2011 PBL National Leadership Conference Accounting for Professionals Test
|
|
- Andrea May
- 8 years ago
- Views:
Transcription
1 2011 PBL National Leadership Conference Accounting for Professionals Test 1. Turn off all electronic devices. 2. Please print your name, school, and state on your event envelope. Each page of the test should include a header or footer containing your name, school, state, and job number, or you may write the information required. 3. The test must be taken on a computer using any spreadsheet or accounting software. Calculators may not be used. Templates may be brought to use. 4. You will have one hour to complete this test. Additional time will be allowed for general directions and warm-up. There is a possibility that you may not complete the entire test. Judges will consider the overall quality, as well as quantity, of your work when judging this event. Some of the problems may build upon prior work. Problems may be completed in any order. Job No. Document Type Point Value 1 Financial Statements 20 2 Adjusting Entries 10 3 Bank Reconciliation 15 4 Inventory Methods 20 5 Depreciation Methods 10 6 Journalizing Receivables and Payables Proofread all work because results are based on accuracy of printed copy. Your documents will be evaluated by a panel of judges for this event. All decisions of the judges are final. 6. After the test begins, no help may be given to you concerning the normal operation of the equipment. However, if your machine fails, call the proctor. 7. When you have completed the exam, you will need to turn in all of your materials, including this test and any printouts including those you do not wish judged. Cross through the jobs you don t want scored. 8. Remember that you will be required to complete the second portion of the competition, an objective test covering theory during the National Leadership Conference. The objective test counts 50 percent of your final score and the production test counts 50 percent. Both portions of the event must be completed to be eligible for an award. 9. The test copy must be returned in the envelope or the test will not be scored. DO NOT OPEN THE TEST UNTIL GIVEN PERMISSION TO DO SO. GOOD LUCK!
2 JOB 1: FINANCIAL STATEMENT (20 points) Prepare a single step income statement and balance sheet from the data shown below. ACCOUNT TITLE DR BALANCE Cash $20,000 Accounts Receivable $15,000 Allowance for Bad Debts $220 Notes Receivable $10,000 Inventory $3,000 Prepaid Insurance $900 Computers $3,500 Accounts Payable $5,000 Ben, Capital $40,000 Ben, Drawing $2,500 Motorcycle Repair Revenue $28,330 Wages Expense $1,500 Advertising Expense $5,400 Rent Expense $9,000 Telephone Expense $2,400 Miscellaneous Expense $350 Totals $73,550 $73,550 Print Job 1-A: Income Statement Print Job 1-B: Balance Sheet CR 2
3 JOB 2: ADJUSTING ENTRIES (20 Points) 1. Based on the trial balance below, journalize the following adjusting entries: Two months remain on insurance policy purchased on September 1, 2010 The computer equipment with a 5-year useful life was purchased on April 1, 2010 for $3,500 and a salvage value of $500 and is depreciated using double declining balance method Wages earned but unpaid as of December 31, 2010 are $500 Based on past experience, 3% of accounts receivable are determined to be uncollectable ACCOUNT TITLE BALANCE DR CR Accounts Receivable $18,000 Allowance for Bad Debts $800 Notes Receivable $9,000 Prepaid Insurance $900 Computers $3500 Accum Deprec- Computers Wages Payable Insurance Expense Deprec Expense- Equipment Print Job 2: Adjusting Entries 3
