MAA261Sample Exam 2 T1Word文档下载推荐.docx
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MAA261Sample Exam 2 T1Word文档下载推荐.docx
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PARTA
Question1:
Acompanyhasthefollowingtransactionsrelatedtobadanddoubtfuldebts(impairmentforallowance):
Baddebtswrittenoff(notpreviouslydoubtful)$1500
Prioryear’sbaddebtsrecoveredintheyear300
Allowanceforimpairmentprovisionat1July2012630
Allowanceforimpairmentprovisionat30June2013580
Thebaddebtsexpensefortheyearended30June2013is:
a)$1250
b)$1300
c)$950
d)$1150
Question2:
AfirmpurchasedfactoryequipmentonApril1,2010for$50,000.Itisestimatedthattheequipmentwillhavea$5,000residualvalueattheendofits10-yearusefullife.Usingthereducing-balancemethodofdepreciationandanannualdepreciationrateof20%,theamounttoberecordedasdepreciationexpenseatDecember31,2011is:
a)$6,375.
b)$7,500
c)$8,500.
d)$10,000.
Question3:
Andebtorowed$500butwasentitledtoadiscountof2percentforearlypayment.Theaccountantcreditedtheaccountreceivableaccountby$510,providedforthe$10discountbydebitingadiscountexpenseaccountandputadebitof$500intothebankaccount.
Whathappenstothetrialbalancewhenthistransactionisenteredintotherecordingsystem?
a)Thelistofbalancesisaccurate.
b)Thetrialbalanceisin‘balance’butisinaccurate.
c)Totalcreditsaregreaterthantotaldebits.
d)Totaldebitsaregreaterthantotalcredits.
Question4:
(notcoveredinT12014,donotattempt)
GadgetEnterpriseshadthefollowingregularitemsofinventoryatyearend:
ItemNumberofUnitsUnitCostCurrentnetsellingprice
A20$10$20
B18$15$10
C15$18$25
Atwhatamountshouldthecompanyrecordtotalclosinginventoryifthe“lowerofcostandnetrealisablevalue”ruleisappliedtoindividualitems?
a)$740
b)$955
c)$755
d)$650
Question5:
Youaregiventhefollowingdata:
openingstock$52375;
closingstock$15710;
andcostofsales$106150.Thecostofpurchasesis:
a)$38,065.
b)$45,715.
c)$69,485.
d)$142,185.
Question6:
Thebasicqualitiesoffinancialreportingrequiredbytheinternationalconceptualframeworkinclude:
a)probability,measurabilityandtimeliness.
b)relevance,understandabilityandreliability.
c)understandability,reliabilityanddisclosure.
d)accuracy,comparabilityandrelevance.
Question7:
Abusinessusingaperiodicinventorysystemquestionsanerrorinthestocktakewhichcausedthecostofgoodssoldtobeoverstated.Theeffectofthiserrorongrossprofitandnetprofitwouldbethat:
a)grossprofitisunderstated,netprofitisunderstated.
b)grossprofitisoverstated,netprofitisoverstated.
c)grossprofitisunderstated,netprofitisoverstated.
d)grossprofitisoverstated,netprofitisunderstated.
Question8:
Alawfirmreceived$2,000cashforlegalservicestoberenderedinthefuture.Thefullamountwascreditedtotheliabilityaccount,UnearnedLegalFees.Ifthelegalserviceshavebeenperformedattheendoftheaccountingperiodandnoadjustingentryismade,thiswouldcause:
a)expensestobeoverstated.
b)netprofittobeoverstated.
c)liabilitiestobeunderstated.
d)netprofittobeunderstated.
Question9:
Itemsthatcausedecreasesineconomicbenefitsduringanaccountingperiodresultingindecreasesinequity,otherthanthoserelatingtocontributionsfromequityparticipantssatisfythedefinitionof:
a)liabilities.
b)income.
c)assets.
d)expenses.
Question10:
JacksonFlourMilltookoutaneight-monthloanfortheamountof$18,000onSeptember1.Theloanrequiresaninterestatanannualrateof16%.TheamountofinteresttobeaccruedattheendofDecemberassumingnopreviousallowanceforinterestis:
a)$240.
b)$480.
c)$720.
d)$960.
Question11:
Ifprepaidexpensesareinitiallyrecordedinanassetaccount,whatadjustingentrymightbemadeattheendoftheaccountingperiod?
a)Debitanasset,creditanexpense.
b)Debitanexpense,creditanasset.
c)Debitaliability,creditanexpense.
d)Debitanexpense,creditaliability.
Question12:
Thenumberandtypesofspecialjournalstobeusedwilldependontheneedsofanorganisation.Anorganisationengagedinsellingnewandusedcarsmighttypicallyhavethefollowingspecialjournals:
a)cashreceipts,cashpayments,purchases,purchasereturns.
b)cashreceipts,cashpayments,sales,salesreturns.
c)cashreceipts,cashpayments,purchases,salesreturns.
d)cashreceipts,cashpayments,sales,purchases.
