acct会计301期末考试

Test1

Verifiabilityisaningredientof

RelevanceReliably

A.YesYes

B.YesNo

C.NoYes

D.NoNo

Refortifythecontinuationofanentitywhenevidenceexiststosuggestotherwiseviolets

Matching

Continuing

EconomicEntry

Substance

Thecharacteristicthatisdemonstratedwhenahighdegreeofconsensuscanbesecuredamongindependmeasureusingthesamemeasurementmethods.

Amulti-milliondollarcoronationpurchasedsmalltoolsfor1000thatwillbeusedforseveralyears,thecoropationchosetorecordthepurchaseasanexpenseratherthatanassestwhichofthefollowingtermsbestdescribestheirjustificationforthispractice.

Materiality

Historicalcost

Matching

Periodicity

whichaccountingprincipleisviolatedwhenacompanyissuesfinancialstatementeveryotheryearsinaneffecttosavemoney?

Goingconcern

Monetaryanit

Cost/benefit

Periodicity

Economicentry

GAAP

Intermsofdebitandcredit,whichaccountsbellowwithhavethesamenormalbalance

Dividends,Experience,Assets

Assets,CapitalStock,Revenue.

Retainedearing,Dividends,liability

Expense,liability,capitalstock

Whichofthefollowingisapermanentaccount

Dividends

Allowfordoubulfulaccounts

Interestexpense

Sales.

Theaccountantfailedtomaketheadjustingentrytorecordtheamountofinterestwonedonanotetothebankattheendofyears.Thiserrorwouldcauseovestandmentof

Assest

Expense

Liability

Retainedearning

professionalpizzaplacebellowed6000at6%interestonMay12008withprincipalandinterestdueonOct.312008

noentry

interestexpense240

interestpayable240

Interestexpense120

interestpayable120

Prepaidinterest120

interestpayable120

Thepurposeofclosingentriesistotransfer

Accountsreceivabletoretainedearningwhenanaccountisfullypaid

Balanceintemporaryaccounttoapaymentaccount

Inventorytocostofgoodsoldwhenmerchandisesold

Assetsandliabilitywhenopinionsarediscontinued

Debitalwaysmeans

Rightside

Increase

Decrease

Noneofthese

Whichofthefollowingisanominaltemporaryaccount?

Unearnedreceivable

SalaryExpense

Inventory

Retainearning

Noneofthese

Thefailuretoproperlyrecordanadjustingentrytoaccruearevenueitemwillresultinan

Understateofreceiveandunderstateofliability

Overstateofreceiveandoverstateliability

Overstateofreceiveandoverstateassets

Understateofreceiveandunderstateofassets

WhichofthefollowingorganzatinshasbeenresponsibleforsettingU,Saccountstandard

A,PB

ConAP

FASB

Alloftheabove

Companiesthatarelistedonastockexchangearerequiredtosubmittheirfinancialstatementtothe

AICPA

APB

FASB

SEC

Themostsignificantcurrentsourceofgenerallyacceptedaccountingprinicipleisthe

AICPA

SEC

APB

FASB

Whatismeantbycomparabilitywhendiscountingfinicalaccountinfo

Informationhaspredictiveoffeedbackvalue

Informationisreasonablyfromerror

Informationismeasureandreportinasimilarfashionaccountcompletely

Informationistimely

AccordingtostatementoffinancialaccountingconceptsNO.2timelinessisaningredientoftheprimaryqualityof

RelevanceReliability

YesYes

Noyes

YesNo

NoNo

Duringthelifetimeofanentryaccountproducefinancialstatementatartificialpointwithinaccordancewiththeconceptin

ObjectivityPeriodicity

NoNo

Yesno

Noyes

Yesyes

Asaleonaccountwouldberecordedby

Debitingreceive

Creditingassets

Creditingliability

Debitingassests

Thestatementofcashflowsreportscashflowfromtheactivitiesof

Operating,purchase,andinvestment

Borrowing,Payment,andinvestment

Operating,investment,andfinancial

Use,investment,andfinancial

Cashflowfrominvestingactivitiesdonotinclude

Proceedsfromissuingbonds

Paymentforpurchaseofequipment

Proceedsfromsalesofmarketablesecures

Cashoutflowfromacquiringlard?

TEST2

Theentrytoreplenishthepettycashfundfor$100ofvariousminorexpenditureswouldinclude

Credittocash

Whichofthefollowingconsideredasaleofreceivable

Factoryreceivableswithoutrecourse

Theallowancefordoubtfulaccountisa

Contraassetaccount

InpreparingitsAug.312%BANDreconciliation21650

Balanceperbankstatement8/31/103900

Depositintransition8/31/10600

Retuneofcustomerscheckforinsuffientfund8/31.1027500

OutstandingbankservicechargesforAug.100

22800

Whichofthefollowingitemswouldbereportasanextraodinayitemontheincomestatement?