4 JOB 3: BANK RECONCILIATION (15 Points) Prepare the bank reconciliation and adjusting entries for Kyri Enterprises based on the information below: 1. Book balance on November 30 is $2, Bank Statement ending balance is $2, Deposits in Transit a. 11/29/ $ b. 11/30/ $ Outstanding Checks a. No $17.00 b. No $ c. No $ Unrecorded ATM withdrawal of $ (Withdrawal was for personal use) 6. Bank Service Charge of $ NSF Check of $ Error on Check No. 321 Checkbook shows it was for $64.00, but it was actually written for $ Accounts Payable was debited. Print Job 3-A: Bank Reconciliation Print Job 3-B: Adjusting Entries JOB 4: INVENTORY METHODS (20 points) Job 4 (20 points) Units Unit Price Total Cost Units Unit Price Total Cost January 1, 2010 Beginning Inventory 1,100 $8.00 $8,800 March 5, st Purchase 900 $9.00 $8,100 April 16, nd Purchase 400 $9.50 $3,800 June 3, rd Purchase 700 $10.25 $7,175 August 18, th Purchase 600 $11.00 $6,600 September 13, th Purchase 800 $12.00 $9,600 November 14, th Purchase 400 $14.00 $5,600 December 3, th Purchase 500 $14.05 $7,025 Ending Inventory is 1000 units 5400 $56,700 Using FIFO and LIFO, calculate the cost of goods sold and the ending inventory balances. Print Job 4-A: LIFO Ending Inventory Print Job 4-B: FIFO Ending Inventory 4
5 JOB 5: DEPRECIATION METHOD (10 points) A truck was acquired on July 1, 2008, at a cost of $120,000. The truck had a 10-year useful life and an estimated salvage value of $20,000. The straight-line method of depreciation was used. On January 1, 2010, the truck was overhauled at a cost of $10,000, which extended the useful life of the truck for an additional two and one half (2½) years beyond that originally estimated (salvage value is still estimated at $20,000). In computing depreciation for annual adjustment purposes, expense is calculated for each month the asset is owned. Instructions Prepare the appropriate entries for December 31, 2008, January 1, 2010, and December 31, Show all calculations. Print Job 5: Depreciation Entries JOB 6: JOURNALIZING RECEIVABLES and PAYABLES (25 points) Eddie Edwards and Phil Bell own and operate the Secondhand Equipment Shop. The following transactions involve notes and interest that were completed during the last three months of 2010: October 1 Issued a $6,800, 60-day, 10% note to Mac Farm Equipment for purchase of merchandise October 15 Received a $2,000, 60-day, 12% note from R. Chambers in payment for sale of merchandise November 1 Discounted the note received from R. Chambers at Merchants National Bank. The discount rate is 14% November 1 Borrowed $5,000 from First National Bank on a three-month, non-interest bearing note that was discounted at 10% November 20 Received a $4,000, 90-day, 9% note from L. Revsine in payment of an account receivable November 30 - Issued a check to Mac Farm equipment in payment of note issued on October 1, including interest December 10 - Issued a $3,000, 90-day, 9% note to Remak Tractors to extend time for payment of an account payable December 16 Received notification from Merchants National bank that note discounted was dishonored. A check is issued to cover the note plus a $20 bank fee 1. Prepare general journal entries for the transactions Print Job 6: Journal Entries 5
Gold Run Snowmobile. Adjusting Entries and Closing Entries For The Quarter Ended December 31. Final Project Evaluation. 5 th Edition.
Gold Run Snowmobile 5 th Edition Adjusting Entries and Closing Entries For The Quarter Ended December 31 and the Final Project Evaluation Page 1 ADJUSTING ENTRIES FOR THE QUARTER Using a copy of the December
More informationAccounting Skills Assessment Practice Exam Page 1 of 10
NAU ACCOUNTING SKILLS ASSESSMENT PRACTICE EXAM & KEY 1. A company received cash and issued common stock. What was the effect on the accounting equation? Assets Liabilities Stockholders Equity A. + NE +
More informationSample Test for entrance into Acct 3110 and Acct 3310
Sample Test for entrance into Acct 3110 and Acct 3310 1. Which of the following financial statements could properly have the following in the date line: For the Year Ended December 31, 2010"? a. Balance
More informationFINAL EXAM The Hashemite University, Department of Accounting, Dr Husam Al-Khadash Principle of Accounting,
FINAL EXAM The Hashemite University, Department of Accounting, Dr Husam Al-Khadash Principle of Accounting, Name: Seat No. Student No. Question One (11 marks): Identify the answer of each of the following
More informationLearn Accounting Understand Business: Course Review Answers
Learn Accounting Understand Business: Course Review Answers 1. What type of accounting measures the activity of the company by looking at economic events regardless of when cash transactions occur? A.
