财务会计习题

1．Merchandise inventory is classified on the balance sheet as aa. Current Liabilityb. Current Assetc. Long-Term Assetd. Long-Term LiabilityANS: B DIF: 1 OBJ: 022.The primary difference between a periodic and perpetual inventory system is that aa. periodic system determines the inventory on hand only at the end of the accounting periodb. periodic system keeps a record showing the inventory on hand at all timesc. periodic system provides an easy means to determine inventory shrinkaged. periodic system records the cost of the sale on the date the sale is madeANS: A DIF: 3 OBJ: 023.A company, using the periodic inventory system, has merchandise inventory costing $140 on hand at the beginning of theperiod. During the period, merchandise costing $400 is purchased. At year-end, merchandise inventory costing $180 is on hand. The cost of merchandise sold for the year isa. $720b. $550c. $360d. none of the aboveANS: C DIF: 4 OBJ: 024. When the perpetual inventory system is used, the inventory sold is shown on the income statement asa. cost of merchandise soldb. purchasesc. purchases returns and allowancesd. net purchasesANS: A DIF: 1 OBJ: 025.If the allowance method of accounting for uncollectible receivables is used, what general ledger account is credited to writeoff a customer's account as uncollectible?a. Uncollectible Accounts Expenseb. Accounts Receivablec. Allowance for Doubtful Accountsd. Interest ExpenseANS: B DIF: 1 OBJ: 046.Allowance for Doubtful Accounts is listed on the balance sheet under the captiona. owner's equityb. investmentsc. fixed assetsd. current assetsANS: D DIF: 1 OBJ: 047.On the balance sheet, the amount shown for the Allowance for Doubtful Accounts is equal to thea. Uncollectible accounts expense for the yearb. total of the accounts receivables written-off during the yearc. total estimated uncollectible accounts as of the end of the yeard. sum of all accounts that are past due.8.Allowance for Doubtful Accounts has a credit balance of $1,100 at the end of the year (before adjustment), and an analysisof customers' accounts indicates doubtful accounts of $12,900. Which of the following entries records the proper provision for doubtful accounts?a. debit Uncollectible Accounts Expense, $14,000; credit Allowance for Doubtful Accounts, $14,000b. debit Allowance for Doubtful Accounts, $14,000; credit Uncollectible Accounts Expense, $14,000c. debit Allowance for Doubtful Accounts, $11,800; credit Uncollectible Accounts Expense, $11,800d. debit Uncollectible Accounts Expense, $11,800; credit Allowance for Doubtful Accounts, $11,800ANS: D DIF: 3 OBJ: 049.Allowance for Doubtful Accounts has a credit balance of $1,500 at the end of the year (before adjustment), and an analysisof customers' accounts indicates doubtful accounts of $17,900. Which of the following entries records the proper provision for doubtful accounts?a. debit Allowance for Doubtful Accounts, $16,400; credit Uncollectible Accounts Expense, $16,400b. debit Allowance for Doubtful Accounts, $19,400; credit Uncollectible Accounts Expense, $19,400c. debit Uncollectible Accounts Expense, $19,400; credit Allowance for Doubtful Accounts, $19,400d. debit Uncollectible Accounts Expense, $16,400; credit Allowance for Doubtful Accounts, $16,400ANS: D DIF: 3 OBJ: 0410.In credit terms of 1/10, n/30, the "1" represents thea. number of days in the discount periodb. full amount of the invoicec. number of days when the entire amount is dued. percent of the cash discountANS: D DIF: 1 OBJ: 0311.Merchandise with a sales price of $500 is sold on account with term 2/10, n/30. The journal entry to record the salewould include aa. debit to Cash for $500b. Debit to Sales Discounts for $10c. Credit to Sales for $500d. Debit to Accounts Receivable for $$490ANS: C DIF: 2 OBJ: 0312.Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a customer for $15,000. The sellerpaid transportation costs of $1,000 and issued a credit memorandum for $5,000 prior to payment. What is theamount of the cash discount allowable?a. $160b. $150c. $140d. $100ANS: D DIF: 3 OBJ: 0313. If the direct write-off method of accounting for uncollectible receivables is used, what general ledger account isdebited to write off a customer's account as uncollectible?a. Uncollectible Accounts Payableb. Accounts Receivablec. Allowance for Doubtful Accountsd. Uncollectible Accounts Expense14. If the direct write-off method of accounting for uncollectible receivables is used, what