Question13
HIFILtdissued20,000sharesfor$20each.Duringthefirstsixmonthsofoperation,HIFILtdearnedaprofitbeforetaxof$90,000,allowedforincometaxexpenseof$27,000anddeclaredaninterimdividendof$18,000.TheretainedearningsofHIFILtdattheendofthesixmonthsis:
a)$45,000
b)$63,000
c)$90,000
d)$445,000
Question14
Anadjustmentattheendoftheperiodforaccruedincomewillleadto:
a)increaseinassetsandanincreaseinincome
b)increaseinliabilitiesandadecreaseinincome
c)decreaseinassetsandadecreaseinincome
d)decreaseinliabilitiesandanincreaseinincome
Question15
CrazyhorseLimitedhasapolicytoprovidefordoubtfuldebts(impairmentforallowance)basedon2%oftotaldebts.Theaccountanthasactuallyprovidedonthebasisof1.5%inerror.Theeffectofthiserroristo:
a)overstateassetsandoverstateexpenses
b)overstateassetsandunderstateexpenses
c)understateassetsandoverstateexpenses
d)understateassetsandunderstateexpenses
Question16:
Abaddebtsexpense:
a)isnottoberecordeduntilitisprobablethatthepaymentwillnotbereceived.
b)immediatelyreducesaccountsreceivablebecauseitisnolongeranassettobecollected.
c)isusedtoreflecttheexpectationthatsomecustomersmaynotpaytheirdebts.
d)reducesaccountspayablebecausethisamountisnotgoingtobepaid.
Question17:
Ifabusinessfailstorecordaccruedincomeattheyearend:
a)netprofitisunderstated
b)expensesareunderstated.
c)assetsareoverstated.
d)liabilitiesareunderstated.
Usethefollowinginformationtoanswerquestions18-20
HepmeRonderLtdwasregisteredasacorporationon5August2010.On23September2010,aprospectuswasissuedoffering900000ordinarysharesatanissuepriceof$4.80each,payable$3.90onapplication,$0.60onallotmentand$0.30onacalldueonthe28February2011.
Applicationsclosedon1November2010withthecompanyhavingreceivedapplicationsfor950000shares.Theshareswereallottedon8November2010,withtheoversubscriptionamountbeingrefundedtounsuccessfulapplicationsonthesameday.Allallotmentmonieswerereceivedby10November2010.Thecallmonieswerereceivedon2March2011,exceptfor11000shareholderswhodidnotpay.
Question18
Thejournaltorecordtherefundduetounsuccessfulapplicantsis:
a)ApplicationaccountDr195000
CashaccountCr195000
b)CashaccountDr240000
ApplicationaccountCr240000
c)ShareCapitalaccountDr30000
CashaccountCr30000
d)ApplicationaccountDr195000
CashTrustaccountCr195000
Question19
Whichofthefollowingisrequiredtorecordthecalldueon28February2011?
a)CallaccountDr3300
ShareCapitalaccountCr3300
b)CashaccountDr270000
CallaccountCr270000
c)CashaccountDr267700
CallaccountCr267700
d)CallaccountDr270000
ShareCapitalaccountCr270000
Question20
Howmuchmoneyisduefromsuccessfulapplicantontheallotmentofshares
a)$570000
b)$540000
c)$375000
d)$345000
Question21:
Acompanymayretainprofitsinitsownname,whereasapartnershipmustdistributeallprofitstothepartners.Thisdifferenceoccursbecauseacompany:
a)hasdirectors.
b)hasperpetuallife.
c)haslimitedliability.
d)isaseparatelegalentity.
PARTB.
YouarerequiredtoanswerALLthequestions.
PlaceALLyouranswersinthespacesprovided.
Question113marks
BackdropCameraSuppliesengagedinthefollowingtransactionsinJune.
June
7SoldinventoryoncredittoLennyLens,terms3/15n/30,$1,500(cost,$900).
8PurchasedinventoryoncreditfromPhilsFotographic,terms5/15n/30,$3,000.
9PaidDennisDeliveryServicesforfreightchargesoninventorypurchasedon8June,$127.
10PurchasedinventoryoncreditfromCamsCameraSupplies,terms2/30n/50,$4,800,including$300freightcostspaidbyCamsCameraSupplies.
15ReturneddamagedinventoryreceivedfromPhilsFotographicon8June,$300.
17ReceivedchequefromLennyLens.
19Soldinventoryforcash,$900(cost,$540).
20PaidCamsCameraSuppliesforpurchaseof10June.
21PaidPhilsFotographicthebalanceoutstanding.
24AcceptedfromLennyLensareturnofinventory,whichwasputbackininventory,$100(cost,$60).
YouarerequiredtoprepareproperlyformattedGeneralJournalentriestorecordeachof
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