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Questions and Answers of College Accounting

Describe and use a combination journal to record transactions of a professional service business.
Post from the combination journal to the general ledger.
Prepare a work sheet, financial statements, and adjusting and closing entries for a professional service business.
Under the accrual basis of accounting, revenues are recorded when earned. True/False
The modified cash basis of accounting is used by most large businesses. True/False
The modified cash basis uses the accrual basis when recording revenues and expenses. True/False
Under the modified cash basis, interest expense is recorded when paid. True/False
Many small professional service businesses use the modified cash basis. True/False
Which of these would make the best “special column” in a combination journal?(a) Office Equipment (c) Revenue(b) Prepaid Insurance (d) Telephone Expense
Verifying that debit column totals equal credit column totals is the process of(a) debiting. (c) closing.(b) proving. (d) adjusting.
Posting from the combination journal is accomplished by placing and the page number in the Posting Reference column of the general ledger account.(a) G(c) J(b) DJ(d) CJ
Using the modified cash basis, when a business provides services on account, is debited.(a) no entry (c) Cash(b) Accounts Receivable (d) Owner’s Equity
Using the modified cash basis, when wages are earned but not paid, ____________ is debited.(a) Wages Expense (c) Wages Payable(b) no entry (d) Accrued Wages
Jean Akins opened a consulting business. Journalize the following transactions that occurred during the month of January of the current year using the modified cash basis and a combination journal.
Bill Rackes opened a bicycle repair shop. Journalize the following transactions that occurred during the month of October of the current year. Use the modified cash basis and a combination journal
Angela McWharton opened an on-call nursing services business.She rented a small office space and pays a part-time worker to answer the telephone. Her chart of accounts is shown below.MeWharton’s
Sue Reyton owns a suit tailoring shop. She opened her business in September. She rents a small work space and has an assistant to receive job orders and process claim tickets. Her trial balance shows
Amy Anjelo opened a delivery service. Journalize the following transactions that occurred in January of the current year. Use the modified cash basis and a combination journal with special columns
Perform horizontal and vertical analyses of the income statement and balance sheet.
Compute and explain liquidity, profitability, and leverage measures.
Garfinkle Inc.’s comparative financial statements for the years ending December 31, 20-2 and 20-1, are shown below.REQUIRED 1. Prepare a horizontal analysis of Garfinkle’s comparative income
Leverage is the ability to pay debts when they come due. True/False
A comparison of amounts for the same item in the financial statements of two or more periods is horizontal analysis. True/False
It is common for long-term asset accounts to show a decrease in the net balance from year to year. True/False
Working capital is calculated by dividing current assets by current liabilities. True/False
In calculating accounts receivable turnover, only accounts receivable are considered;others, such as accrued interest receivable, are not included. True/False
The ability to earn a satisfactory return on investments is called(a) liquidity.(b) profitability.(c) leverage.
Working capital is a measure of(a) liquidity.(b) profitability.(c) leverage.
The times interest earned ratio is a measure of(a) liquidity.(b) profitability.(c) leverage.
Financial statements are usually compared with(a) one or more previous periods.(b) data from the industry as a whole.(c) similar businesses in the industry.(d ) all of the above.
Which of these is not a measure of liquidity?(a) working capital (c) quick ratio(b) current ratio (d) return on total assets
Financial statement analysis generally focuses on three main aspects of the; business’s financial health. What are they?
Identify five measures of liquidity calculated by FCI.
Identify five measures of profitability calculated by FCI.
Identify two measures of the extent of leverage calculated by FCI.
Prepare a schedule for the calculation of cash generated from operating activities under the direct method, including necessary adjustments when the company reports the following:a. changes in
Prepare a schedule for the calculation of cash generated from operating activities under the direct method by adjusting revenues and expenses for changesin current assets and current liabilities
Potts Company’s sales for 20-2 were \($800,000.\) The Accounts Receivable balance as of December 31, 20-1, was \($90,000.\) This same account had a balance of \($75,000\) as of December 31,
The following information was obtained from Knox Company’s income statement for 20-2, balance sheets as of December 31, 20-2 and 20-1, and auxiliary records: Operating expenses for 20-2
Eary Company’s income statement for 20-2 reported interest revenue of $430. The comparative balance sheet as of December 31, 20-2 and 20-1, reported the following: 20-2 20-1 $150 $190 Accrued
Boyd Company’s sales for 20-2 were \($760,000.\) The Accounts Receivable balance as of December 31, 20-1, was \($60,000.\) This same account had a balance of \($85,000\) as of December 31,
Guild Company’s cost of goods sold for 20-2 was $500,000. Compute the amount of cash paid for merchandise in 20-2.The December 31, 20-2 and 20-1, balances of Merchandise Inventory and Accounts
The following information was obtained from Busby Company’s income statement for 20-2, balance sheets as of December 31, 20-2 and 20-1, and auxiliary records: Operating expenses for 20-2
Explain the nature and purpose of departmental accounting.
Describe and compute departmental gross profit
Describe and compute departmental operating income.
Describe and compute departmental direct operating margin.
Kristen Owen and Stephen Kaplan are partners who own OK Cycling.They sell outdoor bicycles and exercise bicycles. They keep accounts and prepare reports on a departmental basis. Direct expenses are
Departmental gross profit is the difference between a department’s net sales and operating expenses. True/False
The gross profit percentage can be computed by dividing gross profit by net sales. True/False
Departmental operating income is the difference between a department’s gross profit and its operating expenses. True/False
Direct expenses are operating expenses incurred for the benefit of the business as a whole and untraceable directly to a specific department. True/False
Departmental direct operating margin is the difference between a department’s gross profit and its direct operating expenses. True/False
The difference between a department’s net sales and cost of goods sold is called(a) departmental gross profit.(b) departmental direct operating income.(c) departmental operating income.(d) net
Operating expenses incurred for the sole benefit of and traceable directly to a specific department are called(a) budgeted expenses. (c) indirect expenses.(b) normal expenses. (d) direct expenses.
