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1. University-of-Phoenix ACC 280
Accounting Quiz
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ACC 280 Accounting Quiz 1
Principlesof Accounting
1. Financial statementsare the majormeansof communicatingaccountinginformationto
interestedparties.
A) True
B) False
2. The economicentityassumptionrequiresthatthe activitiesof anentitybe keptseparate and
distinctfromthe activitiesof itsownerandall othereconomicentities.
A) True
B) False
3. Owners'claimstototal businessassetstake precedence overthe claimsof creditorsbecause
ownersinvestassetsinthe businessandare liable forlosses.
A) True
B) False

2. 4. Netincome forthe periodisdeterminedbysubtractingtotal expensesanddividendsfromtotal
revenues.
A) True
B) False
5. Whichof the followingwouldnotbe consideredaninternal userof accountingdataforthe XYZ
Company?
A) Presidentof the company
B) Productionmanager
C) Merchandise inventoryclerk
D) Presidentof the employees'laborunion
6. Ethicsare the standardsof conductby whichone'sactionsare judgedas
A) rightor wrong.
B) honestor dishonest.
C) fairor unfair.
D) all of these.
7. Netincome resultswhen
A) Assets> Liabilities.
B) Revenues=Expenses.
C) Revenues>Expenses.
D) Revenues<Expenses.
8. If the retainedearningsaccountincreasesfromthe beginningof the yeartothe endof the year,
then
A) netincome islessthandividends.

3. B) a net lossislessthandividends.
C) the companymust have soldstock.
D) netincome isgreaterthan dividends.
9. The primarypurpose of a trial balance isto prove the mathematical equalityof the debitsand
creditsafterposting.
A) True
B) False
10. The double-entrysystemrequiresthateachtransactionmustbe recorded
A) inat leasttwodifferentaccounts.
B) intwo setsof books.
C) ina journal andina ledger.
D) firstas a revenue andthenas an expense.
11. A debitisnotthe normal balance for whichaccountlistedbelow?
A) Dividends
B) Cash
C) AccountsReceivable
D) Service Revenue
12. Closingentriesare necessaryfor
A) permanentaccountsonly.
B) temporaryaccountsonly.
C) bothpermanentandtemporaryaccounts.
D) permanentorreal accounts only.

4. 13. The purpose of the post-closingtrial balance isto
A) prove that nomistakeswere made.
B) prove the equalityof the balance sheetaccountbalancesthatare carriedforwardintothe next
accountingperiod.
C) prove the equalityof the income statementaccountbalancesthatare carriedforwardintothe
nextaccountingperiod.
D) listall the balance sheetaccountsinalphabetical orderforeasyreference.
14. The two optional stepsinthe accountingcycle are preparing
A) a post-closingtrial balance andreversingentries.
B) a worksheetandpost-closingtrial balances.
C) reversingentriesandaworksheet.
D) an adjustedtrial balance anda post-closingtrial balance.
15. The four majorclassificationsof assets inaclassifiedbalance sheetare:CurrentAssets,_Fixed
Assets,FictitiousAssets,and___Real Assets__________.
18. Indicate the propersequence of the stepsinthe accountingcycle byplacingnumbers1-8inthe
blankspaces.
__A__ a. Analyze businesstransactions.
__D_ b. Journalize andpostadjustingentries.
_G__ c. Journalize andpostclosingentries.
_ B___ d. Journalize the transactions.
_H_ e. Prepare a post-closingtrial balance.

5. _E___ f. Prepare a worksheet.
_F__ g. Prepare financial statements.
_C___ h. Postto ledgeraccounts.
Q.24
A).The attitude of Joe is quite justified.Joe isastore manager.He isresponsibleforperformance of the
store.If the store getsloss,he will getnegative feedbackfromthe management.Thatiswhythe
attitude of Joe isjustified.
B).he shouldintimate tothe higherauthorityaboutstore pilferage.SuzyandJoe,bothisstore manager.
He can not saydirectlyanythingto Suzy.
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ACC 280 Accounting Quiz 2
Principlesof Accounting
1. Financial statementsare the majormeansof communicatingaccountinginformationto
interestedparties.
A) True
B) False
2. The economicentityassumptionrequiresthatthe activitiesof anentitybe keptseparate and
distinctfromthe activitiesof itsownerandall othereconomicentities.
A) True
B) False

