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Questions and Answers of College Accounting

Account for repairs, maintenance, additions, and improvements to plant and equipment?
Account for the disposition of property, plant, and equipment?
Explain the nature of, purpose of, and accounting for depletion?
Explain the nature of and accounting for intangible assets?
Stillman Company purchased a new machine at the start of its current year at a cost of $37,500. The machine is expected to serve for five years and to have a salvage value of $3,000. Ronald L.
All long-term assets wear out gradually or are gradually used up entirely. True/False
Intangible assets are depreciated; plant assets are amortized. True/False
Depreciation is a process of asset valuation; that is, book value is the same as true asset value. True/False
The straight-line method of depreciation allocates the cost of an asset more rapidly than the sum-of-the-years’-digits method. True/False
The units-of-production method of depreciation allocates the cost of an asset equally over each year of the useful life. True/False
Using the sum-of-the-years’-digits method, the denominator for a five-year useful life would be(a) 5.(b) 7.(c) 12.(d) 15
A machine that cost $100 and had accumulated depreciation of $80 was sold for $20.(a) There was a $20 gain. (c) There was no gain or loss.(b) There was a $20 loss. (d) There was a $60 loss.
A computer was sold on April 1, 20-2, for $575. Its cost was $3,000, and accumulated depreciation as of December 31, 20-1, was $2,100 ($700 a year).(a) There was a gain of $150. (c) There was a gain
Cost depletion of natural resources is most like which of these depreciation methods?(a) straight-line (c) declining-balance(b) units-of-production (d) sum-of-the-years’-digits
Which of these is granted for life plus 50 years after the death of the holder?(a) patent (c) copyright(b) mineral rights (d) trademark
Explain what is meant by additions and identify the two types of improvements.
An overstatement of ending inventory in the year 20-1 will cause net income to be overstated in the year 20-1. True/False
An understatement of ending inventory in the year 20-1 will cause net income to be overstated in the year 20-2, assuming no other errors. True/False
Under the perpetual system of accounting for inventory, the current merchandise inventory and the cost of goods sold are not determined until the end of the accounting period when a physical
A fiscal year that starts and ends at the time the stock of goods is normally at its lowest level is known as a natural business year. True/False
If goods are shipped FOB shipping point, the seller pays for the shipping costs. True/False
Goods held on consignment remain the property of the(a) consignee. (c) buyer.(b) consignor. (d) seller.
In times of rising prices, the inventory cost method that will yield the lowest net income is(a) FIFO. (c) LIFO.(b) weighted-average. (d) none of the above.
In times of rising prices, the inventory cost method that will yield the highest cost of goods sold is(a) LIFO. (c) FIFO.(b) weighted-average. (d) none of the above.
In the application of “lower-of-cost-or-market,” market is the(a) lowest sales price. (c) replacement cost.(b) highest sales price. (d) average sales price.
An understatement of ending inventory in the year 20-1 will cause the owner’s equity account at the end of the year 20-2, assuming no other errors, to be(a) understated. (c) overstated.(b)
Compute the costs allocated to the ending inventory and cost of goods sold using the perpetual LIFO inventory method.
Compute the costs allocated to the ending inventory and cost of goods sold using the perpetual moving-average inventory method.
Prepare an adjustment for merchandise inventory using the periodic inventory system.
Prepare an adjustment for unearned revenue.
Prepare a work sheet for a merchandising business.
Journalize adjusting entries for a merchandising business.
Prepare adjusting journal entries under the perpetual inventory system.
Aaron Patton owns and operates Patton’s Bait Shop and Boat Rental. A year-end trial balance is shown on the next page.Year-end adjustment data for Patton’s Bait Shop and Boat Rental are as
The beginning inventory is removed from the merchandise inventory account with a credit to Merchandise Inventory and a debit to Income Summary. True/False
The ending inventory is entered by debiting Merchandise Inventory and crediting Income Summary. True/False
The cash received in advance before delivering a product or performing a service is called unearned revenue. True/False
Unearned revenue is adjusted into an expense account at the end of the accounting period. True/False
Sales Returns and Allowances is classified as a contra-expense account on the income statement. True/False
Purchases Returns and Allowances and Purchases Discounts are classified as on the income statement.(a) expense accounts (c) revenue accounts(b) contra-cost accounts (d) contra-revenue accounts
The first step in preparing a work sheet is to(a) prepare the trial balance.(b) prepare the income statement.(c) prepare the adjustments.(d) prepare the balance sheet.
The last step in preparing a work sheet is to(a) prepare the adjusted trial balance.(b) total the Income Statement and Balance Sheet columns to compute net income or net loss.(c) prepare the
Unearned Revenue is extended into the on the work sheet.(a) Adjustments columns (c) Income Statement columns(b) Balance Sheet columns (d) Trial Balance columns
The most useful tool in preparing end-of-period adjustments and financial statements is the(a) general ledger. (c) general journal.(b) work sheet. (d) physical inventory.
Use the expense method of accounting for prepaid expenses?
Make the appropriate adjusting entries when the expense method is used for prepaid expenses?
