FINANCIAL ACCOUNTING PRINCIPLES (BAT4M) FINAL EXAMINATION
|
|
- Spencer Mills
- 5 years ago
- Views:
Transcription
1 Canadian International Matriculation Programme Sunway College FINANCIAL ACCOUNTING PRINCIPLES (BAT4M) FINAL EXAMINATION Date : 5 December 2017 Time Length Lecturer : 8:30 a.m. 10:30 a.m. : 2 hours : Ms Rehnu Marimuthu & Ms Dafne Miranda Student Name : Period : Please read the following instructions carefully before you begin the examination: 1. This exam paper has 17 printed pages including cover page. 2. The examination is worth 20% of your final mark. 3. The examination consists of three parts. PARTS CONTENT MARKS A Multiple Choice Questions 20 (Knowledge & Understanding) B Thinking & Application 40 C Communication 24 Total All answers must be written in the space provided. 5. Answers must be written in standard English format for an academic audience. 6. Scientific or Graphing Calculator and only paper-based dictionaries are permitted. 7. Answers must be written in pen (black or blue only) or pencil. _ For office use only: K/U T/I C A TOTAL
2 PART A: MULTIPLE CHOICE QUESTIONS (K/U) Designate the best answer for each of the following questions. (20 Marks) 1. The assumption that the unit of measure remains sufficiently constant over time is part of the a. economic entity assumption. b. cost principle. c. historical cost principle. d. monetary unit assumption. 2. A basic assumption of accounting that requires activities of an entity be kept separate from the activities of its owner is referred to as the a. stand-alone concept. b. monetary unit assumption. c. corporate form of ownership. d. economic entity assumption. 3. Sam Ryo is the proprietor (owner) of Sam's, a retailer of golf apparel. When recording the financial transactions of Sam's, Sam does not record an entry for a car he purchased for personal use. Sam took out a personal loan to pay for the car. What accounting concept guides Sam's behavior in this situation? a. Pay back concept b. Economic entity assumption c. Cash basis concept d. Monetary unit assumption 4. The assumption that the unit of measure remains sufficiently constant over time is part of the a. economic entity assumption. b. cost principle. c. historical cost principle. d. monetary unit assumption.
3 5. A net loss will result during a time period when a. liabilities exceed assets. b. drawings exceed investments. c. expenses exceed revenues. d. revenues exceed expenses. 6. In recording an accounting transaction in a double-entry system a. the number of debit accounts must equal the number of credit accounts. b. there must always be entries made on both sides of the accounting equation. c. the amount of the debits must equal the amount of the credits. d. there must only be two accounts affected by any transaction. 7. Debits a. decrease both assets and liabilities. b. decrease liabilities and increase assets. c. increase both assets and liabilities. d. increase liabilities and decrease assets. 8. Which of the following is not true of the terms debit and credit? a. They can be abbreviated as Dr. and Cr. b. They can be interpreted to mean increase and decrease. c. They can be used to describe the balance of an account. d. They can be interpreted to mean left and right. 9. Which of the following statements is not true? a. Expenses increase owner s equity. b. Expenses have normal debit balances. c. Expenses decrease owner s equity. d. Expenses are a negative factor in the computation of net income. 10. A credit to a liability account a. indicates an increase in the amount owed to creditors. b. indicates a decrease in the amount owed to creditors. c. is an error. d. must be accompanied by a debit to an asset account.
4 11. A metal shop s employees work overtime to finish an order that is sold on 28 March. The office sends a statement to the customer in early April and payment is received by mid-april. The overtime wages should be expensed in a. March. b. April. c. the period when the workers receive their checks. d. either in March or April depending on when the pay period ends. 12. A law firm received $5,000 cash for legal services to be rendered in the future. The full amount was credited to the liability account Unearned Service Revenue. If the legal services have been rendered at the end of the accounting period and no adjusting entry is made, this would cause a. expenses to be overstated. b. net income to be overstated. c. liabilities to be understated. d. revenues to be understated. 13. Accumulated Depreciation is a. an expense account. b. an owner s equity account. c. a liability account. d. a contra asset account. 14. Adjusting entries are a. not necessary if the accounting system is operating properly. b. usually required before financial statements are prepared. c. made whenever management desires to change an account balance. d. made to balance sheet accounts only. 15. The cost of land does not include a. real estate brokers' commission. b. annual property taxes. c. accrued property taxes assumed by the purchaser. d. title fees.
5 16. When an account becomes uncollectible and must be written off, a. Allowance for Doubtful Accounts should be credited. b. Accounts Receivable should be credited. c. Bad Debt Expense should be credited. d. Sales Revenue should be debited. 17. A debit balance in the Allowance for Doubtful Accounts a. is the normal balance for that account. b. indicates that actual bad debt write-offs have exceeded previous allowance for doubtful accounts. c. indicates that actual bad debt write-offs have been less than what was estimated. d. cannot occur if the percentage of sales method of estimating bad debts is used. 18. Python Company sells merchandise on account for $5,000 to Monte Company with credit terms of 2/10, n/30. Monte Company returns $1,500 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? a. $3,430 b. $4,000 c. $4,900 d. $4, If the total debit column exceeds the total credit column of the income statement columns on a worksheet, then the company has a. earned net income for the period. b. an error because debits do not equal credits. c. suffered a net loss for the period. d. to make an adjusting entry. 20. The custodian of a company asset should a. has access to the accounting records for that asset. b. be someone outside the company. c. not have access to the accounting records for that asset. d. be an accountant.