6. 3. Owners'claimstototal businessassetstake precedence overthe claimsof creditorsbecause
ownersinvestassetsinthe businessandare liable forlosses.
A) True
B) False
4. Netincome forthe periodisdeterminedby subtractingtotal expensesanddividendsfromtotal
revenues.
A) True
B) False
5. Whichof the followingwouldnotbe consideredaninternal userof accountingdataforthe XYZ
Company?
A) Presidentof the company
B) Productionmanager
C) Merchandise inventoryclerk
D) Presidentof the employees'laborunion
6. Ethicsare the standardsof conductby whichone'sactionsare judgedas
A) rightor wrong.
B) honestor dishonest.
C) fairor unfair.
D) all of these.
7. Netincome resultswhen
A) Assets> Liabilities.
B) Revenues=Expenses.
C) Revenues>Expenses.

7. D) Revenues<Expenses.
8. If the retainedearningsaccountincreasesfromthe beginningof the yeartothe endof the year,
then
A) netincome islessthandividends.
B) a net lossislessthan dividends.
C) the companymust have soldstock.
D) netincome isgreaterthan dividends.
9. The primarypurpose of a trial balance isto prove the mathematical equalityof the debitsand
creditsafterposting.
A) True
B) False
10. The double-entrysystemrequiresthateachtransactionmustbe recorded
A) inat leasttwodifferentaccounts.
B) intwo setsof books.
C) ina journal andina ledger.
D) firstas a revenue andthenas an expense.
11. A debitisnotthe normal balance for whichaccountlisted below?
A) Dividends
B) Cash
C) AccountsReceivable
D) Service Revenue

8. 12. Closingentriesare necessaryfor
A) permanentaccountsonly.
B) temporaryaccountsonly.
C) bothpermanentandtemporaryaccounts.
D) permanentorreal accounts only.
13. The purpose of the post-closingtrial balance isto
A) prove that nomistakeswere made.
B) prove the equalityof the balance sheetaccountbalancesthatare carriedforwardintothe next
accountingperiod.
C) prove the equalityof the income statementaccount balancesthatare carriedforwardintothe
nextaccountingperiod.
D) listall the balance sheetaccountsinalphabetical orderforeasyreference.
14. The two optional stepsinthe accountingcycle are preparing
A) a post-closingtrial balance andreversingentries.
B) a worksheetandpost-closingtrial balances.
C) reversingentriesandaworksheet.
D) an adjustedtrial balance anda post-closingtrial balance.
15. The four majorclassificationsof assetsinaclassifiedbalance sheetare:________________,
________________, ________________ , and ________________.
16. Prepare a trial balance fromthe ledgeraccountsof Thornton& Companyas of January31, 2009.
AccountsPayable $700 RentExpense $800
AccountsReceivable 2,700 Service Revenue 2,000

9. Cash 29,000 Supplies 900
CommonStock 31,400 WagesExpense600
Dividends 1,100 RetainedEarnings 1,000
17. Prepare journal entriesforeachof the followingtransactions.
1. Performedservicesforcustomersonaccount$2,500.
2. Purchased$41,000 of equipmentonaccount.
3. Received$1,000 fromcustomersintransaction1.
4. The Companypaiddividendsof $1,100 .
18. Indicate the propersequence of the stepsinthe accountingcycle byplacingnumbers1-8inthe
blankspaces.
____ a. Analyze businesstransactions.
____ b. Journalize andpostadjustingentries.
____ c. Journalize andpostclosingentries.
____ d. Journalize the transactions.
____ e. Prepare a post-closingtrial balance.
____ f. Prepare a worksheet.
____ g. Prepare financial statements.
____ h. Postto ledgeraccounts.
19. Kyle & Companypreparesmonthlyfinancialstatements.Below are listedsome selected
accounts andtheirbalancesinthe September30trial balance before anyadjustmentshave beenmade
for the monthof September.

