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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Các phương pháp thu thập bằng chứng kiểm toán báo cáo tài chính tại Công ty T...TÀI LIỆU NGÀNH MAY
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Đề tài : XÁC LẬP MỨC TRỌNG YẾU VÀ ĐÁNH GIÁ RỦI RO KIỂM TOÁN TRONG GIAI ĐOẠN ...Nguyễn Công Huy
MỤC LỤC
PHẦN I: CƠ SỞ LÝ LUẬN VỀ XÁC LẬP MỨC TRỌNG YẾU VÀ ĐÁNH GIÁ RỦI RO KIỂM TOÁN TRONG GIAI ĐOẠN CHUẨN BỊ KIỂM TOÁN 1
1.1. Những vấn đề cơ bản về trọng yếu 1
1.1.1 Khái niệm 1
1.1.2. Đặc điểm 1
1.1.3. Sự cần thiết phải xác lập mức trọng yếu 3
1.1.4. Phương pháp xác lập mức trọng yếu 3
1.1.5. Vận dụng khái niệm trọng yếu trong quy trình kiểm toán BCTC 6
1.2. Những vấn đề cơ bản về rủi ro kiểm tóan và đánh giá rủi ro kiểm tóan 6
1.2.1. Khái niệm 6
1.2.2. Các bộ phận của rủi ro kiểm toán 7
1.2.3. Mối quan hệ giữa các bộ phận hợp thành rủi ro kiểm toán 11
1.3. Mối quan hệ giữa trọng yếu và rủi ro kiểm tóan 15
PHẦN III: TÌNH HÌNH THỰC TẾ VỀ CÔNG TÁC XÁC LẬP MỨC TRỌNG YẾU VÀ ĐÁNH GIÁ RỦI RO KIỂM TOÁN TRONG GIAI ĐOẠN LẬP KẾ HOẠCH KIỂM TOÁN TẠI CÔNG TY KIỂM TOÁN VÀ KẾ TOÁN AAC 16
2.1. Giới thiệu về công ty TNHH kiểm tóan và kế tóan AAC 16
2.1.1. Lịch sử hình thành và phát triển công ty TNHH kiểm toán và kế toán AAC 16
2.1.2. Các loại dịch vụ chuyên ngành của công ty TNHH kiểm toán và kế toán AAC 18
2.1.3. Cơ cấu tổ chức tại công ty TNHH kiểm toán và kế toán AAC 19
2.1.4. Khái quát về quy trinh kiểm toán tại công ty TNHH kiểm toán và kế toán AAC 21
2.2. Thực tế công tác xác lập mức trọng yếu và đánh giá rủi ro kiểm tóan trong giai đọan lập kế hoạch kiểm tóan tại AAC 25
2.2.1. Xác lập mức trọng yếu 25
2.2.2. Đánh giá sơ bộ rủi ro kiểm toán 27
2.3. Khảo sát việc vận dụng công tác xác lập mức trọng yếu và đánh giá rủi ro kiểm tóan trong giai đoạn lập kế hoạch kiểm tóan do AAC thực hiện tại một khách hàng 34
2.3.1. Sơ lược về khách hàng 34
2.3.2. Xác lập mức trọng yếu 36
2.3.3. Đánh giá sơ bộ rủi ro kiểm toán 38
PHẦN III: ĐÁNH GIÁ VÀ MỘT SỐ Ý KIẾN HOÀN THIỆN CÔNG TÁC XÁC LẬP MỨC TRỌNG YẾU VÀ ĐÁNH GIÁ RỦI RO TRONG GIAI ĐOẠN LẬP LẾ HOẠCH KIỂM TOÁN TẠI CÔNG TY KIỂM TOÁN VÀ KẾ TOÁN AAC 46
3.1. Đánh giá ưu, nhược điểm của quy trình xác lập mức trọng yếu và đánh giá rủi ro kiểm tóan. 46
3.1.1. Xác lập mức trọng yếu 46
3.1.2. Đánh giá rủi ro kiểm toán 47
3.2. Một số giải pháp hòan thiện công tác xác lập mức trọng yếu và đánh giá rủi ro kiểm tóan 50
3.2.1. Đối với công tác xác lập mức trọng yếu 50
3.2.2. Đối với công tác đánh giá rủi ro kiểm toán 51
KẾT LUẬN 65
TÀI LIỆU THAM KHẢO 66
MỤC LỤC BẢNG
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UNIT 1Multiple Choice Questions (Enter your answers on the enc.docxwillcoxjanay
UNIT 1
Multiple Choice Questions (Enter your answers on the enclosed answer sheet)
1. The type of business organization that can continue indefinitely is known as a:
a. sole proprietorship
b. partnership
c. corporation
d. None of the above.
2. The purpose of the accounting process is to provide financial information about:
a. sole proprietorships
b. small businesses
c. large corporations
d. All of the above.
3. The cash purchase of a truck was recorded as a purchase on credit. Due to this error:
a. assets were overstated
b. liabilities were overstated
c. answers a and b are both correct
d. None of the above.
