This document provides a 31 question multiple choice exam for an accounting course (ACCT 220). The questions cover a range of accounting topics including adjusting entries, inventory costing methods, depreciation, payroll accounting, and bank reconciliations. For each question, students are asked to calculate amounts, prepare journal entries, or select the correct multiple choice response regarding accounting principles and practices.
This document provides a 19 question multiple choice accounting exam covering various accounting topics such as adjusting entries, inventory methods, depreciation, payroll accounting, and more. The exam includes journal entries, calculations, and multiple choice questions. It tests understanding of accounting principles for financial statements, inventory, depreciation, and payroll.
XYZ Company provided its trial balance as of December 31, 2015. The document lists account balances and additional information regarding notes receivable, notes payable, building and equipment depreciation, and inventory. It provides several required tasks including preparing correcting and adjusting entries, an adjusted trial balance, classified balance sheet, and closing entries.
The document provides an overview of key concepts in accounting for plant assets, natural resources, and intangible assets from Chapter 8, including determining the cost of plant assets, depreciation methods, revising periodic depreciation, accounting for natural resources, intangible assets, exchanging plant assets, and calculating the asset turnover ratio. It includes examples and exercises for each concept with step-by-step solutions.
1) The document contains 4 questions providing financial information for various companies, asking to prepare balance sheets and analyze financial ratios.
2) Question 4 asks which company Mr. Desai should prefer to supply goods to based on their financial information, considering factors like stock, debtors, cash, creditors.
3) Question 5 provides trading and profit & loss account and balance sheet for a company and asks to draft revised statements achieving certain objectives by changing ratios and amounts.
4) Question 6 gives financial ratios and asks to prepare a balance sheet for a company.
5) Question 7 asks to interpret accounting ratios based on summarized balance sheets and profit & loss statements for 2 years.
6) Question 8 provides more
The document summarizes accounting concepts related to inventory valuation, balance day adjustments, and revenue recognition. It provides multiple examples and calculations to illustrate: (1) depreciation of non-current assets using reducing balance and straight-line methods, (2) treatment of prepaid and accrued revenues, and (3) accounting for asset disposals. The examples cover a range of scenarios for businesses including a delivery van, computer systems, and gym equipment.
This document presents the statement of financial position and statement of comprehensive income for PT Luber and PT Al Caisario as of 31 December 2011 and 2010 respectively.
The statement of financial position of PT Luber shows total assets of Rp3.8 billion consisting of current assets, property and equipment, long term investments and intangible assets. Total liabilities are Rp2.7 billion comprising current and non-current liabilities. Total equity is Rp1.1 billion.
The statement of comprehensive income of PT Al Caisario for the year ended 31 December 2010 shows net income of Rp86 billion comprising income from continuing and discontinued operations, offset by comprehensive loss of Rp14 billion.
The document contains a multi-part accounting problem involving the purchase, sale, and depreciation of various non-current assets, including a delivery van and computer system, by two small businesses. It asks the student to calculate depreciation amounts, record journal entries, and explain the impact of different depreciation methods on the financial statements. The student must apply concepts such as reducing balance depreciation, straight-line depreciation, disposal of assets, and balance day adjustments.
This document provides a sample ACC 400 final exam with 20 multiple choice questions covering various accounting topics such as cost accounting, financial statement analysis, internal controls, receivables, and equity. The exam questions assess understanding of accounting concepts like operating cycles, cash budgets, plant asset exchanges, bad debt expense, and accounting for dividends.
This document provides a 19 question multiple choice accounting exam covering various accounting topics such as adjusting entries, inventory methods, depreciation, payroll accounting, and more. The exam includes journal entries, calculations, and multiple choice questions. It tests understanding of accounting principles for financial statements, inventory, depreciation, and payroll.
XYZ Company provided its trial balance as of December 31, 2015. The document lists account balances and additional information regarding notes receivable, notes payable, building and equipment depreciation, and inventory. It provides several required tasks including preparing correcting and adjusting entries, an adjusted trial balance, classified balance sheet, and closing entries.
The document provides an overview of key concepts in accounting for plant assets, natural resources, and intangible assets from Chapter 8, including determining the cost of plant assets, depreciation methods, revising periodic depreciation, accounting for natural resources, intangible assets, exchanging plant assets, and calculating the asset turnover ratio. It includes examples and exercises for each concept with step-by-step solutions.
1) The document contains 4 questions providing financial information for various companies, asking to prepare balance sheets and analyze financial ratios.
2) Question 4 asks which company Mr. Desai should prefer to supply goods to based on their financial information, considering factors like stock, debtors, cash, creditors.
3) Question 5 provides trading and profit & loss account and balance sheet for a company and asks to draft revised statements achieving certain objectives by changing ratios and amounts.
4) Question 6 gives financial ratios and asks to prepare a balance sheet for a company.
5) Question 7 asks to interpret accounting ratios based on summarized balance sheets and profit & loss statements for 2 years.
6) Question 8 provides more
The document summarizes accounting concepts related to inventory valuation, balance day adjustments, and revenue recognition. It provides multiple examples and calculations to illustrate: (1) depreciation of non-current assets using reducing balance and straight-line methods, (2) treatment of prepaid and accrued revenues, and (3) accounting for asset disposals. The examples cover a range of scenarios for businesses including a delivery van, computer systems, and gym equipment.
This document presents the statement of financial position and statement of comprehensive income for PT Luber and PT Al Caisario as of 31 December 2011 and 2010 respectively.
The statement of financial position of PT Luber shows total assets of Rp3.8 billion consisting of current assets, property and equipment, long term investments and intangible assets. Total liabilities are Rp2.7 billion comprising current and non-current liabilities. Total equity is Rp1.1 billion.
The statement of comprehensive income of PT Al Caisario for the year ended 31 December 2010 shows net income of Rp86 billion comprising income from continuing and discontinued operations, offset by comprehensive loss of Rp14 billion.
