Accounting for Non-Majors Practice Questions
Course Introduction
Accounting for Non-Majors offers a comprehensive introduction to the fundamental concepts and principles of accounting for students from disciplines outside of business and accounting. The course covers essential topics such as the accounting cycle, preparation of financial statements, understanding balance sheets, income statements, and cash flow statements, as well as the basics of budgeting and financial analysis. Through practical examples and real-world applications, students will develop the necessary skills to interpret financial information, make informed decisions, and communicate effectively about financial matters in various professional contexts. This course is ideal for those seeking a foundational understanding of accounting without pursuing it as a primary field of study.
Recommended Textbook
College Accounting A Practical Approach 12th Edition by Jeffrey Slater
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Page 2
Chapter 1: Accounting Concepts and Procedures
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Questions
Q1) Crystal Clear Imagery received and paid a utility bill for $500 for the month of November.This transaction will:
A)increase Cash and increase Utility Expense.
B)decrease Cash and increase Utility Expense.
C)increase Cash and decrease Utility Expense.
D)increase Utility Expense and decrease Withdrawal.
Answer: B
Q2) If liabilities are $10,000 and assets are $20,000,owner's equity will be $10,000.
A)True
B)False Answer: True
Q3) A sole proprietorship ends with the death of the owner. A)True
B)False Answer: True
Q4) The income statement is the first financial statement completed. A)True
B)False Answer: True
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Chapter 2: Debits and Credits: Analyzing and Recording
Business Transactions
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Sample Questions
Q1) The income statement contains: A)liabilities.
B)revenues. C)assets.
D)Both B and C are correct.
Answer: B
Q2) \(\begin{array} { | l | l | l | l | }
\hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \\
\hline \text { Supplies } & & & \\ \hline
\end{array}\)
Answer: \(\begin{array} { | l | l | l | l | }
\hline & { \text { Column 1 } } & \text { Column } 2 & \text { Column } 3 \\
\hline \text { Supplies } & \text { asset } & \text { debit } & \text { palance sheet } \\ \hline \end{array}\)
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Page 4
Chapter 3: Beginning the Accounting Cycle
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Sample Questions
Q1) Which of the following accounts would be debited in a proper journal entry?
A)Accounts Payable when it is increased
B)Accounts Receivable when it is increased
C)Cash when it is decreased
D)Capital when it is increased
Answer: B
Q2) A company would review the ledger if an account balance was needed.
A)True
B)False
Answer: True
Q3) A slide is evenly divisible by the number 8.
A)True
B)False Answer: False
Q4) The trial balance proves the equality of debits and credits. A)True
B)False
Answer: True
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Page 5
Chapter 4: The Accounting Cycle Continued
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Q1) What are the differences between depreciation expense and accumulated depreciation?
Q2) The ending figure for capital,used on the balance sheet,will be obtained from:
A)balance sheet credit column of the worksheet.
B)the statement of owner's equity.
C)balance sheet debit column of the worksheet.
D)credit column of the income statement.
Q3) The debits must equal credits on the adjusted trial balance columns of the worksheet.
A)True
B)False
Q4) Original cost of equipment is not adjusted on the worksheet. A)True B)False
Q5) Equipment was purchased for $20,000,residual value is $2,000 and it is expected that the useful life is 10 years.What is the book value of the equipment after the first year assuming straight-line depreciation?
$ ________
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Chapter 5: The Accounting Cycle Completed
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Q1) When the Withdrawals account is closed:
A)Owner's Capital will be debited.
B)Income Summary will be debited.
C)Income Summary will be credited.
D)None of these are correct.
Q2) Revenues and expenses are closed to the Income Summary account.
A)True
B)False
Q3) The adjusting entry to record depreciation for the company automobile would be:
A)debit Accumulated Depreciation,Automobile; credit Depreciation Expense,Automobile.
B)debit Accumulated Depreciation,Automobile; credit Automobile.
C)debit Depreciation Expense,Automobile; credit Accumulated Depreciation,Automobile.
D)debit Depreciation Expense,Automobile; credit Automobile.
Q4) The Income Summary account can be found on the worksheet.
A)True
B)False
Q5) Why will the Income Summary account never appear on a financial statement?
