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1. DEVRY ACCT 251 Final Exam
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The Final Exam has 3 pages and is worth 270 points total. This first page has all
Multiple Choice questions.
Question 1.1. (TCO 1) To display the size of your backup file, you can use the
Windows program called: (Points : 5)
Windows Explorer
Scan disk
Defrag
Windows Accessories
Windows Defender
Question 2.2. (TCO 1) The Edit menu allows you to do the following: (Points : 5)

2. cut
copy
paste
clear
find transactions
Question 3.3. (TCO 1) The balance sheet lists: (Points : 5)
assets, liabilities, and capital of a business.
revenues and expenses of a business.
the percentage of revenue at the end of the year.
the percentage of debt at the end of the year.
cash disbursements.
Question 4.4. (TCO 1) Business managers and owners depend on financial
statements because: (Points : 5)
Peachtree automatically calculates accurate financial statements.
financial statements are for internal use only.
they have primary responsibility for the business.
they can evaluate cash and make appropriate decisions.
they can use account balances to customize financial statements.
Question 5.5. (TCO 2) The sample company, Bellwether Garden Supply, uses which
method of posting? (Points : 5)
Batch posting

3. Real-time posting
Cash basis posting
Accrual basis posting
Just-in-time posting
Question 6.6. (TCO 2) The posting method used by the business in Chapter 9 is:
(Points : 5)
batch posting
real-time posting
a combination of batch posting and real-time posting.
accrual posting
cash basis posting
Question 7.7. (TCO 2) The account type specified on the chart of accounts is also the
account classification for the: (Points : 5)
balance sheet and income statement
general ledger
general journal
cash receipts journal
receipts
Question 8.8. (TCO 3) In Chapter 11, the ______________________________is completed before
recording and posting the end-of-quarter adjusting entries. (Points : 5)
adjusted trial balance
cash disbursements journal

4. unadjusted trial balance
cash receipts journal
post-closing trial balance
Question 9.9. (TCO 3) The best time to record adjusting entries is: (Points : 5)
the end of the quarter.
the end of each month.
six month intervals.
the end of the year only.
during the month.
Question 10.10. (TCO 4) To change accounting periods, you need to make the
following menu bar selections: (Points : 5)
Tasks; System, Change Accounting Period
Tasks; Default, Change Accounting Period
Tasks; Maintain, Defaults
Maintain; System, Change Accounting Period
Maintain; User Security
Question 11.11. (TCO 4) If your journals do not agree with the textbook illustrations,
use the following Peachtree feature: (Points : 5)
Maintain; defaults, general ledger
Edit journal transactions
Tasks; general journal transaction

5. Maintain chart of accounts
Company page; link to restore
Question 12.12. (TCO 5) The account credited on the Receipts window is: (Points : 5)
Account No. 1020, Checking Account
The GL Account selected
Account No. 1040, IRA Savings
The Receipts window does not need to have an account credited.
Account No. 1010, Money Market
Question 13.13. (TCO 5) In Chapter 10, you do the following: (Points : 5)
Set up a retail business.
Select November 2010 as the accounting period.
Record deposits, checks, and ATMs.
Print the chart of accounts.
Record purchase invoices.
Question 14.14. (TCO 6) On the Navigation Bar, make the following selections to
enter a sales invoice: (Points : 5)
Customers & Sales page; click on the Customers icon and select View and Edit
Customers.
Customers & Sales page; click on the Sales Invoices icon and select Set Up Invoice
Defaults.
Tasks; Purchases/Receive Inventory.
Customers & Sales page; click on the Sales Invoices icon and select New Sales Invoice.

6. Inventory & Services page; click on the Invoice icon, select View and Edit Invoices.
Question 15.15. (TCO 6) The standard sales discount, in terms of number of days, for
Bellwether Garden Supply is: (Points : 5)
no sales discount is offered.
a discount if balance is paid in full within 10 days.
a discount if balance is paid in full within 15 days.
a discount if balance is paid in full within 20 days.
a discount if balance is paid in full within 25 days.
Question 16.16. (TCO 6) You need to set up a Job ID for Franklin Botanical Gardens in
Chapter 6, so that you can track: (Points : 5)
the employees’ expenses and miles driven to the job.
how much the merchandise cost.
how much the merchandise sold for.
the supplies and employee hours charged to this customer.
employee expenses and cost of inventory.
Question 17.17. (TCO 6) The Sales/Invoicing window is also known as the: (Points :
5)
purchase journal
cash receipts journal
sales journal
cash disbursements journal
general ledger