The document contains a multi-part accounting problem involving the purchase, sale, and depreciation of various non-current assets, including a delivery van and computer system, by two small businesses. It asks the student to calculate depreciation amounts, record journal entries, and explain the impact of different depreciation methods on the financial statements. The student must apply concepts such as reducing balance depreciation, straight-line depreciation, disposal of assets, and balance day adjustments.
This document provides a sample ACC 400 final exam with 20 multiple choice questions covering various accounting topics such as cost accounting, financial statement analysis, internal controls, receivables, and equity. The exam questions assess understanding of accounting concepts like operating cycles, cash budgets, plant asset exchanges, bad debt expense, and accounting for dividends.
This document contains a 25 question multiple choice test on accounting concepts related to buying and selling non-current assets. The test covers topics such as identifying appropriate journals to record asset purchases and sales, classifying asset-related accounts, calculating depreciation amounts, and recording journal entries for asset disposals. It provides detailed asset purchase, sale and disposal scenarios for students to apply their understanding of non-current asset accounting.
This document contains information about the CMA April 2013 examination for the Foundation Level subject "Principles of Accounting". It provides instructions for the exam and includes 5 questions. Question 1 has 3 parts asking students to (a) show accounting transactions in an equation, (b) identify accounting principles/assumptions, and (c) determine when revenue should be recognized. Question 2 has parts about accounting for fixed assets and journalizing transactions. Question 3 covers notes receivable, adjusting entries, and revenue recognition. Questions 4 and 5 contain additional accounting problems and scenarios. The document spans 3 pages and tests students' knowledge of basic accounting concepts.
This document contains sample exam questions and solutions for an accounting unit focusing on inventory valuation, balance day adjustments, and revenue. It includes multiple choice and calculation questions on topics like:
- Depreciation of non-current assets
- Disposal of fixed assets and accumulated depreciation
- Inventory and cost of goods sold calculations
- Prepaid revenue and accrued revenue adjustments
- Journal entries for sales, cash receipts, and general journals
The questions provide practice on accounting principles for asset valuation, depreciation, inventory, and adjusting revenue entries.
Advanced accounting by sohail afzal keybook solution pdfPaksights
- The document discusses solutions to questions about joint stock companies, issuance of bonus shares and rights shares, debentures, bonds, TFCs, company final accounts, analysis of accounting ratios, consignment accounts, contract accounts, and hire purchase and installment purchase.
- Specific journal entries are provided for recording transactions related to share capital, debentures, purchase and sale of goods on consignment, long-term contracts, and hire purchase agreements.
- Calculations are shown for determining bonus shares issuable while maintaining the required minimum reserves, and ratios such as current ratio, liquidity ratio, and stock turnover ratio are computed using example figures.
The document contains journal entries and calculations for accounting exercises. It provides solutions to exercises involving journal entries for transactions, depreciation calculations using different methods, adjusting entries at fiscal period-end, inventory calculations, and ratio calculations. Key information includes journal entries to record purchases, sales, expenses and adjusting entries. Calculations show depreciation expense and accumulated depreciation amounts.
This document contains a 25 question multiple choice test on cash flow statements for a VCE Accounting unit. It provides the questions, multiple choice answers, and some additional context and explanations of cash flow statement concepts. The test covers topics like classifying transactions into operating, investing and financing activities on a cash flow statement and calculating net cash flows in each section. It also includes some numerical cash flow statement questions involving calculating net cash flows and ending bank balances.
This document provides information for an intermediate accounting exam including 4 problems related to financial statements, receivables, inventories, and accounting principles. Problem 1 asks students to prepare a statement of financial position. Problem 2 asks students to prepare a comprehensive income statement. Problem 3 involves calculating impairment of receivables. Problem 4 involves inventory costing methods and valuation. Problem 5 asks students to identify violations of accounting assumptions, principles, or constraints for various accounting practices.
This document contains a 25 question multiple choice test on accounting for returns of stock. It covers topics like identifying source documents for returns, journal entries to record various types of returns, calculating amounts, and updating accounts in subsidiary ledgers. The questions are designed to test understanding of concepts and procedures related to accounting for returns between businesses and their customers.
This document contains multiple choice questions related to accounting topics such as the balance sheet, income statement, statement of cash flows, and financial statement analysis. Specifically:
- Questions ask about items that make up stockholders' equity and assets on the balance sheet, how revenues and expenses are reported on the income statement, and activities that are classified as operating, investing and financing on the statement of cash flows.
- Additional questions cover calculation of financial ratios like earnings per share, return on equity, profit margin and cash ratio that are used to analyze the financial performance and position of a company.
- The document tests understanding of key accounting concepts like the matching principle, revenue recognition, and treatment of various business transactions.
SMU_MBA-Solved-Assignment-Mb0041 financial and management accounting spring20...pkharb
This document provides details of an assignment for a Financial and Management Accounting subject in an MBA program. It includes 5 questions related to analyzing transactions under the traditional accounting approach, journal entries for errors detected in a trial balance, preparing an adjusted trial balance, analyzing trend ratios for Infosys Technologies Ltd over 5 years, and explaining cash flow analysis and the preparation of a cash flow statement.
The document provides details about an accounting for business program by Afterscho☺ol Centre for Social Entrepreneurship. It includes instructions for participants to prepare trading and profit and loss accounts based on transaction details provided for a business owner named Goti for the year ended 31 March 2007. It also provides an additional information and asks participants to prepare a balance sheet as on that date.
This document contains a 25 question multiple choice test on accounting concepts related to the general journal. It covers topics like the purpose of the general journal, types of transactions recorded in the general journal, how to record various business events like owner contributions and withdrawals, donations, bad debts, and correcting accounting errors. For each question, the student is asked to select the best multiple choice answer to demonstrate their understanding of general journal entries.
Mb0041 financial and management accounting-SMU Solved MBA semester 1 Assignmentpkharb
This document provides the details of an assignment for a subject on financial and management accounting. It includes 6 questions assessing various topics like analyzing transactions, detecting and correcting errors in a trial balance, preparing adjusted trial balances, trend analysis, cash flow statements, and comparing absorption and marginal costing. The assignment is out of a total of 60 marks and provides the evaluation scheme for each question.
