In the event of a tie, the score on the last ten questions will be used as a tie-breaker.

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1 NEW YORK STATE ASSOCIATION FUTURE BUSINESS LEADERS OF AMERICA SPRING DISTRICT MEETING ACCOUNTING II 2010 TEST DIRECTIONS 1. Complete the information requested on the answer sheet. PRINT your name on the first line following the word NAME. On the subject line write the name of the event: ACCOUNTING II. On the date line, write the name of your CHAPTER. On the Test No. line, write the number of YOUR DISTRICT. DO NOT OPEN THIS TEST UNTIL GIVEN PERMISSION TO DO SO 2. All answers will be recorded on the answer sheet. DO NOT WRITE on the test booklet at any time, and DO NOT check items there. Scrap paper will be provided. 3. READ each question carefully before answering. When you have decided which answer is correct, find the space on the answer sheet following the number of the problem and with a pencil blacken the entire space in the proper column. DO NOT make and OTHER pencil marks on the answer sheet. If you change your mind, erase your first answer completely. 4. Be sure you use a No. 2 pencil with an eraser. 5. You are allowed 30 minutes for the test. You will be given a starting signal and a warning after 20 minutes have elapsed. In the event of a tie, the score on the last ten questions will be used as a tie-breaker.

2 1. An error in posting to a ledger. a. may cause the trial balance to be out of balance b. will not affect the trial balance c. will cause the cash to prove d. none of these 2. The total of the schedule of accounts receivable should equal. a. the accounts receivable account balance in the general ledger b. the cash account c. the debit and credit proof d. state unemployment tax owed 3. The withholding allowances of an employee affect. a. social security tax withheld. b. federal income tax withheld. c. federal unemployment tax owed. d. state unemployment tax owed. 4. Some businesses deposit employee net pay directly to each employee bank account by using. a. payroll checks b. payroll registers c. EFT d. none of these 5. In the entry to journalize paying the liability for the first quarter federal unemployment tax, an account debited would be. a. Salary Expense b. Unemployment Tax Payable Federal c. Payroll Taxes Expense d. Cash 6. In the entry to journalize paying the liability for the first quarter federal unemployment tax, the account credited would be. a. Salary Expense b. Unemployment Tax Payable Federal c. Payroll Taxes Expense d. Cash 7. Recording expenses in the fiscal period in which the expenses contribute to earning revenue is an application of the accounting concept. a. Accounting Period Cycle b. Adequate Disclosure c. Matching Expenses with Revenue d. Historical Cost 2

3 8. The amount of prepaid insurance not expired during a fiscal period represents a(n). a. asset b. liability c. revenue d. expense 9. One way to increase gross profit on sales is to. a. decrease expenses b. decrease sales revenue c. increase sales revenue d. increase cost of merchandise sold 10. The distribution of net income statement shows each partner s. a. Share of withdrawals b. total capital c. share of net income or net loss 11. Owners equity is changed by. a. cost of merchandise sold, net income, and withdrawals b. gross profit on sales, revenues, and expenses c. assets, liabilities, and capital d. additional investments, withdrawals, and net income or loss 12. A company has revenue of $250,000, gross profit of $175,000, and expenses of $55,000. The component percentage for net income is. a. $120,000 b. 78.0% c. 48.0% 13. The two types of journal entries needed to change general ledger account balances at the end of the fiscal period are. a. adjusting and correcting entries b. closing and correcting entries c. adjusting and closing entries 14. The store supplies inventory adjustment includes a debit to Supplies Expense Store and a credit to. a. Income Summary b. Merchandise Inventory c. Purchases d. Supplies Store 3

4 15. Each revenue account must begin each fiscal period with a. a. debit balance b. credit balance c. zero balance d. balance reflecting net income from the previous period 16. To close the sales account,. a. debit Sales; credit Cash b. debit Sales; credit Income Summary c. debit Income Summary; credit Sales d. debit Cash; credit Sales 17. To close the expense and cost accounts,. a. debit the expense and cost accounts; credit Income Summary b. debit the expense accounts; credit the capital accounts c. debit Income Summary; credit the expense and cost accounts d. debit Income Summary; credit the capital accounts 18. Withdrawals by partners. a. are an expense of the business b. are not an expense of the business c. increase the assets of the partnership d. increase the liabilities of the partnership 19. After closing entries have been posted, the accounts that remain open are the accounts. a. asset, liability, and capital accounts b. asset, liability, and cost accounts c. asset, liability, and drawing accounts d. asset, liability, and expense accounts 20. After adjusting and closing entries have been posted, a is prepared. a. Balance Sheet b. Trial Balance c. Post-Closing Balance Sheet d. Post-Closing Trial Balance 21. If net sales are $100, and total operating expenses are $20,000.00, the component percentage for total operating expenses is. a. 20.0% b. 80.0% c. 50.0% d % 4

