9th Accounting Quiz Show.pdf
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This document summarizes the results of an accounting quiz show with 12 participants from various schools and universities. It lists the top 8 winners and their school affiliations. It also provides the mechanics of the quiz, which included three difficulty levels (easy, average, difficult) and categories (true/false, multiple choice, identification). Sample questions are shown for each level.
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The document is a practice test for a financial accounting midterm at the National University of Singapore Business School. It consists of 25 multiple choice questions covering various topics in financial accounting, including the accounting equation, adjusting entries, trial balances, accounts receivable, and financial statements. Students are instructed to answer all questions by marking their responses on a scantron sheet within the allotted time of 1 hour and 15 minutes.
Midterm sample solutions
The document is a practice test for a mid-term exam in financial accounting. It consists of 25 multiple choice questions covering various concepts in financial accounting including the accounting equation, adjusting entries, trial balances, income measurement, and more. Students are instructed to answer all questions by marking their responses on a scantron sheet within the 1 hour and 15 minute time limit.
Midterm sample
This document provides instructions and questions for a mid-term practice test in financial accounting for the National University of Singapore NUS Business School. It consists of 25 multiple choice questions covering topics like the accounting equation, adjusting entries, preparing financial statements, and calculating accounts receivable turnover rates. Students have 1 hour and 15 minutes to complete the test and are instructed to shade their answers on a scantron sheet using their name and student ID number for identification.
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ANSWER ALL QUESTIONS IN FIELD READ CAREFULLY PLEASE LABEL EACH QU.docx
ANSWER ALL QUESTIONS IN FIELD: READ CAREFULLY PLEASE LABEL EACH QUESTION
Question 1
Classifying Accounts
Balances for each of the following accounts appear in an adjusted trial balance. Identify each as an asset, liability, revenue, or expense.
1. Accounts Receivable
2. Equipment
3. Fees Earned
4. Insurance Expense
5. Land
6. Prepaid Rent
7. Rent Revenue
8. Salary Expense
9. Salary Payable
10. Supplies
11. Unearned Rent
12. Wages Payable
Question 2
Financial Statements from the End-of-Period Spreadsheet
Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 2019:
Elliptical Consulting
End-of-Period Spreadsheet
For the Year Ended June 30, 2019
Unadjusted
Adjusted
Trial Balance
Adjustments
Trial Balance
Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
27,000
27,000
Accounts Receivable
53,500
53,500
Supplies
3,000
(a)
2,100
900
Office Equipment
30,500
30,500
Accumulated Depreciation
4,500
(b)
1,500
6,000
Accounts Payable
3,300
3,300
Salaries Payable
(c)
375
375
Jayson Neese, Capital
82,200
82,200
Jayson Neese, Drawing
2,000
2,000
Fees Earned
60,000
60,000
Salary Expense
32,000
(c)
375
32,375
Supplies Expense
(a)
2,100
2,100
Depreciation Expense
(b)
1,500
1,500
Miscellaneous Expense
2,000
2,000
150,000
150,000
3,975
3,975
151,875
151,875
Based on the preceding spreadsheet, prepare an income statement for Elliptical Consulting.
Elliptical Consulting
Income Statement
For the Year Ended June 30, 2019
$
Expenses:
$
Total expenses
$
Based on the preceding spreadsheet, prepare a statement of owner's equity for Elliptical Consulting.
Elliptical Consulting
Statement of Owner's Equity
For the Year Ended June 30, 2019
$
$
$
Based on the preceding spreadsheet, prepare a balance sheet for Elliptical Consulting.
Elliptical Consulting
Balance Sheet
June 30, 2019
Assets
Current assets:
$
Total current assets
$
Property, plant, and equipment:
$
Total property, plant, and equipment
Total assets
$
Liabilities
Current liabilities:
$
Total liabilities
$
Owner's Equity
Total liabilities and owner's equity
$
Question 3:
Income Statement; Net Loss
The following revenue and expense account balances were taken from the ledger of Wholistic Health Services Co. after the accounts had been adjusted on February 28, 2019, the end of the fiscal year:
Depreciation Expense
$7,500
Insurance Expense
3,000
Miscellaneous Expense
8,150
Rent Expense
54,000
Service Revenue
448,400
Supplies Expense
2,750
Utilities Expense
33,900
Wages Expense
360,000
Prepare an income statement. Use a minus sign to indicate a net loss.
Wholistic Health Services Co.
Income Statement
For the Year Ended February 28, 2019
$
Expenses:
$
Total expenses
Question 4:
Statement .