Accounting 970642 paper 4 problem solving (supplementary topics) october nove...alproelearning
Accounting 970642 paper 4 problem solving (supplementary topics) october november 2014
Advanced Level
A Level
Zimsec
Cambridge
Alpro Learning Portal
Accounting
Accounts
Zimbabwe
Principle of accounts
This document contains a 25 question multiple choice test on balance-day adjustments for revenue. It covers concepts like prepaid revenue, accrued revenue, and the journal entries required to record balance-day adjustments. It is from a VCE Accounting unit on analyzing business performance, and was created by an accounting teacher at Trinity Grammar School.
University of Maryland University College Final Examination Acct.docxgidmanmary
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.
Portfolio Project Option 1 Student Template
Option #1: Venture Consultants, Power and Demolition Company, and Warnerwood Accounting Cases
PART 1:
Venture Consultants
The month of March transactions
Date
Account Names
Debit
Credit
1-Mar
2-Mar
3-Mar
6-Mar
9-Mar
12-Mar
19-Mar
22-Mar
25-Mar
29-Mar
30-Mar
30-Apr
$221,000
$221,000
PART 2A
Power and Demolition Co, Adjustment April 30, 2015
Adjust #
Account Names
Debit
Credit
1
2
3
4
5
6
7
8
PART 2B
Power and Demolition Co, Adjustment April 30, 2015
Continued
UTB
ADJUSTMENT
Acct #
Account Names
Debit
Credit
Debit
Credit
Debit
101
Cash
$7,000
$7,000
126
Supplies
$16,000
128
Pre-paid insurance
$12,600
167
Equipment
$200,000
Accumulated. Depreciation
$14,000
201
Account payable
$6,800
Utilities payable
Wages payable
Rent Payable
PropertyTxPayable
Interest payable
251
Long-term notes payable
$30,000
301
Bonn, Equity
$86,900
302
Bonn, Withdrawals
$12,000
401
Demolition fees earned
$187,000
623
Wage expense
$41,400
633
Interest expense
$3,300
640
Rent expense
$13,200
683
Property tax expense
$9,700
684
Repairs expense
$4,700
690
Utilities expense
$4,800
Supply expense
Insurance expense
Depreciation expense
TOTALS
$324,700
$324,700
PART 3
Warnerwood Company
Column->
A
B
C
D
E
F
G
Date
Activities
# Units Buy
Cost/unit
#Units Sold
Price/unit
Cost GAS
Sales
1-Mar
BI
5-Mar
TI
9-Mar
TO
18-Mar
TI
25-Mar
TI
29-Mar
TO
TOTAL
Q1. Units in Available for Sales is BI + TI (Column B)=
Units (BI + TI) =
Q2. BI + TI - TO = EI=
820
minus
580
equals
240
Q3. FIFO
Q3. LIFO
Q3. Weighted Average
Weighted cost/unit=
Cost EI=
Q.4
Sales
COGS/Method
Gross Profit
Q4. FIFO
Q4. LIFO
Q4. WtAvg
Portfolio
Project Option 1 Student Template
Option #1
:
Venture Consultants, Power and Demolition Company, and Warnerwood
Accounting Cases
PART 1:
Venture Consultants
The month of March transactions
Date
Account
Names
Debit
Credit
1
-
Mar
2
-
Mar
3
-
Mar
6
-
Mar
9
-
Mar
12
-
Mar
19
-
Mar
22
-
Mar
25
-
Mar
29
-
Mar
30
-
Mar
.
Project 3 Recording Daily and Adjusting Entries, and Preparing and .docxanitramcroberts
Jones Widget Company (JWC) recorded various transactions throughout January 2015, including payroll, inventory purchases and sales, equipment purchases and sales, bond issuances, and stock transactions. Journal entries were made for these transactions as well as adjusting entries. The adjusted trial balance and January 2015 financial statements were prepared.
Accounting Help Needed by 1010Displaying messages 1 - 3 of 3P.docxrenatas0nie
Accounting Help Needed by 10/10
Displaying messages 1 - 3 of 3
Participants:
YourBusinessT...
and
Zmoves
Zmoves
2015-10-09 17:20
Hi Can you do this? $40.
Floppy Company's December 31, 2014 trial balance is as follows:
Floppy Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
53,500
Allowance for Doubtful Accounts
1,500
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
Floppy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Additional Information:
a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014.
b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
c. Building is depreciated at 3% per year. There is no salvage value.
d. Equipment is depreciated at 15% year. There is no salvage value.
e. Floppy 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.
f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.
g. Salaries for the last half of December, payable in January, amount to $5,500.
h. Floppy estimates that of the Accounts Receivable 5% will not be collectable.
Required:
a. Prepare in journal form, any required correcting entries
b. Prepare in journal form, all end-of-the period adjusting entries
c. Prepare a December adjusted trial balance
d. Prepare a classified balance sheet for the year ended December 31, 2014
e. Prepare in journal form, the closing entries for the year ended December 31, 2014
Floppy uses the period method and had the following inventory events during January:
Date
Units Purchased
Unit Cost
Date
Units Sold
Unit Sales Price
Jan. 1
150
$7.00
Jan. 2
100
$10.00
Jan. 5
225
7.20
Jan. 7
125
10.00
Jan. 10
100
7.50
Jan. 12
75
12.00
Jan. 15
150
7.80
Jan. 17
200
12.50
Jan. 20
200
7.95
Jan. 24
150
15.00
Jan. 25
150
8.00
Jan. 30
75
8.20
Note:
January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar v.
Week 3 DQsLIFO vs. FIFOThe controller of Sagehen Enterprises.docxmelbruce90096
Week 3 DQs
LIFO vs. FIFO
The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
Depreciation
A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?
Assignment
1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting
Cost
1/2 Beginning inventory
Woods
$21,000
4/19 Purchase
Sunset
21,800
6/7 Purchase
Earth
31,200
12/16 Purchase
Moon
4,000
Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold.
b. gross profit.
c. ending inventory.
