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Quiz 2 1. One advantage to using a perpetual inventory system is that the company never has to physically count the inventory. True 2. The weighted-average inventory method will likely result in neither the highest nor the lowest ending inventory. True 3. When calculating accounts receivable turnover, a company would prefer a higher number rather than a lower number (within reason). False A lower number means that the customers are paying their debts easily hence low probability of incurring bad debts 4. When performing a bank reconciliation, checks outstanding are added back to the bank balance. False 5. Usually the quick ratio will be a lower number than the current ratio. True Multiple Choice 6. The bad-debt method that uses the accounts receivable aging report is _______________. b. the percentage-of-receivables method 7. When it is determined that too much money has been set aside for uncollectible accounts, we will _______________. d. credit reserve for uncollectible accounts 8. A customer whose account was previously written off unexpectedly pays us. If we are using the allowance method we would _______________. d. debit cash and credit bad-debt expense 9. When a retailer accepts a bank card (VISA or MasterCard), they will make what entry for the day's receipts? C . debit cash and credit sales 10. The company prepares, but does not yet pay, its first payroll of the new year. Salaries total $10,000 and 7.65% is withheld from paychecks for FICA tax. Ignore all other payroll deductions. The journal entries will be _______________. A .debit wage expense $10,000 and credit wages payable $10,000; debit payroll tax expense for $765 and credit FICA tax payable $765 11. A company buys a $10,000 bond at 102 as an investment. The correct entry is _______________. a .debit investment in bonds and credit cash for $10,200 12. A company issues bonds having a stated value of $100,000 for $102,500. At maturity, the company will _______________. b.credit bonds payable for $102,500 13. A company uses the percentage-of-receivables method for establishing the baddebt reserve. They want the reserve balance to equal 0.5% of debts 30 days old or less, 2% of debts aged 31 to 60 days, and 4% of debts aged over 60 days. An aging report shows $780,000 relating to the past month, $232,600 relating to the prior month, and $89,200 relating to more than two months ago. The balance in the reserve account before adjustment is $10,175. What is the adjusting journal entry? A .debit bad-debt expense, credit allowance for bad debts $1,945 14. A company is closing out the accounting period. The inventory balance at the beginning of the period was $222,750, and at the end of the period it was $215,600. Purchases of goods for resale during the period equaled $682,500. What was the cost of goods sold total? b. $689,650 15. The following transactions during the month of January: 1/5 bought 10 units at $11.00 each; 1/8 bought 15 units at $11.25 each; 1/15 sold 8 units for $16 each; 1/22 bought 10 units at $11.50 each and sold 12 units for $16.50 each. The ending inventory is $693.75. What inventory costing method is the company using? Question 15 options: A. FIFO 16. What is the difference between the periodic-inventory and perpetual-inventory methods? The periodic system usually relies upon occasional fully physical count of the inventory in order to determine the ending inventory balance and also the cost of goods sold, while for the perpetual system it usually keeps continual track of inventory balances all the times 17. Name two costs, in addition to the purchase price, that are added to merchandise inventory cost. Transport costs (carriage costs) and insurance costs 18. What will be the result to inventory values, cost of goods sold, and net income if the LIFO method is used during times of inflation? When using LIFO, the latest inventory is sold first and this will lead to more profit margins because inventory that is purchased first at a lower cost will be sold at a higher price 19. When comparing financial ratios, it is important to make comparisons only within an industry or between like companies. Why might a retail store have a much higher accounts receivable turnover than a manufacturing company? Small business usually have direct contact with their customers and deal with goods whose credit terms do not give longer credit period as compared to manufacturing firms 20. How is gross margin or gross profit calculated on a merchandizing company income statement? Net sales = Gross sales - (Customer Discounts, Returns, Allowances) Gross profit = Net sales - Cost of goods sold Gross profit percentage = {(Net sales - Cost of goods sold)/Net sales} x 100. 21. If a retail store has a sale with everything listed at 30% off, and a rack of clothing is also marked as "an additional 20% off," what is the total discount offered? 50% discount 22. What does 1/10, n/30 mean? Means that a discount of 1% will be given if the payment is made within 10days,if not so, the whole amount will be due in 30 days 23. What cash control is compromised when the purchasing manager is one of the authorized check signers? Undue influence 24. Name at least three out of the four documents that the accounting department should have access to in order to pay an invoice. Receipt Delivery note Debit note 25. What item from the company's records must be added to the bank balance when reconciling the bank statement? Deposits in transits Question 1 One advantage to using a perpetual inventory system is that the company never has to physically count the inventory. Question 1 options: True False Question 2 (4 points) The weightedaverage inventory method will likely result in neither the highest nor the lowest ending inventory. Question 2 options: True False When calculating accounts receivable turnover, a company would prefer a higher number rather than a lower number (within reason). Question 3 options: True False Question 4 (4 points) When performing a bank