4. Which of the following would cause one asset to increase and another asset to decrease?
a. The owner invested cash in the business.
b. The business paid a creditor.
c. The business incurred an expense on credit.
d. The business bought supplies for cash.
5. Which accounts are affected when the company buys supplies on account?
a. assets and capital
b. liabilities and capital
c. assets and liabilities
d. None of the above.
6. Which accounts are affected when the company provides services to a cash customer?
a. assets and capital
b. liabilities and capital
c. assets and revenue
d. None of the above.
7. Which accounts are affected when the owner withdraws cash from the business?
a. assets and withdrawals
b. liabilities and capital
c. assets and liabilities
d. None of the above.
8. A chart of accounts:
a. is set up in alphabetical order
b. includes account balances
c. is a listing of all the accounts used by a company
d. All of the above.
9. Accounts payable had a normal starting balance of $800. There were debit postings of $600
and credit postings of $300 during the month. The ending balance is:
a. $500 debit
b. $1,000 debit
c. $500 credit
d. $1,000 credit
10. The beginning balance in the computers account was $2,000. The company purchased an
additional $1000 worth of computers. The balance in the account is:
a. debit of $2,000
b. credit of $3,000
c. debit of $3,000
d. credit of $2,000
11. A list of all the accounts from the ledger with their ending balances is called a:
a. normal balance
b. trial balance
c. chart of accounts
d. footing
12. Which of the following is prepared first?
a. balance sheet
b. income statement
c. statement of owner’s equity
d. trial balance
13. Which type of account would not be reported on the income statement?
a. revenue
b. expenses
c. liabilities
d. None of the above.
14. The left column of a financial statement is often used to:
a. subtotal numbers
b. show credits
c. show totals
d. show debits
15. The beginning capital account would appear on which financial statement?
a. statement of owner’s equity
b. balance sheet
c. income statement
d. None of the above.
16. The income statement contains:
a. liabilities
b. revenues
c. assets
d. Both b and c are correct.
17. Net income or net loss for a period is calculated by which of the following formula?
a. total revenues - total withdrawals
b. ...
Các phương pháp thu thập bằng chứng kiểm toán báo cáo tài chính tại Công ty T...TÀI LIỆU NGÀNH MAY
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Phân tích tài chính và nâng cao hiệu quả tài chính của Tổng công ty Hàng khôn...Dương Hà
Mr. Hà - 0973.887.643
Yahoo: duonghakt68
Mail: duonghakt68@gmail.com
website:baocaoketoan.com hoặc http://baocaothuctapketoan.blogspot.com
http://www.slideshare.net/duonghakt68
Facebook: https://www.facebook.com/dvbaocaothuctapketoan?ref=hl.
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https://www.facebook.com/thuvienluanvan01
tai lieu tong hop, thu vien luan van, luan van tong hop, do an chuyen nganh
Nhận viết luận văn đại học, thạc sĩ trọn gói, chất lượng, LH ZALO=>0909232620
Tham khảo dịch vụ, bảng giá tại: https://vietbaitotnghiep.com/dich-vu-viet-thue-luan-van
Chia sẻ cho các bạn sinh viên tài liệu tốt nghiệp ngành tài chính ngân hàng Chuyên đề phân tích tình hình tài chính công ty cổ phần My Way, RẤT HAY, ĐIỂM 8 các bạn làm chuyên đề tốt nghiệp tài chính ngân hàng vào tải nhé.