More informationPROFESSOR S NAME ACC 255 FALL 2011 COVER SHEET FOR COMPREHENSIVE PROBLEM 2 (CHAPTERS 2, 5-8)
COMPREHENSIVE PROBLEM 2 (CHAPTERS 2, 5-8) Page 137 NAME ANSWER KEY PROFESSOR S NAME SECTION SCORE ACC 255 FALL 2011 COVER SHEET FOR COMPREHENSIVE PROBLEM 2 (CHAPTERS 2, 5-8) INSTRUCTIONS: COMPLETE ALL
More informationCash in bank checking account $22,500 U.S. treasury bills 5,000 Cash on hand 1,350 Undeposited customer checks 1,840 Total $30,690 Requirement 2
Chapter 7 Solutions EXERCISES Exercise 7 2 Cash and cash equivalents includes: Cash in bank checking account $22,500 U.S. treasury bills 5,000 Cash on hand 1,350 Undeposited customer checks 1,840 Total
More informationACCOUNTING 105 CONCEPTS REVIEW
ACCOUNTING 105 CONCEPTS REVIEW A note from the tutors: This handout is designed to help you review important information as you study for your cumulative final exam. While it does cover many important
More informationACCOUNTING COMPETENCY EXAM SAMPLE EXAM. 2. The financial statement or statements that pertain to a stated period of time is (are) the:
ACCOUNTING COMPETENCY EXAM SAMPLE EXAM 1. The accounting process does not include: a. interpreting d. observing b. reporting e. classifying c. purchasing 2. The financial statement or statements that pertain
More information中 原 大 學 95 學 年 度 轉 學 考 招 生 入 學 考 試
中 原 大 學 95 學 年 度 轉 學 考 招 生 入 學 考 試 7 月 12 日 14:00~15:30 商 學 群 組 二 年 級 科 目 : 會 計 學 ( 共 七 頁 第 一 頁 ) 可 使 用 計 算 機, 惟 僅 限 不 具 可 程 式 及 多 重 記 憶 者 一 MULTIPLE CHOICE QUESTIONS: (50%) 誠 實 是 我 們 珍 視 的 美 德, 我 們 喜
More informationFor more course tutorials visit www.uoptutorial.com
ACC 290 Final Exam Guide (New) Click Here to Buy the Tutorial http://www.uoptutorial.com/index.php?route=product/ product&path=737&product_id=11101 For more course tutorials visit www.uoptutorial.com ACC
More informationJackson Company recorded the following cash transactions for the year:
ACC 290 Final Exam Guide (New) Click Here to Buy the Tutorial http://www.uoptutorial.com/index.php?route=product/product&path=7 37&product_id=11101 For more course tutorials visit www.uoptutorial.com ACC
More informationCHAPTER 12 ACCRUALS, DEFERRALS, AND THE WORKSHEET
CHAPTER 12 ACCRUALS, DEFERRALS, AND THE WORKSHEET Chapter Opener: Thinking Critically Students may assess that an unexpected decline in sales would mean surplus inventory which would have to be reduced
More informationREVIEW FOR EXAM NO. 3, ACCT-2301 (SAC) (Chapters 7-9)
REVIEW FOR EXAM NO. 3, ACCT-2301 (SAC) (Chapters 7-9) A. Chapter 7. 1. Internal Control Objectives. a. Safeguards to protect assets. b. Procedures to insure reliable financial reports. c. Methods to insure
More informationADVANCED ACCOUNTING (02) REGIONAL 2006
13 Pages Contestant Number Time Rank ADVANCED ACCOUNTING (02) REGIONAL 2006 Objective Questions (30 @ 2 points each) Job 1 Income Statement Job 2 Statement of Retained Earnings Job 3 Balance Sheet (60
More informationAccounting 201 Comprehensive Practice Exam 2C Page 1
Accounting 201 Comprehensive Practice Exam 2C Page 1 1. A business organized as a corporation a. is not a separate legal entity in most states. b. requires that stockholders be personally liable for the
More informationSelf-test Comprehensive Problems II 综 合 自 测 题 II
Self-test Comprehensive Problems II 综 合 自 测 题 II Part One (30%) 1. Give the Chinese/English of the following terms: (5%) subsidiary ledger 统 制 账 户 purchase requisition 现 金 溢 缺 petty cash fund 永 续 盘 存 制
More informationa. $ 65,000. b. $ 80,000. c. $130,000. d. $145,000.
