沃顿商学院-会计-期末考试题.docx

《沃顿商学院-会计-期末考试题.docx》由会员分享，可在线阅读，更多相关《沃顿商学院-会计-期末考试题.docx（11页珍藏版）》请在淘文阁 - 分享文档赚钱的网站上搜索。

1、Multiple Choice (20 points, 1 point each)1. Which of the following best describes accounting?a) records economic data but does not communicate the data to users according to any specific rulesb) is an information system that provides reports to stakeholdersc) is of no use by individuals outside of t

2、he businessd) is used only for filling out tax returns and for financialstatements for various type of governmental reporting requirements2. A listing of a business entity, s assets, liabilities and owner s equity as of a specific date is:a) A balance sheetb) An income statementc) A statement of own

3、ers equityd) A statement of cash flows3. Financial accounting focuses on the specific needs ofdecision-makers external to the organization. Which of the following would NOT be an external user?a) Creditorsb) Shareholdersc) Managersd) Tax authority4. If total assets increased $20, 000 during a period

4、 and total liabilities increased $12, 000 during the same period, the amount and direction (increase or decrease) of the change in owner s equity for that period isa) A $32,000increaseb) A $32,000decreasec) An $8,000increased) An $8,000decrease5. Which of the following groups of accounts have a norm

5、al debitbalance?a) revenues, capitalb) capital, assetsc) liabilities, expensesd) assets, expenses6. A debit may signify:a) An increase in an asset accountAdjusted balance$6, 300.Financial Statement Preparation (15(a)00points)Moore Services CompanyIncome StatementFor the Month Ended May 31, 2005Net S

6、alesCost of Merchandise SoldGross ProfitOperating expensesRent expense$8,000Salary expense3, 800Supplies expense825Insurance expense1, 475Miscellaneous expense1,5$70,80035, 30035, 50010Total operatingexpensesNet income50,910$19,890(b)Moore Services CompanyBalance SheetMay 31, 2005AssetsCashAccounts

7、receivablePrepaid insuranceSuppliesLand$ 11,39025, 9502,00095074, 400Total assets$114,690LiabilitiesAccounts payable $ 8, 900Owners Equity105, 79 0$114,690Beth Moore, capitalTotal liabilities and owner，s equityExplain (5 points)Balance sheet, income statement and statement of cash flows are the main

8、 financial statements which companies are required to prepare at a specific point in time.Balance sheet is a financial statement that shows the financial status of a business entity at a particular instant in time.Income statement is a report of all revenues and expenses pertaining to a specific tim

9、e period.Statement of cash flows is a statement that reports the cash receipts and cash payments of an entity during a particular period.Balance sheet is a stock measure, like a snapshot, while income statement and statement of cash flows is a flow measure, like moving pictures. The change of a bala

10、nce sheet between two different points in time will be reflected in income statement and statement of cash flows.The difference between income statement and statement of cash flows is that income statement complies with accrual basis accounting, showing the changes of revenues and expenses while the

11、 statement of cash flows complies with the cash basis accounting, showing the changes of cash receipt and payments.b) A decrease in an asset accountc) An increase in a liability accountd) An increase in the owner? s equity account7. The recording of expenses in the same time period as the related re

12、venues is called:a) Matchingb) Recognizingc) Allocationd) Accuracy8. On which financial statement will Income Summary be shown?a) Statement of Owner5sEquityb) Balance Sheetc) Income Statementd) No financial statement9. What is the correct order of accounting process?a) Ledger, journal,trialbalance,b

13、) Journal,trial balance,ledger,c) Journal,ledger,trialbalance,d) Journal,ledger,trialbalance,balance sheet, income statement balance sheet, income statement balance sheet, income statement income statement, balance sheet10. Which of the following accounts would be classified as a current asset on th

14、e balance sheet?a) Equipmentb) Landc) Accumulated Depreciationd) Accounts Receivable11. When the three sections of a balance sheet are presented on apage in a) b) c) d) 12. a) b) c) d)page in a) b) c) d) 12. a) b) c) d)downward sequence, it is called the account form comparative form horizontal form

15、 report formIn credit terms of number of days full amount of number of days percent of the1/10, n/30, the in the discount the invoice when the entire cash discount1 represents the periodamount is due13. At the end of the fiscal year, before the accounts are adjusted, Accounts Receivable has a balanc

16、e of $200, 000 and Allowance for Doubtful Accounts has a credit balance of $2, 500. If the estimate of uncollectible accounts determined by the percentage of Account Receivables is $8,500, the amount of uncollectible accounts expense isa) $2,500b) $8,500c) $6,000d) $11,00014. If merchandise inventor

17、y is being valued at cost and the price level is steadily rising, the method of costing that will yield the highest net income isa) FIFOb) LIFOc) Averaged) Periodic15. Which of the following expenditures incurred in connection with acquiring machinery should be included in its acquisition cost?a) In

18、voice priceb) Installation costsc) Both a and bd) Neither a nor b16. The two methods of accounting for uncollectible receivables are the allowance method and thea) equity methodb) direct write-offmethodc) interest methodd) Cost method17. An example of an accelerated depreciation method is:a) Straigh

19、t-lineb) Double DecliningBalancec) Un i t s-of-product i ond) Depletion18. A corporation plans to issue $1, 000, 000 of 12% bonds at a time when the market rate for similar bonds is 10%, the bonds can be expected to sell at:a) Their face amountb) A premiumc) A discountd) A price below their face amo

20、unt19. The bonds payable account has a balance of $500,000 and the discount on bonds payable account has a balance of $40, 000, what is the carrying amount of the bonds?a) $460,000b) $500,000c) $540,000d) $580,00020. The Stockholders Equity section of the balance sheet may include:a) Common Stockb)