6 PART B: THINKING & APPLICATION Question 1 (40 marks) Journalise the following business transactions. If any of the transactions involve more than two accounts, journalise as a COMPOUND ENTRY. Explanations/narrations NOT required. For any of the following that is NOT a transaction, answer as No Entry and STATE the related accounting guideline. (11 marks) i. Owner invests $120,000 into the business. $115,000 was deposited into the business s bank account. The balance was placed in the business s cash register. ii. Hired an accounts clerk at a salary of $1,800 payable monthly. iii. Owner purchased supplies worth $3,500 using personal credit card. iv. Purchased equipment for $9,000, paying 70% of amount by standing order and the remaining 30% signed a 30-day, note payable. v. Billed clients for services provided amount to $4,000.
7 vi. Paid $2,800 for the current month s rent with business s debit card. vii. Received a bill for $600 for advertising for the current month. viii. Paid accounts clerk monthly salary via online transfer from owner s personal bank account. ix. Owner withdrew $2,000 from the business s cash register to pay for son s tuition fees. x. Received a check for $2,500 from a client in payment on account for commissions billed in transaction (v).
8 Question 2 The bookkeeper for Darrel Johnston Auto Repair made a number of errors in journalizing and posting, as described below. Prepare the necessary correcting entries. (14 marks) i. A debit posting of $600 to Accounts Payable was omitted. ii. A debit posting of $700 for Prepaid Insurance was debited to Insurance Expense. iii. A collection from a customer of $150 in payment of its account owed was journalized and posted as a debit to Cash $150 and a credit to Owner s Capital $150. iv. A credit posting of $530 to Accounts Payable was made twice.
9 v. A cash purchase of supplies for $350 was journalized and posted as a debit to Supplies $35 and a credit to Cash $35. vi. A debit of $658 to Rent Expense was credited to Rent Expense as $568. vii. An account receivable in the amount of $3,000 was collected in full. The collection was recorded by a debit to Cash for $3,000 and a debit to Accounts Payable for $3,000. viii. An account payable was paid by issuing a check for $600. The payment was recorded by debiting Accounts Payable $600 and crediting Accounts Receivable $600.
10 Question 3 Bali Company is a manufacturing company. Bali Company ventured into the market on 1 January At 31 December 2017, Bali Company reported the following as plant assets. Land $14,400,000 Buildings $40,000,000 Less: Accumulated Depreciation-Buildings ($9,900,000) $30,100,000 Equipment $340,000 Less: Accumulated Depreciation-Equipment ($165,920) $174,080 Total Plant Assets $44,674,080 The company uses straight-line method for buildings and equipment. The buildings are estimated to have a 50-year useful life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. (a) Journalise the following selected cash transactions that occurred: Feb. 1 Purchased land for $210,000. (10 marks) May 31 Sold equipment that cost $75,000 when purchased on 1 January The equipment was sold for $45,000.
11 Sept. 1 Sold land purchased on 31 December 2008 for $2,000,000. The land cost $780,000. Nov. 30 Purchased equipment for $90,000. Dec. 31 Retired equipment that cost $150,000 when purchased on 1 January No salvage value was received.
12 (b) Record the adjusting entries for depreciation for 2018 for the following non-current assets: (5 marks) i. Buildings ii. Equipment
13 PART C: COMMUNICATION Question (24 marks) The trial balance before adjustment of Pan Company contained the following information: Pan Company Trial Balance as at 31 December 2014 Debit Credit Equipment $ 120,000 Cash 3,300 Accounts Receivable 20,000 Allowance for Doubtful Debts 4,500 Merchandise Inventory 2,850 Cost of Goods Sold 302,000 Accounts Payable 1,400 Notes Payable 60,000 Owner s Capital 50,000 Owner s Drawings 23,000 Sales 492,750 Sales Discount 7,500 Sales Return & Allowances 20,000 Supplies 11,500 Freight-out 2,300 Advertising Expense 15,000 Interest Expense 19,200 Salaries and Wages Expense 53,000 Utilities Expense 18,000 Interest Revenue 18,000 Total 622, ,150 a) Using the adjusting information given for each question, journalize the appropriate annual adjusting entries at 31 December 2014, assuming no adjusting entry has been made until year end. i. The balance of the Notes Payable consists of a note for 6 months at an annual interest rate of 9%, dated 1 September (1.5 marks)
14 ii. The equipment was purchased on 31 March 2014, for $120,000. It has an estimated life of 5 years and an estimated salvage value of $24,000. The equipment is depreciated using the declining-balance method. Under the declining-balance method, Pan Company uses the double-declining rate. (1.5 marks) iii. Pan Company began the year with a $3,000 balance in the Supplies account. During the year, $8,500 worth of additional office supplies were purchased. A physical count of office supplies on hand at the end of the year revealed that $6,400 worth of supplies had been used during the year. (1.5 marks)
15 iv. Pan Company uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end. (2 marks) Number of Days Past Due Customer Total ($) Over 120 Accounts Receivable 20,000 7,700 4,600 3,900 2,300 1,500 Estimated Percentage Uncollectible 1% 4% 5% 8% Total Estimated Bad Debts 20% b) Using the following other additional information and taking into consideration the adjustments made in (a), prepare the required financial statements. Other additional information: 1. Equipment is used 20% by Selling Department and 80% by Administrative Department. 2. Pan Company uses a perpetual inventory system.
