COMPREHENSIVE EXAMINATION A
(Chapters 1 - 5)
Approximate
Problem Topic Points Minutes
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A - I Multiple Choice 20 10
A - II Matching 10 8
A - III Adjusting Entries 15 20
A - IV Closing Entries 10 10
A - V Journal Entries 18 12
A - VII Correcting Entries 12 15
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felixstowe 100 85
Checking Work 5
90
Problem A - I — Multiple Choice (20 points)
Circle the one best answer.
1. A private organization which establishes broad accounting principles as well as specific accounting rules is the
a. Securities and Exchange Commission.
b. Internal Revenue Service.
c. Financial Accounting Standards Board.
d. Corporate Board of Directors.
2. An increa in an expen
a. increas revenues.
b. increas asts.
c. decreas liabilities.
d. decreas stockholders’equity.
3. A company business with total stockholders’ equity of $85,000 paid a $10,000 business debt. As a result of this transaction, total stockholders’ equity
a. did not change.
b. incread by $10,000.
c. decread by $10,000.
d. incread to $95,000.
4. The right side of an account is always
a. the debit side.
b. the credit side.
c. the balance of that account.
d. carried forward to the next accounting period.
5. Posting is the process of
a. preparing a chart of accounts.
b. adding a column of figures.
c. transferring journal entries to ledger accounts.
d. recording entries in a journal.
6. The purpo of recording depreciation on productive asts is to
a. reflect the decline in the market value of the asts each period.
b. reduce income when the company has an exceptionally profitable year.
c. be in conformity with the revenue recognition principle.
d. allocate the original cost of productive asts to expen over its uful life.
7. Logan Company debited Prepaid Insurance for $840 on July 1, 2008 for a one-year fire insurance policy. If the company prepares monthly financial statements, failure to make an adjusting entry on July 31 for the amount of insurance that has expired would cau
a. asts to be overstated by $840 and expens to be understated by $840.
b. expens to be overstated by $70 and asts to be understated by $70.
c. asts to be overstated by $70 and expens to be understated by $70.
d. expens to be overstated by $840 and asts to be understated by $840.
交际英语 8. Which one of the following accounts is not clod at the end of an accounting period?
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a. Retained Earnings account
b. Dividends account
c. Service Revenue account
d. Insurance Expen account
9. The cond t of debit and credit columns on a worksheet is generally ud for
成人英语三级成绩查询 a. closing entries.
b. the trial balance.
c. the balance sheet figures.
d. the adjustments.
10. Gross profit is calculated by subtracting
a. total expens from total revenues.
warburg pincus b. cost of goods sold from net sales.
c. cost of goods sold from total revenues.
d. operating expens from net sales.
Problem A - II — Matching (10 points)
Match the items below by entering the appropriate letter in the space.
A. A liability created when cash is received in advance of performing a rvice for a customer.
B. Freight costs incurred by the ller.
C. Noncurrent resources that do not have a physical substance.
D. An economic entity which is not a parate legal entity.
E. A contra-revenue account.
F. The matching of efforts (expens) with accomplishments (revenues).
G. Creditors’ claims on total asts.
H. A temporary account ud in closing revenue and expen accounts.
I. Contains all asts, liabilities, and stockholders’ equity accounts.
J. Gross increas in stockholders’ equity resulting from business activities entered into for the purpo of earning income.
1. Partnership
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2. Liabilities
3. Revenues
4. General ledger
5. Matching principle
6. Unearned revenues
7. Income summary
8. Intangible asts
9. Freight-out
10. Sales returns and allowances
Problem A - III — Adjusting Entries (15 points)
一线口语
installation abortedThe following information for Minton Company is available on June 30, 2008, the end of a monthly accounting period. You are to prepare the necessary adjusting journal entries for Minton Company for the month of June for each situation given. Appropriate adjusting entries had been recorded in previous months. You may omit journal entry explanations.
1. Minton Company purchad a 2-year insurance policy on February 1, 2008 and debited Prepaid Insurance for $2,400.
2. On January 1, 2008, a tenant in an apartment building owned by Minton Company paid $4,500 which reprents six months' rent in advance. The amount received was credited to the Unearned Rent account.
