FACULTEIT DER ECONOMISCHE WETENSCHAPPEN EN BEDRIJFSKUNDE Afdeling ACCOUNTING DECEMBER 23, 2005
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1 FACULTEIT DER ECONOMISCHE WETENSCHAPPEN EN BEDRIJFSKUNDE Afdeling ACCOUNTING (FAB) DECEMBER 23, 2005 Read this first before you start the exam. The exam contains 9 pages and 5 assignments. The duration of the exam is 2¾ hours (165 min.) Advised maximum Maximum credits score: time Assignment 1 30 min. 20 Every wrong item 2 Assignment 2 45 min 22 Assignments 2-5: generally every Assignment 3 30 min 16 mistake -1. Assignment 4 25 min 14 Assignment 5 25 min 18 Total 90 = grade 10 for the exam The grade for this exam accounts for 60% of the total grade for Financial Accounting and Bookkeeping. It is required to write down the answers to the assignments on the separate Answer sheet, which you will also receive. Specify your calculations. During the exam, it is only allowed to carry with you: pencil, pen, calculator and items to eliminate what you wrote down. SO: no mobile phone and wallet!! You need to identify yourself. Grades will be announced on: January 16, 2006 The exam can be reviewed on: VU January 19, 2006, am Wdh January 20, 2006, am We only accept the Answer sheet. All other papers will be refused. G O O D L U C K!!!! Exam Financial Accounting and Bookkeeping, December 23, 2005 page 1 of 9
2 Assignment 1 1 I In general, any partner (in a partnership) can obligate the partnership to another party. IA True IB False II When payment is received for services not yet rendered, no entry is recorded until that service has been rendered. IIA True IIB False Which answers are the correct answers? A IA and IIA B IA and IIB C IB and IIA D IB and IIB 2 I The matching rule is most closely related to the cash basis of accounting. IA True IB False II Closing entries deal primarily with the balances of real accounts. IIA True IIB False Which answers are the correct answers? A IA and IIA B IA and IIB C IB and IIA D IB and IIB 3 I Return on assets is a better measure of profitability than profit margin because it takes into account the assets invested in the business. IA True IB False II Under the perpetual inventory system, the cost of merchandise is debited to (Merchandise) Inventory, at the time of purchase. IIA True IIB False Which answers are the correct answers? A IA and IIA B IA and IIB C IB and IIA D IB and IIB Exam Financial Accounting and Bookkeeping, December 23, 2005 page 2 of 9
3 4 A short investment in a U.S. Treasury bill costs $48,800 and will mature six months later at $50,000. Management intends to hold the investment until it matures. The entry to record the initial investment includes a A debit to Cash for $48,800 B debit to Short-term Investments for $48,800 C credit to Interest Income for $1,200 D credit to Unrealized Gain for $1,200 E debit to Short-term Investments for $50,000 F both B and C G Both A and D H Both C and E 5 Using the accounts receivable aging method, estimated uncollectible accounts are $25,000. The account for Accounts Receivable shows a debit balance of $1,300,000. In the past, 2 percent of sales has proved uncollectible. If the balance of the Allowance for Uncollectible Accounts is $9,000 debit before adjustment, with which amount it has to be adjusted? A $25,000 credited B $26,000 credited C $34,000 credited D $35,000 credited E $16,000 credited F $17,000 credited G $16,000 debited H $17,000 debited I $25,000 debited J $26,000 debited 6 The most important accounting problem in dealing with inventory is the application of which of the following conventions or rules? A matching B materiality C conservatism D full disclosure E cost-benefit F none of the above Exam Financial Accounting and Bookkeeping, December 23, 2005 page 3 of 9
4 7 A bond premium has the effect of A lowering the carrying value of the bond B lowering the effective interest rate below the face interest rate C raising the effective interest rate above the face interest rate D increasing the amount of cash paid for interest each six months. E none of the above. 8 Holders of common stock must be made aware of possible restrictions on common dividend when preferred stock is A cumulative B noncumulative C convertible D callable E none of the above. 9 At the beginning of 2004, Helms Corporation had 30,000 shares of $10 par value common stock issued and outstanding. During January 2004, Helms declared and distributed a 10 percent stock dividend. The market value of Helms stock was $24 throughout the month of January. The stock dividend declared is debited on Retained Earnings. As a result of this stock dividend, Helms total stockholders equity should increase (decrease) by A ($72,000) B ($42,000) C ($30,000) D $0 E $30,000 F $42,000 G $72,000 H none of the above Exam Financial Accounting and Bookkeeping, December 23, 2005 page 4 of 9