注 意 1. 本 試 題 卷 共 50 題, 總 分 100 分 第 01-15 題, 每 題 1.75 分, 合 計 26.25 分 ; 第 16-35 題, 每 題 2 分, 合 計 40 分 ; 第 36-50 題, 每 題 2.25 分, 合 計 33.75 答 錯 不 倒 扣 2. 請 將 答 案 按 試 題 題 號, 依 序 填 入 答 案 卡 1.FastForward had cash
More informationCENTURY 21 ACCOUNTING, 8e General Journal Chapter Objectives
CENTURY 21 ACCOUNTING, 8e General Journal Chapter Objectives Chapter 1 Starting A Proprietorship: Changes that Affect the Accounting Equation After studying Chapter 1, you will be able to: 1. Define accounting
More informationTOPIC LEARNING OBJECTIVE
Topic Mapping 1 Transaction Analysis Understand the effect of various types of transactions on the accounting equation, accounting journal and accounting ledger. Concepts and Skills Accounting Equation
More informationHow To Calculate A Trial Balance For A Company
THE BASIC MODEL The accounting information system is designed to collect and organize data into information that is useful for stakeholders. The Accounting Equation The basic accounting equation is what
More informationACCT 652 Accounting. Review of last week. Should you always take discounts? 5/17/15. ACCT652 Week 4 1
ACCT 652 Accounting Week 4 Special Journals, Cash, and Internal Controls Some slides Times Mirror Higher Education Division, Inc. Used by permission Michael D. Kinsman, Ph.D. Review of last week Some highlights
More informationClassifying assets, liabilities, and owner s equity
Drill 1-D1 Classifying assets, liabilities, and owner s equity Classify each item listed below as an asset, liability, or owner s equity by placing a check mark in the Asset, Liability, or Owner s Equity
More information國 立 體 育 學 院 九 十 六 學 年 度 學 士 班 轉 學 考 試 試 題
國 立 體 育 學 院 九 十 六 學 年 度 學 士 班 轉 學 考 試 試 題 會 計 學 ( 本 試 題 共 8 頁 ) 注 意 :1 答 案 一 律 寫 在 答 案 卷 上, 否 則 不 予 計 分 2 請 核 對 試 卷 准 考 證 號 碼 與 座 位 號 碼 三 者 是 否 相 符 3 試 卷 彌 封 處 不 得 汚 損 破 壞 4 行 動 電 話 或 呼 叫 器 等 通 訊 器 材 不
More informationUIL ACCOUNTING REGIONAL 2011-R
GROUP 1 UIL ACCOUNTING REGIONAL 2011-R A--Current Asset--Assets that are either used up or converted to cash during the normal operating cycle of the business, usually 1 year. B--Plant Asset--Long-lived
More informationScore: Pass/Fail. Purchase Returns and Allowances. Sales Returns and Allowances. Journal entries The accounting equation Treasury Stock
Walsh College Fundamental Financial Accounting Student Name: Practice Evaluation Exam Phone/Email: Date: This evaluation exam will be used to determine your knowledge of Financial Accounting and to assist
More informationAdvanced Accounting (02)
10 Pages Contestant Number Time Rank Advanced Accounting (02) Regional 2009 Multiple Choice (15 @ 3 points each) Short Answer (10 @ 3 points each) Matching (10 @ 2 points each) Production Portion Problem
More informationACCOUNTING ENTRANCE EXAMINATION PRACTICE QUESTION SET J.M. TULL SCHOOL OF ACCOUNTING ENTRANCE EXAMINATION PRACTICE QUESTION SET
ACCOUNTING ENTRANCE EXAMINATION PRACTICE QUESTION SET J.M. TULL SCHOOL OF ACCOUNTING ENTRANCE EXAMINATION PRACTICE QUESTION SET Important: PRINT your response (A,B,C,D or E) that best completes the statement
More informationAccounting 303 Final Examination. Part I True-False (1 point each, 12 points total) If true, circle "T" on the answer sheet, if false, circle "F".
Accounting 303 Final Examination Name Part I True-False (1 point each, 12 points total) If true, circle "T" on the answer sheet, if false, circle "F". 1. The Financial Accounting Standards Board (FASB)
More informationUniversity of Waterloo Final Examination. Term: Fall Year: 2005. Core Concepts of Accounting Information
University of Waterloo Final Examination Term: Fall Year: 2005 Student Name Solution UW Student ID Number Course Abbreviation and Number AFM 101 Course Title Core Concepts of Accounting Information Section(s)
More informationAccounting 303 Exam 3, Chapters 7-9 Fall 2012 Section Row
Accounting 303 Name Exam 3, Chapters 7-9 Fall 2012 Section Row I. Multiple Choice Questions. (2 points each, 34 points in total) Read each question carefully and indicate your answer by circling the letter
More informationBookkeeper's Hiring Test
Basic Test Payroll Option Depreciation Option Test Name: AIPB Hiring Test Test Form: 3 Test Points: 20.00 Name: Bookkeeper's Hiring Test Date: Form: 3 [1]BASIC BANK01 - BAT 004 Which of the following accounts
More informationCentury 21 Accounting, 8e General Journal Chapter Outlines
Century 21 Accounting, 8e General Journal Chapter Outlines PART 1 Chapter 1 ACCOUNTING FOR A SERVICE BUSINESS ORGANIZED AS A PROPRIETORSHIP Starting A Proprietorship: Changes that Affect the Accounting
More informationFinancial Accounting. (Exam)