16 (i) Prepare a multiple-step income statement for the year ended December 31, (11 marks)
17 (ii) Prepare a classified balance sheet as at December 31, (6.5 marks)
FINANCIAL ACCOUNTING PRINCIPLES (BAT4M) FINAL EXAMINATION
Canadian International Matriculation Programme Sunway College FINANCIAL ACCOUNTING PRINCIPLES (BAT4M) FINAL EXAMINATION Date : 8 December 2015 Time Length Lecturer : 8:30 a.m. 10:30 a.m. : 2 hours : Ms
More informationFINANCIAL ACCOUNTING PRINCIPLES (BAT4M) FINAL EXAMINATION
Canadian International Matriculation Programme Sunway College FINANCIAL ACCOUNTING PRINCIPLES (BAT4M) FINAL EXAMINATION Date : 6 June 2017 Time Length Lecturer : 8:30 a.m. 10:30 a.m. : 2 hours : Ms Rehnu
More informationSCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME
All Rights Reserved No. of Pages - 12 No of Questions - 06 SCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME YEAR I SEMESTER I (INTAKE VI GROUP B) END SEMESTER
More informationMANAGEMENT 2100Y - MIDTERM EXAM SPRING 2013
MANAGEMENT 2100Y - MIDTERM EXAM SPRING 2013 INSTRUCTOR: Steven Dyer STUDENT: INSTRUCTIONS: 1. Programmable calculators are not allowed in this exam. 2. Check that there are 15 pages (including the title
More informationAdjustments, Financial Statements and the Quality of Earnings
Adjustments, Financial Statements and the Quality of Earnings Chapter 4 Accounting Cycle 4-2 1 Unadjusted Trial Balance Listing of all the balance sheet and income statement accounts, usually in financial
More informationCHAPTER 3 THE ACCOUNTING INFORMATION SYSTEM. MULTIPLE CHOICE Conceptual. Test Bank Chapter 3
CHAPTER 3 THE ACCOUNTING INFORMATION SYSTEM MULTIPLE CHOICE Conceptual Answer No. Description d 1. Purpose of an accounting system. d 2. Criteria for recording events. c 3. Purpose of trial balance. b
More informationChapter 6 Accounting Adjustments and Working papers
Chapter 6 Accounting Adjustments and Working papers Topics 1. Cash basis vs. Accrual Basis 2. Accrued Income 3. Accrued Expenses 4. Prepaid Expenses 5. Unearned Income 6. Depreciation 7. Supply Expenses
More informationYork University AP/Adms Introduction to Financial Accounting Midterm Examination Test Form B
York University AP/Adms 2500.03 Introduction to Financial Accounting Midterm Examination Test Form B Time: 3.0 hours Winter 2010 March 5 th, 2010 Questions: 50 Instructions: 1. Only the mark sense sheet
More informationPRINCIPLES OF ACCOUNTING b.com part I
PRINCIPLES OF ACCOUNTING b.com part I 2013 PRIVATE (SUPPLEMENTARY) Solved Paper Compiled & Solved by: Sameer Hussain Instructions: (1) Attempt any FIVE questions. (2) All questions carry equal marks. (3)
More informationIntermediate Accounting IFRS Edition Kieso, Weygandt, and Warfield. Slide 3-2
3-1 C H A P T E R 3 THE ACCOUNTING INFORMATION SYSTEM Intermediate Accounting IFRS Edition Kieso, Weygandt, and Warfield 3-2 Learning Objectives 1. Understand basic accounting terminology. 2. Explain double-entry
More informationContents: Interview Summary...2. Assignment Text excerpt for Assignment Syllabus...11
College: Great Bay Community College Course: Introduction Dan Murphy Text: Fundamental Accounting Principles, 19 th Ed; Wild, Shaw, Chiappetta Contents: Interview Summary...2 Assignment 1...3 Text excerpt
More informationFull file at Chapter 2: Analyzing Business Transactions
Chapter 2: Analyzing Business Transactions TRUE/FALSE 1. When a company receives a product previously ordered, a recordable transaction has occurred. T PTS: 1 OBJ: LO1 KEY: business transactions 2. When
More informationSome deferred items for which adjusting entries would be made include: Prepaid insurance Prepaid rent Office supplies Depreciation Unearned revenue
WWW.VUTUBE.EDU.PK Paper 1 MIDTERM EXAMINATION Spring 2009 FIN621- Financial Statement Analysis (Session - 1) Question No: 1 ( Marks: 1 ) - Please choose one Which of the following is the acronym for GAAP?
