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Quiz for Accounting
Student Name:_____________________ Student Number:_________________ Test Conditions: Open book test The quiz has a weighting of 20%. This quiz consists of 3 Parts: PA

RT A 20 Multiple Choice /15 Questions PART B Short answer /25 questions PART C Practical Question /60 QUIZ RESULT /100 PART A – MULTIPLE CHOICE:(15 marks) Choose the one alternative that best completes the statement or answers the question. Write your answer for each question at the bottom of this page. Q1 A profit-making business operating as a separate legal entity and in which ownership is divided into shares of stock is known as a: A. proprietorship. B. service business. C. partnership. D.corporation. Q2. If revenue was $45,000, expenses were $37,500, and the owner’s withdrawals were $10,000, the amount of net income or net loss would be: A. $45,000 net income. C. $37,500 net loss. B. $7,500 net income. D.$2,500 net loss. Q3. The type of account with a normal credit balance is: A. an asset. C. a revenue. B. drawing. D.an expense. Q4.The receipt of cash from customers in payment oftheir accounts would be recorded by a: A. debit to Cash; credit to Accounts Receivable. B. debit to Accounts Receivable; credit to Cash. C. debit to Cash; credit to Accounts Payable. D.debit to Accounts Payable; credit to Cash. Write your answers here: 1) ____D_____ 2) _____B____ 3) ______C___ 4) _______A__

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Q5 Which of the following items represents a deferral? A. Prepaid insurance B. Wages payable C. Fees earned D.Accumulated depreciation Q6 If the estimated amount of depreciation on equipment for a period is $2,000, the adjusting entry torecord depreciation would be: A. debit Depreciation Expense, $2,000; credit Equipment, $2,000. B. debit Equipment, $2,000; credit Depreciation Expense, $2,000. C. debit Depreciation Expense, $2,000; credit Accu-mulated Depreciation, $2,000. D.debit Accumulated Depreciation, $2,000; credit Depreciation Expense, $2,000. Q7 Which of the following accounts in the Adjusted Trial Balance columns of the work sheet would be extended to the Balance Sheet columns? A. Utilities Expense C. M. E. Jones, Drawing B. Rent Revenue D.Miscellaneous Expense Q8 Which of the following accounts would not be closed to the income summary account at the end of a period? A. Fees Earned B. Wages Expense C. Rent Expense D.Accumulated Depreciation Q9 If merchandise purchased on account is returned, the buyer may inform the seller of the details by issuing: A. a debit memorandum B. a credit memorandum C. an invoice D.a bill Q10 If merchandise is sold on account to a customer for $2,000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in transportation costs, the amount of the discount for early payment would be: A. $0 B. $5.00 C. $20.00 D.$20.50 Write your answers here: 5) ____A_____ 6) ___C______ 7) ____C_____ 8) ___D______ 9) ____A_____ 10) ___C_______

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Q11 If a corporation has outstanding 1,000 shares of 8% cumulative preferred stock of $100 par and dividends have been passed for the preceding two years, what is the amount of preferred dividends that must be declared in the current year before a dividend can be declared on common stock? A. $ 8,000 B. $24,000 C. $16,000 D.$40,000 Q12 If a corporation reacquires its own stock, the stock is listed on the balance sheet in the: A. Current Assets section. B. Long-Term Liabilities section. C. Stockholders’ Equity section. D.Investments section. Q13 An example of a cash flow from an operating activity is: A. receipt of cash from the sale of stock B. receipt of cash from the sale of bonds C. payment of cash for dividends D.receipt of cash from customers on account Q14 Which of the following methods of reporting cash flows from operating activities adjusts net income for revenues and expenses not involving the receipt or payment of cash? A. Direct method C. Reciprocal method B. Purchase method D.Indirect method Q15 An example of a cash flow from an investing activity is: A. receipt of cash from the sale of equipment B. receipt of cash from the sale of stock C. payment of cash for dividends D.payment of cash to acquire treasury stock Write your answers here: 11) ___B______ 12) ___C______ 13) ___D______ 14) ___D______ 15) ___A______