Financial Accounting (Exam) Your AccountingCoach PRO membership includes lifetime access to all of our materials Take a quick tour by visiting wwwaccountingcoachcom/quicktour Table of Contents (click to
More informationAccounting II Second Semester Final
Name: Class: Date: Accounting II Second Semester Final Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1. Profit is the difference between:
More informationGBA 521 Midterm Review Dr. Markelevich
GBA 521 Midterm Review Dr. Markelevich Multiple Choice (3 points for each question) Identify the letter of the choice that best completes the statement or answers the question. Wynn Corp. Wynn Corp. reported
More informationHow To Account For A Company
Institution: Great Bay Community College Course: Introduction to Accounting and Financial Reporting I, ACCT 113 Required Text: Fundamentals of Accounting Principles, Latest edition; Larson Packet Contents:
More informationPART A: TRUE/FALSE (1 point each):
CHABOT COLLEGE General Accounting (BUS-7) Dmitriy Kalyagin PART A: TRUE/FALSE (1 point each): EXAM #4 (Chapters 10, 12, 13) 1. Employees who are exempt from the FLSA are entitled for overtime pay for hours
More informationVol. 1, Chapter 3 - Accounting Adjustments
Vol. 1, Chapter 3 - Accounting Adjustments Problem 1 1. ($20,000 2,000) 48 = $375 per month 2. Jan. 31 Depreciation Expense $375 Accumulated Depreciation Van $375 To record depreciation expense for January
More informationVeideretti Cabinets, Incorporated
Veideretti Cabinets, Incorporated 2 nd Web-Based Edition Transactions for June 24-30, And the June 30 th Bank Reconciliation Page 1 TRANSACTIONS FOR JUNE 24-26 June 24: Paying an expense A $120 check (30429)
More informationFinancial Accounting Study Guide Fall 2013 CH1 & 2 PART VI RATIOS
Financial Accounting Study Guide Fall 2013 CH1 & 2 PART VI RATIOS Name: Selected information from the financial statements of Miller Company for the year ended December 31, 2012, appears below: 2012 Current
More informationFACULTEIT DER ECONOMISCHE WETENSCHAPPEN EN BEDRIJFSKUNDE Afdeling ACCOUNTING DECEMBER 23, 2005
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
More informationDr. M.D. Chase Accounting Principles Examination 2J Page 1
Accounting Principles Examination 2J Page 1 Code 1 1. The term "net sales" refers to gross sales revenue reduced by sales discounts and transportation-in. 2. The cost of goods available for sale in a given
More informationb. Do not recognize revenue until steel is shipped. c. Do not recognize revenue until next year after the games are played.
CHAPTER FOUR SE4-2 Revenue recognition a. Recognize revenue from car sales for 12,000. Notes receivable $12,000 Sales revenue $12,000 b. Do not recognize revenue until steel is shipped. c. Do not recognize
More informationRAPID REVIEW Chapter Content
RAPID REVIEW BASIC ACCOUNTING EQUATION (Chapter 2) INVENTORY (Chapters 5 and 6) Basic Equation Assets Owner s Equity Expanded Owner s Owner s Assets Equation = Liabilities Capital Drawing Revenues Debit
More informationMIDTERM EXAMINATION. Afaaq_tariq@yahoo.com. Fall 2009
MIDTERM EXAMINATION Afaaq_tariq@yahoo.com Fall 2009 FIN621- Financial Statement Analysis Asslam O Alikum FIN621- Financial Statement Analysis (Session 3) solved by Afaaq n Shani Bhai with reference n numerical
More informationBasic Business Plan Outline
Basic Business Plan Outline A business plan needs to be a well thought out, honest, appraisal of the business and opportunity. This outline is meant to be used for your road map. It should be a living
More informationAssessment Schedule 2013 Accounting: Prepare financial information for an entity that operates accounting subsystems (91176)
NCEA Level 2 Accounting (91176) 2013 Page 1 of 7 Assessment Schedule 2013 Accounting: Prepare financial information for an entity that operates accounting subsystems (91176) Evidence Part A Question One
More informationACC 211/212: Double Entry Logs
ACC 211/212: Double Entry Logs Journal Entries: o Credits are always indented (account name and value). o The sum of debits will always equal the sum of credits. o The month name is required only for the
More informationNCEA Level 2 Accounting (91176) 2012 page 1 of 8. Sales 990 000 P. Cost of goods sold 586 000 P. Gross profit 404 000 S* Rent (received) 24 000 V
Assessment Schedule 2012 NCEA Level 2 Accounting (91176) 2012 page 1 of 8 Accounting: Prepare financial information for an entity that operates accounting subsystems (91176) Evidence Statement Question
More informationPrinciples of Financial Accounting ACC-101-TE. TECEP Test Description
Principles of Financial Accounting ACC-101-TE TECEP Test Description This TECEP is an introduction to the field of financial accounting. It covers the accounting cycle, merchandising concerns, and financial