5 10 At the beginning of 2005 Amsterdam NV purchased a building in Zaandam for 6,000,000. The estimated useful life is 30 year. They intend to use the building until At the end of that year a whole new building will be ready in Amsterdam Z.O. The estimated residual value at the end of 2009 is 6,600,000. The estimated residual value after the useful life is 3,900,000. The yearly depreciation, according to the IFRS-rules (obligated for this company after January 1, 2005), is: A 200,000 B 220,000 C 0 D 120,000 E 90,000 F 70,000 G none of the above Exam Financial Accounting and Bookkeeping, December 23, 2005 page 5 of 9
6 Assignment 2 The Trial Balance and Adjusted Trial Balance columns of Tywanda Cleaning Corporation s work sheet are shown below. The Adjustments columns have been omitted. Tywanda Cleaning Corporation Trial Balance and Adjusted Trial Balance June 30, 2005 TRIAL BALANCE ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT Cash 2,600 2,600 Accounts Receivable Prepaid Rent Office Supplies 2,600 1,740 Office Equipment 10,800 10,800 Accumulated Depreciation, Office Equipment 2,160 4,320 Accounts payable Common Stock 10,600 10,600 Dividends Declared Cleaning Revenue 7,800 7,820 Wages Expense 2,400 2,550 Utilities Expense 1,080 1,140 21,280 21,280 Rent Expense 30 Office Supplies Expense 860 Depreciation Expense, Office Equipment 2,160 Wages Payable 150 Income Taxes Expense 50 Income Taxes Payable 50 23,720 23,720 Required In the journal provided, prepare the seven adjusting entries and the four closing entries for the month ended June, 30, Omit explanations. The first entry of the seven is already given on the answer sheet. Exam Financial Accounting and Bookkeeping, December 23, 2005 page 6 of 9
7 Assignment 3 May Beginning inventory Purchases Sales Purchases Sales 90 $7 40 $8 50 units 70 $9 40 units Required Assume a periodic inventory system. 1 Use the data of May to calculate ending inventory on May 31 on a. a LIFO basis b. a FIFO basis c. an average-cost basis 2 Use the data of May to journalize (only) the following in case the company uses FIFO and the periodic inventory system. Choose the names of the accounts carefully. No explanations needed, if necessary only specify your calculations. a. Total May purchases in one summary entry. All purchases were on credit. b. Total May sales in a summary entry. The selling price was $15 per unit and all sales were on credit. June 14 June 16 June 20 The company purchased and received 120 Terms: FOB destination, 1/10, n/30. The company returned of the purchase of June 14 for credit 20 units The company paid this purchase 3 Use the data of June to journalize (only) the following in case the company uses FIFO and the periodic inventory system. a. The return for credit on June 16. b. The payment on June Explain the meaning of FOB destination. Exam Financial Accounting and Bookkeeping, December 23, 2005 page 7 of 9
8 Assignment 4 On June 30, 2004, Gazda Corporation issued ten-year bonds with a face value of $400,000. The bonds carry a face interest of 8 percent payable each July 1 and January 1. The bonds are issued at 103. Required Use the straight-line method. Choose the names of the accounts carefully. No explanations needed, if necessary only specification of your calculations. a. Are these bonds sold with a premium or a discount? Is on June30, 2004 the market rate higher or lower than the face interest rate? Explain your answer. b. Journalize the entry of the issuance of the bonds on June 30, c. Journalize the entry of the payment of the interest on July 1, d. Journalize the adjusting entry for December 31, e. Calculate the total amount to be reported as Bond Interest Expense on the income statement for the year ended December 31, Assignment 5 In the appendix you will find information about financial statements of ASML N.V. of the years 2004, 2003 and You have to use these statements to answer to the next questions. If necessary you can assume the market price per share ASML N.V. is 10 Use the Euro amounts!!! The structure of your answers should be as follows: EXAMPLE a. How is Average Days Inventory on Hand calculated? Answer Temperature outside Average Days Inventory on Hand = Temperature inside 1 1 We know that there is a better solution Exam Financial Accounting and Bookkeeping, December 23, 2005 page 8 of 9
9 b. Compute the Average Days Inventory on Hand. Answer 48 degrees Average Days Inventory on Hand = 32 degrees Average Days Inventory on Hand = 1.50 times Required Your answer must have an accuracy of two decimals. 1 a. How is the assets turnover calculated? b. Compute the assets turnover ratio for a. How is the profit margin calculated? b Compute the profit margin for a How is the interest coverage calculated? b Compute the interest coverage for a How is the return on equity calculated? b. Compute the return on equity turnover for a. How is the current ratio calculated? b. Compute the current ratio for a. How is the cash flow yield calculated? b. Compute the cash flow yield for END OF THE EXAM Exam Financial Accounting and Bookkeeping, December 23, 2005 page 9 of 9
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