Under the expense method of accounting for prepaid expenses, supplies and other prepaid items are entered as expenses when purchased. Under this method, we must adjust the accounts at the end of each
Office Supplies Expense was debited for a total of \($425\) during the period. An inventory taken at the end of the period shows that supplies on hand amounted to \($150.\) The following adjusting
A multiple-step form of income statement calculates gross profit, before subtracting operating expenses. True/False
Current assets include cash, items expected to convert into cash, and items that will be consumed during a year or the normal operating cycle, whichever is shorter. True/False
Current assets are listed on the balance sheet in order of liquidity. True/False
Working capital is the difference between current assets and current liabilities. True/False
Accounts receivable turnover is the number of times merchandise inventory turned over or was sold during the accounting period. True/False
Which of these assets is mot a current asset?(a) Cash (c) Office Equipment (b) Accounts Receivable (d) Merchandise Inventory
Which of these would be listed first on a balance sheet?(a) Accounts Receivable (c) Accounts Payable (b) Delivery Equipment (d) Prepaid Insurance
Which of these is considered a quick asset?(a) Merchandise Inventory (c) Office Equipment (b) Accounts Receivable (d) Prepaid Insurance
To calculate the accounts receivable turnover ratio, is divided by average accounts receivable.(a) Net sales (c) Total sales (b) Cost of goods sold (d) Net credit sales
Inventory turnover is calculated by dividing cost of goods sold bya) average accounts receivable.b) average owner’s equity.c) average inventory.d) accounts receivable turnover.
The types of special journals a business uses should depend on the types of transactions it has most frequently. True/False
If a business uses special journals, it generally will not need a general journal. True/False
All sales, for cash or on credit, are recorded in the sales journal. True/False
A cash receipts journal is used to record all cash receipts transactions. True/False
Purchases returns and allowances are recorded in the general journal. True/False
In the cash receipts journal, each amount in the General Credit column is posted(a) daily. (c) at the end of the month.(b) weekly. (d) at the end of the year.
In the cash payments journal, each amount in the General Debit column is posted(a) daily. (c) at the end of the month.(b) weekly. (d) at the end of the year.
The journal that should be used to record the return of merchandise for credit is the(a) purchases journal. (c) general journal.(b) cash payments journal. (d) accounts payable journal.
A purchases journal is used to record all(a) purchases. (c) purchases of merchandise on account.(b) cash purchases. (d) purchases returns and allowances.
The first step in posting the sales journal to the general ledger is to(a) total and verify the equality of the amount columns.(b) enter the date in the Date column of the ledger account.(c) enter
Zebra Imaginarium, a retail business, had the following cash receipts during December 20--. The sales tax is 6%.REQUIRED 1. Record the transactions in the cash receipts journal. Total and verify
Color Florists, a retail business, had the following cash receipts during January 20--. The sales tax is 5%.REQUIRED 1. Record the transactions in the cash receipts journal. Total and verify the
Paul Jackson owns a retail business. The following sales, returns, and cash receipts are for April 20--. There is a 7% sales tax.REQUIRED 1. Record the transactions in the sales journal, cash
During the month of October 20--, The Pink Petal flower shop engaged in the following transactions:REQUIRED:1. Record the transactions in a sales journal (page 7), cash receipts journal (page 10),
Screpcap Co. had the following transactions during the first week of June: June 1 1 1 2 2 2. 3 3 Purchased merchandise on account from Acme Supply, $2,700, plus freight charges of $160. Issued check
Explain the impact of merchandise inventory on the financial statements.
Describe the two principal systems of accounting for merchandise inventory—the periodic system and the perpetual system.
Compute the costs allocated to the ending inventory and cost of goods sold using different inventory methods.
Estimate the ending inventory and cost of goods sold by using the gross profit and retail inventory methods.
Fialka Company’s beginning inventory and purchases during the fiscal year ended October 31, 20-2, were as follows:There are 1,600 units of inventory on hand on October 31, 20-2.REQUIRED 1.
Describe and calculate employer payroll taxes.
Describe employer reporting and payment responsibilities.
Describe and account for workers’ compensation insurance.
Employer payroll taxes are deducted from the employee’s pay. True/False
The payroll register is a key source of information for computing employer payroll taxes. True/False
Self-employment income is the net income of a trade or business owned and run by an individual. True/False
The FUTA tax is levied only on the employees. True/False
The W-4, which shows total annual earnings and deductions for federal and state income taxes, must be completed by the employer and given to the employee by January 31. True/False
The general ledger accounts commonly used to record the employer’s Social Security, Medicare, FUTA, and SUTA taxes are classified as(a) assets.(b) liabilities.(c) expenses.(d) owner’s equity.
Joyce Lee earns $30,000 a year. Her employer pays a matching Social Security tax of 6.2% on the first $94,200 in earnings, a Medicare tax of 1.45% on gross earnings, and a FUTA tax of 0.8% and a SUTA
The Form 941 tax deposit includes which of the following types of taxes withheld from the employee and paid by the employer?(a) Federal income tax and FUTA tax (b) Federal income tax and Social
Workers’ compensation provides insurance for employees who(a) are unemployed due to a layoff.(b) are unemployed due to a plant closing.(c) are underemployed and need additional compensation.(d)
The journal entry at the end of the year that recognizes an additional premium owed under workers’ compensation insurance will include a(a) debit to Workers’ Compensation Insurance Expense.(b)
What is the purpose of Form 941, Employer's Quarterly Federal Tax Return?
What information appears on Form W-2, the employee's Wage and Tax Statement?
All sales, for cash or on credit, can be recorded in the general journal. True/False
Reductions in the price of merchandise granted by the seller because of defects or other problems with the merchandise are called sales allowances. True/False
Sales Tax Payable is a liability account that is credited for the amount of tax imposed on sales. True/False
Sales Returns and Allowances is debited for the amount of the sale, including the sales tax on that amount. True/False
Cash discounts are offered to encourage prompt payment by customers who buy on account. True/False.
A credit sale of $250 plus a 6% sales tax would require a debit to Accounts Receivable of(a) $15. (c) $30.(b) $280. (d) $265.
When $25 of merchandise is returned for a credit on account, what is the amount of the credit to Accounts Receivable, assuming a 6% sales tax rate?(a) $1.50 (c) $26.50(b) $25.00 (d) $31.00

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