Accounting I Solved Exam Questions
Course Introduction
Accounting I is an introductory course that provides students with a foundational understanding of the principles and practices of financial accounting. The course covers essential topics such as the accounting cycle, preparation and analysis of financial statements, recording business transactions, and the use of double-entry bookkeeping. Students will learn how to apply Generally Accepted Accounting Principles (GAAP) to measure, record, and communicate financial information for various types of business organizations. By the end of the course, students will develop the skills necessary to interpret financial data and make informed business decisions.
Recommended Textbook
Horngren's Accounting 11th Edition by
Tracie L. Miller Nobles
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Chapter 1: Accounting and the Business Environment
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Sample Questions
Q1) Outside investors would ordinarily use managerial accounting information to decide whether or not to invest in a business.
A)True
B)False
Answer: False
Q2) Accounting is referred to as the language of business because it is the method of communicating business information to decision makers.
A)True
B)False
Answer: True
Q3) Fitch Supply Services received $1,000 cash from a customer;the amount was owed to the business from the previous month.What is the effect of this transaction on the accounting equation?
A)Accounts Receivable increases and Service Revenue increases
B)Cash increases and Accounts Receivable decreases
C)Cash increases and Service Revenue increases
D)Cash increases and Accounts Payable decreases
Answer: B
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3
Chapter 2: Recording Business Transactions
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Sample Questions
Q1) A business makes a cash payment of $12,000 to a supplier for supplies purchased two weeks earlier.Which of the following accounts is debited?
A)Cash
B)Accounts Payable
C)Supplies
D)Accounts Receivable Answer: B
Q2) A business borrows cash by signing a note payable.Which of the following accounts is debited?
A)Notes Payable
B)Accounts Payable
C)Notes Receivable
D)Cash Answer: D
Q3) Transactions are first record in a ________.
A)chart of accounts
B)trial balance
C)journal
D)ledger Answer: C
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Chapter 3: The Adjusting Process
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Sample Questions
Q1) Deferred revenues are assets because the business has collected the cash before earning the revenue.
A)True
B)False
Answer: False
Q2) Contra asset accounts,such as Accumulated Depreciation,always have normal debit balances.
A)True
B)False
Answer: False
Q3) Williams Enterprises prepaid six months of office rent totaling $9,000 on October 1,2017.Assuming Williams records deferred expenses using the alternative treatment,what would be the entry on October 1,2017?
A)Debit Prepaid Rent and credit Cash for $9,000
B)No entry is needed until the expense is incurred
C)Debit Cash and credit Unearned Rent for $9,000
D)Debit Rent Expense and credit Cash for $9,000
Answer: D
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Chapter 4: Completing the Accounting Cycle
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Sample Questions
Q1) The permanent accounts-assets,liabilities,and stockholders' equity-are closed to the Owner,Capital account.
A)True
B)False
Q2) The financial statement that reports assets,liabilities,and stockholders' equity as of the last day of the period is called the ________.
A)income statement
B)statement of owner's equity
C)balance sheet
D)unadjusted trial balance
Q3) Which of the following statements is true if the income statement credit column exceeds the income statement debit column on a worksheet?
A)The company made a net profit.
B)The company incurred a net loss.
C)The owner's capital account decreased during the period.
D)An error was made.
Q4) The post-closing trial balance shows the net income for the period just ended.
A)True
B)False
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Chapter 5: Merchandising Operations
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Sample Questions
Q1) The key difference in the closing process under the periodic inventory system is how merchandise inventory is handled.
A)True
B)False
Q2) Even in a perpetual inventory system that updates the inventory account as and when transactions occur,the business must count its inventory at least once in a year.
A)True
B)False
Q3) VB Specialty Foods,a grocery merchandiser,purchased goods and paid transportation to bring them to the company warehouse.The transportation cost is known as ________.
A)freight out
B)selling expense
C)freight in
D)cost of goods sold
Q4) A merchandiser's statement of owner's equity looks exactly like that of a service business.