A base used in the text to allocate store rent expense to specific departments is(a) net sales. (c) number of employees.(b) square footage. (d) number of customers.
The difference between a department’s gross profit and its direct operating expenses is calleda) departmental gross profit.b) departmental direct operating margin.c) departmental operating
The difference between a department’s gross profit and its operating expenses is called(a) departmental gross profit.(b) departmental direct operating margin.(c) departmental operating income.(d)
Wray Company rents 10,000 square feet of store space for $32,600 per year. The amount of square footage by department is as follows:Department A: 1,600 sq. ft.Department B: 2,200 sq. ft.Department C:
Tina Domingo owns a car stereo store. She has divided her store into three departments.Net sales for the month of July are as follows:Deluxe: $36,000 Standard: 30,000 Economy: 54,000 Advertising
Mercado Lopez owns a furniture store that offers free delivery of merchandise delivered within the local area. Mileage records for the three sales departments are as follows:Department 1: 36,000
The purchasing department of Brindley Company performs the purchasing function for the entire business. The numbers of purchase orders processed during the most recent month are as follows:West
Describe the three manufacturing costs.
Describe the three inventories of a manufacturing business.
Describe and illustrate how manufacturing costs and inventories affect the financial statements of a manufacturing business.
Define and describe how to operate a job order cost accounting system.
Describe a process cost accounting system.
Mantel Manufacturing Company uses a job order cost accounting system.The following is a summary of transactions completed during its first year of operations:REQUIRED 1. Prepare general journal
Work in Process Inventory consists of three items: materials, labor, and factory overhead. True/False
Finished Goods Inventory consists of only those items finished and sold during the period. True/False
Both direct and indirect materials enter into and become major parts of the finished product. True/False
Factory overhead is also known as manufacturing overhead, indirect manufacturing cost, or factory burden. True/False
Most cost accounting systems use perpetual inventories. True/False
Which of these would most likely be treated as an indirect material?(Assume you are manufacturing tables.)(a) wood (c) glue(b) lacquer (d) table legs
The cost of goods sold section of the income statement for a manufacturing company would contain which of the following?(a) purchases (c) direct labor(b) cost of goods manufactured (d) no inventory
When total anticipated factory overhead is $500,000 and budgeted direct labor hours are 200,000, what is the predetermined factory overhead rate based on direct labor hours?(a) $2.50/hour (c)
When direct labor hours for Job 101 are 30 and the predetermined factory overhead rate is $5/direct labor hour, what is the applied factory overhead amount?(a) $250 (c) $150(b) $500 (d) It cannot be
Underapplied or overapplied factory overhead is normally charged or credited to which account?(a) Materials (c) Finished Goods(b) Work in Process (d) Cost of Goods Sold
What are the two major tapes of materials, and how do they differ?
The following information is supplied for Morales Mining and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--.Work in process, January 1
Prepare a 10-column work sheet for a manufacturing company.
Prepare work sheet adjusting entries to(1) apply factory overhead to ending workin process, (2) record additional actual factory overhead, (3) record under- or overapplied overhead, (4) record other
Prepare financial statements for a manufacturing company.
Prepare adjusting, closing, and reversing journal entries fora manufacturing company.
Montgomery Manufacturing Co. manufactures and sells a limited line of products per customer order. Nothing is purchased for resale in its original form. The company rents offices and a factory
The adjustment for factory overhead applied to work in process at the end of the accounting period includes a debit to the factory overhead account. True/False
ToyJoy Manufacturing Co. in Chapter 27 uses a periodic inventory system. True/False
The credit total of Factory Overhead represents actual factory overhead costs. True/False
On the work sheet, the factory overhead account shows both debit and credit totals in the Trial Balance columns. True/False
Under the perpetual inventory system, Cost of Goods Sold is debited each time the finished goods inventory is sold. True/False
The adjustment for the amount of factory supplies used during the year includes a(a) debit to Factory Supplies.(b) debit to Factory Overhead.(c) credit to Factory Overhead.(d) debit to Supplies
The adjustment for depreciation expense for the year on the factory building includes a(a) debit to Depreciation Expense.(b) credit to Factory Overhead.(c) credit to Accumulated Depreciation.(d)
At the end of the accounting period, a credit balance in the factory overhead account represents(a) overapplied factory overhead.(b) actual factory overhead.(c) underapplied factory overhead.(d)
During the closing process, the credit total in the factory overhead account is debited to(a) Work in Process Inventory.(b) Factory Overhead Expense.(c) Cost of Goods Sold.(d) Income Summary.
The adjusting entry to apply factory overhead to Work in Process is reversed at the beginning of the next accounting period and includes a(a) debit to Work in Process Inventory.(b) debit to Factory
Prepare the December 31 adjusting journal entries for Johnson Company. Data are as follows:(a) Factory overhead is applied at a rate of 60% of direct labor costs. At the end of the year, the direct
A proportionate distribution of shares of a corporation’s own stock to its stockholders is called a(a) stock dividend. (c) stock split.(b) cash dividend. (d) appropriation:
When a stock dividend is declared, the journal entry will include a credit to(a) Retained Earnings.(b) Stock Dividends Distributable.(c) Stock Dividends Payable.(d) Stock Dividends Declared.
Stock Dividends Distributable is classified on the balance sheet as a(n)(a) asset.(c) expense.(b) liability.(d) stockholders’ equity.
When retained earnings is appropriated, total retained earnings(a) remains the same. (c) decreases.(b) increases. (d) increases or decreases, depending on the amount.

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