More informationModel Paper Principals of Accounting Objective
Model Paper Principals of Accounting Objective Intermediate Part I (11 th Class) Examination Session 2012-2013 and onward Total marks: 15 Paper Code Time Allowed: 20 minutes Note:- You have four choices
More informationB.COM I ACCOUNTING REGULAR/ PRIVATE. S.Hussain
The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net
More informationACCT 5101 Pretest. The sample pretest follows this page.
ACCT 5101 Pretest REQUIRED for all students who wish to register for ACCT 5101 who have not received a B- or better in ACCT 2050 here at the University of Minnesota -TC. Even if an equivalent to ACCT 2050
More informationXI ACCOUNTING REGULAR / PRIVATE. S.Hussain
The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net
More informationPrinciples of Accounting II
Principles of Accounting II Lecture 1 Adjusting the Accounts Basic Accounting Equation What the business owns = What the business owes Assets = Liabilities (owed to creditors)+ Owners Equity (residual
More informationChapter 4 Question Review 1
Chapter 4 Question Review 1 Chapter 4 Questions Multiple Choice 1. The final step in the accounting cycle is to prepare: a. closing entries. b. financial statements. c. a post-closing trial balance. d.
More information2. Which of the following is an external user of accounting information? A) Labor unions. B) Finance directors. C) Company officers. D) Managers.
Name: Date: 1. The study of accounting is not useful for a business career unless your career objective is to become an accountant. A) True B) False 2. Which of the following is an external user of accounting
More informationChapter 3 Question Review 1
Chapter 3 Question Review 1 Chapter 3 Questions Multiple Choice 1. If services are rendered on account, then a. assets will decrease. b. liabilities will increase. c. stockholders equity will increase.
More informationACCOUNTING I. 1. The cash account is used to summarize information about the amount of money the business has available.
ACCOUNTING I True/False Indicate whether the sentence or statement is true or false. 1. The cash account is used to summarize information about the amount of money the business has available. 2. The source
More informationPostal Test Paper_P2_Foundation_Syllabus 2016_Set 2 Paper 2- Fundamentals of Accounting
Paper 2- Fundamentals of Accounting Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 2 - Fundamentals of Accounting Full Marks :100
More informationChapter 5. Control Accounts. Notes to teachers
Chapter 5 Control Accounts Notes to teachers 1 Start with Chapters 3 and 4 of Frank Wood s Introduction to Accounting and briefly explain to students the basic principles of recording in the books and
More informationBUSI Come to the PASS workshop with your mock exam complete. During the workshop you can work with other students to review your work.
It is most beneficial to you to write this mock midterm UNDER EXAM CONDITIONS. This means: Complete the midterm in 2 hour(s). Work on your own. Keep your notes and textbook closed. Attempt every question.
More informationFinancial Accounting, 6Ce (Harrison) Chapter 2 Recording Business Transactions. 2.1 Describe common types of accounts
Financial Accounting, 6Ce (Harrison) Chapter 2 Recording Business Transactions 2.1 Describe common types of accounts 1) Interest payable, income tax payable and salary payable are all examples of: A) accrued
More informationCHAPTER 3 Selected Solutions. The Accounting Information System. Brief Topics Questions Exercises Exercises Problems
CHAPTER 3 Selected Solutions The Accounting Information System ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Brief Topics Questions Exercises Exercises Problems 1. Transaction identification. 1, 2, 3, 5,
More informationDate of Homework assigned: 7 Apr 2014 Due date: 16 Apr 2014 Exercise book: Book 1
2013-2014 / F.4 BAFS / HA11 / P.1 TWGHs Wong Fut Nam College Form 4 Business, Accounting and Financial Studies Homework Assignment 11 FA Ch1-3 Preparation of Financial Statements for Sole Proprietorships
More informationAccounting Basics, Part 1
Accounting Basics, Part 1 Accrual, Double-Entry Accounting, Debits & Credits, Chart of Accounts, Journals and, Ledger Part 1 What s Here Introduction Business Types Business Organization Professional Advice
More informationProf Albrecht s Notes Example of Complete Accounting Cycle Intermediate Accounting 1
Prof Albrecht s Notes Example of Complete Accounting Cycle Intermediate Accounting 1 In this chapter of notes I ll provide a complete example of the accounting cycle. The order of the tasks to complete
More informationChapter 2 Review of the Accounting Process
Chapter 2 Review of the Accounting Process AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools, departments, and faculty
More informationXI - ACCOUNTING REGULAR / PRIVATE
The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net
More informationCorrection of Errors Principles of Accounting B.Com Part I Sameer Hussain
Correction of Errors Principles of Accounting B.Com Part I www.facebook.com/a4accounting.net WHAT THE EXAMINER USUALLY ASK? Types of errors: o Error of omission. o Error of commission. o Error of principle.