Q6) What are the major goals of the closing process?
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Chapter 6: Banking Procedure and Control of Cash
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Q1) If the owner of Que Legal Services forgot to deduct a withdrawal from the balance per books,what entry would be necessary?
A)Debit Cash; credit Withdrawals
B)Debit Withdrawals; credit Cash
C)Debit Revenue; credit Cash
D)Debit cash; credit Revenue
Q2) Determine the reconciled bank balance given the following: The balance per bank statement is $ 110
The balance per general ledger is $107
There is a credit memo for a note collected,$408
There is a credit memo for interest earned,$25
There is a debit memo for a customer's NSF check $350 Deposits in transit,$850
Outstanding checks amount to $845
This month's service charge amounts to $50
There is a debit memo for check printing fees,$25
$ ________
Q3) List at least five company policies that would be included in an internal control system.
Q4) ________ Bought Supplies on account
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Chapter 7: Calculating Pay and Payroll Taxes: The
Beginning of the Payroll Process
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Q1) The two parts of FICA are OASDI and Medicare.
A)True
B)False
Q2) \[\begin{array} { | l | l | l | }
\hline & \text { Employer } & \text { Employee } \\
\hline \text { State income tax } & & \\
\hline
\end{array}\]
Q3) Both employees and employers pay which of the following taxes?
A)FICA taxes (OASDI and Medicare)
B)FUTA tax
C)Federal income tax
D)Worker's Compensation
Q4) Under the Fair Labor Standards Act,for any hours that an employee works over 40 during a work week:
A)the employee must be paid double.
B)the employee is paid time and a half.
C)the employee must receive the minimum wage.
D)All of these answers are correct.
Q5) Explain what is meant by the cumulative gross earnings.
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Chapter 8: Paying,recording,and Reporting Payroll and Payroll Taxes: The Conclusion of the Payroll Process
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Q1) Why would a company use a separate payroll cash account?
A)Provides for better internal control
B)Ease of account reconciliation
C)Determine whether or not the employee has cashed their check
D)All of the above are correct.
Q2) The following amounts are an expense to the company except:
A)FICA-OASDI Payable.
B)FUTA Payable.
C)SUTA Payable.
D)All of the above are correct.
Q3) The entry to record the payroll tax expense would include:
A)a credit to Federal Income Taxes Payable.
B)a credit to Cash.
C)a credit to FICA (OASDI and Medicare)Taxes Payable.
D)a credit to Wages Payable.
Q4) There is no limit on the amount of taxes paid for SUTA.
A)True
B)False
Q6) Compute the total deductions.________ Page 10
Q5) Compute the total state income tax.________
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Chapter 9: Sales and Cash Receipts
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Q1) Sales Returns and Allowances is a contra-revenue account with a normal credit balance.
A)True B)False
Q2) Accounts in the accounts receivable subsidiary ledger are listed in order of how much is owed.
A)True B)False
Q3) Determine the amount of cash collected at the time of making a sale of $1,000 worth of merchandise subject to a 6% sales tax.
$ ________
Q4) \[\begin{array} { | l | c | c | c | }
\hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \\
\hline \text { Sales } & & & \\
\hline
\end{array}\]
Q5) Sales tax collected by the seller increases the seller's total revenue. A)True B)False
Q6) Compare and discuss a discount period versus a credit period.
Page 12
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Chapter 10: Purchases and Cash Payments
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Q1) When using a perpetual inventory method,what account(s)must be updated when a sale is recognized?
A)Cost of Goods Sold
B)Supplies
C)Merchandise Inventory
D)Both A and C are correct.
Q2) If a display rack was purchased for the store,which of the following accounts would be increased?
A)Store Equipment
B)Purchases
C)Cash
D)Capital
Q3) A form used in business to place an order for the buying of goods from a seller is:
A)purchase requisition.
B)purchase order.
C)purchase discount.
D)purchases returns.
Q4) Explain the difference between F.O.B.shipping point and F.O.B.destination.
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Chapter 11: Preparing a Worksheet for a Merchandise Company
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Q1) Net Income equals:
A)Net Sales - Cost of goods sold - Operating expenses.
B)Gross Profit - Operating expenses.