reconciliation, checks outstanding are added back to the bank balance. Question 4 options: True False Save Question 5 (4 points) Usually the quick ratio will be a lower number than the current ratio. Question 5 options: True False Save Multiple Choice Select the best answer for each of the following questions. Question 6 (4 points) The baddebt method that uses the accounts receivable aging report is _______________. Question 6 options: the percentageofsales method the direct writeoff method the baddebt expense method the percentageofreceivables method Save Question 7 (4 points) When it is determined that too much money has been set aside for uncollectible accounts, we will _______________. Question 7 options: debit accounts receivable credit reserve for uncollectible accounts debit reserve for uncollectible accounts credit cash Save Question 8 (4 points) A customer whose account was previously written off unexpectedly pays us. If we are using the allowance method we would _______________. Question 8 options: debit baddebt expense and credit cash debit cash and credit baddebt expense debit reserve for uncollectible accounts and credit cash debit accounts receivable and credit allowance for uncollectible accounts AND debit cash and credit accounts receivable Save Question 9 (4 points) When a retailer accepts a bank card (VISA or MasterCard), they will make what entry for the day's receipts? Question 9 options: debit cash and credit sales debit cash and debit \"credit card expense\"; credit sales debit accounts receivable; credit sales, and credit \"credit card expense\" debit accounts receivable and credit sales Save Question 10 (4 points) The company prepares, but does not yet pay, its first payroll of the new year. Salaries total $10,000 and 7.65% is withheld from paychecks for FICA tax. Ignore all other payroll deductions. The journal entries will be _______________. Question 10 options: debit wage expense $10,000 and credit wages payable $10,000; debit payroll tax expense for $765 and credit FICA tax payable $76 debit wage expense $10,000; credit wages payable $8,470 and FICA tax payable $1,530 debit wage expense $10,000 and credit wages payable 10,000; debit payroll tax expense for $1,530 and credit FICA tax payable $1, debit wage expense $10,000 and debit payroll tax expense $765; credit wages payable $9,235 and credit FICA tax payable $1,530 Save Question 11 (4 points) A company buys a $10,000 bond at 102 as an investment. The correct entry is _______________. Question 11 options: credit investment in bonds and debit cash for $10,200 debit investment in bonds and credit cash for $9,800 credit investment in bonds and debit cash for $9,800 debit investment in bonds and credit cash for $10,200 Save Question 12 (4 points) A company issues bonds having a stated value of $100,000 for $102,500. At maturity, the company will _______________. Question 12 options: credit bonds payable for $100,000 debit bonds payable for $100,000 debit bonds payable for $102,500 credit bonds payable for $102,500 Save Question 13 (4 points) A company uses the percentageofreceivables method for establishing the baddebt reserve. They want the reserve balance to equal 0.5% of debts 30 days old or less, 2% of debts aged 31 to 60 days, and 4% of debts aged over 60 days. An aging report shows $780,000 relating to the past month, $232,600 relating to the prior month, and $89,200 relating to more than two months ago. The balance in the reserve account before adjustment is $10,175. What is the adjusting journal entry? Question 13 options: debit baddebt expense, credit accounts receivable $1,945 debit allowance for bad debts, credit baddebt expense $1,945 debit baddebt expense, credit allowance for bad debts $1,945 debit baddebt expense, credit allowance for bad debts $12,120 Save Question 14 (4 points) A company is closing out the accounting period. The inventory balance at the beginning of the period was $222,750, and at the end of the period it was $215,600. Purchases of goods for resale during the period equaled $682,500. What was the cost of goods sold total? Question 14 options: $689,650 $675,350 $905,250 $682,500 Save Question 15 (4 points) The following transactions during the month of January: 1/5 bought 10 units at $11.00 each; 1/8 bought 15 units at $11.25 each; 1/15 sold 8 units for $16 each; 1/22 bought 10 units at $11.50 each and sold 12 units for $16.50 each. The ending inventory is $693.75. What inventory costing method is the company using? Question 15 options: LIFO - perpetual FIFO LIFO - periodic weighted average Save Short Answer Prepare the following journal entries. Dates and descriptions are not required. Question 16 (4 points) What is the difference between the periodicinventory and perpetualinventory methods? Question 17 (4 points) Name two costs, in addition to the purchase price, that are added to merchandise inventory cost. Question 18 (4 points) What will be the result to inventory values, cost of goods sold, and net income if the LIFO method is used during times of inflation? Question 19 (4 points) When comparing financial ratios, it is important to make comparisons only within an industry or between like companies. Why might a retail store have a much higher accounts receivable turnover than a manufacturing company? Question 20 (4 points) How is gross margin or gross profit calculated on a merchandizing company income statement? Question 21 (4 points) If a retail store has a sale with everything listed at 30% off, and a rack of clothing is also marked as "an additional 20% off," what is the total discount offered? Question 22 (4 points) What does 1/10, n/30 mean? Question 23 (4 points) What cash control is compromised when the purchasing manager is one of the authorized check signers? Question 24 (4 points) Name at least three out of the four documents that the accounting department should have access to in order to pay an invoice. Question 25 (4 points) What item from the company's records must be added to the bank balance when reconciling the bank statement