Accounting for Business Exam Materials
Course Introduction
Accounting for Business provides an introduction to fundamental accounting principles and practices essential for effective financial management in a business environment. The course explores the basics of financial and managerial accounting, including the preparation and interpretation of financial statements, recording business transactions, analyzing costs, budgeting, and understanding the role of accounting information in decision-making. Students gain practical insights into how businesses track performance, comply with regulations, and make informed strategic choices, equipping them with essential skills for success in various business careers.
Recommended Textbook
Accounting 9th Canadian Edition Volume I by Charles T. Horngren
Available Study Resources on Quizplus
11 Chapters
1790 Verified Questions
1790 Flashcards
Source URL: https://quizplus.com/study-set/3385
Page 2
Chapter 1: Accounting and the Business Environment
Available Study Resources on Quizplus for this Chatper
161 Verified Questions
161 Flashcards
Source URL: https://quizplus.com/quiz/67180
Sample Questions
Q1) The total assets and the total liabilities of Ty Williams Financial Services,are shown below.During the year,the proprietor made no additional capital contributions,and took drawings of $15,000. \(\begin{array}{|l|r|r|}
\hline& \text { Assets } & \text { Liabilities } \\ \hline \text { Beginning of year } & \$ 395,000 & \$ 290,000 \\ \hline \text { End of year } & 455,000 & 320,000\\\hline \end{array}\) What was the amount of net income for the year?
A) $85,000
B) $40,000
C) $45,000
D) $135,000
Answer: C
Q2) IFRS are the international accounting rules that U.S.companies must follow for their international operations.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above.
Page 3
Chapter 2: Recording Business Transactions
Available Study Resources on Quizplus for this Chatper
163 Verified Questions
163 Flashcards
Source URL: https://quizplus.com/quiz/67179
Sample Questions
Q1) Which of the following groups of accounts BOTH normally have a credit balance?
A) Assets and Expenses
B) Revenues and Expenses
C) Liabilities and Owner's equity
D) Assets and Liabilities
Answer: C
Q2) A business makes a cash payment of $12,000 to a creditor.Which account is credited?
A) Cash
B) Accounts payable
C) Service revenue
D) Accounts receivable
Answer: A
Q3) In the standard accounting system,we use double entry accounting,which means we record the dual effects of each transaction.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: The Adjusting Process
Available Study Resources on Quizplus for this Chatper
160 Verified Questions
160 Flashcards
Source URL: https://quizplus.com/quiz/67178
Sample Questions
Q1) Pattie's Event Planning Service collects the fees from their customers in advance.At January 1,2012,the balance of her Unearned revenue account was a credit of $4,000.During January and February,she collected $2,000 and $1,000 respectively.During the two-month period,she rendered services of $5,500.At the end of February,her adjusted trial balance will show what balance in Unearned revenues?
A) Debit balance of $3,000
B) Credit balance of $3,000
C) Debit balance of $2,300
D) Credit balance of $1,500
Answer: D
Q2) An adjusting entry that debits Accounts receivable is an example of a(n):
A) prepaid expense.
B) accrued revenue.
C) accrued expense.
D) unearned revenue.
Answer: B
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Completing the Accounting Cycle
Available Study Resources on Quizplus for this Chatper
165 Verified Questions
165 Flashcards
Source URL: https://quizplus.com/quiz/67177
Sample Questions
Q1) Assets are listed in order of ________ on the balance sheet.
A) amount
B) date of purchase
C) liquidity
D) durability
Q2) The adjusting process zeroes out all revenues and all expenses.
A)True
B)False
Q3) A two-year note payable would be classified as a:
A) current liability.
B) current asset.
C) long-term liability.
D) long-term asset.
Q4) Which of the following accounts will be closed by debiting the Income summary account?
A) Withdrawals
B) Service revenue
C) Accounts receivable
D) Salary expense
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Merchandising Operations
Available Study Resources on Quizplus for this Chatper
168 Verified Questions
168 Flashcards
Source URL: https://quizplus.com/quiz/67176
Sample Questions
Q1) A company's ledger shows an Inventory balance of $20,000 and a physical count of the inventory shows $19,000.Please provide the adjusting entry needed to record the shrinkage.
\[\begin{array} { | l | r | r | }
\hline \quad\quad\quad&\quad&\quad \\
\hline \\
\hline
\end{array}\]
Q2) A company's net sales revenues are $1,000,000.Its cost of goods sold is $400,000.Which of the following is its gross profit percentage?
A) 40%
B) 60%
C) 167%
D) 250%
Q3) When a company is purchasing inventory,and pays early to take advantage of the purchase discount offered by the vendor,that amount is debited to the Inventory account.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 7
Chapter 6: Merchandising Inventory
Available Study Resources on Quizplus for this Chatper
156 Verified Questions
156 Flashcards
Source URL: https://quizplus.com/quiz/67175
Sample Questions
Q1) A company purchased 100 units for $20 each on January 31.It purchased 100 units for $30 on February 28.It sold 150 units for $45 each from March 1 through December 31.If the company uses the average-cost inventory costing method,what is the amount of ending inventory on December 31?