More informationLIVE: FINANCIAL STATEMENTS (SOLE TRADER) 10 NOVEMBER 2014
LIVE: FINANCIAL STATEMENTS (SOLE TRADER) 10 NOVEMBER 2014 In this lesson we: Lesson Description Understand how to do year-end adjustments with particular reference to the income statement Understand the
More informationACCOUNTING 201. PRACTICE MIDTERM - (Covering Chapters 1-5)
Problem - I Multiple Choice (20 points) ACCOUNTING 201 PRACTICE MIDTERM - (Covering Chapters 1-5) 1. A private organization which establishes broad accounting principles as well as specific accounting
More informationS.5 BUSINESS, ACCOUNTING AND FINANCIAL STUDIES Accounting Module
FANLING LUTHERAN SECONDARY SCHOOL 2015 2016 FIRST TERM EXAM S.5 BUSINESS, ACCOUNTING AND FINANCIAL STUDIES Accounting Module Date : 19th January, 2016 Time allowed: 8:30 am - 10:45 am (2 hour 15 minutes)
More informationACCOUNTING. Written examination 2. Thursday 7 November 2002
ACCNT EXAM 2A Victorian Certificate of Education ACCOUNTING Written examination 2 Thursday 7 November 2002 Reading time: 11.45 am to 12.00 noon (15 minutes) Writing time: 12.00 noon to 1.30 pm (1 hour
More informationCOMSATS Institute of Information Technology Abbottabad
COMSATS Institute of Information Technology Abbottabad Department of Management Sciences Terminal Section A Class: Date: Subject: Accounting Instructor: Zaheer A. Swati Time Allowed: 30 Minutes Max Marks:
More informationCOMPREHENSIVE EXAMINATION A (Chapters 1 5)
COMPREHENSIVE EXAMINATION A (Chapters 1 5) Problem A - I Multiple Choice 1. A private organization which establishes broad accounting principles as well as specific accounting rules is a. the Securities
More informationCHAPTER 2 Solutions MEASUREMENT CONCEPTS: RECORDING BUSINESS TRANSACTIONS
CHAPTER 2 Solutions MEASUREMENT CONCEPTS: RECORDING BUSINESS TRANSACTIONS Discussion Questions DQ1. DQ2. DQ3. DQ4. DQ5. DQ6. DQ7. DQ8. All equipment needs normal repairs. These are considered an ongoing
More informationXI ACCOUNTING REGULAR / PRIVATE. S.Hussain
The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net
More informationACCOUNTING. Written examination 1
Victorian Certificate of Education ACCOUNTING Written examination 1 Tuesday 10 June Reading time: 2.45 pm to 3.00 pm (15 minutes) Writing time: 3.00 pm to 4.30 pm (1 hour 30 minutes) QUESTION BOOK Number
More informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education *7471332988* ACCOUNTING 0452/12 Paper 1 May/June 2010 Candidates answer on the Question Paper.
More informationon the land. be treated as an expense of the business. company should credit an unearned revenues account for the amount charged to the customer.
TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 1) The first step in the accounting cycle is transaction analysis. 2) An account is a detailed record of increases and
More information2/10/2009. The accounting ACCOUNTING TRANSACTIONS AND EVENTS. Analysing transactions. Chapter 2
Chapter 2 The accounting information system PowerPoint presentation by Anne Abraham University of Wollongong 2009 John Wiley & Sons Australia, Ltd ACCOUNTING TRANSACTIONS AND EVENTS Transactions are external
More informationDo not turn this page until the start signal is given! W R I T E L E G I B L Y!
UNIVERSITY INTERSCHOLASTIC LEAGUE ACCOUNTING EXAM State 2018-S Contestant # Do not turn this page until the start signal is given! All answers MUST be written on your answer sheet. Either upper case or
More informationdownload from https://testbankgo.eu/p/
CHAPTER 3 ADJUSTING THE ACCOUNTS SUMMARY OF QUESTIONS BY OBJECTIVES AND BLOOM S TAXONOMY Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT True-False Statements 1. 1 C 9. 2 C 17. 5 C 25. 5 K 33. 3
More informationT Accounts, Debits and Credits, Trial Balance, and Financial Statements
2 T Accounts, s and s, Trial Balance, and Financial Statements TEACHING OBJECTIVES 1. To introduce the T account form 2. To introduce debit and credit 3. To introduce the function and preparation of a
More informationAccounting 1A Class Notes Chapter 3 The Adjusting Process
Source Documents General Journal General Ledger Trial Balance Adjusting Entries Difference between TRANSACTIONS and ADJUSTMENTS Transactions occur through-out the accounting cycle and normally involve
More informationGrade 12 Accounting Review & Practice Questions
Grade 12 Accounting Review & Practice Questions Chapter 1 Review Questions Chapter 1 Theory: Do m/c Page 30 31 #1 10 Chapter 1 Practice: o BE1 1 o BE1 5 o BE1 6 o BE1 11 o BE1 15 Exercises o E1 4 o E1
More information2013 ACCOUNTING ATTACH SACE REGISTRATION NUMBER LABEL TO THIS BOX
External Examination 2013 2013 ACCOUNTING FOR OFFICE USE ONLY SUPERVISOR CHECK ATTACH SACE REGISTRATION NUMBER LABEL TO THIS BOX RE-MARKED Wednesday 13 November: 1.30 p.m. Time: 2 hours Pages: 29 Questions:
More informationECON 3A---FALL 2007 MIDTERM #2 ANSWER QUESTIONS #1-25 ON GREEN SCANTRON AND THE REST IN THE SPACE PROVIDED-PLEASE.