2. Inventory valuation methods: basic computations. The January beginning inventory of the White Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.
FIFO
LIFO
Weighted Average
Goods available for sale
$
$
$
Ending inventory, March 31
Cost of goods sold
3. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow:
· 1/2/20X3 Purchases on account: 500 units @ $6 = $3,000
· 1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550
· 1/20/20X3 Purchases on Account: 200 units @ 5 = $1,000
· 1/25/20X3 Sales on Account: 300 units @ $8.50 = $2,550
The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account.
a. Duplicate the journal entries that would have appeared on the computer printout under FIFO & LIFO
b. Calculate the balance in the firm’s Inventory account under each method.
c. Briefly explain the absence of the Purchases account to the company president.
4. Inventory valuation methods: computations and concepts.
Wild Riders Surfboard Company began business on January 1 of the current y.
This document contains a 25 question multiple choice test on accounting concepts related to buying and selling non-current assets. The test covers topics such as identifying appropriate journals to record asset purchases and sales, classifying asset-related accounts, calculating depreciation amounts, and recording journal entries for asset disposals. It provides detailed asset purchase, sale and disposal scenarios for students to apply their understanding of non-current asset accounting.
This document contains information about the CMA April 2013 examination for the Foundation Level subject "Principles of Accounting". It provides instructions for the exam and includes 5 questions. Question 1 has 3 parts asking students to (a) show accounting transactions in an equation, (b) identify accounting principles/assumptions, and (c) determine when revenue should be recognized. Question 2 has parts about accounting for fixed assets and journalizing transactions. Question 3 covers notes receivable, adjusting entries, and revenue recognition. Questions 4 and 5 contain additional accounting problems and scenarios. The document spans 3 pages and tests students' knowledge of basic accounting concepts.
This document contains sample exam questions and solutions for an accounting unit focusing on inventory valuation, balance day adjustments, and revenue. It includes multiple choice and calculation questions on topics like:
- Depreciation of non-current assets
- Disposal of fixed assets and accumulated depreciation
- Inventory and cost of goods sold calculations
- Prepaid revenue and accrued revenue adjustments
- Journal entries for sales, cash receipts, and general journals
The questions provide practice on accounting principles for asset valuation, depreciation, inventory, and adjusting revenue entries.
Advanced accounting by sohail afzal keybook solution pdfPaksights
- The document discusses solutions to questions about joint stock companies, issuance of bonus shares and rights shares, debentures, bonds, TFCs, company final accounts, analysis of accounting ratios, consignment accounts, contract accounts, and hire purchase and installment purchase.
- Specific journal entries are provided for recording transactions related to share capital, debentures, purchase and sale of goods on consignment, long-term contracts, and hire purchase agreements.
- Calculations are shown for determining bonus shares issuable while maintaining the required minimum reserves, and ratios such as current ratio, liquidity ratio, and stock turnover ratio are computed using example figures.
The document contains journal entries and calculations for accounting exercises. It provides solutions to exercises involving journal entries for transactions, depreciation calculations using different methods, adjusting entries at fiscal period-end, inventory calculations, and ratio calculations. Key information includes journal entries to record purchases, sales, expenses and adjusting entries. Calculations show depreciation expense and accumulated depreciation amounts.
This document contains a 25 question multiple choice test on cash flow statements for a VCE Accounting unit. It provides the questions, multiple choice answers, and some additional context and explanations of cash flow statement concepts. The test covers topics like classifying transactions into operating, investing and financing activities on a cash flow statement and calculating net cash flows in each section. It also includes some numerical cash flow statement questions involving calculating net cash flows and ending bank balances.
This document provides information for an intermediate accounting exam including 4 problems related to financial statements, receivables, inventories, and accounting principles. Problem 1 asks students to prepare a statement of financial position. Problem 2 asks students to prepare a comprehensive income statement. Problem 3 involves calculating impairment of receivables. Problem 4 involves inventory costing methods and valuation. Problem 5 asks students to identify violations of accounting assumptions, principles, or constraints for various accounting practices.
This document contains a 25 question multiple choice test on accounting for returns of stock. It covers topics like identifying source documents for returns, journal entries to record various types of returns, calculating amounts, and updating accounts in subsidiary ledgers. The questions are designed to test understanding of concepts and procedures related to accounting for returns between businesses and their customers.
This document contains multiple choice questions related to accounting topics such as the balance sheet, income statement, statement of cash flows, and financial statement analysis. Specifically:
- Questions ask about items that make up stockholders' equity and assets on the balance sheet, how revenues and expenses are reported on the income statement, and activities that are classified as operating, investing and financing on the statement of cash flows.
- Additional questions cover calculation of financial ratios like earnings per share, return on equity, profit margin and cash ratio that are used to analyze the financial performance and position of a company.
- The document tests understanding of key accounting concepts like the matching principle, revenue recognition, and treatment of various business transactions.
SMU_MBA-Solved-Assignment-Mb0041 financial and management accounting spring20...pkharb
This document provides details of an assignment for a Financial and Management Accounting subject in an MBA program. It includes 5 questions related to analyzing transactions under the traditional accounting approach, journal entries for errors detected in a trial balance, preparing an adjusted trial balance, analyzing trend ratios for Infosys Technologies Ltd over 5 years, and explaining cash flow analysis and the preparation of a cash flow statement.
The document provides details about an accounting for business program by Afterscho☺ol Centre for Social Entrepreneurship. It includes instructions for participants to prepare trading and profit and loss accounts based on transaction details provided for a business owner named Goti for the year ended 31 March 2007. It also provides an additional information and asks participants to prepare a balance sheet as on that date.
This document contains a 25 question multiple choice test on accounting concepts related to the general journal. It covers topics like the purpose of the general journal, types of transactions recorded in the general journal, how to record various business events like owner contributions and withdrawals, donations, bad debts, and correcting accounting errors. For each question, the student is asked to select the best multiple choice answer to demonstrate their understanding of general journal entries.