7. Question 18.18. (TCO 6) On the Navigation Bar, make the following selections to
record a sales return: (Points : 5)
Customers & Sales page; click on the Credits and Returns icon and select Make
Payment to Customer, select the customer, type the invoice number
Customers & Sales page; click on the Credits and Returns icon and select New Credit
Memo
Customers & Sales page; click on the Sales Invoices icon and select New Sales Invoice
Customers & Sales page; click on the Credits and Returns icon and select View and
Edit Credit Memos
Tasks page; select Maintain Customers/Sales Reps, Defaults
Question 19.19. (TCO 6) On the Navigation Bar, make the following selections to
record a cash sale: (Points : 5)
On the Customers & Sales page, click on the Sales Invoices icon and select New Sales
Invoice.
On the Customers & Sales page, click on the Receive Money icon and select View and
Edit Payments Receive, Apply to Revenues tab, record the cash sale.
On the Customers & Sales page, click on the Receive Money icon and select Receive
Money From Customer, Apply to Revenues tab, record the cash sale.
On the Banking page, click on the Receive Money icon and select Receive Money
From Customer, Apply to Revenues tab, record the cash sale.
On the Inventory & Services page, select Inventory Adjustments.
Question 20.20. (TCO 6) The Franklin Botanical Gardens job has the following special
circumstance: (Points : 5)
It is a motel overlooking a freeway.
It is a hotel near the airport.

8. It is a new building overlooking a park.
It is an apartment complex with surrounding gardens.
A newly remodeled building.
Question 1.1. (TCO 7) On the Navigation Bar, make the following selections to enter
inventory item maintenance information: (Points : 5)
Inventory & Services page; click on the Inventory Items icon, select View and Edit
Inventory items and record inventory information
Vendors & Purchases page; click on the Purchase Orders icon, select New Purchase
Orders and record inventory information
Inventory & Services page; click on the Inventory Items icon, select New Inventory
Item and record inventory information
Maintain; Defaults, Inventory Items, record inventory information
Vendor & Purchases; select Pay Bills, New Bill
Question 2.2. (TCO 7) The LIFO (last in, first out) method of inventory assumes:
(Points : 5)
the lowest amount of net loss.
the highest amount of net income.
cost of sales is based on current replacement.
beginning inventory is sold first.
overall Average cost.
Question 3.3. (TCO 7) On the Navigation Bar, make the following selections to make a
general journal entry: (Points : 5)
Company page; click on the Chart of Accounts icon and select View and Edit Accounts
Company page; link to General Journal Entry

9. Banking page; click on the Write Checks icon and select New Check
Company page; link to Restore a backup and click on the General Journal Entry icon
Maintain; select General Journal record
Question 4.4. (TCO 7) If your GL Account columns and A/P Account field are not
displayed on the
Purchases/Receive Inventory window, you need to: (Points : 5)
check the Tasks windows.
check the maintenance menus.
click on Options; Global and uncheck the three boxes in the Hide General Ledger
Accounts section.
reset the defaults in the Accounting Behind the Screens selection.
accounting Behind the Screens cannot be changed.
Question 5.5. (TCO 9) An organized body of related information is called a/an:
(Points : 5)
feature of the software
software function
accounting software application
Peachtree Complete Accounting
database
Question 6.6. (TCO 9) The Payments window is also known as the: (Points : 5)
Cash Receipts Journal
Purchase Journal

10. Sales Journal
Cash Disbursements Journal
General Journal
Question 7.7. (TCO 9) The following accounts are debited and credited when you
purchase inventory on account: (Points : 5)
Dr. Inventory account, credit Account Receivable/vendor.
Dr. Accounts Payable/Vendor; Cr. expense account.
Dr.Inventory account; Cr. Accounts Payable/Vendor.
Dr. Accounts Receivable/Customer; Cr. Sales account.
Dr. Accounts Payable/Vendor; Cr. Inventory account.
Question 8.8. (TCO 9) Sharon’s Service Merchandise is a partnership owned by:
(Points : 5)
Sharon Stewart and David Becker
Constance Molina and Sally Sweeney
Charles Anderson and Sharon Walters
Karen Hart and Maria Stanton
Richard Williams and Carol Dash
Question 9.9. (TCO 9) The Purchases/Receive Inventory window is also called the:
(Points : 5)
cash disbursements journal
sales journal
cost of goods sold journal

11. purchase journal
general journal
Question 10.10. (TCO 9) Sharon’s Service Merchandise accounting records are set up
to begin on: (Points : 5)
November 1, 2010
December 1, 2010
January 1, 2009
January 1, 2010
December 1, 2009
Question 11.11. (TCO 10) Processing payroll is automatic once _____________________ are
set up correctly. (Points : 5)
defaults
tasks
employees/sales rep tasks
payroll tables
manually recorded payroll deductions
Question 12.12. (TCO 10) The employee deductions display as negative amounts on
the Payroll Entry window because: (Points : 5)
they are added to the paycheck amount.
they are not used to compute the paycheck.
they are deducted from the employee’s gross pay.
the employer always pays deductions from the paycheck.