More informationAccounting 1010 Sample Exam 3 Chapters 7, 8, and 9
Accounting 1010 Sample Exam 3 Chapters 7, 8, and 9 Name Multiple Choice: Circle the letter corresponding to the best answer for each question. Only circle one answer per question. Problems: Show ALL work
More informationAccounting for a Merchandising Business
Chapter 11 Accounting for a Merchandising Business ANSWERS TO SECTION 11.1 REVIEW QUESTIONS (text p. 428) The Merchandising Business 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 1. 2. 3. 4. 14. 15. Copyright
More informationInvestments Advance to subsidiary company 81,000
EXERCISE 7-3 (10 15 minutes) Current assets Accounts receivable Customers Accounts (of which accounts in the amount of $40,000 have been pledged as security for a bank loan) $79,000 Installment accounts
More informationKRUG PRACTICE TEST ACCTG 1 - CHAP 8,9 and first part of 10
KRUG PRACTICE TEST ACCTG 1 - CHAP 8,9 and first part of 10 PRACTICE TEST -- The following is a practice test for Accounting 1, Chapters 8, 9 and 10a. It is only a representation of what the test could
More informationADVANCED ACCOUNTING (02) KEY. Regional 2012. Multiple Choice (15 @ 2 points each) Short Answer (10 @ 6 points each)
ADVANCED ACCOUNTING (02) KEY Regional 2012 Multiple Choice (15 @ 2 points each) Short Answer (10 @ 6 points each) (30 pts.) (60 pts.) Production Problem 1: Check Register Problem 2: Inventory Valuation
More informationACCT 652 Accounting. Review of last week. Review of last time (2) 1/25/16. Week 3 Merchandisers and special journals
ACCT 652 Accounting Week 3 Merchandisers and special journals Some slides Times Mirror Higher Education Division, Inc. Used by permission Michael D. Kinsman, Ph.D. Review of last week Some highlights of
More informationIn the event of a tie, the score on the last ten questions will be used as a tie-breaker.
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
More informationCHAPTER 16. Non-current assets: Revaluation, disposal and other aspects CONTENTS
CHAPTER 16 Non-current assets: Revaluation, disposal and other aspects CONTENTS 16.1 Non-current asset disposals 16.2 Revaluation and disposal 16.3 Intangibles and natural resources 16.4 Goodwill and discount
More information1. $45000 2. $108000 3. $63000 4. $135000
For the last several years Monte Cristo Corp. has operated with a gross profit rate of 30%. On January 1 of the current year, the company had on hand inventory with a cost of $150,000. Purchases of merchandise
More informationDRAFT. Accounting for a Merchandising Business. SECTION 10.1 REVIEW QUESTIONS (page 401) 1. 5. 6. 7. 8. 10. 11. 12. 13. 14. 15. 16. 17.
CHAPTER 10 Accounting for a Merchandising Business SECTION 10.1 REVIEW QUESTIONS (page 401) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 324 Accounting 1 Student Workbook Copyright 2013 Pearson
More informationChapter 6 Statement of Cash Flows
Chapter 6 Statement of Cash Flows The Statement of Cash Flows describes the cash inflows and outflows for the firm based upon three categories of activities. Operating Activities: Generally include transactions
More informationAccounting, CPT Chapter 6 CA PRATHAP SS
Accounting, CPT Chapter 6 CA PRATHAP SS INTRODUCTION Preparation of Final Accounts is the last phase of the Accounting Process. INTRODUCTION The process of accounting starts from Transaction then entered
More informationUNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN DISTRICTS OF TEXAS REGION 6 MONTHLY OPERATING REPORT
ACCRUAL BASIS JUDGE: UNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN DISTRICTS OF TEXAS REGION 6 MONTHLY OPERATING REPORT MONTH ENDING: MONTH YEAR IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED
More information1. Analyze the following T-account in the ledger of Moxy Pool Supply Company
Name: Date: 1. Analyze the following T-account in the ledger of Moxy Pool Supply Company Mdse. Inventory 5,000 400 If $5,000 in the Inventory account represents merchandise purchased from a supplier, we
More informationFor More Course Tutorials Visit www.uoptutorial.com
ACC 205 WEEK 2 EXERCISE ASSIGNMENT REVENUE AND EXPENSES(NEW) Click Here to Buy the Tutorial http://www.uoptutorial.com/index.php?route=product/p roduct&path=641&product_id=9760 For More Course Tutorials
More informationAccounting 303 Exam 3, Chapters 7-9 Fall 2011 Section Row
Accounting 303 Name Exam 3, Chapters 7-9 Fall 2011 Section Row I. Multiple Choice Questions. (2 points each, 34 points in total) Read each question carefully and indicate your answer by circling the letter
More informationAccount Numbering. By separating each account by several numbers, many new accounts can be added between any two while maintaining the logical order.