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Part B Short answer questions (25 marks) Q1: What are the 3 basic organisational forms of business? (3 marks) Proprietorship, Partnership, Corporation Q2: What is the role of accounting in business? (2marks) Accounting provides information for managers to use in operating the business. In addition, accounting also provides information to other users in decision making. Q3: In journalizing and posting the entry to record the purchase of supplies on account, the accounts receivable account was credited in error. What is the preferred procedure to correct this error? (4marks) After comparing the incorrect entry and the correct entry, we know the incorrect credit to Accounts Receivable may be corrected by debiting Accounts Receivable and crediting Accounts Payable. Q4: Why are adjusting entries needed at the end of an accounting period? (3marks) Under the accrual basis, however, some accounts in the ledger require updating. This updating is required for the following reasons: 1. some expenses are not recorded daily. 2. Some revenues and expenses are incurred as time passes rather than as separate transactions. 3. Some revenue and expenses may be unrecorded. Thus, the analysis and updating of accounts at the end of the period before the financial statements are prepared is called the adjusting process. Q5: Is the work sheet a substitute for the financial statements? Discuss. (3marks) No. A work sheet is not a required part of the accounting process. The primary advantage in preparing the worksheet is that it allows managers and accountants to see the impact of the adjustments on the financial statements. The financial statements can be prepared directly from the worksheet, but it can’t replace the financial statements. Q6: Can a business earn a gross profit but incur a net loss? Explain. (3 marks) Yes. While the operating expenses are larger than the gross profit, it could result in a net loss. Q7: What is the meaning of (a) 2/10, n/60; (b) n/30; (c) n/eom? (3marks) (a) means if invoice is paid within 10 days of invoice date, 2% of invoice amount is allowed as a cash discounts, Full amount is due within 60 days of invoice date..(b) Full amount is due within 30 days of invoice date. (c) payment is due by the end of the month in which the sale was made. Q8 When a corporation issues stock at a premium, is the premium income? Explain.(2marks) No. The premium is credited to an equity account named Paid in capital in excess of par. Q9 What is the primary purpose of a stock split?(2marks) The primary purpose is to reduce the market price per share of the sock to attract more investors to the stock and broadens the types and numbers of stockholder.
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Part C Practical Questions: (workings are required) Q1 The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following: (6 marks) a. If sales for the current year were $510,000 and accounts receivable decreased by$27,000 during the year, what was the amount of cash received from customers? b. If income tax expense for the current year was $29,000 and income tax payable decreased by $3,900 during the year, what was the amount of cash payments for income tax? (a) cash received from customers: Sales+Decrease in accounts receivable 510,000+27,000=537,000 (3 marks)

(b) cash payments for income tax: Income tax+ Decrease in income tax payable 29,000+3,900=32,900 (3 marks)

Q2 An analysis of the general ledger accounts indicates that delivery equipment, which cost $120,000 and on which accumulated depreciation totaled $40,000 on the date of sale, was sold for $75,000 during the year. Using this information, indicate the items to be reported on the statement of cash flows. (4 Marks) Because the Proceeds from disposal of delivery equipment is 75,000, the item would be: Cash from sale of delivery equipment: 75,000 Q3 Selected transactions completed by Indy Boating Supply Corporation during the current fiscal year are as follows: Feb. 9. Split the common stock 3 for 1 and reduced the par from $120 to $40 per share. After the split, there were 900,000 common shares outstanding. Apr. 10. Declared semiannual dividends of $1 on 12,000 shares of preferred stock and $0.05 on the common stock to stockholders of record on April 20, payable on May 1. May 1. Paid the cash dividends. Oct. 12. Declared semiannual dividends of $1 on the preferred stock and $0.15 on the common stock (before the stock dividend). In addition, a 1% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $48. Nov. 14. Paid the cash dividends and issued the certificates for the common stockdividend. Required: Journalize the transactions. (15 marks)