A) $1,000
B) $1,250
C) $2,250
D) $1,500
Q2) Which inventory valuation model minimizes income tax when costs are rising?
A) First-In, First-Out
B) Last-In, First-Out
C) Average-cost
D) Specific-unit-cost
Q3) What would the Cost of goods sold be as reported on the income statement at December 31,2014 if the perpetual average-costing method is used? (Answers are rounded to the nearest dollar.)
A) $13,900
B) $14,600
C) $15,600
D) $17,750
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Internal Control and Cash
Available Study Resources on Quizplus for this Chatper
161 Verified Questions
161 Flashcards
Source URL: https://quizplus.com/quiz/67174
Sample Questions
Q1) At Hofstra Services,the operations accountant is responsible for safeguarding and maintaining the pipe inventory and also to record inventory transactions into the journal.A separate accounting clerk keeps records of the cash receipts and payments.The treasurer signs checks and approves contracts.
A) Assignment of responsibilities
B) Competent, reliable, and ethical personnel
C) Separation of duties
D) Documents
Q2) When a check is issued,the party being paid the cash is referred to as the:
A) payee.
B) maker.
C) bank signatory.
D) depositor.
Q3) What is the adjusted book balance?
A) $7,884.06
B) $11,606.06
C) $11,109.69
D) $7,971.29
To view all questions and flashcards with answers, click on the resource link above.
9
Chapter 8: Receivables
Available Study Resources on Quizplus for this Chatper
166 Verified Questions
166 Flashcards
Source URL: https://quizplus.com/quiz/67173
Sample Questions
Q1) A business is holding a note receivable and wishes to cash it in before its maturity date by selling it to a bank.If the business receives less than the maturity value of the note,the difference is treated as:
A) Interest revenue.
B) Sales revenue.
C) Gain on sale of property, plant & equipment.
D) Interest expense.
Q2) After the year-end entry to adjust the Uncollectible accounts expense is made,what is the final balance in the Uncollectible accounts expense?
A) Debit of $3,700
B) Credit of $4,200
C) Debit of $1,900
D) Debit of $3,000
Q3) What is the total interest on a 3-month,9% note for $32,000?
A) $720
B) $1,440
C) $2,880
D) $460
To view all questions and flashcards with answers, click on the resource link above.
Chapter 9: Plant Assets and Intangibles
Available Study Resources on Quizplus for this Chatper
170 Verified Questions
170 Flashcards
Source URL: https://quizplus.com/quiz/67172
Sample Questions
Q1) Avery Sales purchased telecom equipment for $5,000 on July 1,2013.It has estimated residual value of $200,and an estimated life of 8 years.If Avery uses straight-line depreciation,how much expense will be recorded in 2013?
A) $312
B) $300
C) $600
D) $625
Q2) After the depreciation was updated,Barnhart's then recorded the sale transaction.The effect of the sale on the income of the company was a:
A) gain of $250.
B) loss of $1,650.
C) loss of $1,000.
D) loss of $2,900.
Q3) A loss on the sale of a plant asset is recorded when the sales price exceeds the book value.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Current Liabilities and Payroll
Available Study Resources on Quizplus for this Chatper
159 Verified Questions
159 Flashcards
Source URL: https://quizplus.com/quiz/67171
Sample Questions
Q1) The Statewide Sales Company has gross pay for March of $45,000.Which of the following would be included in the first journal entry in the payroll cycle to record salary expense?
A) Credit Salary expense
B) Debit Cash
C) Debit Salary payable
D) Debit Salary expense
Q2) SUTA (state unemployment compensation)tax is paid by the employer only and is not deducted from gross pay.
A)True
B)False
Q3) Which of the following is pay stated as a percentage of a sale amount?
A) Bonuses
B) Benefits
C) Wages
D) Commissions
Q4) Ensuring efficiency of the payroll process is one of the two key controls for payroll.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Long-Term Liabilities, bonds Payable, and
Classification of Liabilities on the Balance Sheet
Available Study Resources on Quizplus for this Chatper
161 Verified Questions
161 Flashcards
Source URL: https://quizplus.com/quiz/67170
Sample Questions
Q1) Blanding Company issues $1,000,000 of 8%,10-year bonds at 98 on February 28,2014.The bond pays interest on February 28 and August 31.The market rate of interest on the issuance date was 10%.Assume Blanding uses the straight-line method for amortization.The journal entry to record the first interest payment on August 31,2014 would be a:
A) debit to Cash for $40,000.
B) debit to Interest expense for $41,000.
C) debit to Interest expense for $39,000.
D) debit to Discount on bonds payable for $1,000.
Q2) On January 2,2014,Mahoney Sales issued $10,000 in bonds for $9,400.They were 5-year bonds with a stated rate of 4%,and pay semiannual interest payments.Mahoney Sales uses the straight-line method to amortize the bond discount.After the second interest payment on December 31,2014,what was the bond carrying amount?
A) $9,520
B) $9,400
C) $9,460
D) $9,880
To view all questions and flashcards with answers, click on the resource link above.
Page 13