Chart of Accounts The chart of accounts is a listing of all the accounts in the general ledger, each account accompanied by a reference number. To set up a chart of accounts, one first needs to define
More information2. The balance in a deferred revenue account represents an amount that is Earned Collected a. Yes Yes b. Yes No c. No Yes d. No No.
Multiple choice (36%, 2%each): 1. Failure to record the expired amount of prepaid rent expense would not a. understate expense. b. overstate net income. c. overstate owners' equity. d. understate liabilities.
More informationHow To Read The Financial Results Of 20Xx And 200X
Name SAMPLE Financial Statements December 31, 20XX CPA Accounting Firm Name Table of Contents Page Accountant s Review Report 1 Financial Statements Balance Sheet 2 Income Statement 3 Schedule of General
More informationShe Wears A Bullet-Proof Vest:
She Wears A Bullet-Proof Vest: Detailed Solving Steps for the 2014 Regional Accounting Exam s Work Sheet Problems Prepared by: LaVerne Funderburk, CPA UIL Accounting State Contest Director 2014 UIL Capital
More informationAssignment 6: Adjusting Journal Entries and
Name: Due Date: December 12, 2011 Score: out of a possible 47 Course value: 7.5% Assignment 6: Adjusting Journal Entries and Worksheets A series of transactions are presented and their journal entries
More informationBaseline Assessment. Date Accounting 1
Name Baseline Assessment Date Accounting 1 Part 1: Instructions: Place a check mark under the column for each account to determine which Financial the accounts belongs on. Financial Information 1. Cash
More informationAccounting Norms and Principles January 7, 2003
1 Accounting Norms and Principles January 7, 2003 The purpose of an accounting system is to provide credit union management with complete and accurate financial information that can be used to operate
More informationBUSINESS BOOKS. Accounting SIXTH EDITION. Peter J. Eisen Assistant Principal Retired Accounting & Business Practice N.YC. Department of Education
BUSINESS BOOKS Accounting SIXTH EDITION Peter J. Eisen Assistant Principal Retired Accounting & Business Practice N.YC. Department of Education BARRON'S CONTENTS Preface ix 1 THE ACCOUNTING EQUATION I
More informationSOLUTIONS. Learning Goal 15
Learning Goal 15: Prepare a Classified S1 Learning Goal 15 Multiple Choice 1. b 2. c 3. a 4. b 5. d 6. a 7. c Their importance in paying current liabilities is the main reason current assets are shown
More informationGold Run Snowmobile. Transactions For December 11-17. Mid-Project Evaluation. 5 th Edition. and the
Gold Run Snowmobile 5 th Edition Transactions For December 11-17 and the Mid-Project Evaluation Page 1 TRANSACTIONS FOR DECEMBER 11-17 December 11 Sold old store equipment for $320 cash. The equipment
More informationBookkeeping Proficiency
Bookkeeping Proficiency (Exam) Your AccountingCoach PRO membership includes lifetime access to all of our materials. Take a quick tour by visiting www.accountingcoach.com/quicktour. Table of Contents (click
More informationAccounting Basics, Part 1
Accounting Basics, Part 1 Accrual, Double-Entry Accounting, Debits & Credits, Chart of Accounts, Journals and, Ledger Part 1 What s Here Introduction Business Types Business Organization Professional Advice
More informationAccounts of the sole trader
Unit 1 Accounts of the sole trader This unit consists of one section only: Section 1: Final accounts Section 1 Final accounts By the end of this section you should be able to: explain the position of a
More informationChapter 5 Accounting for Merchandising Operations
Chapter 5 Accounting for Merchandising Operations Purchase Transactions Purchaser records goods at cost. When goods are returned, purchaser reduces Inventory. On September 5, De La Hoya Company buys merchandise
More informationFundamentals of Financial Accounting
Fundamentals of Financial Accounting CHAPTER I Accounting in action. What is accounting? Accounting is the recording of financial transactions plus storing, sorting, retrieving, summarizing, and presenting
More informationMONDAY, 18 MAY 9.00 AM 11.00 AM
X09/11/01 NATIONAL QUALIFICATIONS 015 MONDAY, 18 MAY 9.00 AM 11.00 AM ACCOUNTING INTERMEDIATE Candidates should attempt four questions as follows: Question 1 and one other from Section A plus Question
More informationHow To Adjust For The Year End
ACCOUNTING 30S WORKSHEET ON ADJUSTING ENTRIES Put on your thinking caps and sharpen your pencils boys and girls it's time to practice with adjusting entries! 1. Give in general journal form the year-end
More informationChapter 4 Adjustments, Financial Statements, and the Quality of Earnings
Chapter 4 Adjustments, Financial Statements, and the Quality of Earnings ANSWERS TO QUESTIONS 1. Adjusting entries are made at the end of the accounting period to record all revenues and expenses that
More informationLearning Objectives: Quick answer key: Question # Multiple Choice True/False. 14.1 Describe the important of accounting and financial information.
