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QUIZ #1 - ACCT301 Name: Section: Date: 1. (True or False) Many transactions and events are reported based upon on the historical cost principle (in contrast to fair value). 2. (True or False) Under the periodic inventory system, the Inventory account is debited at the time of a merchandise purchase but is not credited at the time of a merchandise sale. 3. (Multiple Choice) Richards Hospital was incorporated on August 1. The initial capital was raised by issuing $2,000,000 of stock. The appropriate journal entry for this transaction is: A. B. C. D. E. 4. Debit Cash/Credit Revenue. Debit Capital Stock/Credit Revenue. Debit Capital Stock/Credit Cash. Debit Cash/Credit Capital Stock. None of these. (Multiple Choice) Collin Printing began operations on January 1. On January 7, Collin purchased supplies on account for $1,000. At the end of January, Collin had $600 of supplies on hand. The proper journal entry for the January 7 transaction would: A. B. C. D. E. 5. include a debit to Supplies for $1,000. include a credit to Supplies for $400. include a debit to Supplies Expense for $400. include a debit to Supplies for $600. None of these. (Multiple Choice) Failure to record the purchase of office furniture on account will result in: A. B. C. D. E. an overstatement of assets. an understatement of liabilities. an overstatement of stockholders' equity. All of these. None of these. 6. (True or False) The accounts involved in the adjusting process are those that may be reversed on the first day of the next accounting period 7. (True or False) A cash disbursement system with proper internal control should include a procedure which requires all significant disbursements to be made by check. 8. (Multiple Choice) Prince Company accepted merchandise returned by a customer who had purchased the goods on credit for $600. The goods cost Prince $300. Prince's journal entry to reflect the return of the merchandise would include: A. B. C. D. E. 9. a debit to Purchases for $300. a debit to Sales Returns & Allowances for $300. a credit to Accounts Receivable for $600. All of the above. None of these. (Multiple Choice) On January 26, a customer paid Collin Printing $250 in advance for printing. On January 28, Collin printed 500 posters for Grubb at a price of 30 each. The proper entry on January 26 would include a: A. B. C. D. E. 10. debit to Unearned Revenue of $250. credit to Unearned Revenue for $100. credit to Unearned Revenue for $250. debit to Unearned Revenue for $100. None of these. (Multiple Choice) Archie Corporation's trial balance included debits to expense accounts of $125,000, credits to revenue accounts of $175,000, and debits to the Dividends account of $50,000. Based on this information, the company's net income(loss) appears to be: A. B. C. D. E. $0. ($125,000). $100,000. $175,000. None of these. 11. (Multiple Choice) The Cash account on the balance sheet would include all of the following except: A. B. C. D. E. 12. Certificates of deposit.. Currency. Money orders. Balances on deposit at a bank. None of these. (True or False) The multiple-step income statement allows readers to identify important relationships among accounts; while the single-step income statement is generally regarded as offering simplicity of presentation. 13. (Multiple Choice) The proper journal entry to record depreciation of a truck would entail which of the following? A. B. C. D. E. 14. A debit to Depreciation Expense. A credit to Accumulated Depreciation. A credit to Truck. Two of the above. None of these. (True or False) The accounts involved in the adjusting process are those that may be reversed on the first day of the next accounting period 15. (Multiple Choice) Sansom had revenues of $8,000 and expenses of $9,500. A summary entry to close the Revenue and Expense accounts to the Income Summary account would include: A. B. C. D. E. a debit to Income Summary of $8,000. a credit to Income Summary of $9,500. a debit to Expenses of $8,000. a credit to Revenues of $9,500. None of these. 16. (Multiple Choice) Which of the following statements is false? A. B. C. D. E. 17. Cash discounts are a convenient means of reducing list prices to invoice prices. Cash discounts are used to encourage customers to make prompt payments. For a seller, cash discount and sales discount are synonymous terms. Cash discounts may be offered in conjunction with trade discounts. None of these. (Matching) Revenues (1) / Expenses (2) / Assets (3) / Stockholders' equity (4) / Liabilities (5): A. B. C. D. E. 18. Amounts charged to customers for goods sold or services. Economic resources owned that are expected to benefit future time periods. Residual interest of owners of a business. Amounts owed by an enterprise. Costs incurred to produce revenue. (Multiple Choice) Archie Corporation's trial balance included debits to expense accounts of $125,000, credits to revenue accounts of $175,000, and debits to the Dividends account of $50,000. Based on this information, the company's ending retained earnings is: A. B. C. D. E. 19. $0. $50,000. $125,000. Cannot be determined. None of these. (True or False) An entry to replenish a petty cash fund would include a debit to Petty Cash. 20. (Multiple Choice) The type of costs presented to management for an equipment replacement decision should be limited to: A. B. C. D. E. relevant costs. standard costs. sunk costs. controllable costs. None of these