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The document is a practice test for a mid-term exam in financial accounting. It consists of 25 multiple choice questions covering various concepts in financial accounting including the accounting equation, adjusting entries, trial balances, income measurement, and more. Students are instructed to answer all questions by marking their responses on a scantron sheet within the 1 hour and 15 minute time limit.
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ANSWER ALL QUESTIONS IN FIELD READ CAREFULLY PLEASE LABEL EACH QU.docx
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Question 1
Classifying Accounts
Balances for each of the following accounts appear in an adjusted trial balance. Identify each as an asset, liability, revenue, or expense.
1. Accounts Receivable
2. Equipment
3. Fees Earned
4. Insurance Expense
5. Land
6. Prepaid Rent
7. Rent Revenue
8. Salary Expense
9. Salary Payable
10. Supplies
11. Unearned Rent
12. Wages Payable
Question 2
Financial Statements from the End-of-Period Spreadsheet
Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 2019:
Elliptical Consulting
End-of-Period Spreadsheet
For the Year Ended June 30, 2019
Unadjusted
Adjusted
Trial Balance
Adjustments
Trial Balance
Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
27,000
27,000
Accounts Receivable
53,500
53,500
Supplies
3,000
(a)
2,100
900
Office Equipment
30,500
30,500
Accumulated Depreciation
4,500
(b)
1,500
6,000
Accounts Payable
3,300
3,300
Salaries Payable
(c)
375
375
Jayson Neese, Capital
82,200
82,200
Jayson Neese, Drawing
2,000
2,000
Fees Earned
60,000
60,000
Salary Expense
32,000
(c)
375
32,375
Supplies Expense
(a)
2,100
2,100
Depreciation Expense
(b)
1,500
1,500
Miscellaneous Expense
2,000
2,000
150,000
150,000
3,975
3,975
151,875
151,875
Based on the preceding spreadsheet, prepare an income statement for Elliptical Consulting.
Elliptical Consulting
Income Statement
For the Year Ended June 30, 2019
$
Expenses:
$
Total expenses
$
Based on the preceding spreadsheet, prepare a statement of owner's equity for Elliptical Consulting.
Elliptical Consulting
Statement of Owner's Equity
For the Year Ended June 30, 2019
$
$
$
Based on the preceding spreadsheet, prepare a balance sheet for Elliptical Consulting.
Elliptical Consulting
Balance Sheet
June 30, 2019
Assets
Current assets:
$
Total current assets
$
Property, plant, and equipment:
$
Total property, plant, and equipment
Total assets
$
Liabilities
Current liabilities:
$
Total liabilities
$
Owner's Equity
Total liabilities and owner's equity
$
Question 3:
Income Statement; Net Loss
The following revenue and expense account balances were taken from the ledger of Wholistic Health Services Co. after the accounts had been adjusted on February 28, 2019, the end of the fiscal year:
Depreciation Expense
$7,500
Insurance Expense
3,000
Miscellaneous Expense
8,150
Rent Expense
54,000
Service Revenue
448,400
Supplies Expense
2,750
Utilities Expense
33,900
Wages Expense
360,000
Prepare an income statement. Use a minus sign to indicate a net loss.
Wholistic Health Services Co.
Income Statement
For the Year Ended February 28, 2019
$
Expenses:
$
Total expenses
Question 4:
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University of Maryland University College
Final Examination
Acct220: Principles of Accounting I
For this exam, omit all general journal entry explanations. Ensure to include correct dollar signs, commas, underlines & double underlines where required.
Question 1: 40% points:
Flip Company's December 31, 2014 trial balance is as follows:
Flip Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
54,500
Allowance for Doubtful Accounts
500
Notes Receivable
30,000
Merchandise Inventory
55,000
Land
20,000
Building
150,000
Accumulated Depreciation, Building
$15,000
Equipment
50,000
Accumulated Depreciation, Equipment
21,000
Goodwill
26,000
Accounts Payable
25,000
Long Term Notes Payable
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000
Retained Earnings
147,000
Sales Revenue
700,000
Salaries Expense
150,000
Utilities Expense
3,500
Cost of Goods Sold
350,000
Administrative Expenses
55,000
Sales Expenses
15,000
_______
Totals
$1,003,000
$1,003,000
Flip is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Acct220 Page 1 of 9 Additional Information:
Notes Receivable is a 3-months, 6% note accepted on December 1, 2014.
Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
Building is depreciated at 3% per year. There is no salvage value.