Đề tài : XÁC LẬP MỨC TRỌNG YẾU VÀ ĐÁNH GIÁ RỦI RO KIỂM TOÁN TRONG GIAI ĐOẠN ...Nguyễn Công Huy
MỤC LỤC
PHẦN I: CƠ SỞ LÝ LUẬN VỀ XÁC LẬP MỨC TRỌNG YẾU VÀ ĐÁNH GIÁ RỦI RO KIỂM TOÁN TRONG GIAI ĐOẠN CHUẨN BỊ KIỂM TOÁN 1
1.1. Những vấn đề cơ bản về trọng yếu 1
1.1.1 Khái niệm 1
1.1.2. Đặc điểm 1
1.1.3. Sự cần thiết phải xác lập mức trọng yếu 3
1.1.4. Phương pháp xác lập mức trọng yếu 3
1.1.5. Vận dụng khái niệm trọng yếu trong quy trình kiểm toán BCTC 6
1.2. Những vấn đề cơ bản về rủi ro kiểm tóan và đánh giá rủi ro kiểm tóan 6
1.2.1. Khái niệm 6
1.2.2. Các bộ phận của rủi ro kiểm toán 7
1.2.3. Mối quan hệ giữa các bộ phận hợp thành rủi ro kiểm toán 11
1.3. Mối quan hệ giữa trọng yếu và rủi ro kiểm tóan 15
PHẦN III: TÌNH HÌNH THỰC TẾ VỀ CÔNG TÁC XÁC LẬP MỨC TRỌNG YẾU VÀ ĐÁNH GIÁ RỦI RO KIỂM TOÁN TRONG GIAI ĐOẠN LẬP KẾ HOẠCH KIỂM TOÁN TẠI CÔNG TY KIỂM TOÁN VÀ KẾ TOÁN AAC 16
2.1. Giới thiệu về công ty TNHH kiểm tóan và kế tóan AAC 16
2.1.1. Lịch sử hình thành và phát triển công ty TNHH kiểm toán và kế toán AAC 16
2.1.2. Các loại dịch vụ chuyên ngành của công ty TNHH kiểm toán và kế toán AAC 18
2.1.3. Cơ cấu tổ chức tại công ty TNHH kiểm toán và kế toán AAC 19
2.1.4. Khái quát về quy trinh kiểm toán tại công ty TNHH kiểm toán và kế toán AAC 21
2.2. Thực tế công tác xác lập mức trọng yếu và đánh giá rủi ro kiểm tóan trong giai đọan lập kế hoạch kiểm tóan tại AAC 25
2.2.1. Xác lập mức trọng yếu 25
2.2.2. Đánh giá sơ bộ rủi ro kiểm toán 27
2.3. Khảo sát việc vận dụng công tác xác lập mức trọng yếu và đánh giá rủi ro kiểm tóan trong giai đoạn lập kế hoạch kiểm tóan do AAC thực hiện tại một khách hàng 34
2.3.1. Sơ lược về khách hàng 34
2.3.2. Xác lập mức trọng yếu 36
2.3.3. Đánh giá sơ bộ rủi ro kiểm toán 38
PHẦN III: ĐÁNH GIÁ VÀ MỘT SỐ Ý KIẾN HOÀN THIỆN CÔNG TÁC XÁC LẬP MỨC TRỌNG YẾU VÀ ĐÁNH GIÁ RỦI RO TRONG GIAI ĐOẠN LẬP LẾ HOẠCH KIỂM TOÁN TẠI CÔNG TY KIỂM TOÁN VÀ KẾ TOÁN AAC 46
3.1. Đánh giá ưu, nhược điểm của quy trình xác lập mức trọng yếu và đánh giá rủi ro kiểm tóan. 46
3.1.1. Xác lập mức trọng yếu 46
3.1.2. Đánh giá rủi ro kiểm toán 47
3.2. Một số giải pháp hòan thiện công tác xác lập mức trọng yếu và đánh giá rủi ro kiểm tóan 50
3.2.1. Đối với công tác xác lập mức trọng yếu 50
3.2.2. Đối với công tác đánh giá rủi ro kiểm toán 51
KẾT LUẬN 65
TÀI LIỆU THAM KHẢO 66
MỤC LỤC BẢNG
Bảng 1- Bảng ma trận rủi
Nhận viết luận văn Đại học , thạc sĩ - Zalo: 0917.193.864
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Tham khảo bảng giá dịch vụ viết bài tại: vietbaocaothuctap.net
Luận văn thạc sĩ kinh tế: giải pháp nâng cao khả năng huy động nguồn vốn kinh doanh cho các doanh nghiệp nhỏ và vừa Việt Nam, cho các bạn tham khảo
UNIT 1Multiple Choice Questions (Enter your answers on the enc.docxwillcoxjanay
UNIT 1
Multiple Choice Questions (Enter your answers on the enclosed answer sheet)
1. The type of business organization that can continue indefinitely is known as a:
a. sole proprietorship
b. partnership
c. corporation
d. None of the above.
2. The purpose of the accounting process is to provide financial information about:
a. sole proprietorships
b. small businesses
c. large corporations
d. All of the above.
3. The cash purchase of a truck was recorded as a purchase on credit. Due to this error:
a. assets were overstated
b. liabilities were overstated
c. answers a and b are both correct
d. None of the above.
4. Which of the following would cause one asset to increase and another asset to decrease?
a. The owner invested cash in the business.
b. The business paid a creditor.
c. The business incurred an expense on credit.
d. The business bought supplies for cash.
5. Which accounts are affected when the company buys supplies on account?
a. assets and capital
b. liabilities and capital
c. assets and liabilities
d. None of the above.
6. Which accounts are affected when the company provides services to a cash customer?
a. assets and capital
b. liabilities and capital
c. assets and revenue
d. None of the above.
7. Which accounts are affected when the owner withdraws cash from the business?
a. assets and withdrawals
b. liabilities and capital
c. assets and liabilities
d. None of the above.
8. A chart of accounts:
a. is set up in alphabetical order
b. includes account balances
c. is a listing of all the accounts used by a company
d. All of the above.