12. employee deductions display as positive amounts.
Question 13.13. (TCO 10) The account number used to record employees’ regular
pay is: (Points : 5)
77500
77600
77700
77800
77900
Question 14.14. (TCO 10) On the Navigation Bar, make the following selections to
enter employee maintenance information: (Points : 5)
Employees & Payroll page; click on the Employees icon and select Write Letters to
Employees
Employees & Payroll page; click on the Employees icon and select New Employee
Employees & Payroll page; click on the Pay Employees icon and select Set Up Payroll
Service
Tasks; Payroll Entry
Tasks; Payroll Entry, View and Edit Employee Payments
Question 1. 1. (TCO 2, 3, & 4) The following selected accounts with normal balances
appeared in the unadjusted trial balance of Bellwether Garden Industries:
Accounts receivable $176,000
Prepaid rent 69,000
Prepaid insurance 36,000
Equipment 280,000

13. Accumulated depreciation-equipment 30,000
Unearned service revenue 24,000
Salary expense 130,000
REQUIRED: Prepare the necessary year-end adjusting entries as of December 31,
2011 for each part. Be sure to note which account is debited and credited.
– Part A: One-half of the revenue received in advance has been earned by December
31, 2011.
– Part B: The prepaid insurance represents three years’ premium on a policy
providing coverage starting September 1, 2011.
– Part C: Since the last payday, employees have earned an additional $2,500 which
has not yet been paid or recorded.
– Part D: The equipment has an estimated life of 10 years and no expected value at
the end of its life.
– Part E: Services performed but unbilled and uncollected at year-end amount to
$6,500.
– Part F: The prepaid rent relates to one-half of a year beginning on October 1, 2011.
(Points : 25)
Question 2. 2. (TCO 2, 4, & 5) Prepare any journal entries based on the following data
regarding the bank reconciliation prepared by Titon Com for the month of April
20XX:
Part A. The unadjusted balance in the cash account on Titon’s books was $8,715.71.
Part B. The April 30 balance shown on Titon’s bank statement was $8,472.36.
Part C. A customer that owed Titon $700 on a note paid the $700, and $35 for
interest directly to Titon’s bank. Titon did not know about this payment prior to
receiving its bank statement.
Part D. Titon had made a deposit of $1,635.25 near the end of April that had not
cleared the bank when it prepared Titon’s bank statement.

14. Part E. Titon discovered that a check it had written for $153.15 had been
erroneously recorded in its books as $135.15. This check had been written to pay an
account payable.
Part F Three checks that Titon had written during April had not cleared the bank by
April 30. The amounts of these checks were $147.90, $372.15, and $209.45.
Part G. Titon has a checking account that earns interest on the minimum monthly
balance. The bank statement showed that $35.12 of interest was earned during April.
Part H The bank statement showed that a check written by one of Titon’s customers
was returned for NSF. The check was for $79.72. Titon did not know about the NSF
check before receiving its bank statement.
Part I. The bank charged Titon a $10.00 service charge for the month of April.
REQUIRED: Prepare the necessary reconciliation entries for each part. Be sure to
note which account is debited and credited. (Points : 25)
Question 3. 3. (TCO 2, 4, & 7) Inventory data for Midwest Logistics Company for June
20XX are as follows:
June 1 balance 80 units at $25
June 10 purchase 100 units at $28
June 15 sale 120 units
June 21 purchase 90 units at $32
June 30 sale 130 units
REQUIRED: Using the FIFO cost method, compute ending inventory as of June 30,
20XX and determine cost of goods sold for June. Be sure to show your calculations.
(Points : 25)
Question 4. 4. (TCO 2, 4, & 8) On January 2, 20XX, Bellwether Garden Supply
purchased a delivery truck for $34,000. The estimated useful life of the truck is 5
years, with an estimated salvage value of $4,000. The truck is expected to be driven
200,000 miles during its useful life.

15. Part A. Compute the amount of depreciation expense that the company will recognize
in a year in which the truck is driven 47,000 miles, assuming the company uses the
units-of-production method.
Part B. Compute the book value of the asset at the end of the Third year, assuming
the company uses the straight-line method.
Part C. Determine the balance in the Accumulated Depreciation account at the end of
the Second year that it owns the asset, assuming the company uses the double-
declining-balance method.
REQUIRED: For each part, compute the results. Be sure to show your calculations.
(Points : 25)