Equipment is depreciated at 15% year. There is no salvage value.
Flip discovered, on December 30
th
, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
The year-end physical count for Merchandise Inventory reflected a value of $52,500. Any difference in value will not be considered theft or loss.
Salaries for the last half of December, payable in January, amount to $6,500.
Flip estimates that of the Accounts Receivable 5% will not be collectable.
Required:
Prepare in journal form, any required correcting entries
Prepare in journal form, all end-of-the period adjusting entries
Prepare a December adjusted trial balance
Prepare a classified balance sheet for the year ended December 31, 2014
Prepare in journal form, the closing entries for the year ended December 31, 2014
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FIN 610 Midterm ExamInstructions Write your name on your exam.docx
FIN 610 Midterm Exam
Instructions: Write your name on your exam.
STUDENT NAME:______________________
The exam is individual work. It is to be your work and your work alone, with no assistance from classmates, family, friends or others.
Your completed exam is due by 11:59 PM, (upload to your Assignments folder) by March 12. Exams submitted late will be penalized 5 points for each day up to three days late.
Exams received more than three days after the due date will automatically receive an F.
Furthermore,
by proceeding with the exam you are agreeing not to share the exam content or your answers with anyone, including students who may take
FIN 610
in the future.
Please fill in (use
capital letters
) your best choice for each question on the attached answer sheet and post it in your assignment folder—by the due date----March 12
Please read the questions carefully; there may be a little more to it than might be obvious at first reading. If you find a question challenging, try to take the question in parts, working from what you know to what you are trying to solve.
Frank’s Dogs has beginning net fixed assets of $480 and ending net fixed assets of $530. Assets valued at $300 were sold during the year. Depreciation was $40. What is the amount of capital spending?
A. $10
B. $50
C. $90
D. $260
E. $390
Please use the following Income Statement and Balance sheet for Questions 2 to 6
Income Statement for Fair Company
2016
Revenue
$
9,610
less
COGS
$
6,310
less
Depreciation
$
1,370
Gross Income
$
1,930
less
S,G&A
$
-
EBIT
$
1,930
less
Interest Expense
$
630
taxable income
$
1,300
Taxes
$
455
Net Income
$
845
Balance Sheet for Fair Company
Assets
Liabilities and Shareholder Equity
2015
2016
2015
2016
Cash
310
405
Accounts Payable
2720
2570
Accounts receivable
2640
3055
Notes Payable
100
0
Inventory
3275
3850
total current
2820
2570
Pre-paid expenses
0
0
Long-term debt
7875
8100
total current
$
6,225
$
7,310
Common Stock
5000
5250
Next fixed assets (PPE)
$
10,960
10670
Retained Earnings
1490
2060
Total Assets
$
17,185
$ 17,980
$
17,185
$
17,980
What is the operating cash flow for 2016?
A. $845
B. $1,930
C. $2,215
D. $2,845
E. $3,060
The 2015 equity multiplier ratio is :
A. 11.53
B. 3.44
C. 2.65
D. 1.00
E. cannot compute with numbers given
What are the accounts receivable turnover?
A. 10.3
B. 3.44
C. 3.15
D. 3.37
E. cannot compute with numbers given
What is the debt ratio for 2016?
A. 80.7%
B. 55.0%
C. 59.3%
D. 60.7%
E. cannot compute with numbers given
What is the ROE (Return on Equity) for 2016?
A. 22.72%
B. 13.02%
C. 59.80%
D. 18.75%
E. 11.56%
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You can check our previous video tutorials and exams at https://www.youtube.com/channel/UC-KdQWKi_fuiISAJC7obQ4g
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Please subscribe to our YouTube channel to keep updated on the event - https://www.youtube.com/channel/UC-KdQWKi_fuiISAJC7obQ4g
Venue: Online
Prize: P200 Gcash for every quiz
Official Rules of the Accounting Quiz Show:
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2. The participant with the highest score will be declared the winner.
3. There are 10 questions divided into:
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Medium - 3
Difficult - 4
4. Random topics on basic and financial accounting.
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ACCT 422 – Auditing Theory and Practice
Final Exam
Due: 4 hours after Private Message containing exam is opened and no
later than Sunday, March 9, 2014 at 11:00 p.m. EST
Instructions: You have four (4) hours to complete and submit this final exam in your
assignment folder. This is an open book, open notes exam. This final exam consists of 3
parts. Your answers to the exam should be submitted on a separate answer sheet. Your
answer sheet should be submitted as an attachment in your assignment folder under the
“Final” folder in Microsoft Word, WordPerfect or PDF format. Please write your name
on your answer sheet. Please do not write your answers directly in the narrative portion
of your assignment folder.