9. Accounts payable had a normal starting balance of $800. There were debit postings of $600
and credit postings of $300 during the month. The ending balance is:
a. $500 debit
b. $1,000 debit
c. $500 credit
d. $1,000 credit
10. The beginning balance in the computers account was $2,000. The company purchased an
additional $1000 worth of computers. The balance in the account is:
a. debit of $2,000
b. credit of $3,000
c. debit of $3,000
d. credit of $2,000
11. A list of all the accounts from the ledger with their ending balances is called a:
a. normal balance
b. trial balance
c. chart of accounts
d. footing
12. Which of the following is prepared first?
a. balance sheet
b. income statement
c. statement of owner’s equity
d. trial balance
13. Which type of account would not be reported on the income statement?
a. revenue
b. expenses
c. liabilities
d. None of the above.
14. The left column of a financial statement is often used to:
a. subtotal numbers
b. show credits
c. show totals
d. show debits
15. The beginning capital account would appear on which financial statement?
a. statement of owner’s equity
b. balance sheet
c. income statement
d. None of the above.
16. The income statement contains:
a. liabilities
b. revenues
c. assets
d. Both b and c are correct.
17. Net income or net loss for a period is calculated by which of the following formula?
a. total revenues - total withdrawals
b. ...
FE - 8Test Bank for Financial Accounting Tools for Business Dec.docxmydrynan
FE - 8
Test Bank for Financial Accounting: Tools for Business Decision Making, Sixth Edition
FE - 7
Final Exam
Instructions: Designate the best answer for each of the following questions.
Questions 1 and 2 are based on the following information:
Poin Company recently incurred the following costs:
(1)Purchase price of land and dilapidated building$330,000
(2)Real estate broker's commission14,000
(3)Net demolition costs of dilapidated building42,000
(4)Excavation costs for new building44,000
(5)Architect's fees and building permits35,000
(6)Costs associated with new building construction1,130,000
(7)Costs associated with new furniture and equipment250,000
(8)Actual interest costs during building construction135,000
(9)Actual interest cost after completion of building construction120,000
(10)Costs of walks, driveways, and parking lot55,000
____1.The building should be recorded on Poin's books at:
a.$1,344,000.
b.$1,519,000.
c.$1,130,000.
d.$1,464,000.
____2.Land should be recorded on Poin's books at:
a.$330,000.
b.$386,000.
c.$372,000.
d.$430,000.
____3.Benson Supply bought equipment at a cost of $72,000 on January 2, 2008. It originally had an estimated life of ten years and a salvage value of $12,000. Benson uses the straight-line depreciation method. On December 31, 2012, Benson decided the useful life likely would end on December 31, 2013, with a salvage value of $6,000. The depreciation expense recorded on December 31, 2012, should be:
a.$6,000.
b.$21,000.
c.$12,000.
d.$10,500.
____4.In order to be relevant, accounting information must:
a.be neutral.
b.be verifiable.
c.help predict future events.
d.be a faithful representation.
____5.Gordan Company sold old equipment for $40,000. The equipment had a cost of $100,000 and accumulated depreciation of $50,000. The entry to record the sale of the equipment would include a:
a.loss on disposal of $40,000.
b.gain on disposal of $40,000.
c.loss on disposal of $10,000.
d.gain on disposal of $10,000.
____6.The cost of intangible assets should be:
a.amortized over the assets' estimated useful life, or its legal life, whichever is shorter.
b.amortized over a period not exceeding 5 years.
c.amortized over the assets' estimated useful life.
d.charged to an expense account at acquisition.
____7.In a period of rising prices, the inventory method that results in the lowest income tax payment is:
a.LIFO.
b.FIFO.
c.average cost.
d.specific identification.
____8.On November 30, Thatcher Company issued a $12,000, 6%, 6-month note to the National Bank. The entry on Thatcher's books to record the payment of the note at maturity will include a credit to Cash for:
a.$12,000.
b.$12,720.
c.$12,180.
d.$12,360.
____9.The inventory methods that result in the most current costs in the income statement and balance sheet are:
Income StatementBalance Sheet
a.FIFOFIFO
b.LIFOFIFO
c.LIFOLIFO
d.FIFOLIFO
____10.The following information is available for Brighten Company:
Sales$130,000Freight-in$10,000
Ending Merch ...
ANSWER ALL QUESTIONS IN FIELD READ CAREFULLY PLEASE LABEL EACH QU.docxnolanalgernon
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 .
(Multiple Choice) Purchasing an item of equipment for cash will .docxmarilynnhoare
(Multiple Choice)
Purchasing an item of equipment for cash will cause total assets, total liabilities, and stockholders’ equity to:
A.
increase, increase, and remain unchanged, respectively.
B.
remain unchanged, remain unchanged, and remain unchanged, respectively.
C.
increase, remain unchanged, and increase, respectively.
D.
increase, remain unchanged, and decrease, respectively.
E.
None of these.
(Multiple Choice)
Paying a previously recorded accounts payable will cause total assets, total liabilities, and stockholders' equity to:
A.
decrease, remain unchanged, and decrease, respectively.
B.
remain unchanged, remain unchanged, and decrease, respectively.
C.
remain unchanged, remain unchanged, and remain unchanged, respectively.
D.
decrease, decrease, and remain unchanged, respectively.