A)True B)False
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Chapter 6: Merchandise Inventory
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Sample Questions
Q1) A company purchased 80 units for $40 each on January 31.It purchased 200 units for $35 each on February 28.It sold 200 units for $50 each from March 1 through December 31.If the company uses the weighted-average inventory costing method,calculate the amount of Cost of Goods Sold on the income statement for the year ending December 31.(Assume the company uses the perpetual inventory system.Round any intermediate calculations two decimal places,and your final answer to the nearest dollar. )
A)$10,200
B)$7,286
C)$3,200
D)$7,000
Q2) Under the last-in,first-out (LIFO)method,the cost of goods sold is based on the oldest purchases.
A)True
B)False
Q3) Using the FIFO method of inventory valuation will always produce the same results whether a company uses perpetual or periodic inventory costing methods.
A)True
B)False
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Chapter 7: Accounting Information Systems
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Sample Questions
Q1) When posting entries from a purchases journal to the general ledger,________.
A)posting references are not shown in the subsidiary ledger
B)the Accounts Payable balance in the general ledger will be less than the sum of the individual vendor balances in the subsidiary ledger
C)the amounts in the Other Accounts DR column are posted individually to the specific accounts
D)entries are posted on a daily basis for all the accounts
Q2) A CR.5 posting reference in a subsidiary ledger signifies that the ________.
A)posting is transferred from the cash receipts journal,page 5
B)transaction on page number 5 is credited
C)amount credited is after a 5% discount
D)sales on credit is expected to be paid within five days
Q3) Define enterprise resource planning (ERP)systems and state one advantage and one disadvantage of ERP systems.
Q4) An accounting information system has three basic components: source documents and input devices,processing and storage,and internal controls.
A)True
B)False
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Chapter 8: Internal Control and Cash
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Sample Questions
Q1) When a check is issued,the party who is paying the cash is referred to as the
A)payee
B)maker
C)bank signatory
D)depositor
Q2) The cash balance in a company's general ledger and the bank's balance on the bank statement will always be the same.
A)True
B)False
Q3) Which one of the following is true of the bank reconciliation?
A)It should not be prepared by an employee who handles cash transactions.
B)It is prepared in place of the cash ledger.
C)It is a financial statement.
D)It guarantees that no errors have been made.
Q4) The use of computer firewalls is an essential element of good internal controls for e-commerce.
A)True
B)False
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Chapter 9: Receivables
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Sample Questions
Q1) A newly created design business,Rhodes Art,is finishing its first year of operations.During the year,credit sales were $42,000 and collections of credit sales were $33,000.One account for $625 was written off.Smart Art uses the aging-of-receivables method to account for bad debts expense.It has estimated $250 as uncollectible at year-end.What is the amount of the Bad Debts Expense for the first year of operations?
A)$8,125
B)$625
C)$250
D)$875
Q2) On July 1,2017,Collins Jewelers accepted a 3-month,15% note for $6,000 in settlement of an overdue account receivable.Prepare the journal entry to record the acceptance of the note.
Q3) Which of the following is not a method of estimating the amount of bad debt expense at the end of the accounting period?
A)percent-of-receivables method
B)percent-of-sales method
C)direct write-off method
D)aging-of-receivables method
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Chapter 10: Plant Assets, natural Resources, and Intangibles
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Sample Questions
Q1) The cost of an asset is $1,160,000,and its residual value is $160,000.Estimated useful life of the asset is four years.Calculate depreciation for the first year using the double-declining-balance method of depreciation.(Do not round any intermediate calculations,and round your final answer to the nearest dollar. )
A)$500,000
B)$580,000
C)$290,000
D)$250,000
Q2) An asset is considered to be obsolete when a newer asset can perform the job more efficiently.
A)True
B)False
Q3) The expected cash value of an asset at the end of its useful life is known as
A)book value
B)residual value
C)carrying value
D)market value
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Chapter 11: Current Liabilities and Payroll
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Sample Questions
Q1) Which of the following is an example of an estimable probable contingency?
A)FICA Taxes Payable
B)Income Taxes Payable
C)Warranty Payable
D)Accounts Payable
Q2) The Social Security system is funded by contributions from both the employer and employee.