Part 1: Multiple Choice questions – (worth total of 75 points)
For Part 1, please number your answer sheet from 1 to 40 and provide the letter corresponding to
the best answer (eg, 1. A, 2. B, etc.).
1.
Insurance expense for the period is a function of which of the following?
A. The beginning prepaid balance, current premium payments and the ending prepaid
balance.
B. The beginning prepaid balance and the current period premium payments.
C. The current period premium payments.
D. The current period premium payments and the ending prepaid balance.
2.
A significant customer of the firm suffers a large economic loss after year end, but
prior to completion of field work. The audit client believes this event will have material
effect on the financial statements. The auditor should:
A. adjust the financial statements for the year under audit.
B. add a paragraph to the audit report.
C. advise the client to disclose the event in the notes to the financial statements.
D. advise the client to delay issuing the financial statements until the economic loss
can be determined.
3.
Which of the following statements is true?
A. There is an inverse relationship between the interest and dividends accounts and
debt and equity.
B. There is no relationship between the interest and dividends accounts and debt and
equity.
C. There is a direct relationship between the interest and dividends accounts and debt
and equity.
D. None of the above is true.
2
4.
The process of transferring money from one bank account to another and improperly
recording the transaction is referred to as:
A. kiting.
B. lapping.
C. scamming.
D. embezzling.
5.
Which of the following is least likely to uncover fraud?
A. External auditors
B. Internal auditors
C. Internal controls
D. Management
6.
Which of the following is not correct regarding an auditor's decision that a lower
acceptable audit risk is appropriate?
A. More evidence is accumulated.
B. Less evidence is accumulated.
C. Special care is required in assigning experienced staff.
D. Review of audi ...
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Principles of Accounting IACCT 1010Homework ProjectOne homework .docx
Principles of Accounting IACCT 1010Homework Project
One homework project is assigned this semester. This assignment is a long, comprehensive problem meant to reinforce and solidify your grasp of the accounting cycle. The Homework Project is to be completed by hand using hard copy working papers. The purpose of this requirement is that students generally have a greater comprehension of the complete accounting cycle by processing the steps by hand.Preparation:
Complete the required steps for the project preparing your work in pencil using the hard copy working papers included in this document. Your work should be neat and legible. Refer to the handout on Formatting Rules for Journals (Lesson 2) when preparing your journal entries. You may omit explanations in the journal. Refer to pages 112-113 in your textbook for an example of how to format the financial statements.
Submitting Your Project:
On ground students will submit the project in class on the due date. Online students will submit the project in hard copy by mailing it to the following address. Projects submitted by mail must be postmarked by the project due date.
Paul Koulakov
Business Technologies Department
Nashville State Community College
120 White Bridge Road
Nashville, TN 37209
Due Date:
See syllabusGrade Impact & Academic Integrity:
This homework project will be worth 5% of your overall course grade. No project grades will be dropped--failure to submit a homework project will result in a grade of -0- for this assessment. Submitting work copied from another source is a violation of the Academic Dishonesty Policy and will result in a grade of -0- for the project.Grading Criteria:
This project will be graded on a 100 point scale based on completeness, accuracy, and neatness as shown in the grading details below.
Grading Details:
Item
Points
Journal Entries
20 points (1 point for each correct account)
Adjusting Entries
17 points (1 point for each correct account; 1 point for each correct amount calculation)
Closing Entries
10 points (2 points for each entry; 2 points for correct amounts)
Ledger Acct Balances
12 points (1/2 point for each correct balance)
Unadjusted Trial Balance
3 points for preparation
Adjusted Trial Balance
3 points for preparation
Income Statement
10 points
Statement of Owner’s Equity
5 points
Balance Sheet
10 points
Post-Closing Trial Balance
3 points for preparation
Neatness and format
7 points
Total Possible Points
100
Project Data:
Callie Jamison owns and operates a consulting firm called Jamison Consulting. The business began operating in October 2016. Transactions for October and November 2016 have been recorded and posted.
Jamison Consulting had the following transactions in December 2016.
Dec
2
Provided $3,950 consulting services to Gomez Company on account.
3
Paid $1,025 cash to Hillside Mall for Jamison Consulting’s share of mall advertising costs.