ECON 3A---FALL 2007 MIDTERM #2 Name: PERM #: ANSWER QUESTIONS #1-25 ON GREEN SCANTRON AND THE REST IN THE SPACE PROVIDED-PLEASE. 1. Gross profit equals the difference between A) net sales revenues and
More informationQUESTION 2 IAS 1 (CAF5 A15) Following is the summarised trial balance of Eagles Limited (EL) as at 30 June 2015: Debit Rs. in 000
QUESTION 2 IAS 1 (CAF5 A15) Following is the summarised trial balance of Eagles Limited (EL) as at 30 June 2015: Debit Credit Plant 2,500 Acc. depreciation at 1 July 2014 Equipment 700 Plant 1,000 Stock
More informationACCT-112 Final Exam Practice Solutions
ACCT-112 Final Exam Practice Solutions Question 1 Jan 1 Cash 200,000 H. Happee, Capital 200,000 Jan 2 Prepaid Insurance 10,000 Cash 10,000 Jan 15 Equipment 15,000 Cash 5,000 Notes Payable 10,000 Jan 30
More informationSoft clean eraser Soft pencil (type B or HB is recommended)
*5614158211* Cambridge International Examinations Cambridge Ordinary Level PRINCIPLES OF ACCOUNTS 7110/11 Paper 1 Multiple Choice May/June 2015 Additional Materials: Multiple Choice Answer Sheet Soft clean
More informationChapter 2 Review of the Accounting Process
Chapter 2 Review of the Accounting Process QUESTIONS FOR REVIEW OF KEY TOPICS Question 2 1 External events involve an exchange transaction between the company and a separate economic entity. For every
More informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education
*0535568012* UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/12 Paper 1 October/November 2010 Candidates answer on the Question
More informationSeminar on Bookkeeping Basics
Seminar on Bookkeeping Basics (Handout) Our materials are copyright AccountingCoach, LLC and are for personal use by the original purchaser only. We do not allow our materials to be reproduced or distributed
More informationExercises. 2) Owners Equity is ( ) (1). Occurs when Revenues exceed Expenses. (2) Debts owed by a business, (3). The excess of Assets over Liabilities
Exercises 1 Please answer the following questions 1 Please explain Assets 2 Please explain Liabilities 3 Please explain Owner Equity 4 Please explain Revenues 5 Please explain Expenses 2 Please select
More informationPANCHAKSHARI S PROFESSIONAL ACADEMY PVT LTD (Your Lifelong Knowledge Partner )
50 Questions 50 Marks 60 Minutes Rectification of Error Select the best choice to answer the following questions: 1. Which of the following statement is/are correct? (i) A separate suspense account should
More informationCambridge International Examinations Cambridge International General Certificate of Secondary Education *1892474362* ACCOUNTING 0452/21 Paper 2 May/June 2016 Candidates answer on the Question Paper. No
More informationAccountancy. Blue Print. Part A
Accountancy Blue Print Part A S.No Lesson Name V.Short Short Long Total 1. Introduction - 3(1) 4(1) - 7 2. Theory Base Accounting 1(1) 3(2) - 7 3. Recording of business transactions - 4(1) 6(2) 16 4. Trail
More informationChapter 2 Review of the Accounting Process
Intermediate Accounting 8th Edition Spiceland Solutions Manual Full Download: http://testbanklive.com/download/intermediate-accounting-8th-edition-spiceland-solutions-manual/ Chapter 2 Review of the Accounting
More information2000 Accounting II Page 1
2000 Accounting II Page 1 1. In accounting, the two types of equity are liabilities and owner's equity. 2. When journalizing, you are advised to go from left to right. 3. Transportation charges need to
More informationACCOUNTING. Written examination 1. Tuesday 9 June 2009
Victorian Certificate of Education ACCOUNTING Written examination 1 Tuesday 9 June Reading time: 2.45 pm to 3.00 pm (15 minutes) Writing time: 3.00 pm to 4.30 pm (1 hour 30 minutes) QUESTION BOOK Number
More informationChapter 2 MULTIPLE CHOICE
Objectives: 1. Setting up and organizing a chart of accounts. 2. Recording transactions in T accounts according to the rules of debit and credit. 3. Preparing a trial balance. 4. Preparing financial statements
More informationExamination Booklet Version 1. Bookkeeping
Examination Booklet Version 1 Bookkeeping The Accounting Equation When you feel confident that you have mastered the material in The Accounting Equation, go to and submit your answers online EXAMINATION
More informationGRADE 11 NOVEMBER 2013 ACCOUNTING
NATIONAL SENIOR CERTIFICATE GRADE 11 NOVEMBER 2013 ACCOUNTING MARKS: 300 TIME: 3 hours This question paper consists of 18 pages. 2 ACCOUNTING (NOVEMBER 2013) INSTRUCTIONS AND INFORMATION 1. This question
More informationPractice Multiple Choice Questions
FINAL EXAM REVIEW The comprehensive final exam consists of 50 questions, approximately 2/3 of which are from chapters 10 through 12. The remaining questions are from chapters 1 through 9. The questions
More informationCambridge International Examinations Cambridge International General Certificate of Secondary Education
*8375935637* Cambridge International Examinations Cambridge International General Certificate of Secondary Education ACCOUNTING 0452/11 Paper 1 October/November 2015 Candidates answer on the Question Paper.