10. KYLE & COMPANY
Trial Balance (SelectedAccounts)
September30,2008
Debit Credit
Office Supplies $2,700
PrepaidInsurance 4,200
Office Equipment 16,200
AccumulatedDepreciation—Office Equipment $1,000
UnearnedRentRevenue 1,200
(Note:Debitcolumndoesnotequal creditcolumnbecausethisisapartial listingof selectedaccount
balances)
An analysisof the accountbalancesbythe company'saccountant providedthe followingadditional
information:
1. A physical countof office suppliesrevealed$1,000 onhand on September30.
2. A two-yearlife insurancepolicywaspurchasedonJune 1for $4,800.
3. Office equipmentdepreciated$6,000 per year.
4. The amountof rentreceivedinadvance thatremainsunearnedatSeptember 30is $500.
Instructions
Usingthe above additional information,prepare the adjustingentriesthatshouldbe made byKyle &
CompanyonSeptember30.
20. The financial statementcolumnsof the worksheetforMeltonCompanyasof December31,
2008 are as follows:

11. Instructions
Prepare a classifiedbalance sheetforMeltonCompany.
---------------------------------------------------------------------------------------------------------------------
Use the followingtoanswerquestion21:
SheepskinCompanyhadthe followingtransactionsduring2008.
• Salesof $4,500 on account
• Collected$2,000 for servicestobe performedin2009
• Paid$625 cash insalaries
• Purchasedairline ticketsfor$250 inDecemberfora trip to take place in2009
21. What isSheepskin's2008 netincome usingaccrual accounting?
A) $3,875
B) $5,875
C) $5,625
D) $3,625
22. Selectedfinancial statementdataforSimmsCompanyare presentedbelow.
December31, 2009 December31, 2008
Cash $ 24,200 $31,000
Short-terminvestments24,200 15,000

12. Receivables(net) 95,800 79,800
Inventories 80,700 60,300
Total currentliabilities 103,000 86,000
During2009, netsaleswere $818,000, and cost of goodssoldwas $606,000.
Instructions
Compute the followingratiosatDecember31,2009:
(a) Current.
(b) Acid-test.
(c) Receivablesturnover.
(d) Inventoryturnover.
23. Moon Beam,Inc. hasthe followingincome statement(inmillions):
Usingvertical analysis,whatpercentage isassignedtoCostof GoodsSold?
Usingvertical analysis,whatpercentage isassignedtoNetIncome?
24. (Ethics) SuzyCole andJoe Lane are departmentmanagersinthe housewaresandshoe
departments,respectively,forNewman’s,alarge departmentstore.Joe hasobservedSuzytaking
inventory fromherowndepartmenthome,apparentlywithoutpayingforit.He hesitatesconfronting
Suzybecause he isdue to be promoted,andneedsSuzy'srecommendation.He alsodoesnotwantto
notifythe companymanagementdirectly,because he doesn'twantanethicsinvestigationonhisrecord,
believingthatitwill give hima“goody-goody”image.Thisweek,Suzytriedonseveral pairsof expensive
runningshoesinhisdepartmentbeforefindingapairthat suitedher.She didnot,however,buythem.
That verypair wasmissingthismorning.
Newman’srecentlyreplaceditsoldperiodicinventorysystemwithaperpetual inventorysystemusing
scannersand bar codes.Inaddition,the annual inventoryistobe replacedbya monthlyinventory

13. conductedbyan independent firm.Onhearingthe newsof the changes,Joe relaxes."The systemwill
catch Suzy now,"he saysto himself.
Required:
1. Is Joe'sattitude justified? Whyor whynot?
2. What, if any, actionshouldJoe take now?
-------------------------------------------------------------------------------------------------------------------
Use the followingtoanswerquestion25:
SheepskinCompanyhadthe followingtransactionsduring2008.
• Salesof $4,500 on account
• Collected$2,000 for servicestobe performedin2009
• Paid$625 cash insalaries
• Purchasedairline ticketsfor$250 inDecemberfora trip to take place in2009
25. What isSheepskin's2008 netincome usingcashbasisaccounting?
A) $5,875
B) $1,375
C) $5,625
D) $1,125
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