E.Noneoftheabove.

Theaccountreceivableturnoverratioiscomputedbydividing

Netsalebyaveragenetreceivable.

AtrialbalancebeforeadjustmentsincludethefollowingaccountatDec.312010firRasmascompany

Debitcredit

Accountreceivable750000

Allowforuncollectedaccount8000

Netcreditsales3000000

Estimatethat2%ofthegrossaccountreceivablewillbecomeuncollectibleafteradjustmentatDec.312010Theallowancefordoubtfulaccountshouldhaveacreditbalanceof

D.15000

8.undertheallowancemethodofrecognizinguncollectibleaccountstheentrytowrittenoffanuncollectibleaccount

C.havenoeffectonnetincome

9.A.Gincmakea10000saleonaccountwiththefollowingterm:1/15,n/30ifthecompanyusesthegrossmethodtorecordsalesmakeoncreditwhatisthedebtinthejournalentrytorecordthesales.

C.debitaccountsreceivablefor10000

10.onFeb.Berkmanreceivablewithacarryingamountof300000toAgeecompany.Ageeassesseschargeof3%ofthereceivableretains5%receivable

AssumetheBrekmanfactorthereceivableonawohtoutresourcebasisthelosstobereportis

9000

11.journalentriesbaseonthebankreconciliationarerequiredinthecompanyaccountfor

A.bookerror

12.thedifferencebetweensing-steepandmultiple-stepincomestatement,isprimarilyanissueof

B.presentation

13.Beforetaxitems

Sales600

OperatingExp250

Lossonsaleofequipment20

extraordinaryloss50

Whatshouldbesantan’sincomebeforeextraordinaryitem?

198

14.Sntana’snetincomeforthecurrentyears?

B.162

15.theClaptoncorporation’sincomestatementincludeincomefromcontinuingoperation,alossfromdiscountinaloperationsandextraordinaryitems,earningpershareinformationwouldbeprovidedfor

D.Incomefromcontinuing,lossfromdiscontinued,operation,extraordinaryitemandnetincome.

16.Underwhichofthefollowingconditionswouldmaterialflooddamagebeconsideredanextraordinaryitemforfinancialreportingpurpose

A.onlyiffloodinthegergraphicalareaareusuallyinnatureandoccursinfrequently

17.costofgoodsold

Dividend

Incometaxexp

Operatingexp

Sale

Grossprofit:

Shouldbereportat40000

18.A/R4000036000

Int2800035000

Netsales190000186000

COGS114000108000

TotalAssets425000405000

C/S200000200000

R/E4000025000

Netincome3250028000

Div?=17500

19.howisdaytocollectaccountreceivabledetermined?

A.365daydividbyA/Rturnover.

20.whichoffollowingitemreport”netoftax”onincomestatement

D.Discontinuedoperations

21.Earningpershare

B.3.75

22.ifpettycashfundisestablishinaccountoff$250contains$150incashand$95receiptfordisburense?whenitreplenishjournalentyrecordreplenishmustincludecredittothefollowingaccount

D.Cash100

Test3

Costofgoodsoldcanbedeterminedonafteraphysicalcountofinventoryonhandunderthe

Perpetualinventorysystem

Variablecosting

Movingaveragesystem

Periodicsystem

Whichofthefollowingstatementsisture?

FOBdestinationmeansthebuyerhaslegaltitletothegoodswhiletheyarein-transit

FOBdestinationmeansellerhaslegaltitletothegooduntiltheyreachthebuy’splaceofbusiness

FoBpointmeanbuyeracquireslegaltitletothegoodswhentheyreachthebuyer’splaceofbusiness.

Whichofthefollowingcost-flowassumptionprovidesthelowestendingInventoryvalueinperiodsofrisingprices

FIFOperiodic

LIFOperiodic

FIFOperpetural

Movingaverage

Inaperiodicsystem,theCOGSisdeterminedby

Year-endinventory,pluspurchaseduringtheyearlessBI

NetsalelessbalanceintheGrossprofitaccount

Noneofthis

WhichapplicationofthelowerofcostmarketrulewillgenerallyresultinthelowestvaluationfortheEI

Toeachitemoftheinventory

Toeachmajorcategoryofinventory

Tothetotalinventory

Eachoftheaboveapplicationresultinthesamevaluationforinventory

Concerningapplicationofthelowerofcostormarketmethodwhichoneofthefollowingstatementsistuneregardingtheconstrainsonmarketvalue.

