财会期中小考试题答案

1、COMPREHENSIVE EXAMINATION A(CHAPTERS 1 - 5)Problem TopicPointsApproximateMinutesA - IMultiple Choice2010A - IIMatching 108A - IIIAdjusting Entries 1520A - IVClosing Entries 1010A - VJournal Entries1812A - VIMultiple-Step Income Statement1510A - VIICorrecting Entries_121510085Checking Work 5Problem A

2、 - I Multiple Choice (20 points)Circle the one best answer.1. A private organization which establishes broad accounting principles as well as specific accounting rules is thea. Securities and Exchange Commission.b. Internal Revenue Service.c. Financial Accounting Standards Board.d. Corporate Board o

3、f Directors.2. An increase in an expensea. increases revenues.b. increases assets.c. decreases liabilities.d. decreases stockholders equity.3. A company business with total stockholders equity of $85,000 paid a $10,000 business debt. As a result of this transaction, total stockholders equitya. did n

4、ot change.b. increased by $10,000.c. decreased by $10,000.d. increased to $95,000.4. The right side of an account is alwaysa. the debit side.b. the credit side.c. the balance of that account.d. carried forward to the next accounting period.a. preparing a chart of accounts.b. adding a column of figur

5、es.c. transferring journal entries to ledger accounts.d. recording entries in a journal.6. The purpose of recording depreciation on productive assets is toa. reflect the decline in the market value of the assets each period.b. reduce income when the company has an exceptionally profitable year.c. be

6、 in conformity with the revenue recognition principle.d. allocate the original cost of productive assets to expense over its useful life.statements,7. Logan Company debited Prepaid Insurance for $840 on July 1, 2008 for a one-year fire insurance policy. If the company prepares monthly financial fail

7、ure to make an adjusting entry on July 31 for the amount of insurance that has expired would causea. assets to be overstated by $840 and expenses to be understated by $840.b. expenses to be overstated by $70 and assets to be understated by $70.c. assets to be overstated by $70 and expenses to be und

8、erstated by $70.d. expenses to be overstated by $840 and assets to be understated by $840.8. Which one of the following accounts isnot closed at the end of an accountingperioda. Retained Earnings accountb. Dividends accountc. Service Revenue accountd. Insurance Expense account9. The second set of de

9、bit and credit columns on a worksheet is generally used fora. closing entries.b. the trial balance.c. the balance sheet figures.d. the adjustments.10. Gross profit is calculated by subtractinga. total expenses from total revenues.b. cost of goods sold from net sales.c. cost of goods sold from total

10、revenues.d. operating expenses from net sales.Problem A - II Matching (10 points)Match the items below by entering the appropriate letter in the space. 1. Partnership 2. Liabilities 3. Revenues 4. General ledger 5. Matching principleA. A liability created when cash is received in advance of performi

11、ng a service for a customer.B. Freight costs incurred by the seller.C. Noncurrent resources that do not have a physical substance.D. An economic entity which is not aseparate legal entity.6. Unearned revenues7. Income summary8. Intangible assets9. Freight-out 10. Sales returns and allowancesProblem

12、A - III Adjusting Entries (15 points)The following information for Minton Company is available on June 30, 2008, the end ofa monthly accounting period. You are to prepare the necessary adjustingjournalentries for Minton Company for the month of June for each situation given. Appropriateadjusting ent

13、ries had been recorded in previous months. You may omit journal entry explanations.1. Minton Company purchased a 2-year insurance policy on February 1, 2008 and debitedPrepaid Insurance for $2,400.2. On January 1, 2008, a tenant in an apartment building owned by Minton Company paid$4,500 which repre

14、sents six months' rent in advance. The amount received wascredited to the Unearned Rent account.3. On June 1, 2008, the balance in the Office Supplies account was $200. During June, office supplies costing $580 were purchased. A physical count of office supplies at June 30 revealed that there wa

15、s $240 still on hand.4. On March 31, 2008, Minton Company purchased a delivery van for $45,000. It isestimated that the annual depreciation will be $9,000.5. Minton Company has two employees who earn $100 and $120 per day, respectively. They are paid each Friday for a five-day work week that begins

16、each Monday. Assume June 30 is a Wednesday in 2008.Problem A - IV Closing Entries (10 points)The end of the period account balances after adjustments of Edson Cleaners and Laundry are as follows:Account Balances (After Adjustments)Cash$ 9,000Cleaning Supplies3,500Prepaid Rent3,600Equipment128,000Acc