C)Sales - Sales Returns & Allowances - Sales Discount - Cost of goods sold - Operating Expenses.
D)All of the above are correct.
Q2) Cost of Goods Sold equals:
A)Beginning Inventory + Net Purchases + Freight-in + Ending Inventory.
B)Beginning Inventory - Net Purchases - Freight-in + Ending Inventory.
C)Beginning Inventory + Net Purchases + Freight-in - Ending Inventory.
D)Beginning Inventory - Net Purchases + Freight-in + Ending Inventory.
Q3) When counting supplies,several boxes were missed.This would cause:
A)Supplies to be overstated.
B)Supplies Expense to be understated.
C)Net Income to be overstated.
D)All of the above are correct.
Q4) Under the accrual system,revenue is recognized when earned.
A)True
B)False
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Q5) Discuss the reasons a company would consider using a periodic inventory system.
Chapter 12: Completion of the Accounting Cycle for a Merchandise Company
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Q1) The entry to close the Freight-In account will include which of the following?
A)Debit to Freight-In
B)Credit to Income Summary
C)Debit to Income Summary
D)Debit to Freight-Out
Q2) Which amount is directly found on the worksheet?
A)Cost of Goods Sold
B)Purchases
C)Gross Profit
D)Net Sales
Q3) Other Expense is used to record:
A)selling expenses.
B)administrative expenses.
C)operating expenses.
D)non-operating expenses.
Q4) Which of the following could be recorded as a reversing entry?
A)Depreciation of building
B)Accrual of interest expense
C)Allocation of prepaid rent in the current period
D)Correction of an error
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Chapter 13: Accounting for Bad Debts
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Q1) Determine the estimated realizable (collectable)value: Bad debts are estimated to be 1% of receivables \(\begin{array}{llcc}
\text { Accounts receivable balance } &\$880,920 \\
\text { Allowance for bad debts balance (crebit) } &\$1,809\\ \text { Net Sales } &\$6,500,000\\ \end{array}\)
$ ________
Q2) Increase the allowance for the estimated bad debts using the percentage of receivables.
Debit account ________ Credit account ________
Q3) Gross Accounts Receivable is $10,000.Allowance for Doubtful Accounts has a credit balance of $200.Net sales for the year are $150,000.In the past,2% of sales had proved uncollectible,and an aging of the receivables indicates $1,200 is doubtful.Under the balance sheet approach,Bad Debts Expense for the year is:
A)$1,000.
B)$3,000.
C)$2,800.
D)$1,200.
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Page 16
Chapter 14: Notes Receivable and Notes Payable
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Q1) Bill's Bikes discounts a 90-day,8%,$4,000 note at a bank at 12%.The discount period is 50 days.It records the proceeds as:
A)debit Cash $4,012; credit Notes Receivable $4,000; credit Interest Income $12.
B)debit Cash $4,160; credit Notes Receivable $4,080; credit Interest Income $80.
C)debit Cash $4,068,credit Notes Receivable $4,000; credit Interest Income $68.
D)debit Cash $4,012; credit Notes Receivable $4,000,credit Interest Expense $12.
Q2) The person or company that borrows money and signs a promissory note payable is the:
A)drawee.
B)drawer.
C)payee.
D)maker.
Q3) On June 1,Mike's Motorcycle Shop accepted a 120-day,8%,$10,000 note from a customer from the sale of a motorcycle.On July 1,after 30 days,Mike discounted the note at First Bank at 10%.Record the journal entries for Mike's Motorcycles.
Q4) The proceeds of a discounted note are the face value less the bank discount. A)True B)False
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Page 17
Chapter 15: Accounting for Merchandise Inventory
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Q1) Nicki's Pet Supply needs to estimate its ending inventory.Using the data below,compute Nicki's estimated cost of ending inventory for the month of April.
\(\begin{array}{llcc}
\text { Beginning inventory April 1} &\$2,000 \\
\text { Purchases for April } &12,000\\
\text { Retail sales during April } &13,000\\ \end{array}\)
\(\begin{array}{llcc}
\text { Normal gross profit average } &40\% \\ \end{array}\)
Q2) Chewy Candy has a beginning inventory of $1,000.June purchases were $3,000,and retail sales were $5,000.The store has a normal gross profit of 50%.What is the June 30 estimated ending inventory at cost under the gross profit method?