Theceilingisestimatedsellingpricelesscostsofcompletionanddisposal

The“floor”constraintisnetrealizablevaluelesscostofcompletionanddisposal

Theceilingconstraintisestimatedsellingpricelessanormalprofitmargin

The“ceiling”constraintisestimatedsellingpricelesscostofcompletionanddisposalandanormalprofitmargin.

Inaperiodofrisingprices,whichinventorymethodislikelytoresultinthehighestnetincome?

FIFO

LIFO

WeightedAve

Inaperiodofrisingprices,acompanyismorelikelytouseLIFOif:

Managementwanttoassignthesameunitcosttobothitemininventoryanditemsold

Managementwanttoreducethecostofreplacinginventory

Managementwanttoreportthehighestpossibleamountsofinventoryandnetincome

Managementwanttominimizeincometaxes

Whichofthefollowingmethodsininventorybeingstatedatthemostcurrentacquisitioncos

FIFO

LIFO

WeightedAve.

Whenusingperpetualinventorysystem

Nopurchasesaccountisused

Acostofgoodsoldaccountisused

Twoentriesarerequiredtorecordasale

Alloftheabove

Noneoftheabove

Frycorporation’scomputationofCOGSis:

BI60000

Add:Costofgoodpurchased405000

Costofgoodavailableforsale465000

Less:Endinginventory90000

Costofgoodsold375000

Theaverageday’stosellinventoryforfryare

58.4

67.6

73.0

87.6

Test4

OnDecember12010LeBornCo.purchasedatroutoflandasfactorsitefor$800000,theoldbuildingonthepropertywasrazedandsalvagedmaterialsresultingfromdemolitionweresold.Addionalcostsincludeandsavaged[roceedsrealizedduringDec.2010asfollows:

Costtoteardownoldbuilding70000

Legalfeeforpurchasecontractandtorecordownership10000

Titleguarantiedinsureceonland16000

Proceedsfromsalesofsalvagedmaterials8000

InLeBorn’sDec.31balancesheetwhatamountshouldbereportedasland?

826000

862000

888000

896000

Thesalesofdepreciableassetsresultinginalossindicatesthattheprocessdsfromthesalewere

Lessthancurrentmarketvalue

Greaterthancost

Greaterthanbookvalue

Lessthanbookvalue

Whichdeprecationmethodcalculateannualdeprecationexpensebaseonthebookvalueofanassets

Straight-line

Sum-oftheyear’s–digits

Double-decliningbalance

Noneoftheabove.

OnJan.22006BryantCo.purchasednewmachinefor300000.Themachinehasanestimatedusefuloffiveyears.IsnotexpendedtohaveanyresidualvaluethedeprecationiscomputeredbytheSum-oftheyear’s–digitsmethod

TheA-DonthismachineatDec.312007shouldbe

192000

180000

120000

100000

Theoretically,whichofthefollowingcostincurredinconnectionwithamachinepurchaseforuseinacompany’smanifestingoperationswouldbecapitalized

InstallationofmachineTestingandpredation

NONO

NOYES

YESNO

YESYES

Ducancompanypurchasetheassetsofparkercompanyatactionforanindependentappraisalofthefairvalueoftheassetsinlistbelow.

Land475000

Building700000

Equipment525000

Trucks850000

Assumingthespecificindentificationcostwhatwouldbeallocatedtothetrucks

446667

700000

840000

850000

Animprovementmadetoamachineincreaseditsproductionefficiencyby25%withoutextendingthemachine’susefullifethecostoftheimprovementshouldbe

Recordasanexpense

Debitedtoaccumulateddeprecation

Debittothemachineassestaccount

Allocatedbetweenaccumulateddeprecationandmachineaccount

Thebookvalueofapantassets

Afairmarketvalue

Theassets’sacquisitioncostless

Equaltothebalanceoftherelatedaccumulateddeprecationaccount

Theassessedvalueoftheassetsproperytaxpurpose

Thecostofreplacingengineatruckwhichwillextendthelifeofthetruckwhichwillextendthelifeofthetruckwouldberecordbythedebitwhichoneoffollowingaccount?

Anexpenseaccount

Anaccumulateddeprecationaccount

Anassetsaccount

Noneoftheabove

Whichofthefollowingisnotcapitalexpenditureandshouldbeexpensedimmediately?

Repairandmaintainanassetsinoperatingcondition

Anaddition

Abetterment

Areplacement

Whenaplantassetsisacquiredbyissuanceofcommonstockofapublicly

Parvalueofthestock

Statedvalueofthestock

Bookva