17、umulated Depreciation Equipment20,000Accounts Payable8,500Common Stock60,000Retained Earnings46,400Dividends7,000Dry Cleaning Revenues22,000Laundry Revenues4,000Cleaning Supplies Expense5,000Depreciation Expense3,000Rent Expense900Salaries Expense3,400Utilities Expense500InstructionsPrepare the end

18、of the period closing entries for Edson Cleaners and Laundry. You may omit journal entry explanations.Problem A - VI Multiple-Step Income Statement (15 points)Boscon/30;of theby himPrepare the necessary general journal entries for the month of October for Company for each situation given below. Bosc

19、o uses a perpetual inventory system.Oct. 5 Paid cash of $12,000 for operating expenses that were incurred and properly recorded in the previous period.Oct. 8 Purchased merchandise for $20,000 on account. Credit terms: 2/10, Freight term: FOB Shipping Point.Oct. 10 Paid freight bill of $470 for merch

20、andise purchased on October 8.Oct. 12Borrowed $10,000 from Admire Bank signing an 8%, 3-month note.Oct. 15Paid for merchandise purchased on October 8. The company takes all discountsto which it is entitled.Oct.20Sold merchandise for $16,000 to Tom Blackon account.The costmerchandise sold was $10,000

21、. Credit terms: 2/10, n/30.Oct.22Purchased a 2-year insurance policy for $2,400 cash.Oct.25Credited Tom Black s account for $1,000 formerchandisereturnedfrom the sale on October 20. The cost of the merchandise returned was $625.Oct. 29 Purchased office equipment for $15,000 paying $4,000 in cash and

22、 signing a3-month, 9% note for the remainder.Below is a partial listing of the adjusted account balances of Norlin Department Store at year end on December 31, 2008.Accounts Receivable$ 19,000Cost of Goods Sold255,000Selling Expenses (includes depreciation)35,000Interest Expense1,000Accumulated Depr

23、eciation Building10,000Sales Discounts22,000Merchandise Inventory45,000Administrative Expenses (includes depreciation)20,000Sales340,000Accounts Payable14,000Interest Revenue800InstructionsUsing whatever data you believe appropriate, prepare a multiple-step income statement for Norlin Department Sto

24、re for the year ended December 31, 2008.Problem A - VII Correcting Entries (12 points)The following errors were made in journalizing and posting transactions in May in the Silas Company.1. An $800 payment for repairs incurred on account and properly recorded in April was debited to Repair Expense $8

25、00 and credited to Cash $800.2. A collection of $3,000 on account from a customer was recorded as a debit to Cash $300 and a credit to Accounts Receivable $300.3. A bill for $750 for new office equipment was debited to Office Supplies $570 and credited to Accounts Payable $570.4. The receipt of $800

26、 from a customer for future service was recorded as a debit toAccounts Receivable $800 and a credit to Service Revenue $800.InstructionsPrepare the correcting entries at May 31 assuming the incorrect entry is not reversed.(Omit explanations.)Solutions Comprehensive Examination AProblem A - I Solutio

27、n1.c4.b7.c10.b2.d5.c8.a3.a6.d9.dProblem A - II Solution1.D6.A2.G7.H3.J8.C4.I9.B5.F10.EProblem A - III Solution1. Insurance Expense 100Prepaid Insurance 1002. Unearned Rent 750Rent Revenue 7503. Office Supplies Expense 540Office Supplies 5404. Depreciation Expense 750Accumulated Depreciation Delivery

28、 Van 7505. Salaries Expense 660Salaries Payable 660Problem A - # SolutionDry Cleaning Revenues 22,000Laundry Revenues 4,000Income Summary 26,000Income Summary 12,800Cleaning Supplies Expense 5,000Depreciation Expense 3,000Rent Expense 900Salaries Expense 3,400Utilities Expense 500Income Summary 13,2

29、00Retained Earnings 13,200Retained Earnings 7,000Dividends 7,000Problem A - V SolutionOct. 5Accounts Payable 12,000Cash 12,000Oct. 8Merchandise Inventory 20,000Accounts Payable 20,000Oct. 10 Merchandise Inventory 470Cash 470Oct. 12Cash 10,000Notes Payable 10,000Oct. 15Accounts Payable 20,000400Merchandise InventoryCash 19,600Oct. 20Accounts Receivable 16,000Sales 16,000Cost of Goods Sold 10,000MerchandiseInventor