A)True
B)False
Q3) The amount of income taxes ________.
A)required by the federal government for a corporation is calculated on a Form 1120 B)paid by the corporation,when it files the Form 1120,is recorded as a debit to the Income Tax Expense account and a credit to the Cash account
C)the corporation owes,but has not yet paid,is recorded as a debit to the Income Tax Payable account
D)the corporation owes,but has not yet paid,is reported as a long-term liability on the balance sheet
Q4) What is a contingent liability? Provide two examples of contingencies.
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Chapter 12: Partnerships
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Sample Questions
Q1) Which of the following is true of a limited liability company?
A)A limited liability company is not obligated to file the articles of organization with the state.
B)The owners of a limited liability company are personally liable for the business's debts.
C)A limited liability company can elect not to pay business income tax.
D)The owners of a limited liability company cannot participate actively in management of the business.
Q2) The process of going out of business by selling the entity's assets,paying its liabilities,and distributing any remaining cash to the owners based on their equity balances is known as liquidation.
A)True
B)False
Q3) Which of the following is true of a partnership?
A)All partnership firms are public firms.
B)Partnership firms have a limited life.
C)The owners of the partnership have limited liabilities for the partnership's debts.
D)The maximum loss an owner of a partnership can incur is the invested amount.
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Chapter 13: Corporations
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Sample Questions
Q1) A corporation has 20,000 shares of 12%,$60 par cumulative preferred stock outstanding and 38,000 shares of no-par common stock outstanding.Dividends of $14,000 are in arrears.At the end of the current year,the corporation declares a dividend of $164,000.How is the dividend allocated between preferred and common stockholders?
A)The dividend is allocated $6,000 to preferred stockholders and $158,000 to common stockholders.
B)The dividend is allocated $158,000 to preferred stockholders and $6,000 to common stockholders.
C)The dividend is allocated $164,000 to preferred stockholders and no dividend is paid to common stockholders.
D)The dividend is allocated $144,000 to preferred stockholders and $20,000 to common stockholders.
Q2) A higher price/earnings ratio signifies a higher return on investment.
A)True B)False
Q3) Preferred stockholders receive a dividend preference over common stockholders. A)True B)False
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Chapter 14: Long-Term Liabilities
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Sample Questions
Q1) What is the difference between simple interest and compound interest?
Q2) Installment payments for mortgages generally contain both an amount for principal repayment and an amount for interest.
A)True
B)False
Q3) Term bonds all mature at the same specified time.
A)True
B)False
Q4) On December 1,2016,Fine Dining Products borrowed $86,000 on a 5%,10-year note with annual installment payments of $8,600 plus interest due on December 1 of each succeeding year.On December 1,the principal amount was recorded as a long-term note payable.What amount of the note payable will be shown as current portion of Long-Term Note Payable on the balance sheet as of December 31,2016? (Round your answer to nearest whole number. )
A)$8,600
B)$12,900
C)$4,300
D)$17,200
Q5) When computing the present value of a bond,which interest rate is used? Why?
Page 16
Q6) What does the debt to equity ratio show,and how is it calculated?
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Chapter 15: Investments
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Q1) Investment income may come from interest earned from debt investments,dividends earned from stock investments,and/or increases in the market value of the security.
A)True
B)False
Q2) Kelly Financial Services,Inc.invested $33,000 to acquire 7,250 shares of Mitt Investments,Inc.on March 15,2013.This investment represents less than 20% of the investee's voting stock.On May 7,2017,Kelly Financial Services,Inc.sells 2,750 shares for $12,250.In the accounting equation on May 7,2017,________.
A)total assets will remain unchanged
B)total assets will decrease
C)total liabilities will decrease
D)total equity will decrease
Q3) Which of the following is included in comprehensive income?
A)Owners' investments
B)Purchase of capital assets
C)Preferred dividends
D)Deferred gains or losses from derivatives
Q4) List and discuss two common reasons why companies invest in debt or equity securities.