E.
None of these.
(Multiple Choice)
Which of the following is considered a revenue item?
A.
Proceeds of a bank loan.
B.
Investments by owner.
C.
Sales on account.
D.
All of these.
E.
None of these.
(Multiple Choice)
Which of the following would not cause stockholders' equity to fluctuate?
A.
Investments by shareholders.
B.
Dividends.
C.
Providing services at a profit or loss.
D.
Collection of accounts receivable.
E.
None of these.
(Multiple Choice)
Assume beginning assets of $60,000, ending assets of $80,000, a $10,000 decrease in liabilities, and ending stockholders' equity of $45,000.
If dividends exceeded capital stock issuances by $20,000, how much was net income for the period?
A.
$15,000.
B.
$30,000.
C.
$50,000.
D.
Cannot be determined from the information given.
E.
None of these.
(Essay)
Microtel began operations at the beginning of 20X6 with a $10,000 cash investment by stockholders. During 20X6, Microtel had revenue on account of $5,000; of this amount $2,000 was collected during 20X6 and $3,000 was an outstanding receivable at year-end. Microtel incurred $3,000 of operating expenses during 20X6; of this amount $1,000 was unpaid at year-end.
During 20X6, $1,000 cash was disbursed as dividends.
The only other transaction during 20X6 was the purchase of $5,000 of equipment for cash near the end of the year.
How much were Microtel's total assets at year-end?
(Multiple Choice)
Of the following account types, which normally display a credit balance:
A.
Assets and expenses.
B.
Assets and stockholders' equity.
C.
Assets, revenues, and stockholders' equity.
D.
Liabilities and expenses.
E.
None of these.
(Multiple Choice)
The dividend account:
A.
is an expense account.
B.
appears on the income statement.
C.
appears on the statement of retained earnings.
D.
normally has a credit balance.
E.
None of these.
(Multiple Choice)
Richards billed patients for $12,000 of services rendered.
The appropriate journal entry to record this transaction is:
A.
Debit Cash/Credit Revenue.
B.
Debit Accounts Receivable/Credit Revenue.
C.
Debit Revenue/Credit Cash.
D.
Debit .
The following information is for Henenlotter Inc. for the year end.docxcherry686017
The following information is for Henenlotter Inc. for the year ended December 31, 2012.
Henenlotter had a cash and cash equivalents balance of $7100 on January 1, 2012.
CASH RECEIVED FROM:
Customers
?
Interest on investments
600
Sale of land (not in use)
1,000
Sale of Henenlotter Inc. common stock
750
Sale of Janis Corp. stock
500
Issuance of debt securities (bonds)
2,000
CASH PAID FOR:
Interest on debt
300
Income tax
80
Debt principal reduction
1,500
Purchase of equipment
4,100
Purchase of inventory
1,000
Dividends paid on Henenlotter common stock
200
Operating expenses
400
OTHER DATA
Revenue
600
Accounts Receivable (Jan. 1, 2012)
1,200
Accounts Receivable (Dec. 31, 2012)
900
Accounts written off during the year
200
Prepare a Statement of Cash Flows for the year.
Use the direct method for the operating activities section.
1. Four different competent accountants independently agree on the amount and method of reporting an economic event. The concept demonstrated is:
A. Reliability.
B. Comparability.
C. Completeness.
D. Verifiability.
E. All of the above
2. Which of the following best demonstrates the full disclosure principle?
A. The multi-step income statement.
B. The auditors' report.
C. The company's tax return.
D. Notes to financial statements.
E. None of the above.
3. Disclosure notes to a company's financial statements:
A. Are relatively unimportant facts that don't belong in the basic financial statements.
B. Document the source of financial statement facts, like literary footnotes.
C. Are an integral part of a company's financial statements.
D. Are irrelevant facts that are immaterial in amount.
E. None of the above.
4. An important argument in support of historical cost information is:
A. Relevance.
B. Predictive quality for future cash flows.
C. Materiality.
D. Verifiability.
E. All of the above
5. Primecoat Corporation could disseminate its annual financial statements two days earlier if it shifted substantial human resources from other operations to the annual report project. Management decided the value of the earlier report was not worth the added commitment of resources. The concept best demonstrated is:
A. Timeliness.
B. Materiality.
C. Relevance.
D. Cost effectiveness.
E. All of the above.
6. Mega Loan Company has very stringent credit requirements and, accordingly, has negligible losses from uncollectible accounts. The company's independent accountants did not protest when, contrary to GAAP, the company recorded bad debt expense only when specific accounts were determined to be uncollectible, rather than use an allowance for uncollectible accounts. The concept demonstrated is:
A. Comparability.
B. Faithful representation.
C. Cost effectiveness.
D. Materiality.
E. Two of the above are correct.
7. Recognizing expected losses immediately, but deferring expected gains, is an example of:
A. Materiality.
B. Conservatism.
C. Cost effectiveness.
D. Timeliness.
E. All o ...
1) Questions & Your AnswersYour Answer1.(Multiple Choice)Purch.docxdorishigh
1) Questions & Your AnswersYour Answer1.(Multiple Choice)
Purchasing an item of equipment for cash will cause total assets, total liabilities, and stockholders’ equity to:
A. increase, increase, and remain unchanged, respectively.
B. remain unchanged, remain unchanged, and remain unchanged, respectively.
C. increase, remain unchanged, and increase, respectively.
D. increase, remain unchanged, and decrease, respectively.
E. None of these.INSTRUCTIONS: Please show your final answers in Column C (tab1) for all questions (Multiple Choice and Essey).2.(Multiple Choice)
Paying a previously recorded accounts payable will cause total assets, total liabilities, and stockholders' equity to:
A. decrease, remain unchanged, and decrease, respectively.
B. remain unchanged, remain unchanged, and decrease, respectively.
C. remain unchanged, remain unchanged, and remain unchanged, respectively.
D. decrease, decrease, and remain unchanged, respectively.
E. None of these.NOTE: The Essey question requires one "number" as answer. Please put your final number/answer in Column C here (tab 1). You can show your work (back-up) in the next tab (tab 2). If your final answer is incorrect here, I will give you partial credit base on the back-up.3.(Multiple Choice)
Which of the following is considered a revenue item?
A. Proceeds of a bank loan.
B. Investments by owner.
C. Sales on account.
D. All of these.
E. None of these.4.(Multiple Choice)
Which of the following would not cause stockholders' equity to fluctuate?
A. Investments by shareholders.
B. Dividends.
C. Providing services at a profit or loss.
D. Collection of accounts receivable.
E. None of these.5.(Multiple Choice)
Assume beginning assets of $60,000, ending assets of $80,000, a $10,000 decrease in liabilities, and ending stockholders' equity of $45,000. If dividends exceeded capital stock issuances by $20,000, how much was net income for the period?
A. $15,000.
B. $30,000.
C. $50,000.
D. Cannot be determined from the information given.
E. None of these.6.(Essay)
Microtel began operations at the beginning of 20X6 with a $10,000 cash investment by stockholders. During 20X6, Microtel had revenue on account of $5,000; of this amount $2,000 was collected during 20X6 and $3,000 was an outstanding receivable at year-end. Microtel incurred $3,000 of operating expenses during 20X6; of this amount $1,000 was unpaid at year-end. During 20X6, $1,000 cash was disbursed as dividends. The only other transaction during 20X6 was the purchase of $5,000 of equipment for cash near the end of the year. How much were Microtel's total assets at year-end?7.(Multiple Choice)
Of the following account types, which normally display a credit balance:
A. Assets and expenses.
B. Assets and stockholders' equity.
C. Assets, revenues, and stockholders' equity.
D. Liabilities and expenses.
E. None of these.8.(Multiple Choice)
The dividend account:
A. is an expense a ...
Lesson 1Financial AccountingWhen you feel confident that y.docxcarliotwaycave
Lesson 1
Financial Accounting
When you feel confident that you have mastered the material in
Lesson 1, go to http://www.takeexamsonline.com and submit
your answers online. If you don’t have access to the Internet,
you can phone in or mail in your exam. Submit your answers for
this examination as soon as you complete it.
Do not wait until
another examination is ready.
1. When planning for retirement, _______ assess the company’s
ability to offer long-term job prospects and an attractive
retirement benefits package.
A.
social clubs
C.
state governments
B.
not-for-profit entities
D.
employees
2. Which of the following is
not
a kind of accounting considered
in your textbook?
A.
Financial
C.
National
B.
Managerial
D.
Public
3. Which classification of accounting is
most
concerned with the
use of economic and financial information to plan and control
many of the activities of the entity?
A.
Managerial
C.
Financial
B.
Public
D.
Income tax
4. Cost accounting is a subset of
A.
internal auditing.
C.
cost analysis.
B.
public auditing.
D.
managerial accounting.
5. During the 1970–1980 period, the _______ operated as a governmental body to
establish standards applicable to government contracts. It was abolished in 1981,
although its standards remained in effect.
A.
NASB
C.
CASB
B.
CANN
D.
AICPA
6. The balance sheet equation can be represented by all of the following
except
which
one?
A.
A = L + OE
B.
Assets – Liabilities = Owners’ Equity
C.
Net Assets = Owners’ Equity
D.
A = L – OE
7. The time frame associated with an income statement is a
A.
point in time in the past.
B.
past period of time.
C.
future period of time.
D.
function of the information included in it.
8. On January 31, an entity’s balance sheet showed total assets of $750 and liabilities of
$250. Owners’ equity at January 31 was
A.
$250.
C.
$750.
B.
$500.
D.
$1,000.
9. The return on investment measure of performance
A.
isn’t as important a measure of management effectiveness as the amount of net
income.
B.
relates dividends paid to the entity’s assets.
C.
involves net income divided by sales, which is called
margin.