4
Paid $400 cash for minor repairs to the company's computer.
10
Purchased $1,100 of.
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University of Maryland University College Final Examination Acct.docx
University of Maryland University College
Final Examination
Acct220: Principles of Accounting I
For this exam, omit all general journal entry explanations. Ensure to include correct dollar signs, commas, underlines & double underlines where required.
Question 1: 40% points:
Flip Company's December 31, 2014 trial balance is as follows:
Flip Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
54,500
Allowance for Doubtful Accounts
500
Notes Receivable
30,000
Merchandise Inventory
55,000
Land
20,000
Building
150,000
Accumulated Depreciation, Building
$15,000
Equipment
50,000
Accumulated Depreciation, Equipment
21,000
Goodwill
26,000
Accounts Payable
25,000
Long Term Notes Payable
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000
Retained Earnings
147,000
Sales Revenue
700,000
Salaries Expense
150,000
Utilities Expense
3,500
Cost of Goods Sold
350,000
Administrative Expenses
55,000
Sales Expenses
15,000
_______
Totals
$1,003,000
$1,003,000
Flip is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Acct220 Page 1 of 9 Additional Information:
Notes Receivable is a 3-months, 6% note accepted on December 1, 2014.
Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
Building is depreciated at 3% per year. There is no salvage value.
Equipment is depreciated at 15% year. There is no salvage value.
Flip discovered, on December 30
th
, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
The year-end physical count for Merchandise Inventory reflected a value of $52,500. Any difference in value will not be considered theft or loss.
Salaries for the last half of December, payable in January, amount to $6,500.
Flip estimates that of the Accounts Receivable 5% will not be collectable.
Required:
Prepare in journal form, any required correcting entries
Prepare in journal form, all end-of-the period adjusting entries
Prepare a December adjusted trial balance
Prepare a classified balance sheet for the year ended December 31, 2014
Prepare in journal form, the closing entries for the year ended December 31, 2014
NOTE: Students are encouraged to prepare their own T-accounts, on a separate scratch sheet of paper, and track from the beginning balance thru all journal transactions to ending balances for all accounts used in this problem. Do not turn in your separate scratch sheet of paper - those are student personal working papers and not part of any solution required for this exam.
Question 2: 8% points: Inventory
Flip uses the period method and had t.
FIN 610 Midterm ExamInstructions Write your name on your exam.docx
FIN 610 Midterm Exam
Instructions: Write your name on your exam.
STUDENT NAME:______________________
The exam is individual work. It is to be your work and your work alone, with no assistance from classmates, family, friends or others.
Your completed exam is due by 11:59 PM, (upload to your Assignments folder) by March 12. Exams submitted late will be penalized 5 points for each day up to three days late.
Exams received more than three days after the due date will automatically receive an F.
Furthermore,
by proceeding with the exam you are agreeing not to share the exam content or your answers with anyone, including students who may take
FIN 610
in the future.
Please fill in (use
capital letters
) your best choice for each question on the attached answer sheet and post it in your assignment folder—by the due date----March 12
Please read the questions carefully; there may be a little more to it than might be obvious at first reading. If you find a question challenging, try to take the question in parts, working from what you know to what you are trying to solve.
Frank’s Dogs has beginning net fixed assets of $480 and ending net fixed assets of $530. Assets valued at $300 were sold during the year. Depreciation was $40. What is the amount of capital spending?
A. $10
B. $50
C. $90
D. $260
E. $390
Please use the following Income Statement and Balance sheet for Questions 2 to 6
Income Statement for Fair Company
2016
Revenue
$
9,610
less
COGS
$
6,310
less
Depreciation
$
1,370
Gross Income
$
1,930
less
S,G&A
$
-
EBIT
$
1,930
less
Interest Expense
$
630
taxable income
$
1,300
Taxes
$
455
Net Income
$
845
Balance Sheet for Fair Company
Assets
Liabilities and Shareholder Equity
2015
2016
2015
2016
Cash
310
405
Accounts Payable
2720
2570
Accounts receivable
2640
3055
Notes Payable
100
0
Inventory
3275
3850
total current
2820
2570
Pre-paid expenses
0
0
Long-term debt
7875
8100
total current
$
6,225
$
7,310
Common Stock
5000
5250
Next fixed assets (PPE)
$
10,960
10670
Retained Earnings
1490
2060
Total Assets
$
17,185
$ 17,980
$
17,185
$
17,980
What is the operating cash flow for 2016?