Mb0041 financial and management accounting-SMU Solved MBA semester 1 Assignmentpkharb
This document provides the details of an assignment for a subject on financial and management accounting. It includes 6 questions assessing various topics like analyzing transactions, detecting and correcting errors in a trial balance, preparing adjusted trial balances, trend analysis, cash flow statements, and comparing absorption and marginal costing. The assignment is out of a total of 60 marks and provides the evaluation scheme for each question.
Accounting 970642 paper 4 problem solving (supplementary topics) october nove...alproelearning
Accounting 970642 paper 4 problem solving (supplementary topics) october november 2014
Advanced Level
A Level
Zimsec
Cambridge
Alpro Learning Portal
Accounting
Accounts
Zimbabwe
Principle of accounts
This document contains a 25 question multiple choice test on balance-day adjustments for revenue. It covers concepts like prepaid revenue, accrued revenue, and the journal entries required to record balance-day adjustments. It is from a VCE Accounting unit on analyzing business performance, and was created by an accounting teacher at Trinity Grammar School.
University of Maryland University College Final Examination Acct.docxgidmanmary
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.
Portfolio Project Option 1 Student Template
Option #1: Venture Consultants, Power and Demolition Company, and Warnerwood Accounting Cases
PART 1:
Venture Consultants
The month of March transactions
Date
Account Names
Debit
Credit
1-Mar
2-Mar
3-Mar
6-Mar
9-Mar
12-Mar
19-Mar
22-Mar
25-Mar
29-Mar
30-Mar
30-Apr
$221,000
$221,000
PART 2A
Power and Demolition Co, Adjustment April 30, 2015
Adjust #
Account Names
Debit
Credit
1
2
3
4
5
6
7
8
PART 2B
Power and Demolition Co, Adjustment April 30, 2015
Continued
UTB
ADJUSTMENT
Acct #
Account Names
Debit
Credit
Debit
Credit
Debit
101
Cash
$7,000
$7,000
126
Supplies
$16,000
128
Pre-paid insurance
$12,600
167
Equipment
$200,000
Accumulated. Depreciation
$14,000
201
Account payable
$6,800
Utilities payable
Wages payable
Rent Payable
PropertyTxPayable
Interest payable
251
Long-term notes payable
$30,000
301
Bonn, Equity
$86,900
302
Bonn, Withdrawals
$12,000
401
Demolition fees earned
$187,000
623
Wage expense
$41,400
633
Interest expense
$3,300
640
Rent expense
$13,200
683
Property tax expense
$9,700
684
Repairs expense
$4,700
690
Utilities expense
$4,800
Supply expense
Insurance expense
Depreciation expense
TOTALS
$324,700
$324,700
PART 3
Warnerwood Company
Column->
A
B
C
D
E
F
G
Date
Activities
# Units Buy
Cost/unit
#Units Sold
Price/unit
Cost GAS
Sales
1-Mar
BI
5-Mar
TI
9-Mar
TO
18-Mar
TI
25-Mar
TI
29-Mar
TO
TOTAL
Q1. Units in Available for Sales is BI + TI (Column B)=
Units (BI + TI) =
Q2. BI + TI - TO = EI=
820
minus
580
equals
240
Q3. FIFO
Q3. LIFO
Q3. Weighted Average
Weighted cost/unit=
Cost EI=
Q.4
Sales
COGS/Method
Gross Profit
Q4. FIFO
Q4. LIFO
Q4. WtAvg
Portfolio
Project Option 1 Student Template
Option #1
:
Venture Consultants, Power and Demolition Company, and Warnerwood
Accounting Cases
PART 1:
Venture Consultants
The month of March transactions
Date
Account
Names
Debit
Credit
1
-
Mar
2
-
Mar
3
-
Mar
6
-
Mar
9
-
Mar
12
-
Mar
19
-
Mar
22
-
Mar
25
-
Mar
29
-
Mar
30
-
Mar
.
Project 3 Recording Daily and Adjusting Entries, and Preparing and .docxanitramcroberts
Jones Widget Company (JWC) recorded various transactions throughout January 2015, including payroll, inventory purchases and sales, equipment purchases and sales, bond issuances, and stock transactions. Journal entries were made for these transactions as well as adjusting entries. The adjusted trial balance and January 2015 financial statements were prepared.
Accounting Help Needed by 1010Displaying messages 1 - 3 of 3P.docxrenatas0nie
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Hi Can you do this? $40.
Floppy Company's December 31, 2014 trial balance is as follows:
Floppy Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
53,500
Allowance for Doubtful Accounts
1,500
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
Floppy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Additional Information:
a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014.
b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
c. Building is depreciated at 3% per year. There is no salvage value.
d. Equipment is depreciated at 15% year. There is no salvage value.
e. Floppy 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.
f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.
g. Salaries for the last half of December, payable in January, amount to $5,500.
h. Floppy estimates that of the Accounts Receivable 5% will not be collectable.
Required:
a. Prepare in journal form, any required correcting entries
b. Prepare in journal form, all end-of-the period adjusting entries
c. Prepare a December adjusted trial balance
d. Prepare a classified balance sheet for the year ended December 31, 2014
e. Prepare in journal form, the closing entries for the year ended December 31, 2014
Floppy uses the period method and had the following inventory events during January:
Date
Units Purchased
Unit Cost
Date
Units Sold
Unit Sales Price
Jan. 1
150
$7.00
Jan. 2
100
$10.00
Jan. 5
225
7.20
Jan. 7
125
10.00
Jan. 10
100
7.50
Jan. 12
75
12.00
Jan. 15
150
7.80
Jan. 17
200
12.50
Jan. 20
200
7.95
Jan. 24
150
15.00
Jan. 25
150
8.00
Jan. 30
75
8.20
Note:
January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar v.
Week 3 DQsLIFO vs. FIFOThe controller of Sagehen Enterprises.docxmelbruce90096
Week 3 DQs
LIFO vs. FIFO
The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
Depreciation
A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?