More informationComposed & Solved Hafiz Salman Majeed
FINALTERM EXAMINATION Fall 2008 MGT101- Financial Accounting (Session - 4) Question No: 1 ( Marks: 1 ) - Please choose one Wages outstanding given in the trial balance will be treated as a (an): Asset
More informationName: Class: Date: 1 MULTIPLE CHOICE 4-2
1 MULTIPLE CHOICE 4-2 I certify that I am taking this examination alone and am not receiving any help with it except through the use of my textbook and notes. I have not been given any of the questions
More informationINTRODUCTION TO FINANCIAL ACCOUNTING MGCR211 - All sections October 16 th, :00PM - 2:00PM SOLUTION
INTRODUCTION TO FINANCIAL ACCOUNTING MGCR211 - All sections October 16 th, 215 12:PM - 2:PM SOLUTION October 16, 215 Midterm Examination Please pick your professor: Professor: Jorien Pruijssers Seda Oz
More informationBookkeeping (Explanation)
Bookkeeping (Explanation) 1. Part 1 Introduction; Bookkeeping: Past and Present 2. Part 2 Accrual Method 3. Part 3 Double-Entry, Debits and Credits 4. Part 4 General Ledger Accounts 5. Part 5 Debits and
More informationBixby Public Schools Essential Elements Grade: 10-12
Course: Accounting Essential Elements Grade: 10-12 Weeks 1-6 Chapter 1 describes how a proprietorship is started & the transactions that occur when the business is organized. The accounting equation is
More informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education
*8635910665* UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/21 Paper 2 October/November 2011 Candidates answer on the Question
More informationA U D I T I N G P R O B L E M S
2011 NATIONAL CPA MOCK BOARD EXAMINATION In partnership with the Professional Review & Training Center, Inc. and Isla Lipana & Co. A U D I T I N G P R O B L E M S INSTRUCTIONS: Select the best answer for
More informationFINANCIAL ACCOUNTING 1
FINBUS2 NOVEMBER 2013 EXAMINATION DATE: 4 NOVEMBER 2013 TIME: 09H00 12H00 TOTAL: 100 MARKS DURATION: 3 HOURS PASS MARK: 40% (BUS-AC1) FINANCIAL ACCOUNTING 1 THIS EXAMINATION PAPER CONSISTS OF 2 SECTIONS:
More informationSection A: Multiple-Choice Questions (2 marks each; Total 30 marks)
Name: Student ID: Section A: Multiple-Choice Questions (2 marks each; Total 30 marks) Choose the one best answer. 1. The accounting process involves all of the following except ( d ) a. identifying economic
More informationAJE (1) Share donation 60,000 Treasury shares 35,000 Land 10,000 Building 15,000
CHAPTER 19 COMPREHENSIVE AUDIT OF BALANCE SHEET AND INCOME STATEMENT ACCOUNTS 19-1. Daffodil, Inc. Adjusting Journal Entries 12.31.07 AJE (1) Share donation 60,000 Treasury shares 35,000 Land 10,000 Building
More informationChapter 2: Measurement Concepts: Recording Business Transactions
Chapter 2: Measurement Concepts: Recording Business Transactions Student: 1. The valuation issue deals with how the components of a transaction should be categorized. 2. Business transactions are economic
More informationFull file at
TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 1) A journal entry is a record of an event that has a financial impact on the business that can be reliably measured. 1)
More informationACC 556 All Chapter Quizzes
ACC 556 All Chapter Quizzes FOR MORE CLASSES VISIT www.acc556outlet.com ACC 556 Chapter 1 Quiz (100% Score) ACC 556 Chapter 2 Quiz (100% Score) ACC 556 Chapter 3 Quiz (100% Score) ACC 556 Chapter 4 Quiz
More informationACCT 100 Intro to Acct. Chapter 12: Accruals, Deferrals, and the Worksheet Johnson
ACCT 100 Intro to Acct. Chapter 12: Accruals, Deferrals, and the Worksheet Johnson Where we have been: We have learned a lot about the selling and buying functions of merchandiser. You have learned many
More informationMIDTERM EXAMINATION Fall 2009 MGT101- Financial Accounting (Session - 2)
MIDTERM EXAMINATION Fall 2009 MGT101- Financial Accounting (Session - 2) Question No: 1 ( Marks: 1 ) - Please choose one Particulars Rs. Opening written down value of machine 1,00,000 Cost of new machine
More informationAccounting Glossary 1. an equation showing the relationship among assets, liabilities, and
Accounting Glossary 1 GLOSSARY A Account a record summarizing all the information pertaining to a single item in the accounting equation. (p. 10) Account balance the amount in an account. (p. 10) Account
More informationPrepare the necessary journal entries to correct the above. Narrations are not required.