general ledger account iscredited to write off a customer's account as uncollectible?a. Uncollectible Accounts Expenseb. Accounts Receivablec. Allowance for Doubtful Accountsd. Interest ExpenseANS: B DIF: 1 OBJ: 0515. One of the weaknesses of the direct write-off method is that ita. understates accounts receivable on the balance sheetb. violates the matching principlec. is too difficult to use for many companiesd. is based on estimatesANS: B DIF: 2 OBJ: 0516.The amount of the promissory note plus the interest earned on the due date is called thea. realizable valueb. maturity valuec. face valued. net realizable valueANS: B DIF: 1 OBJ: 0617.A 60-day, 10% note for $8,000, dated April 15, is received from a customer on account. The face value of the note isa. $8,600b. $7,200c. $8,800d. $8,000ANS: D DIF: 1 OBJ: 0618.A 90-day, 12% note for $10,000, dated May 1, is received from a customer on account. The maturity value of the note isa. $10,000b. $10,300c. $450d. $9,550ANS: B DIF: 3 OBJ: 0619.On November 1, Blazer Company receives a 6% interest bearing note from Ram Company to settle a $20,000 accountreceivable. The note is due in six months. At December 31, Blazer should record interest revenue ofa. $0b. $100c. $200d. $600ANS: C DIF: 3 OBJ: 0720.A $6,000, 30-day, 12% note recorded on November 21 is not paid by the maker at maturity. The journal entry torecognize this event isa. debit Cash, $6,060; credit Notes Receivable, $6,060b. debit Accounts Receivable, $6,060; credit Notes Receivable, $6,000; Credit Interest Receivable, $60c. debit Notes Receivable, $6,060; credit Accounts Receivable, $6,060d. debit Accounts Receivable, $6,060; credit Notes Receivable, $6,000; Credit Interest Revenue, $60ANS: D DIF: 3 OBJ: 0721.Receivables are usually listed on the balance sheet after Cash in what order?a. Accounts Receivable, Notes Receivable, Interest Receivableb. Interest Receivable, Notes Receivable, Accounts Receivablec. Notes Receivable, Interest Receivable, Accounts Receivabled. Notes Receivable, Accounts Receivable, Interest ReceivableANS: D DIF: 2 OBJ: 0822.The inventory method that considers the inventory to be composed of the units of merchandise acquired earliest is calleda. first-in, first-outb. last-in, first-outc. average costd. retail methodANS: B DIF: 2 OBJ: 0323.Under which method of cost flows is the inventory assumed to be composed of the most recent costs?a. average costb. last-in, first-outc. first-in, first-outd. weighted averageANS: C DIF: 2 OBJ: 0324.The inventory data for an item for November areNov. 1 Inventory.........20 units at $204 Sold................. 10 units10 Purchased.........30 units at $2117 Sold................. 20 units30 Purchased.........10 units at $22Using the perpetual system, costing by the first-in, first-out method, the last-in, first-out method ，what is the cost of the merchandise inventory of 30 units on November 30?a. $640，630b. $610, 620c. $620，610d. $630, 640ANS: A DIF: 3 OBJ: 0425.During a period of consistently rising prices, the method of inventory that will result in reporting the greatest cost ofmerchandise sold isa. FIFOb. LIFOc. average costd. weighted averageANS: B DIF: 5 OBJ: 0626.Accumulated Depreciationa. is used to show the amount of cost expiration of intangiblesb. is the same as Depreciation Expensec. is a contra asset accountd. is used to show the amount of cost expiration of natural resourcesANS: C DIF: 1 OBJ: 0127.A building with an appraisal value of $137,000 is made available at an offer price of $142,000. The purchaser acquiresthe property for $30,000 in cash, a 90-day note payable for $40,000, and a mortgage amounting to $60,000. The cost basis recorded in the buyer's accounting records to recognize this purchase isa. $137,000b. $142,000c. $130,000d. $100,000ANS: C DIF: 3 OBJ: 0128 A new machine with a purchase price of $94,000, with transportation costs of $8,000, installation costs of $6,000, andspecial acquisition fees of $2,000, would have a cost basis ofa. $ 96,000b. $108,000c. $102,000d. $110,000ANS: D DIF: 3 OBJ: 0129.A fixed asset's estimated value at the time it is to be retired from service is calleda. book valueb. residual valuec. market valued. carrying valueANS: B DIF: 1 OBJ: 0230.All of the following below are needed for the calculation of depreciation excepta. costb. residual valuec. estimated lifed. book valueANS: D DIF: 1 OBJ: 0231.A machine with a cost of $65,000 has an estimated residual value of $5,000 and an estimated