A. $845
B. $1,930
C. $2,215
D. $2,845
E. $3,060
The 2015 equity multiplier ratio is :
A. 11.53
B. 3.44
C. 2.65
D. 1.00
E. cannot compute with numbers given
What are the accounts receivable turnover?
A. 10.3
B. 3.44
C. 3.15
D. 3.37
E. cannot compute with numbers given
What is the debt ratio for 2016?
A. 80.7%
B. 55.0%
C. 59.3%
D. 60.7%
E. cannot compute with numbers given
What is the ROE (Return on Equity) for 2016?
A. 22.72%
B. 13.02%
C. 59.80%
D. 18.75%
E. 11.56%
The Ajax Co. just decided to save $1,500 a month for the next five years as a safety net for recessionary periods. The money will be set aside in a separate savings account which ...
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ACC 291NEW Education Begins--acc291.com
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1st Accounting Quiz Show - AccountingUpgrade.com.pdf
This accounting quiz show aims to help students, graduates, and entrepreneurs review their knowledge, memory, and agility in accounting topics they have already learned to.
You can check our previous video tutorials and exams at https://www.youtube.com/channel/UC-KdQWKi_fuiISAJC7obQ4g
Don't forget to subscribe to get notified of our future tutorials.
Accounting Quiz Show Details:
Date and time: 7:00 PM PHT every Friday, may change depending on various circumstances.
Please subscribe to our YouTube channel to keep updated on the event - https://www.youtube.com/channel/UC-KdQWKi_fuiISAJC7obQ4g
Venue: Online
Prize: P200 Gcash for every quiz
Official Rules of the Accounting Quiz Show:
1. The quiz will be held on Zoom and will be live-streamed via the Youtube channel.
2. The participant with the highest score will be declared the winner.
3. There are 10 questions divided into:
Easy - 3
Medium - 3
Difficult - 4
4. Random topics on basic and financial accounting.
5. Participants will be given enough time to answer a question, depending on the difficulty of the questionnaire. A timer will be set by the host for each question. Once the timer stops, their answer will not be acknowledged anymore by the host.
6. For easier checking, Google Forms will be used by the participants to submit their answers.
7. The host will announce the correct answer including those participants who submitted a correct answer.
8. 1 point will be earned for each question.
9. The winner of the show will be announced at the end of the quiz.
Acc 400 entire course with final exam guide
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Acc 400 entire course with final exam guide
This document provides an overview and summary of the key concepts covered in ACC 400 Entire Course with Final Exam Guide. It includes descriptions of discussion questions, assignments, and exams for each of the 5 weeks. The questions cover topics such as current/non-current assets and liabilities, accounting estimates, internal controls, intangible assets, analysis ratios, lease accounting, and the components of the capital structure. The final exam contains 20 multiple choice questions testing concepts like the calculation of turnover ratios, accounting for uncollectible accounts, recording the purchase of treasury stock, and analyzing financial statements.
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1 ACCT 422 – Auditing Theory and Practice Final.docx
1
ACCT 422 – Auditing Theory and Practice
Final Exam
Due: 4 hours after Private Message containing exam is opened and no
later than Sunday, March 9, 2014 at 11:00 p.m. EST
Instructions: You have four (4) hours to complete and submit this final exam in your
assignment folder. This is an open book, open notes exam. This final exam consists of 3
parts. Your answers to the exam should be submitted on a separate answer sheet. Your
answer sheet should be submitted as an attachment in your assignment folder under the
“Final” folder in Microsoft Word, WordPerfect or PDF format. Please write your name
on your answer sheet. Please do not write your answers directly in the narrative portion
of your assignment folder.
Part 1: Multiple Choice questions – (worth total of 75 points)
For Part 1, please number your answer sheet from 1 to 40 and provide the letter corresponding to
the best answer (eg, 1. A, 2. B, etc.).
1.
Insurance expense for the period is a function of which of the following?
A. The beginning prepaid balance, current premium payments and the ending prepaid
balance.
B. The beginning prepaid balance and the current period premium payments.
C. The current period premium payments.
D. The current period premium payments and the ending prepaid balance.
2.
A significant customer of the firm suffers a large economic loss after year end, but
prior to completion of field work. The audit client believes this event will have material
effect on the financial statements. The auditor should:
A. adjust the financial statements for the year under audit.
B. add a paragraph to the audit report.
C. advise the client to disclose the event in the notes to the financial statements.
D. advise the client to delay issuing the financial statements until the economic loss
can be determined.
3.
Which of the following statements is true?