5 22 The difference between accounting for a partnership or proprietorship and for a corporation is that. a. different procedures are used to distribute income to owners b. corporations pay federal income tax c. different accounts are used for owners equity d. all of these 23. Making an adjusting entry at the end of the fiscal period to record revenue earned but not received is an application of the accounting concept. a. Adequate Disclosure b. Matching Expenses with Revenue c. Objective Evidence d. Realization of Revenue 24. The entry to journalize the reversing entry for accrued interest income is. a. debit Income Summary; credit Interest Income b. debit Interest Income; credit Income Summary c. debit Interest Income; credit Interest Receivable d. debit Interest Receivable; credit Interest Income 25. The rules that specify acceptable accounting practices are referred to as. a. AICPA b. FASB c. GAAP d. SEC 26. Interest income of a business is a(n). a. normal operating revenue b. other revenue c. investment d. account receivable 27. When using the perpetual inventory method,. a. periodic inventories are never taken b. day-to-day information about the quantity of merchandise on hand is not available c. it is not necessary to show the minimum balance on stock records d. it is customary to take a periodic inventory at least once a fiscal period 28. When the FIFO method is used, cost of merchandise sold is valued at the price. a. the average price b. the most recent price c. the earliest price 5

6 29. Some examples of current assets are. a. Cash, Accounts Receivable, and Cash Register b. Cash, Accounts Receivable, and Merchandise Inventory c. Cash, Merchandise Inventory, Furniture 30. The purpose of recording depreciation is to. a. earn revenue b. recover the cash spent on plant assets c. record an expense in the periods in which the assets used to earn revenue d. earn money to replace the asset 31. Book value of a plant asset is original cost. a. plus accumulated depreciation b. minus accumulated depreciation c. plus salvage value d. minus salvage value 32. Items reported on a corporation s Income Statement that are not reported on a partnership s Income Statement include. a. Federal Income Tax Expense and Cash Short and Over b. net Sales, net purchases, and federal income tax c. other revenue, other expenses, and federal income tax d. federal income tax 33. If the cost of merchandise sold component percentage for the current year is 63.4% and the acceptable component percentage is 62.0%, a comparison indicates that. a. cost of merchandise sold component percentage is at an acceptable level b. cost of merchandise sold component percentage is at an unacceptable level c. more information is needed to determine if it is at an acceptable level d. net income earned is 63.4% of sales 34. A corporation s total stockholders equity is increased by. a. net income b. declaring dividends c. paying dividends d. receiving payment on account 35. The entry to journalize the closing entry for interest income is. a. debit Income Summary; credit Interest Income b. debit Interest Income; credit Income Summary c. debit Interest Income; credit Interest Receivable d. debit Interest Receivable; credit Interest Income 6

7 36. Maturity value for a note is calculated as. a. principal plus interest b. principal times interest c. principal times interest rate d. principal plus interest rate 37. A partial payment made on a note includes. a. all interest until the total interest is paid b. all principal until the total amount of principal is paid c. an amount rounded to the nearest dollar d. part of the principal and part of the interest to be paid 38. When a customer dishonors a note,. a. interest is earned but not recorded b. not interest is earned c. interest is both earned and recorded 39. Using the same inventory method for all fiscal periods is an application of the accounting concept. a. Historical Cost. b. Accounting Cycle. c. Consistent Reporting d. Objective Evidence 40. The weighted-average method is based on the assumption that the Cost of Merchandise Sold should be calculated using the average cost. a. per unit of beginning inventory b. of ending inventory c. of beginning inventory plus purchases during the fiscal period d. of ending inventory plus purchases during the fiscal period 41. Three general ledger accounts used to record information about each kind of plant asset are a(n). a. a contra asset account, liability account, and expense account b. an asset account, contra asset account, and expense account c. an asset account, contra asset account, and liability account 42. The Accumulated Earnings column of the employee earnings record. a. shows net pay for the year b. is the total earnings since the first of the year c. shows net pay for one quarter d. is the gross earnings for one quarter 7

8 43. A trial balance is prepared to prove. a. cash b. that debits equal credits in the subsidiary accounts c. that debits equal credits in the general ledger d. all of the above 44. Preparing a work sheet at the end of each fiscal period is an application of the accounting concept. a. Accounting Period Cycle b. Adequate Disclosure c. Matching Expenses with Revenue d. Historical Cost 45. On a work sheet, Purchases is extended to the column. a. Income Statement Debit b. Income Statement Credit c. Balance Sheet Debit d. Balance Sheet Credit 46. One way to improve an unacceptable component percentage for Cost of Merchandise Sold is to. a. sell more merchandise b. increase selling prices c. purchase from different vendors who offer better prices 47. Keeping information in a corporation s accounting system separate from the personal records of the owners is an application of the accounting concept. a. Going Concern b. Objective Evidence c. Unit of Measurement d. Business Entity 48. The amount on each line of a purchases journal is posted as a. a. debit to the Purchases account in the General Ledger b. debit to the Accounts Payable account in the General Ledger c. credit to the Cash account in the General Ledger d. credit to the vendor account in the Accounts Payable Subsidiary Ledger 49. Since contra accounts are offsets to their related accounts, contra account normal balances are. a. debits b. credits c. opposite the normal balances of their related accounts d. the same as the normal balances of their related accounts 8

9 50. Purchases returns and allowances. a. increase the amount of purchases b. decrease the amount of purchases c. do not affect the amount of purchases d. affect the cash flow 9

10 ANSWER KEY 1. A 2. A 3. B 4. C 5. B 6. D 7. C 8. A 9. C 10. C 11. D 12. C 13. C 14. D 15. C 16. B 17. C 18. B 19. A 20. D 21. A 22. D 23. D 24. C 25. C 26. B 27. D 28. B 29. B 30. C 31. B 32. D 33. B 34. A 35. B 36. A 37. D 38. C 39. C 40. C 41. B 42. B 43. C 44. A 45. A 46. C 47. D 48. D 49. C 50. B 10

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