Assignment
1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting
Cost
1/2 Beginning inventory
Woods
$21,000
4/19 Purchase
Sunset
21,800
6/7 Purchase
Earth
31,200
12/16 Purchase
Moon
4,000
Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold.
b. gross profit.
c. ending inventory.
2. Inventory valuation methods: basic computations. The January beginning inventory of the White Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.
FIFO
LIFO
Weighted Average
Goods available for sale
$
$
$
Ending inventory, March 31
Cost of goods sold
3. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow:
· 1/2/20X3 Purchases on account: 500 units @ $6 = $3,000
· 1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550
· 1/20/20X3 Purchases on Account: 200 units @ 5 = $1,000
· 1/25/20X3 Sales on Account: 300 units @ $8.50 = $2,550
The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account.
a. Duplicate the journal entries that would have appeared on the computer printout under FIFO & LIFO
b. Calculate the balance in the firm’s Inventory account under each method.
c. Briefly explain the absence of the Purchases account to the company president.
4. Inventory valuation methods: computations and concepts.
Wild Riders Surfboard Company began business on January 1 of the current y.
For more classes visit
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Exercises 2.
Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:
a. Determine Rossi's total assets as of December
ACC205 Discussion QuestionsAccounting Equation As you hav.docxannetnash8266
ACC205 Discussion Questions:
Accounting Equation
As you have learned in this week’s readings the Accounting Equation is Assets = Liabilities + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation.
Accounts
What does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts.
Accounting Cycle
Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why or why not?
Bank Reconciliation
What is the purpose of a bank reconciliation? What are the reasons for differences between the cash reported in the accounting records and the cash balance in the bank statements?
LIFO vs. FIFO
The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
Depreciation
A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?
Ratios
Ratios provide the users of financial statements with a great deal of information about the entity. Do ratios tell the whole story? How could liquidity ratios be used by investors to determine whether or not to invest in a company?
Profit Margin
Year Ending December 2012
Year Ending December 2011
Year Ending December 2010
Revenues
40,000
35,000
33,000
Operating Expenses
Salaries
15,000
10,000
9,000
Maintenance and Repairs
6,000
9,000
10,000
Rental Expense
2,500
2,500
2,500
Depreciation
2,000
2,000
2,000
Fuel
4,000
3,500
2,500
Total Operating Expenses
29,500
27,000
26,000
Operating Income
10,500
8,000
7,000
Sales and Administrative Expenses
6,000
4,000
3,000
Interest Expense
2,500
2,000
1,000
Net Income
2,000
2,000
3,000
Above is a comparative income statement for Cecil, Inc. for the years 2010, 2011, and 2012. Calculate the profit margin for each of these years. Comment on the profit margin trend.
BWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edi.
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Case Study 1 (Part A)
Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions:
June
This document provides instructions for completing ACC 557 Homework 3 on chapters 9 and 10. It includes exercises and problems involving the journalization of transactions related to long-term assets, depletion, bonds payable, notes payable, and intangible assets. Students are asked to journalize transactions, calculate amounts, and prepare related journal entries and balance sheet sections. The homework is due in week 6 and is worth 70 points.
Gordon Construction completed several business transactions during its first month of operations in June 2014, including receiving cash from stockholders, purchasing supplies and equipment, performing and billing for services, paying expenses, receiving payments from customers, and paying dividends. The case study requires journalizing and posting these transactions, preparing a trial balance as of June 30, preparing adjusting entries, and adjusting the trial balance.
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Exercises 2.
Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:
a. Determine Rossi's total assets as of December 31.
For more course tutorials visit
www.acct504.com
Case Study 1 (Part A)
Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions:
For more course tutorials visit
www.acct504.com
Case Study 1 (Part A)
Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions:
Gordon Construction completed various business transactions during its first month of operations in June 2014. These included receiving cash from stockholders, purchasing supplies and equipment, performing and billing for services, paying for land and other expenses, and declaring and paying dividends. The summary requires recording these transactions, preparing a trial balance at June 30, constructing adjusting entries, and preparing an adjusted trial balance. It also asks how much total resources the business has to work with and how much it owes.
Gordon Construction completed several business transactions during its first month of operations in June 2014. These included receiving $55,000 cash from stockholders, purchasing supplies and equipment, performing and billing for services, paying for land and other expenses, and declaring and paying dividends. The case study requires recording these transactions, preparing a trial balance, and adjusting accounts at month end, including an accrued advertising revenue of $3,100. The manager asks for the total resources and liabilities of the business.
Acc 205 Effective Communication - tutorialrank.comBartholomew0
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Exercises 2.
Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:
a. Determine Rossi's total assets as of December 31.
b. Determine the company's total liabilities as of December
This document contains a test on budgeting concepts with multiple choice questions. It also includes information about a small business preparing budgets for October 2015 and January 2015, including expected sales, expenses, stock purchases and changes. The test questions require applying the business information to prepare budgeted financial statements such as the stock control ledger, creditors control ledger, cash flow statement, income statement and balance sheet.
The document provides information for a case study involving Gordon Construction, Inc. It details various business transactions that occurred during the company's first month of operations in June 2014. These include receiving cash from stockholders, purchasing supplies and equipment, performing and billing for services, paying expenses, receiving payments from customers, and declaring and paying dividends. The requirements are to record the transactions, post them to T-accounts, prepare a trial balance at June 30, 2014, and calculate the total resources and liabilities based on the trial balance. Adjusting entries also need to be recorded and an adjusted trial balance prepared.
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Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
How to Fix the Import Error in the Odoo 17Celine George
An import error occurs when a program fails to import a module or library, disrupting its execution. In languages like Python, this issue arises when the specified module cannot be found or accessed, hindering the program's functionality. Resolving import errors is crucial for maintaining smooth software operation and uninterrupted development processes.
Thinking of getting a dog? Be aware that breeds like Pit Bulls, Rottweilers, and German Shepherds can be loyal and dangerous. Proper training and socialization are crucial to preventing aggressive behaviors. Ensure safety by understanding their needs and always supervising interactions. Stay safe, and enjoy your furry friends!