A. There is an inverse relationship between the interest and dividends accounts and
debt and equity.
B. There is no relationship between the interest and dividends accounts and debt and
equity.
C. There is a direct relationship between the interest and dividends accounts and debt
and equity.
D. None of the above is true.
2
4.
The process of transferring money from one bank account to another and improperly
recording the transaction is referred to as:
A. kiting.
B. lapping.
C. scamming.
D. embezzling.
5.
Which of the following is least likely to uncover fraud?
A. External auditors
B. Internal auditors
C. Internal controls
D. Management
6.
Which of the following is not correct regarding an auditor's decision that a lower
acceptable audit risk is appropriate?
A. More evidence is accumulated.
B. Less evidence is accumulated.
C. Special care is required in assigning experienced staff.
D. Review of audi ...
FINANCIAL ACCOUNTING PRINCIPLES Assessment 4: Accounting for Liabilities and ...
1. Data Resources, Inc. engaged in short-term financing transactions in 2011-2012 involving accounts payable, notes payable, and accrued interest. Journal entries are required to record these transactions, including notes maturing on April 29, 2012, June 16, 2012, and January 30, 2012.
2. Fromer issued $3 million of 12-year bonds on January 1, 2012 at a discount. Semi-annual interest payments are due on June 30 and December 31 each year. Journal entries are needed to record the bond issuance and amortize the discount over the life of the bonds.
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Chapter 09 ACCOUNTING FOR RECEIVABLES.ppt
This chapter summary discusses accounting for receivables, including accounts receivable and notes receivable. It covers recognizing, valuing, and disposing of both accounts receivable and notes receivable. Specific topics covered include the allowance method and direct write-off method for estimating uncollectible accounts, percentage of sales and receivables bases, and sales of receivables through factoring or credit card transactions.
Principles of Accounting IACCT 1010Homework ProjectOne homework .docx
Principles of Accounting IACCT 1010Homework Project
One homework project is assigned this semester. This assignment is a long, comprehensive problem meant to reinforce and solidify your grasp of the accounting cycle. The Homework Project is to be completed by hand using hard copy working papers. The purpose of this requirement is that students generally have a greater comprehension of the complete accounting cycle by processing the steps by hand.Preparation:
Complete the required steps for the project preparing your work in pencil using the hard copy working papers included in this document. Your work should be neat and legible. Refer to the handout on Formatting Rules for Journals (Lesson 2) when preparing your journal entries. You may omit explanations in the journal. Refer to pages 112-113 in your textbook for an example of how to format the financial statements.
Submitting Your Project:
On ground students will submit the project in class on the due date. Online students will submit the project in hard copy by mailing it to the following address. Projects submitted by mail must be postmarked by the project due date.
Paul Koulakov
Business Technologies Department
Nashville State Community College
120 White Bridge Road
Nashville, TN 37209
Due Date:
See syllabusGrade Impact & Academic Integrity:
This homework project will be worth 5% of your overall course grade. No project grades will be dropped--failure to submit a homework project will result in a grade of -0- for this assessment. Submitting work copied from another source is a violation of the Academic Dishonesty Policy and will result in a grade of -0- for the project.Grading Criteria:
This project will be graded on a 100 point scale based on completeness, accuracy, and neatness as shown in the grading details below.
Grading Details:
Item
Points
Journal Entries
20 points (1 point for each correct account)
Adjusting Entries
17 points (1 point for each correct account; 1 point for each correct amount calculation)
Closing Entries
10 points (2 points for each entry; 2 points for correct amounts)
Ledger Acct Balances
12 points (1/2 point for each correct balance)
Unadjusted Trial Balance
3 points for preparation
Adjusted Trial Balance
3 points for preparation
Income Statement
10 points
Statement of Owner’s Equity
5 points
Balance Sheet
10 points
Post-Closing Trial Balance
3 points for preparation
Neatness and format
7 points
Total Possible Points
100
Project Data:
Callie Jamison owns and operates a consulting firm called Jamison Consulting. The business began operating in October 2016. Transactions for October and November 2016 have been recorded and posted.
Jamison Consulting had the following transactions in December 2016.
Dec
2
Provided $3,950 consulting services to Gomez Company on account.
3
Paid $1,025 cash to Hillside Mall for Jamison Consulting’s share of mall advertising costs.
4
Paid $400 cash for minor repairs to the company's computer.
10
Purchased $1,100 of.