A)$2,100
B)$2,000
C)$1,700
D)$1,500
Q3) Title passes immediately to the buyer under FOB ________.
Q4) The ________ holds the merchandise of another business to be sold.
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Chapter 16: Accounting for Property, plant, equipment, and Intangible Assets
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Q1) Payments for ordinary maintenance of an asset are called ________.
Q2) The three categories of writing off plant assets,natural resources,and intangible assets are ________,________,and ________.
Q3) Assets that are not expected to provide benefits for a number of accounting periods are called:
A)current assets.
B)fixed assets.
C)long-term assets.
D)property,plant,and equipment.
Q4) Which depreciation method does not deduct residual value when computing depreciation expense?
A)Units-of-production
B)Straight-line
C)Double-declining-balance
D)Both A and B are correct.
Q5) Assume an asset costing $72,000 is expected to produce 400,000 units and have a salvage value of $6,000.During year 1,75,000 units were produced; during year 2,68,000 units were produced; and during year 3,70,000 units were produced.Using units-of-production,compute the depreciation expense for each of the three years.
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Chapter 17: Partnership
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Q1) The first step take in liquidating a partnership is to:
A)sell the assets.
B)divide profits on assets with partners.
C)pay creditors.
D)distribute the remaining cash according to partners' capital balances.
Q2) Salary and interest allowances for partners are:
A)expenses on the income statement.
B)liabilities on the balance sheet.
C)a means of dividing net income or loss between the partners.
D)None of these answers are correct.
Q3) Partners Roger and Martin each have $3,000 capital balances and share income and losses in a 2:1 ratio,respectively.Cash equals $1,000,noncash assets total $10,000,and liabilities are $5,000.If all the noncash assets are sold for $7,000,Martin's capital account will:
A)increase by $4,667.
B)decrease by $2,000.
C)decrease by $1,000.
D)increase by $2,333.
Q4) Able partner withdrew cash from the business.
Debit ________ & ________ & ________ Credit ________ & ________ &
20
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Chapter 18: Corporations: Organizations and Stock
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Q1) Exchanged common stock for a building and land when the stock was selling at a discount.
Debit ________ & ________ & ________ Credit ________ & ________ &
Q2) If preferred stock is cumulative,the preferred stockholders:
A)have a right to certain dividends every year.
B)may receive a bonus.
C)will always receive a yearly dividend.
D)All of these answers are correct.
Q3) Shares of outstanding stock always equal the number of shares of authorized stock.
A)True
B)False
Q4) A corporation shares its profits with stockholders in the form of dividends.
A)True
B)False
Q5) Which of the following is a characteristic of a corporation?
A)The stockholders have limited liability.
B)When stockholders sell their shares,the corporation is dissolved.
C)A corporation cannot own property in its name.
D)Cash dividends to the stockholders are non-taxable.
Page 21
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Chapter 19: Corporations: Stock Values, dividends, treasury
Stocks, and Retained
Earnings
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Q1) Appropriations to retained earnings can be:
A)contractual only.
B)an increase in retained earnings.
C)a decrease in total retained earnings.
D)None of these answers are correct.
Q2) Sold treasury stock at a price below cost when there was sufficient paid-in capital from treasury stock to absorb the difference between cost and selling price.
Q3) Par value is the price per share a corporation pays to holders of stock when it is redeemed.
A)True
B)False
Q4) A corporation may issue a stock dividend for which of the following reasons?
A)May want to decrease permanent capital in the business
B)May want to increase market value
C)May be short of cash and unable to pay a cash dividend
D)None of the above are correct.
Q5) Sold preferred stock at a price above par.
Page 22
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Chapter 20: Corporations and Bonds Payable
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Q1) On October 1,Allan Company issued 8%,10-year,$300,000 bonds at 105.Interest dates are April 1 and October 1.The amount of cash paid out for interest during the current calendar year is:
A)$0.
B)$24,000.
C)$12,000.
D)$6,000.
Q2) A bond is issued for an amount equal to its face value.Which of the following statements most likely would explain why?
