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Exam 1

The document appears to be an exam for an accounting course taken in Vietnam. It consists of 10 multiple choice questions testing various accounting concepts. The questions cover topics like the accounting equation, temporary and permanent accounts, journal entries, inventory costing methods, and adjusting entries. The student answered all 10 questions correctly and received a perfect score of 10 out of 10.

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591 views

Exam 1

The document appears to be an exam for an accounting course taken in Vietnam. It consists of 10 multiple choice questions testing various accounting concepts. The questions cover topics like the accounting equation, temporary and permanent accounts, journal entries, inventory costing methods, and adjusting entries. The student answered all 10 questions correctly and received a perfect score of 10 out of 10.

Uploaded by

Trang Lê
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Nhà của tôi  Các khoá học của tôi  Kế toán úc (HK 3 / 2020 - 2021)  Bài kiểm tra

thường kỳ  Exam 1

Bắt đầu vào lúc Wednesday, 28 July 2021, 5:06 PM


State Finished
Kết thúc lúc Wednesday, 28 July 2021, 5:31 PM
Thời gian thực hiện 24 phút 55 giây
Điểm 10,00 out of 10,00 (100%)

Câu Hỏi 1 Đúng Đạt điểm 1,00 trên 1,00

The subtotals of the Income Statement columns of the work sheet are $3,500 and $4,900,
respectively. If the subtotal of the Balance Sheet Debit column is $9,600, then the subtotal of the
Balance Sheet Credit column should be :

Select one:

a. $1,400

b. $11,000

c. $6,800

d. $8,200

Câu trả lời của bạn đúng


Câu Hỏi 2 Đúng Đạt điểm 1,00 trên 1,00

Which of the following accounts is not a temporary account?

Select one:

a. Income Summary

b. Withdrawals

c. Rental Revenue

d. Capital

Câu trả lời của bạn đúng

Câu Hỏi 3 Đúng Đạt điểm 1,00 trên 1,00

The entry to record the receipt of payment within the discount period on a sale of $750 with terms of
2/10, n/30 will include a credit to

Select one:

a. Accounts Receivable for $750. 

b. Sales Discounts for $15

c. Sales for $750

d. Cash for $735

Câu trả lời của bạn đúng


Câu Hỏi 4 Đúng Đạt điểm 1,00 trên 1,00

First Class Maids Company, the cleaning service, started the preparation of its adjusted trial balance as
follows:

 During the 12 months ended December 31, 2012, First Class Maids

 a. used supplies of $1,800.

b. used up prepaid insurance of $620.

c. used up $460 of the equipment through depreciation.

d. accrued salary expense of $310 that First Class Maids hasn’t paid yet.

e. earned $360 of the unearned service revenue.

 Requirement:

Compute A: 3,550

Compute B:  43,270

Câu Hỏi 5 Đúng Đạt điểm 1,00 trên 1,00

Revenue and expense accounts at the beginning and end of the accounting period should have 

Select one:

a.   a balance of zero

b. a net balance (credits minus debits) equal to the capital account

c.   a net balance equal to assets minus liabilities

d. balances of cumulative amounts of activity during the period

Câu trả lời của bạn đúng


Câu Hỏi 6 Đúng Đạt điểm 1,00 trên 1,00

During July, MIKE purchased and sold goods as follows


:

July 4 Purchase 40 units @ $20

July 6 Sale 25 units @ $42

July 10 Purchase 20 units @ $25

July 12 Sale 20 units@ $41

 Under the FIFO method. What is MIKE company ‘s


cost of goods sold of the inventory on July 12 ?

Select one:

a. $425

b. $400

c.

$840

d. $500

Câu trả lời của bạn đúng

Câu Hỏi 7 Đúng Đạt điểm 1,00 trên 1,00

Suppose Hunt Company has receivables of $65,000, furniture totaling $205,000, and cash of $52,000.
The business has a $109,000 note payable and owes $81,000 on account. How much is Hunt’s
owner’s equity?

Select one:

a. 132,000

b. 190,000

c. 28,000

d. 322,000

Câu trả lời của bạn đúng


Câu Hỏi 8 Đúng Đạt điểm 1,00 trên 1,00

Match the right definition to the content

Compound
A journal entry that is characterized by having multiple debits and/or multiple credits
Journal
Entry

Source Provides the evidence and data for accounting transactions


Document

A record of transactions in date order


Journal

Trial A list of all the ledger accounts with their balances at a point in time
Balance

The record holding all the accounts of a business, the changes in those accounts, and their balances
Ledger

Accrued A liability for which the business knows the amount owed but the bill has not been paid
Liability

Câu trả lời của bạn đúng

Câu Hỏi 9 Đúng Đạt điểm 1,00 trên 1,00

The depreciation adjusting entry to record the depreciation expense estimate for the accounting
period requires a credit to which account?

Select one:

a. Prepaid depreciation

b.  Depreciation expense

c. Interest expense

d.  Accumulated depreciation

Câu trả lời của bạn đúng


Câu Hỏi 10 Đúng Đạt điểm 1,00 trên 1,00

1.      
Ann.com purchased and sold goods as follows :

Beginning
inventory 10 units @ $25

January Purchase 10 units @ $24

July Purchase 20 units @ $26

October Sale 25 units@ $40

What is the cost of ending inventory using the


FIFO method ?

Select one:

a. $650

b. $390

c. $1,000

d. $620

Câu trả lời của bạn đúng

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