ACC 291 New Expect Success/newtonhelp.com
For more course tutorials visit
www.newtonhelp.com
ACC 291T Week 1 Practice: Connect® Knowledge Check
ACC 291T Week 1 Apply: Connect® Exercise
ACC 291T Week 2 Practice: Connect® Knowledge Check
Acc 291 new Your world/newtonhelp.com
This document provides a list of assignments for the ACC 291 accounting course, including practice and applied assignments for each week covering topics like general journals, general ledgers, accounts receivable, and financial statement analysis. It also includes final exam guides, sample assignments with transactions to record, and Excel files to accompany the assignments. The purpose is to help students learn and practice core accounting concepts over the course of the 5 week semester.
Acc 291 new Motivated Minds/newtonhelp.com
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ACC 291T Week 1 Practice: Connect® Knowledge Check
ACC 291T Week 1 Apply: Connect® Exercise
ACC 291T Week 2 Practice: Connect® Knowledge Check
ACC 291T Week 2 Apply: Connect® Exercise
Acc 291 new Education is Power/newtonhelp.com
For more course tutorials visit
www.newtonhelp.com
ACC 291T Week 1 Practice: Connect® Knowledge Check
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- 2. Are you ready to win?
- 3. I'm your host for today! EDGARDO LAMADRID, CPA "ED"
- 4. 1ST ACCOUNTING QUIZ SHOW WINNERS Host NESTOR JOHN JAIA Bicol State College of Applied Science and Technology Ateneo De Naga University Garcia College of Technology
- 5. 2ND ACCOUNTING QUIZ SHOW WINNER Host Bulacan Polytechnic College TOP
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- 19. 4. When an accounts receivable aging schedule is prepared, a series of computations is made to determine the estimated uncollectible accounts. The resulting amount from this aging schedule is the amount of the desired credit balance of the allowance for doubtful accounts to be reported at year end. True or False
- 21. 5. Noninterest bearing long-term notes are measured at? a. Face value b. Present value c. Future value d. Discounted at legal interest rate e. None of the above
- 22. 6. The amortized cost of notes receivable is the amount at which the notes receivable is measured initially, except for: a. Minus principal repayments b. Plus or minus the cumulative amortization of any difference between the initial carrying amount and the principal maturity amount c. Minus reduction for impairment d. Plus interest paid to debtors.
- 23. 7. A debit balance n the allowance for doubtful accounts: a. Should never occur. b. May exist after the year end adjustment for uncollectible accounts. c. Is the result of the management not providing sufficient allowance to manage earnings. d. May occur before the year end adjustments for uncollectible accounts. e. None of the above
- 25. 8. Golden Archers Development Corporation (GADC), a subsidiary of Alliance Global Group, is the master franchise holder of McDonald's here in the Philippines. Alliance Global Group is under the leadership of Kevin Andrew Tan, one of the biggest tycoons here in the Philippines. GADC provided the following details for the current year (figures are not actual and is for educational purposes only): Accounts receivable, January 1 500,000 Credit sales 2,000,000 Sales returns 40,000 Accounts written off 50,000 Collections from customers 90,000 Estimated future sales returns at Dec 31 100,000 Estimated uncollectibe accounts per Dec 31 aging 30,000 What is the amortized cost of the accounts receivable on December 31?
- 26. Neshel Company provided the following accounts from its unadjusted trial balance at December 31: Debit Credit Accounts receivable P4,000,000 Allowance for doubtful accounts 40,000 Net credit sales 30,000,000 Neshel estimates that 2% of the gross accounts receivable will become uncollectible: 9. What amount should be recognized as doubtful accounts expense for the current year?
- 27. Neshel Company provided the following accounts from its unadjusted trial balance at December 31: Debit Credit Accounts receivable P4,000,000 Allowance for doubtful accounts 40,000 Net credit sales 30,000,000 Neshel estimates that 2% of the gross accounts receivable will become uncollectible: 10. How much is the ending allowance for doubtful accounts?
- 28. 11. Kier is evaluating a project and wants to determine if he should proceed with it. Compute the payback period using the cash flows below (in 2 decimal places). Year 0 - (P3,400) 1 - 1,200 2 - 1,500 3 - 900 4 - 700
- 29. 12. Kenzel is evaluating a new system with an installed cost of P560,000. This cost will be depreciated for 5 years and has an estimated scrapped value amounting to P85,000. The new system will save yearly cost amounting to P153,000. However, it requires an additional net working capital of P38,000. If the discount rate is 8%, what is the NPV of this project (rounded to whole number)?