purchasedmerchandisefor$20,000onaccount.Creditterms:2/10,n/30;Freightterm:FOBShippingPoint.Oct. 10 Paidfreightbillof$470formerchandisepurchasedonOctober8.Oct. 12 Borrowed$10,000fromAdmireBanksigningan8%,3-monthnote.Oct. 15 PaidformerchandisepurchasedonOctober8.Thecompanytakesalldiscountstowhichitisentitled.Oct. 20 Soldmerchandisefor$16,000toTomBlackonaccount.Thecostofthemerchandisesoldwas$10,000.Creditterms:2/10,n/30.Oct. 22 Purchaseda2-yearinsurancepolicyfor$2,400cash.Oct. 25 CreditedTomBlack’saccountfor$1,000formerchandisereturnedbyhimfromthesaleonOctober20.Thecostofthemerchandisereturnedwas$625.Oct. 29 Purchasedofficeequipmentfor$15,000paying$4,000incashandsigninga3-month,9%notefortheremainder.

ProblemA-VI—Multiple-StepIncomeStatement(15points)BelowisapartiallistingoftheadjustedaccountbalancesofNorlinDepartmentStoreatyearendonDecember31,2008.AccountsReceivable $19,000CostofGoodsSold 255,000SellingExpenses(includesdepreciation) 35,000InterestExpense 1,000AccumulatedDepreciation—Building 10,000SalesDiscounts 22,000MerchandiseInventory 45,000AdministrativeExpenses(includesdepreciation) 20,000Sales 340,000AccountsPayable 14,000InterestRevenue 800InstructionsUsingwhateverdatayoubelieveappropriate,prepareamultiple-stepincomestatementforNorlinDepartmentStorefortheyearendedDecember31,2008.

ProblemA-VII—CorrectingEntries(12points)ThefollowingerrorsweremadeinjournalizingandpostingtransactionsinMayintheSilasCompany.1. An$800paymentforrepairsincurredonaccountandproperlyrecordedinAprilwasdebitedtoRepairExpense$800andcreditedtoCash$800.2. Acollectionof$3,000onaccountfromacustomerwasrecordedasadebittoCash$300andacredittoAccountsReceivable$300.3. Abillfor$750fornewofficeequipmentwasdebitedtoOfficeSupplies$570andcreditedtoAccountsPayable$570.4. Thereceiptof$800fromacustomerforfutureservicewasrecordedasadebittoAccountsReceivable$800andacredittoServiceRevenue$800.InstructionsPreparethecorrectingentriesatMay31assumingtheincorrectentryisnotreversed.(Omitexplanations.)

Solutions—ComprehensiveExaminationAProblemA-I—Solution1. c 4. b 7. c 10. b2. d 5. c 8. a3. a 6. d 9. dProblemA-II—Solution1. D 6. A2. G 7. H3. J 8. C4. I 9. B5. F 10. EProblemA-III—Solution1. InsuranceExpense 100 PrepaidInsurance 1002. UnearnedRent 750 RentRevenue 7503. OfficeSuppliesExpense 540 OfficeSupplies 5404. DepreciationExpense 750 AccumulatedDepreciation—DeliveryVan 7505. SalariesExpense 660 SalariesPayable 660ProblemA-IV—SolutionDryCleaningRevenues 22,000LaundryRevenues 4,000 IncomeSummary 26,000IncomeSummary 12,800 CleaningSuppliesExpense 5,000 DepreciationExpense 3,000 RentExpense 900 SalariesExpense 3,400 UtilitiesExpense 500IncomeSummary 13,200 RetainedEarnings 13,200RetainedEarnings 7,000 Dividends 7,000ProblemA-V—SolutionOct. 5 AccountsPayable 12,000 Cash 12,000Oct. 8 MerchandiseInventory 20,000 AccountsPayable 20,000Oct. 10 MerchandiseInventory 470 Cash 470Oct. 12 Cash 10,000 NotesPayable 10,000Oct. 15 AccountsPayable 20,000 MerchandiseInventory 400 Cash 19,600Oct. 20 AccountsReceivable 16,000 Sales 16,000 CostofGoodsSold 10,000 MerchandiseInventory 10,000Oct. 22 PrepaidInsurance 2,400 Cash 2,400