A)The bond's contract rate is lower than the market rate at the time of the issue.
B)The bond's contract rate is the same as the market rate at the time of the issue.
C)The bond's contract rate is higher than the market rate at the time of the issue.
D)The bond is secured by specific assets of the corporation.
Q3) What is the difference between a secured bond and a debenture bond?
Q4) To determine the bond interest expense using interest method,the computation is the ________ value times the ________ of interest.
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Chapter 21: Statement of Cash Flows
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Q1) Operating expenses other than depreciation for the year were $400,000.Accrued expenses payable increased by $35,000.Cash payments for operating expenses to be reported on the cash flow statement using the direct method would be:
A)$400,000.
B)$435,000.
C)$365,000.
D)$35,000.
Q2) Operating expenses other than depreciation for the year were $335,000.Prepaid expenses decreased by $7,000.Cash payments for operating expenses to be reported on the cash flow statement using the direct method would be:
A)$335,000.
B)$342,000.
C)$328,000.
D)$7,000.
Q3) A sale of fixed assets for cash is a(n):
A)managing activity.
B)investing activity.
C)financing activity.
D)operating activity.
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Chapter 22: Analyzing Financial Statements
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Q1) Rick's Cars had a beginning account receivables balance of $325,000.The ending account receivables balance was $300,000.Net credit sales for the company were $4,200,000.The accounts receivable turnover for Rick's Cars is:
A)12.92.
B)14.
C)13.44.
D)None of the above are correct.
Q2) The inventory turnover ratio calculates:
A)how many times the inventory turns over in one period. B)number of times inventory is purchased in one period. C)the dollar amount of change in inventory in one period.
D)None of these answers are correct.
Q3) A current ratio of 1.5 times would mean that the business has 1.5 times more liabilities than assets.
A)True B)False
Q4) Common-size statements are used to compare companies of different sizes.
A)True B)False
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Chapter 23: The Voucher System
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Q1) \(\begin{array} { | l | l | l | l | l | }
\hline & \text { Column 1 } & \text { Column 2 } & \text { Column 3 } & \text { Column 4 } \\
\hline \text { Supplies } & & & & \\
\hline \end{array}\)
Q2) When a voucher is prepared,the invoice needs only to be compared to the purchase requisition and purchase order.
A)True
B)False
Q3) Paid voucher #419 which was issued to reimburse petty cash for the purchase of supplies,$35,and delivery expense of $50.
Debit ________ & ________ & ________
Q4) The entry to record the approval of a withdrawal by the owner will include:
A)a debit to Wages Expense and a credit to Vouchers Payable.
B)a debit to Vouchers Payable and a credit to Wages Expense.
C)a debit to Withdrawals and a credit to Vouchers Payable.
D)a debit to Vouchers Payable and a credit to Withdrawals.
Q5) Any change in an already recorded voucher dictates the ________ of that voucher.
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Chapter 24: Departmental Accounting
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Q1) The difference between a department's gross profit and its operating expenses is known as the:
A)departmental operating margin.
B)departmental operating cost.
C)departmental operating income.
D)departmental gross profit.
Q2) Which of the following indirect expenses would most likely be allocated on the basis of gross sales?
A)Rent expense
B)Utilities expense
C)Miscellaneous expense
D)None of the above
Q3) Indirect expenses are subjective in nature and may be allocated in a number of ways.
A)True
B)False
Q4) Direct expenses are assigned to departments based on the actual expenses incurred.
A)True
B)False
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Chapter 25: Manufacturing Accounting
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Q1) Estimated manufacturing overhead costs were $40,000 and the number of estimated machine hours was 10,000.Actual overhead costs were $40,500 and the actual number of machine hours used was 10,200.Based on machine hours,the overhead application rate per hour is:
A)$3.97.
B)$3.92.
C)$4.00.
D)$4.05.
Q2) \[\begin{array} { | l | l | l | l | l | }
\hline & \text { Column 1 } & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \\
\hline \begin{array} { l }
\text { Factory rent } \\
\text { expense }
\end{array} & & & & \\
\hline \end{array}\]
Q3) The Overhead Applied account is used to apply overhead costs to production. A)True B)False
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