Physiology and chemistry of skin and pigmentation, hairs, scalp, lips and nail, Cleansing cream, Lotions, Face powders, Face packs, Lipsticks, Bath products, soaps and baby product,
Preparation and standardization of the following : Tonic, Bleaches, Dentifrices and Mouth washes & Tooth Pastes, Cosmetics for Nails.
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
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ACCT 220 Final Exam NEW Spring 2016
Question 1 (40 points)
XYZ Company's December 31, 2015 trial balance is as follows:
XYZ Company
Trial Balance
December 31, 2015
Account
Debit
Credit
Cash
$ 43,500
Accounts Receivable
53,500
Allowance for Doubtful Accounts
1,500
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
3. 75,000
Common Stock, $10 par, 2,000 shares authorized and 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
XYZ is a small company and records adjusting entries and closing entries only at fiscal (calendar) year end. Correcting and
adjusting entries have not been recorded.
Additional Information:
5. Notes Receivable is a 3-month, 6% note accepted on November 1, 2015.
6. Long-Term Notes Payable is a 5-year, 5% note that was signed on July 1, 2015. Interest is payable annually.
7. Building is depreciated at 3% per year. There is no salvage value.
8. Equipment is depreciated at 15% per year. There is no salvage value.
9. XYZ discovered, on December 30, 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.
10. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not
be considered theft or loss.
11. Salaries for the last half of December, payable in January, amount to $5,500.
12. XYZ estimates that of the Accounts Receivable, 5% will not be collectable.
Required:
1. Prepare in journal form, any required correcting entries.
2. Prepare in journal form, all end-of-the-period adjusting entries.
3. Prepare a December adjusted trial balance.
4. Prepare a classified balance sheet for the year ended December 31, 2015.
5. Prepare in journal form the closing entries for the year ended December 31, 2015.
Question 2 (8 points)
XYZ Company uses the periodic inventory method and had the following inventory events during January:
Date
Units Purchased
Unit Cost
Date
Units Sold
Unit Sales Price
Jan. 1
150
$7.00
Jan. 2
100
$10.00
Jan. 5
4. 225
7.20
Jan. 7
125
10.00
Jan. 10
100
7.50
Jan. 12
75
12.00
Jan. 15
150
7.80
Jan. 17
200
12.50
Jan. 20
200
7.95
Jan. 24
150
15.00
Jan. 25
150
8.00
Jan. 30
75
8.20
Note: The January 1 amounts were the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
1. Calculate the cost of goods available for sale.
2. Calculate the dollar value of sales.
3. Calculate the value of Ending Inventory and Cost of Goods Sold under the following independent assumptions:
(1) LIFO method
(2) FIFO method
(3) Average-cost method
Question 3 (7 points)
Required: Prepare Acme Supply Company's general journal entries for the following transactions:
Jan. 1
Accepted RunTimeCo's 120-day, 10% note as settlement of an outstanding $15,000 account receivable for goods sold last
year.
Jan. 15
Purchased $10,000 Equipment from XYZ, signing a 9-month, 12% note.
Jan. 15
Loaned Warner Co. $30,000 cash, accepting a 90-day, 10% note.
Jan. 31
Prepared accrual adjusting entry for any interest revenue.
Apr. 15
Received payment in full from Warner Co. for outstanding note and interest.
May 1
Received payment in full from RunTimeCo for the outstanding note and interest.
Oct. 15
Paid XYZ in full.
Question 4 (9 points)
XYZ Company purchased a refrigerated delivery truck for $65,000 on January 1, 2015. The plan is to use the truck for 5
years and then replace it. At the end of its useful life, the truck is expected to have a salvage value of $10,000. The fiscal
5. year ends December 31.
1. Prepare the depreciation table for XYZ's truck, assuming that the company uses the straight--=]
2. line method for depreciation.
3. Prepare the depreciation table for XYZ's truck, assuming that the company uses the double-declining-balance
depreciation method.
4. Compute the depreciation expense for 2015 for XYZ's truck, assuming the truck has an expected life of 200,000 miles
and during 2015 the truck was driven 24,540 miles. Round your depreciation expense per mile to three decimal places.
Question 5 (7 points)
Acme Company has a January 15 mid-month gross salaries expense of $25,000. All salaries are subject to FICA Social
Security (6.2%), FICA Medicare (1.45%), state income tax (5%) and federal income tax (15%) withholdings. Additionally,
all salaries are subject to employer taxes to include FUTA (0.8%) and SUTA (5.4%) taxes. (Round all calculations to the
nearest penny.)
Required:
1. Prepare the general journal entry to record the employer's payroll liability.
2. Prepare the general journal entry to record the employer's payroll-tax liability.
3. Prepare the general journal entry to liquidate (pay) the liabilities accrued in parts (a) and (b) on January 22.
Question 6 (4 points)
At the end of the fiscal 2015 year, Acme Company has the following information: Credit Sales, $2,500,000; Sales Returns
and Allowances, $25,000; Accounts Receivable, $200,000; and Allowance for Doubtful Accounts with a Debit, $1,500.
Required:
1. Prepare the general journal entry to record the end-of-the-year adjusting entry if Acme uses 0.5% of Net Credit Sales as
the basis for determining Bad-Debt Expense.
2. Prepare the general journal entry to record the end-of-the-year adjusting entry if Acme uses 5% of Accounts Receivable
as the basis for determining Bad-Debt Expense.
Bottom of Form
Question 7 (1 point)
After the bank reconciliation is prepared, the entry to record bank service charges would have a credit to
_______________.
Bank Service Charge Expense
Cash
Petty Cash
Cash Short and Over
None of the above
Question 8 (1 point)
Malloy Company estimates uncollectible accounts using the percentage-of-receivables method and expects that 5 percent
of outstanding receivables will be uncollectible for 2015. The balance in Accounts Receivable is $200,000, and the
allowance account has a $3,000 credit balance before adjustment at year end. The uncollectible accounts expense for 2015
will be _______________.