0 Learning Objectives: 14.1 Describe the important of accounting and financial information. 14.2 Differentiate between managerial and financial accounting. 14.3 Identify the six steps of the accounting
More informationCENTRE FOR CONTINUING EDUCATION BBA (AVIATION OPERATION)
CENTRE FOR CONTINUING EDUCATION BBA (AVIATION OPERATION) BATCH: SEMESTER: NAME: ROLL NO: ASSIGNMENT 1 & 2 FOR BUSINESS ACCOUNTING BBCF 131 UNIVERSITY OF PETROLEUM & ENERGY STUDIES Assignment-1 Note: All
More informationUnderstanding Basic Financial Statements
Understanding Basic Financial Statements During the accounting cycle, the accounting system is used to track, organize and record the financial transactions of an organization. At the close of each period,
More informationBUS312A/612A Financial Reporting I. Homework 9.10.2014 & 9.15.2014 The Accounting Cycle Review Chapter 3
BUS312A/612A Financial Reporting I Homework 9.10.2014 & 9.15.2014 The Accounting Cycle Review Chapter 3 E3-1 (Transaction Analysis-Service Company) During the first month of operations of her business
More informationAccounting 300A-10A The Operating Cycle: Worksheet/Closing Entries Page 1
Accounting 3A-1A The Operating Cycle: Worksheet/Closing Entries Page 1 THE WORKSHEET and CLOSING ENTRIES I. Review of Key Concepts and Terms: A. The purpose of the worksheet 1. To show that the accounts
More informationCash and Receivables. Chapter. Learning Objectives. Nature and Composition of Cash. Additional Cash Issues
Learning Objectives Cash and Receivables No substantial departures from the text, Chapter 7. Chapter 7 7-1 UCSB, Anderson 7-2 UCSB, Anderson Nature and Composition of Cash Cash is classified as a... Current
More informationThe worksheet for Hancock Company shows the following in the financial statement
Chapter 4 Do it! Susan Elbe is preparing a worksheet. Explain to Susan how she should extend the following adjusted trial balance accounts to the financial statement columns of the worksheet. Cash Accumulated
More informationAccounting Self Study Guide for Staff of Micro Finance Institutions
Accounting Self Study Guide for Staff of Micro Finance Institutions LESSON 5 Summarizing Changes in Financial Position OBJECTIVES The purpose of this lesson is to show how to summarize the transactions
More informationFinancial Accounting by Michael P. Licata, Ph.D. Course Syllabus and Learning Objectives by Chapter
Financial Accounting by Michael P. Licata, Ph.D. Course Syllabus and Learning Objectives by Chapter Basic Course Description Financial Accounting by Michael P. Licata, Ph.D. is a first accounting course
More informationJob Ready Assessment Blueprint. Accounting-Basic. Test Code: 4000 / Version: 01. Copyright 2012. All Rights Reserved.
Job Ready Assessment Blueprint Accounting-Basic Test Code: 4000 / Version: 01 Copyright 2012. All Rights Reserved. General Assessment Information Blueprint Contents General Assessment Information Written
More informationSOLUTIONS. Learning Goal 16
Learning Goal 16: Prepare Closing Entries S1 Learning Goal 16 Multiple Choice 1. d 2. a 3. b 4. d Because drawing is closed directly into the capital account, not into income summary. 5. c 6. b This a
More informationLearning Module 3 Journal Entries
Learning Module 3 Journal Entries The Accounting Equation Balance Sheet Income Statement = + + - Assets Liabilities Owners' Equity Revenue Expenses Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Recording journal
More informationBookkeeper's Hiring Test
Basic Test Payroll Option Depreciation Option Inventory-Perpetual Option Test Name: AIPB Hiring Test Test Form: 8 Test Points: 25.00 Name: Bookkeeper's Hiring Test Date: Form: 8 [1]BASIC BANK01 - BAT 007
More information