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Feb.9 Stock splits do not require a journal entry. (1 marks) Apr. 10 Cash Dividends 57,000 Cash Dividends Payable 57,000 (3marks) (12,000*$1+900,000*0.05) May 1. Cash Dividends Payable Cash Oct. 12 Cash Dividends Cash Dividends Payable (12,000*$1+900,000*0.15) 57000 57000 147000 147000

(2marks)

(2marks)

12 Stock Dividends 43,2000 Stock Dividends Distributable 36,0000 Paid-in Capital in Excess of Par-Common Stock 7,2000 (4marks) (900,000*1%*$48) Nov. 14 Cash Dividends Payable Stock Dividends Distributable Cash Common Stock 147000 36,0000 147000 36,0000

(3marks)

Q4 Journalize the entries for the following transactions: (15 marks) a. Sold merchandise for cash, $6,900. The cost of the merchandise sold was $4,830. b. Sold merchandise on account, $7,500. The cost of the merchandise sold was $5,625. c. Sold merchandise to customers who used MasterCard and VISA, $10,200. The cost of the merchandise sold was $6,630. d. Sold merchandise to customers who used American Express, $7,200. The cost of the merchandise sold was $5,040. e. Paid an invoice from City National Bank for $675, representing a service fee for processing MasterCard and VISA sales. f. Received $6,875 from American Express Company after a $325 collection fee had been deducted. a. Cash 6,900 Sales 6,900 Cost of Merchandise Sold 4,830 Merchandise Inventory 4,830 (3marks) b. Accounts Receivable Sales Cost of Merchandise Sold
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7,500 7,500 5,625 (2marks)

Merchandise Inventory c. Cash 10,200 Sales 10,200 Cost of Merchandise Sold Merchandise Inventory d. Accounts Receivable Sales Cost of Merchandise Sold Merchandise Inventory

5,625

6,630 6,630 7,200 7,200 5,040 5,040

(2marks)

(3marks)

e. Credit Card Expense Cash f. Cash Credit Card Expense Accounts Receivable

675 675 6,875 325 7,200 (3marks) (2marks)

Q5 On October 31, 2006, the following data were accumulated to assist the accountant in preparing the adjusting entries for Melville Realty: (10 marks) a. The supplies account balance on October 31 is $1,875. The supplies on hand on October 31 are $310. b. The unearned rent account balance on October 31 is $4,020, representing the receipt of an advance payment on October 1 of three months’ rent from tenants. c. Wages accrued but not paid at October 31 are $2,150. d. Fees accrued but unbilled at October 31 are $11,278. e. Depreciation of office equipment is $1,000. Instructions Journalize the adjusting entries required at October 31, 2006. a. Supplies Expense 1,565 Supplies 1,565 b. Unearned Rent Rent Revenue (4,020/3) c. Wages Expense Wages Payable d. Accounts Receivable Fees Earned 1,340 1,340

2,150 2,150 11,278 11,278
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e. Depreciation Expense Accumulated Depreciation

1,000 1,000

Marking: Each journal entry worths 3 marks. 15 marks in total. Q6 Cheddar Company purchased merchandise on account from a supplier for $8,500, terms 2/10, n/30. Cheddar Company returned $800 of the merchandise and received full credit. (10 marks) a. Journalize the related transactions before the invoice payment. b. If Cheddar Company pays the invoice within the discount period, what is theamount of cash required for the payment? c. Under a perpetual inventory system, what account is credited by Cheddar Company to record the return? (a) Merchandise Inventory 8,500 Accounts Payable 8,500 (3 marks) Accounts Payable 800 Merchandise Inventory 800 (3marks) (Returned portion of merchandise purchased) (b) The amount of cash required for the payment: ($8,500- $800) * 98%= $7,546 (c) Merchandise Inventory (3 marks)

(1 marks)

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