Correction of errors HKDSE (2017, 5) (Correction of errors) ABC Limited drafted a trial balance as at 31 December 2016, before the preparation of the closing entries. As the trial balance did not agree,
More informationFinancial Statements and Closing Entries for a Merchandising Business
Ch.10 Financial Statements and Closing Entries for a Merchandising Business o Prepare financial statements for a merchandising business o Journalize adjusting and closing entries for a merchandising business
More informationREINFORCEMENT ACTIVITY 3, Part B, p. 715
REINFORCEMENT ACTIVITY 3, Part B, p. 715 10. Unadjusted Trial Balance December 31, 20X4 ACCOUNT TITLE DEBIT CREDIT Cash 25 0 0 1 40 Petty Cash 4 0 0 00 Accounts Receivable 15 7 8 9 20 Allowance for Uncollectible
More informationUnit 3 Accounting. Practice Exam Question Booklet. A non-profit organisation supporting students to achieve their best.
A non-profit organisation supporting students to achieve their best. Practice Exam Question Booklet Duration: 15 minutes reading time, 90 minutes writing time Structure of book: Number of questions Number
More informationINTRODUCTION TO FINANCIAL ACCOUNTING
INTBUS NOVEMBER 2013 EXAMINATION DATE: 6 NOVEMBER 2013 TIME: 09H00 11H00 TOTAL: 100 MARKS DURATION: 2 HOURS PASS MARK: 40% (IFA-01) INTRODUCTION TO FINANCIAL ACCOUNTING THIS EXAMINATION PAPER CONSISTS
More informationSOLUTIONS Learning Goal 17
Learning Goal 17: Record, Report, and Control Receivable S1 Learning Goal 17 Multiple Choice 1. c Remember that any entry to the Accounts Receivable account also requires an entry to a subsidiary account.
More informationTHE ACCOUNTING INFORMATION SYSTEM
2 THE ACCOUNTING INFORMATION SYSTEM DISCUSSION QUESTIONS 1. The conceptual framework of accounting is the collection of general concepts that logically flow from the objective of financial reporting to
More informationACCT 550 Intermediate Accounting Complete Class
ACCT 550 Intermediate Accounting Complete Class https://hwguiders.com/downloads/acct-550-intermediate-accounting-complete-class/ ACCT 550 Intermediate Accounting Complete Class ACCT 550 Week 1 Homework
More informationThe McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin
1-1 2012 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 4 1 The Accounting Cycle Step 1 Analyze and transactions classify transactions Step 2 Journalize the transactions data about
More informationAnalyzing and Recording Transactions QUESTIONS
Chapter 2 Analyzing and Recording Transactions QUESTIONS 1. a. Common asset accounts: cash, accounts receivable, notes receivable, prepaid expenses (rent, insurance, etc.), office supplies, store supplies,
More informationPE 3 1A Page 131 Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusted entry.
PE 3 1A Page 131 Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusted entry. A. Accumulated Depreciation yes B. Albert Stucky, Drawings No C. Office equipment
More informationAnalyzing and Recording Transactions QUESTIONS
Chapter 2 Analyzing and Recording Transactions QUESTIONS 1. a. Common asset accounts: cash, accounts receivable, notes receivable, prepaid expenses (rent, insurance, etc.), office supplies, store supplies,
More informationWeek 3. Topic 3 Chapter 3. ACT102 Introduction to Accounting. Accounting for end of financial period adjustments 21/02/2018
ACT102 Introduction to Accounting Week 3 Accounting for end of financial period adjustments Topic 3 Chapter 3 2 RECAP Topic 2: Recording Business Transactions The accounting equation must always balance
More informationACCT1115. Review Package - Quiz 2. Fall 2013
ACCT1115 Review Package - Quiz 2 Fall 2013 Page 1 of 16 Part I Multiple Choice 1) A company has a $48,000 loan to be paid off over 24 months. Principal payments are $2,000 per month. The current and non-current
More information