21、Preferred Stockc) Retained Earningd) All of the aboveTrue of False (10 points)1. The balance sheet may be out of balance after sometransactions, but it is never out of balance at the end of an accounting period( )2. The statement of cash flows consists of an operating section,an income section, and

22、an equity section3. Expenses are negative stockholders, equityaccounts( )4. An adjusting entry will always involve a revenue or anexpense account and an asset or a liability account.( )5. The double-entry accounting system records each transactiontwice.()6. Prepaid expenses are an example of anexpen

23、se.( )7. The accumulated depreciation account is closed to the incomesummary account at the end of the period.8. An advantage of the perpetual inventory system is that aphysical count of inventory is unnecessary. The periodic method requires a physical count to compute cost of goods sold( )9. The fa

24、ce amount of a bond is what you can sell it for.( )10. Under the periodic inventory system, the cost of goods sold is equal to the beginning merchandise inventory plus the cost of goods purchased plus the ending merchandise inventory.Matching: (10 points, 2 points each)Match each of the following st

25、atements with its proper term.A. Statement of cash flowsB. Matching conceptC. PostingD. Financial accountingE. Intangible AssetsF. . The process of transferring the debits and credits from the journal entries to the accountsG. . Rights or economic benefits, such as patents, trademarks and copyrights

26、 and goodwill that are not physical in natureH. . A summary of the cash receipts and cash payments for a specific period of time, such as a month or a yearI. 4. a concept of accounting in which expenses are matched with the revenue generated during a period by those expenses.J. . A specific field of

27、 accounting concerned primarily with the recording and reporting of economic data and activities to stakeholders outside the business.The Wildcat Corporation has the following accounts in its ledger: Cash; Accounts Receivable; Merchandise Inventory; Equipment; Accumulated Depreciation; Accounts Paya

28、ble; Sales; Wages Expense; Depreciation ExpenseJournalize the following selected transactions. Journal entry explanations may be omitted.1. Collected account receivable $3,0002. Acquired merchandise inventory on open account; $5,0003. Paid cash for wages, $3,0004. Depreciation for the month, $6005.

29、Sold merchandise on account to Comer Co., $5, 000, trade discount 30%, terms 2/10, n/30. The cost of the merchandise sold was $1, 400Computation (30 points)1. An equipment acquired at the beginning of the fiscal year at a cost of $70, 000 has a estimated residual value of $5, 200 and an estimated us

30、eful life of 8 years. Determine the depreciation for each of the first two years (a) by the straight-line method and (b) by the declining balance method.2. For each of the following, calculate the cost of inventory reported on the balance sheet.The total merchandise on hand at the end of the year as

31、 a) determined by taking a physical inventory is $55,000. Of the $55,000, $7,000 is held on consignment.The total merchandise inventory counted at the end of the year b) was $65,000. Purchases for $7,000 are in transit under FOB shipping point terms.The total merchandise inventory counted at the end

32、 of the year c) was $60,000. Purchases for $5,000 are in transit under FOB destination terms.3. The bank statement for Allen Co. indicates a balance of $8, 000. 00 on June 30, 2005. After the journals for June had been posted, the cash account had a balance of $6, 307. 00. Prepare a bank reconciliat

33、ion on the basis of the following reconciling items: ( 6 points)Cash sales of $342 had been erroneously recorded in the cash a) receipts journal as $324.Deposits in transit not recorded by bank, $500.00. b)Bank debit memorandum for service charges, $25.00. c)Checks outstanding, $2,200.00.f)Financial

34、 Statement Preparation (15 points)On May 1, 2005, the amount of Beth Moore，s capital in his Company was $101, 000. During May, she withdrew $15, 100 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows: (20 points)Accounts payable$8,900Accounts rec

35、eivable25,950Cash11,390Net Sales70,800Insurance expense1,475Land74,400Miscellaneous expense1,510Prepaid insurance2, 000Rent expense8, 000Cost of Merchandise Sold35,300Supplies950Supplies expense825Salary expense3, 800Prepare (a) the income statement for May using multiple-step income statement, (b)

36、the balance sheet as of May 31.Explain (5 points)What are the differences between balance sheet, income statement and statement of cash flows?Answers for the Final Exam:Multiple Choice (20 points, 1 point each)baccdaaddd ddcac bbbadTrue of False (10 points, 1 point each)1. F 2. F 3. T 4. T 5. F 6. F

37、 7. F 8. F 9. F 10. FMatching: (10 points, 2 points each)2. C 2. E 3. A 4. B 5. DJournalizing Entries (10 points, 2 points each)3. Cash3, 000Account Receivable3, 0004. Merchandise Inventory5,000Account Payable5, 0005. Wages Expense3,000Cash3,0006. Depreciation Expense600Accumulated Depreciation 6007

38、. Account Receivable3, 500Sales3, 500Cost of Merchandise Sold1, 400Merchandiseinventory1,400Computation (30 points. 10 points each)$8, 000.00500, 00$8, 500.002, 200 ,00$6, 300.00$6, 307.0018. 00$6, 325.0025.001.a) Straight-Line MethodAnnual depreciation =(70,000-5,200)/8 二 $8,100So the annual deprec

39、iation for each year is $8,100b) DDB MethodDDB rate = 2* (1/8)= 25%The first year annual depreciation = 70, 000*25% = 17,500The second year annual depreciation = (70, 000 - 17, 500) *25% = $13,1252$48, 000a) $72,000b) $60,000c)3Allen Co.Bank ReconciliationJune 30, 2005Cash balance according to bank statementAdd deposits in transit not recorded by bankDeduct outstanding checksAdjusted balanceCash balance according to depositors recordsAdd Error in recording cash sales of $342 as $324Deduct: Bank service charges