D.
is calculated by dividing average assets for a period by the amount of net income
for the period.
10. Rate of return and _______ related to an investment go hand in hand.
A.
asset assessment
C.
falling interest
B.
riskiness
D.
time signature
11. An advantage of the DuPont model for calculating ROI is that it
A.
focuses on asset utilization as well as net income.
B.
is easier to use than the straightforward ROI formula.
C.
uses average assets, and the straightforward ROI formula doesn’t.
D.
uses owners’ equity.
12. Which of the following
best
states what return on equity is?
A.
It will be the same as return on investment.
B.
It relates dividends and turnover.
C.
It relates dividends and owners’ equity.
D.
It relates net income a.
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
1. NATIONAL UNIVERSITY OF SINGAPORE
NUS BUSINESS SCHOOL
DEPARTMENT OF ACCOUNTING
ACC1002X FINANCIAL ACCOUNTING
MID-TERM PRACTICE TEST
Saturday 2 October 2010
Time Allowed: 1 hour 15 minutes
________________________________________________________________________
INSTRUCTIONS TO CANDIDATES
1. This test paper consists of TWENTY-FIVE (25) multiple-choice questions.
2. Answer ALL questions by shading the letter representing the best answer on the
computer scoring sheet using pencils. If you just mark on this question paper, your
answers will not be marked.
3. This is a close-book test. You are not allowed to bring in any materials other than pens,
pencils, erasers and calculators.
4. Make sure you write your name and your matriculation number below on both this
question paper and the computer scoring sheet which must be submitted at the end of the
test. If you provide us with a wrong matriculation number, you will receive zero for this
test.
Name:
Matriculation Number:
For Examiners’ Use Only:
Marks
Total / 25
2. -2- ACC1002X
__________________________________________________________________________
MCQ (1 mark per question, total 25 marks)
1. During the current year, liabilities of Hayden Travel decreased by
$50,000, and owners' equity increased by $75,000 then.
A. Assets at the end of the year total $125,000.
B. Assets at the end of the year total $25,000.
C. Assets increased during the year by $25,000.
D. Assets decreased during the year by $125,000.
2. An allowance of receivables of 2% is required. The Accounts
Receivables balances for the period ended are $200,000. The
beginning allowance of receivables brought forward from the
previous period is $2,000. The movement in allowance is carried to
the Income Statement as
A. Expense of $4,000
B. Other income of $4,000
C. Other income of $2,000
D. Expense of $2,000
3. A customer paid a deposit in advance for goods to be supplied at a
later date. How should this be recorded in the seller's books?
DR CR
A. Cash Unearned Revenue
B. Cash Sales
C. Unearned Revenue Prepayment
D. Unearned Revenue Sales
…/
3. -3- ACC1002X
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4. Which statement is correct?
A. Assets – Liabilities = Owners' Equity
B. Assets + Owners' Equity = Liabilities
C. Liabilities + Assets = Owners' Equity
D. Liabilities – Owners' Equity = Assets
5. Which of the following is not a liability of a business?
A. Bank overdraft
B. Accounts Payables
C. Accumulated Depreciation – Office Equipment
D. Bank Loan
6. Ethan's Trial Balance as at 31 October 2009 includes the following
balances:
$
Machinery at cost 85,800
Accumulated depreciation on machinery 21,750
Accounts Receivables 42,650
Allowance for Doubtful Accounts 1,570
Bank overdraft 6,470
Inventory at 1 November 2008 21,650
His inventory at 31 October 2009 is valued at $22,300. What value
should be reported for current assets in Ethan's Balance Sheet as at
31 October 2009?
A. $62,730
B. $69,850
C. $64,950
D. $63,380
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7. A Trial Balance is made up of a list of debit balances and credit
balances. Which of the following statements is correct?
A. Every debit balance represents an expense.
B. Assets are represented by debit balances.
C. Liabilities are represented by debit balances.
D. Income is included in the list of debit balances.
8. Which of the following is generally not considered one of the general
purpose financial statements issued by a corporation?
A. Statement of financial position
B. Balance sheet
C. Income statement forecast for the coming year
D. Statement of cash flows
9. A balance sheet is designed to show the financial position of an
entity:
A. At December 31 of the current year.
B. Over a period of time such as a year or quarter.
C. At a single point in time.
D. At January 1 of the coming year.
10. Accounts payable and notes payable are:
A. Always less than the amount of cash a business owns.
B. Liabilities.
C. Written promises to pay a certain amount, plus interest, at a
definite future date.
D. Debtors
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11. The adjusting entry to recognize an unrecorded expense is
necessary:
A. When an expense is paid in advance.
B. When an expense has been neither paid nor recorded as of the
end of the accounting period.
C. Whenever an expense remains unpaid at the end of an
accounting period.
D. Because the accountant is likely to forget to pay these unrecorded
expenses.