life of 5 years or 15,000hours. It is to be depreciated by the units-of-production method. What is the amount of depreciation for thesecond full year, during which the machine was used 5,000 hours?a. $8,000b. $20,000c. $12,000d. $21,667ANS: B DIF: 3 OBJ: 0232.Equipment with a cost of $160,000 has an estimated residual value of $10,000 and an estimated life of 5 years or 12,000hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 3,300 hours?a. $30,000b. $32,500c. $34,000d. $40,000ANS: A DIF: 3 OBJ: 0233.A machine with a cost of $65,000 has an estimated residual value of $5,000 and an estimated life of 4 years or 18,000hours. What is the amount of depreciation for the second full year, using the declining-balance method at double the straight-line rate?a. $15,000b. $30,000c. $16,250d. $32,500ANS: C DIF: 3 OBJ: 0234.The depreciation method that does not use residual value in calculating the first year's depreciation expense isa. straight-lineb. units-of-productionc. declining-balanced. none of the aboveANS: C DIF: 1 OBJ: 0235. When a company discards machinery that is fully depreciated, this transaction would be recorded with thefollowing entrya. debit Accumulated Depreciation; credit Machineryb. debit Machinery; credit Accumulated Depreciationc. debit Cash; credit Accumulated Depreciationd. debit Depreciation Expense; credit Accumulated DepreciationANS: A DIF: 3 OBJ: 0436. When a company sells machinery at a price equal to its book value, this transaction would be recorded with anentry that would include the following:a. debit Cash and Accumulated Depreciation; credit Machineryb. debit Machinery; credit Cash and Accumulated Depreciationc. debit Cash and Machinery; credit Accumulated Depreciationd. debit Cash and Depreciation Expense; credit Accumulated DepreciationANS: A DIF: 3 OBJ: 0437.On June 8, Acme Co. issued an $80,000, 6%, 120-day note payable to Still Co. What is the due date of the note?a. October 8b. October 7c. October 6d. October 5ANS: C DIF: 1 OBJ: 0238.On June 8, Acme Co. issued an $80,000, 6%, 120-day note payable to Still Co. What is the maturity value of the note?a. $80,100b. $84,800c. $81,600d. $81,200ANS: C DIF: 3 OBJ: 0239.On June 8, Acme Co. issued an $80,000, 6%, 120-day note payable to Still Co. Assume that the fiscal year of Acme Co.ends June 30. What is the amount of interest expense recognized by Acme in the current fiscal year?a. $293.33b. $400.00c. $391.11d. $1,600.00ANS: A DIF: 3 OBJ: 0240.On June 8, Acme Co. issued an $80,000, 6%, 120-day note payable to Still Co. Assume that the fiscal year of Still Co.ends June 30. What is the amount of interest revenue recognized by Still in the following year?a. $1,200.00b. $1,208.89c. $1,306.67d. $1,600.00ANS: C DIF: 3 OBJ: 0241.On June 8, Acme Co. issued an $80,000, 6%, 120-day note payable to Still Co. Assume that the fiscal year of Acme Co.ends June 30. Which of the following relationships is true?a. Acme is the creditor and credits Accounts Receivableb. Still is the creditor and debits Accounts Receivablec. Still is the borrower and credits Accounts Payabled. Acme is the borrower and debits Accounts PayableANS: D DIF: 2 OBJ: 0242. A business borrowed $40,000 on March 1 of the current year by signing a 30 day, 6% interest bearing note. When thenote is paid on March 31, the entry to record the payment should include aa. debit to Interest Payable $200b. debit to Interest Expense $200c. credit to Cash for $40,000d. credit to Cash for $42400ANS: B DIF: 2 OBJ: 0243. The journal entry a company uses to record the issuance of a note for the purpose of converting an existing accountpayable would bea. debit Cash; credit Accounts Payableb. debit Accounts, Payable; credit Cashc. debit Cash; credit Notes Payabled. debit Accounts Payable; credit Notes PayableANS: D DIF: 2 OBJ: 0244. The journal entry a company uses to record the issuance of a note for the purpose of borrowing funds for the business isa. debit Accounts Payable; credit Notes Payableb. debit Cash; credit Notes Payablec. debit Notes Payable; credit Cashd. debit Cash and Interest Expense; credit Notes PayableANS: B DIF: 2 OBJ: 0245.The journal entry a company uses to record the issuance of a discounted note for the purpose of borrowing funds for thebusiness isa. debit Cash and Interest Expense; credit Notes Payableb. debit Cash and Interest Payable; credit Notes Payablec. debit Accounts Payable; credit Notes Payabled. debit Notes Payable; credit CashANS: A DIF: 2 OBJ: 02。