Page 17
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Chapter 16: The Statement of Cash Flows
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Q1) Use the following information to calculate the free cash flow of Harris,Inc.
Net cash provided by operating activities,$25,000
Net cash provided by financing activities,$35,000
Net cash used for planned investment in long-term assets,$12,000
Net cash used for investing activities,$20,000
Cash dividends paid,$10,000.
Q2) For the year ended December 31,2016,the Statement of Cash Flows for Johnson Family Auto Supply shows the following information: Net Cash Used by Operating Activities,$71,000;Net Cash Provided by Investing Activities,$49,000;and Net Cash Provided by Financing Activities,$41,000.Cash has increased by $161,000.
A)True
B)False
Q3) A company purchased machinery by issuing a long-term note payable.This is an example of a non-cash investing and financing activity for the statement of cash flows.
A)True
B)False
Q4) The direct method restates the income statements in terms of cash.
A)True
B)False
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Chapter 17: Financial Statement Analysis
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Q1) The audit report in the annual report attests to the fairness of the presentation of the financial statements.
A)True
B)False
Q2) A common-size statement reports the same percentages that appear in a vertical analysis.
A)True
B)False
Q3) A high current ratio indicates that current liabilities are greater than current assets.
A)True B)False
Q4) Vertical analysis involves comparing each figure in the financial statements with a corresponding figure of the previous year.
A)True
B)False
Q5) The disposal of a business segment is reported as discontinued operations.
A)True B)False
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Chapter 18: Introduction to Managerial Accounting
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Q1) Manufacturing companies produce their own products,but merchandising companies do not.
A)True
B)False
Q2) In a manufacturing company,administrative costs are included in period costs.
A)True
B)False
Q3) A budget is a managerial accounting tool used in the planning process.
A)True
B)False
Q4) Which of the following is a product cost?
A)sales commissions
B)CEO's salary
C)delivery van depreciation
D)depreciation on production equipment
Q5) ________ is a philosophy of continuous improvement of products and processes.
A)Just-in-Time (JIT)Management
B)Enterprise Resource Planning (ERP)
C)Supply Chain Management (SCM)
D)Total Quality Management (TQM)
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Chapter 19: Job Order Costing
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Q1) Bass Accounting Services expects its accountants to work a total of 29,000 direct labor hours per year.The company's estimated total indirect costs are $348,000.The company uses direct labor hours as the allocation base for indirect costs.What is the indirect cost allocation rate?
A)$12 per hour
B)$24 per hour
C)$120 per hour
D)$14.40 per hour
Q2) Which of the following statements is true of costing systems?
A)A process costing system would be used by manufacturers of custom-made perfumes.
B)A job order costing system would be used by manufacturers of baking utensils.
C)A construction company would likely use a process costing system.
D)An accounting firm would likely use a job order costing system.
Q3) Oxford Manufacturing Company completed jobs that cost $48,000 to produce.In the same period, the company sold jobs for $102,000 that cost $53,000 to produce.Prepare the journal entries for the completion and sales of the jobs.All sales are on account.Omit explanations.
Q4) Why would the manager of a service company need to use job order costing?
Page 21
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Chapter 20: Process Costing
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Q1) In a production cost report,________ includes the number of units completed and transferred out of a process and the number of units remaining in ending WIP.The weighted-average method is used.
A)total units estimated for
B)total units budgeted for
C)total units accounted for
D)total units to account for
Q2) Companies that manufacture identical items through a series of uniform production steps use ________ to determine cost per unit sold.
A)a process costing system
B)a job order costing system
C)the weighted-average method
D)the first-in,first-out method
Q3) Production cost reports prepared using the first-in,first-out (FIFO)method determine the cost of equivalent units of production by accounting for beginning inventory costs separately from current period costs.
A)True
B)False
Q4) Why are extra journal entries required in a process costing system?
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Chapter 21: Cost-Volume-Profit Analysis
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Q1) An increase in selling price per unit decreases the contribution margin per unit.
A)True
B)False
Q2) The amount by which sales can decrease before the company incurs an operating loss is called breakeven point.