12. Before any month-end adjustments are made, the net income of
Lawrence Company is $550,000. However, the following
adjustments are necessary: office supplies used, $35,000; services
performed for clients but not yet recorded or collected, $12,300;
interest accrued on note payable to bank, $14,100. After adjusting
entries are made for the items listed above, Lawrence Company’s
net income would be:
A. $513,200.
B. $488,600.
C. $583,200.
D. $541,400.
13. Of the following adjusting entries, which one results in an increase in
liabilities and the recognition of an expense at the end of an
accounting period?
A. The entry to accrue salaries owed to employees at the end of the
period.
B. The entry to record revenue earned but not yet collected or
recorded.
C. The entry to record earned portion of rent previously received in
advance from a tenant.
D. The entry to write off a portion of unexpired insurance.
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14. The CPA firm auditing Indian Company found that net income had
been overstated. Which of the following errors could be the cause?
A. Failure to make an adjusting entry to record revenue which had
been earned but not yet billed to customers.
B. No entry made to record purchase of land for cash on the last day
of the year.
C. Failure to record payment of an account payable on the last day of
the year.
D. Failure to record depreciation expense for the period.
Use the following data for questions 15 and 16.
At the end of the month the unadjusted trial balance of Four Star Company
included the following accounts:
Debit Credit
Sales (75% represent credit sales) ............... $1,280,000
Accounts Receivable .................................... $875,000
Allowance for Doubtful Accounts .................. $10,750
15. If the income statement method of estimating uncollectible accounts
expense is followed, and uncollectible accounts expense is
estimated to be 2% of net credit sales, the net realizable value of
Four Star accounts receivable at the end of the month is:
A. $855,800.
B. $845,050.
C. $19,200.
D. $1,250,050.
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16. If Four Star uses the balance sheet approach in estimating
uncollectible accounts, and aging the accounts receivable indicates
the estimated uncollectible portion to be $24,000, the uncollectible
accounts expense for the month is:
A. $24,000.
B. $10,750.
C. $34,750.
D. $13,250.
17. Financial accounting information is characterized by all of the
following except:
A. It is factual, so it does not require judgment to prepare.
B. It results from inexact and approximate measures.
C. It is historical in nature.
D. It is enhanced by management's explanation.
18. During the current year, the assets of Fragrant Spice increased by
$183,000 and the liabilities decreased by $13,000. If the owners'
equity in the business is $468,000 at the end of the year, the owners'
equity at the beginning of the year must have been:
A. $272,000.
B. $638,000.
C. $298,000.
D. $664,000.
19. Ethan Electronics sold and delivered modems to Beatrice Computers
for $663,000 to be paid by Beatrice in three equal instalments over
the next three months. The journal entry made by Beatrice
Computers to record the last of the three instalment payments will
include:
A. A debit of $221,000 to Modem Expense.
B. A debit of $221,000 to Accounts Payable.
C. A debit of $221,000 to Accounts Receivable.
D. A debit of $221,000 to Cash.
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20. Ben Elliot, president of Varsity Publishing, noticed a $6,300 debit to
Accounts Payable in the company's books. This debit could
correspond to:
A. The failure to pay this month's $6,300 utility bill on time.
B. A payment of $6,300 to a supplier to settle a balance due.
C. A purchase of equipment costing $6,300 on credit.
D. A $6,300 sale to a customer.
21. Dolphin Co. received $5,100 in fees during 2009, 2/3 of which was
earned in 2010, the rest was earned when received. The company
should report which of the following amounts as income in 2009?
A. $5,100.
B. $0.
C. $1,700.
D. $3,400.
22. Beans and Things, Inc. is a newly opened company. Sales for the
period are $283,000, expenses are $216,000 and unpaid dividends
declared are $23,000. Retained earnings at the end of the period:
A. Will have a debit balance of $67,000.
B. Will have a credit balance of $67,000.
C. Will have a debit balance of $44,000.
D. Will have a credit balance of $44,000.
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23. The accountant for Perfect Painting forgot the following two
adjustments at the end of 2010:
(a) The entry to record depreciation: $3,000.
(b) The entry to record the portion of fees received in advance which
have now been earned: $3,000.
As a result of these two omissions:
A. Net income for Perfect Painting for 2010 is overstated.
B. Net income for Perfect Painting for 2010 is understated.
C. Assets of Perfect Painting are overstated at December 31, 2010.
D. Liabilities of Perfect Painting are understated at December 31,
2010.
24. Only two adjustments appear in the adjustments column of a
worksheet for Wycliff Publications: one to record $800 depreciation
of office equipment, and the other to record the use of $560 of office
supplies. If the Trial Balance column totals are $15,380, what are the
totals of the Adjusted Trial Balance columns?
A. $16,740
B. $15,140.
C. $16,180.
D. $15,860.
25. Assuming a 365 days year, Gore Industries calculated an average of
56 days to collect its account receivable in 2007. During 2007,
Gore's accounts receivable turnover rate:
A. Was approximately 0.19.
B. Was equal to 56 times its average accounts receivable.
C. Was approximately 6.52.
D. Can't be determined from this information alone.
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