$7,000
$10,000
$13,000
$9,850
None of the above
Question 9 (1 point)
Malloy Company issued its own $10,000, 90-day, non-interest-bearing note to a bank. The only payment Malloy will ever
make to the bank will be for $10,000 at the maturity date of the loan as the bank discounts the note at 10 percent. The
proceeds to Malloy are _______________.
$10,000
$9,000
$9,750
$10,250
None of the above
Question 10 (1 point)
On 2015 July 1, Malloy Company purchased equipment for $400,000, and installation and testing costs totaled $40,000.
The equipment has an estimated useful life of 10 years and an estimated salvage value of $40,000. If Malloy uses the
double-declining-depreciation method, the depreciation expense for 2015 is _______________.
$88,000
$72,000
$36,000
$44,000
$40,000
Question 11 (1 point)
The result of recording a capital expenditure as a revenue expenditure is an _______________.
6. overstatement of current year's expense
understatement of current year's expense
understatement of subsequent year's net income
overstatement of current year's net income
None of the above
Question 12 (1 point)
Cole Inc., a new company, purchases a two-year insurance policy for $12,000. Six months later, the correct balance in the
prepaid insurance account would be _______________.
$12,000
$6,000
$9,000
None of the above
Question 13 (1 point)
Which of the following is not an advantage of the corporate form of organization?
continuous existence of the entity
limited liability of stockholders
government regulation
easy transfer of ownership
Question 14 (1 point)
Treasury stock should be shown on the balance sheet as a(n) _______________.
reduction of the corporation's stockholders' equity
current asset
current liability
investment asset
Question 15 (1 point)
When the stockholders invest cash in the business, what is the effect on the accounting equation?
Liabilities increase and stockholders' equity increases.
Both assets and liabilities increase.
Both assets and stockholders' equity increase.
None of the above
Question 16 (1 point)
The ending balance in retained earnings is shown in the _______________.
income statement
statement of retained earnings
balance sheet
both (b) and (c)
both (a) and (c)
(a), (b), and (c)
Question 17 (1 point)
A cash dividend of $500 was declared and paid to stockholders simultaneously. The correct journal entry to record the
declaration and payment simultaneously is _______________.
debit Capital Stock 500 and credit Cash 500
debit Cash 500 and credit Dividends 500
debit Dividends 500 and credit Cash 500
debit Cash 500 and credit Capital Stock 500
Question 18 (1 point)
If $3,000 has been earned but not yet paid to a company's workers since the last payday within an accounting period, the
necessary adjusting entry at the end of that accounting period would be _______________.
debit an expense and credit a liability
debit an expense and credit an asset
debit a liability and credit an asset
debit a liability and credit an expense
Question 19 (1 point)
The accrual basis of accounting _______________.
recognizes revenues only when cash is received
is used by almost all companies
recognizes expenses only when cash is paid out
recognizes revenues when sales are made or services are performed, and recognizes expenses only when cash is paid out
7. Question 20 (1 point)
The need for adjusting entries is based on _______________.
the matching principle
source documents
the cash basis of accounting
activity that has already been recorded in the proper accounts
Question 21 (1 point)
Which of the following statements is false regarding the closing process?
The Dividends account is closed to Income Summary.
The closing of expense accounts results in a debit to Income Summary.
The closing of revenues results in a credit to Income Summary.
The Income Summary account is closed to the Retained Earnings account.
Question 22 (1 point)
Which of the following statements is true regarding the classified balance sheet?
Current assets include cash, accounts receivable, and equipment.
Plant, property, and equipment is one category of long-term assets.
Current liabilities include accounts payable, salaries payable, and notes receivable.
Stockholders' equity is subdivided into current and long-term categories.
Question 23 (1 point)
The underlying assumptions of accounting include all the following except _______________.
business entity
going concern
matching
money measurement and periodicity
Question 24 (1 point)
Malloy Company began the accounting period with $60,000 of merchandise, and the net cost of purchases was $240,000.
A physical inventory showed $72,000 of merchandise unsold at the end of the period. The cost of goods sold of Malloy
Company for the period is _______________.
$300,000
$228,000
$252,000
$168,000
None of the above
Question 25 (1 point)
A classified income statement consists of all of the following major sections except _______________.
Operating revenues
Cost of goods sold
Operating expenses
Non-operating revenues and expenses
Current assets
Question 26 (1 point)
A business purchased merchandise for $12,000 on account; terms are 2/10, n/30. If $2,000 of the merchandise was returned
and the remaining amount due was paid within the discount period, the purchase discount would be _______________.
$240
$200
$1,200
$1,000
$3,600
Question 27 (1 point)
Malloy Company began the accounting period with inventory of 3,000 units at $30 each. During the period, the company
purchased an additional 5,000 units at $36 each and sold 4,600 units. Assume the use of periodic inventory procedure. The
cost of ending inventory using weighted-average is _______________.
$114,750
$157,600
$122,400
$109,650
None of the above
Question 28 (1 point)
Malloy Company began the accounting period with inventory of 3,000 units at $30 each. During the period, the company
purchased an additional 5,000 units at $36 each and sold 4,600 units. Assume the use of periodic inventory procedure. The
cost of goods sold using weighted-average is _______________.
$147,200
8. $160,350
$155,250
$114,000
None of the above
Question 29 (1 point)
During a period of rising prices, which inventory method might be expected to give the highest net income?
Weighted-average
FIFO
LIFO
Specific identification
Cannot determine
Question 30 (1 point)
The following information is related to the bank reconciliation of the Acme Company:
Balance per bank statement
$1,951.20
Balance per ledger
1,869.60
Deposits in transit
271.20
Outstanding checks
427.80
NSF check
61.20
Service charges
13.80
The adjusted/correct cash balance is _______________.
Question 30 options:
$1,794.60
$1,719.60
$1,638.00
$1,713.00
$1,876.20
Question 31 (1 point)
In a bank reconciliation, deposits in transit should be _______________.
Question 31 options:
deducted from the balance per books
deducted from the balance per bank statement
added to the balance per ledger
added to the balance per bank statement
disregarded in the bank reconciliation