A)True
B)False
Q3) Caty Couture sells designer shirts for $43 per shirt.It incurs monthly fixed costs of $7,000.The contribution margin ratio is calculated to be 20%.What is the breakeven point in units?
A)163 units
B)131 units
C)5,600 units
D)814 units
Q4) When units produced exceeds units sold,how does operating income differ between variable costing and absorption costing? Explain your answer.
Q5) Total variable costs change in direct proportion to changes in the volume of production.
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Chapter 22: Master Budgets
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Q1) Cost behavior is considered in developing the selling and administrative expense budget as costs are designated as variable or fixed.
A)True
B)False
Q2) The capital expenditures budget is completed before the preparation of the cash budget.
A)True
B)False
Q3) The Raw Materials Inventory account is must be considered when calculating the amount of materials to be purchased.
A)True
B)False
Q4) Budgeted purchases of direct materials is determined by adding direct materials needed for production to the desired direct materials in ending inventory.
A)True
B)False
Q5) Why is the forecast of sales revenue considered to be the cornerstone of the master budget?
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Chapter 23: Flexible Budgets and Standard Cost Systems
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Q1) An efficiency variance measures how well the business uses its materials or human resources.
A)True
B)False
Q2) When a manufacturing company uses a standard cost system,Work-in-Process Inventory is debited at standard input quantities and standard costs.
A)True
B)False
Q3) A company's production department was experiencing a high defect rate on the assembly line,which was slowing down production and causing wastage of valuable direct materials.The production manager decided to purchase a higher grade of materials that would be more reliable,but he was worried that the cost of the new materials might negatively affect operating income.This would produce a(n)________.
A)favorable direct materials cost variance
B)unfavorable direct labor cost variance
C)unfavorable direct labor efficiency variance
D)favorable direct materials efficiency variance
Q4) List the direct labor variances and briefly describe each.
Q5) List three ways in which using a standard cost system helps managers.
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Chapter 24: Cost Allocation and Responsibility Accounting
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Q1) If upper management uses a short time frame to calculate ROI and RI,division managers have an incentive to take actions that will lead to an immediate increase in these measures.
A)True
B)False
Q2) Net income is used in the numerator of the return on investment formula.
A)True
B)False
Q3) Percentage of market share and rate of on-time deliveries are indicators of the ________ perspective.
A)quality management
B)internal business
C)customer
D)learning and growth
Q4) Which of the following is the correct formula for calculating return on investment?
A)Net profit / Sales
B)Gross profit / Sales
C)Operating income / Average total assets
D)Earnings available to stockholders / Number of outstanding shares of stock
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Chapter 25: Short-Term Business Decisions
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Q1) Assuming there are no other significant considerations,a product line with a negative contribution margin should be dropped.
A)True
B)False
Q2) When considering whether to replace the building roof,the total amount paid for previous roof repairs is relevant to the business decision.
A)True
B)False
Q3) Fantabulous Products sells 2,200 kayaks per year at a price of $460 per unit.Fantabulous sells in a highly competitive market and uses target pricing.The company has $1,000,000 of assets,and the shareholders wish to make a profit of 17% on assets.Assume all products produced are sold.What is the target full product cost?
A)$17,000,000
B)$842,000
C)$1,184,040
D)$1,012,000
Q4) List three questions managers should consider when deciding whether to drop a product or a business segment.
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Chapter 26: Capital Investment Decisions
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Q1) All else being equal,investments with longer payback periods are preferable.
A)True
B)False
Q2) Which of the following two methods are typically used for initial screening of investments,rather than for detailed,in-depth analysis?
A)payback and accounting rate of return
B)net present value and payback
C)internal rate of return and net present value
D)accounting rate of return and net present value
Q3) The accounting rate of return is calculated by dividing the average annual operating income by the average amount invested.
A)True
B)False
Q4) The discount rate used in a net present value analysis is the ________.
A)rate of inflation
B)rate of interest earned on a savings account
C)required rate of return or the hurdle rate
D)rate of interest charged for debt financing of an investment
Q5) What are the strengths of the net present value capital budgeting method?
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