Accounting for Small Business
Midterm Exam
Course Introduction
Accounting for Small Business introduces students to the fundamental principles and practices of accounting that are essential for running and managing small enterprises. This course covers topics such as basic bookkeeping, preparation and analysis of financial statements, cash flow management, budgeting, tax obligations, and the use of accounting software tailored for small business needs. Emphasis is placed on developing practical skills for tracking income and expenses, complying with legal and regulatory requirements, and making informed financial decisions that contribute to business success. Through real-world examples and hands-on exercises, students gain a comprehensive understanding of how sound accounting practices support the growth and sustainability of small businesses.
Recommended Textbook
College Accounting A Practical Approach 12th Canadian Edition by Jeffrey Slater
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Chapter 1: Accounting Concepts and Procedures
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Q1) The increase or decrease in the owner's equity is reported on the:
A)income statement.
B)statement of owner's equity.
C)balance sheet.
D)All of these are correct.
Answer: B
Q2) The payment of accounts payable would:
A)increase both assets and liabilities.
B)increase assets and decrease liabilities.
C)decrease both assets and liabilities.
D)decrease assets and increase liabilities.
Answer: C
Q3) Katie's Vegetarian Restaurant, with total assets of $90,000, borrows $15,000 from the bank. Which of the following is a true statement upon borrowing the money?
A)Total assets are now $105,000.
B)Total assets are now $80,000.
C)Total assets are now $15,000.
D)Total assets are now $75,000.
Answer: A
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Chapter 2: Debits and Credits: Analyzing and Recording
Business Transactions
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Q1) Explain the difference between expenses and withdrawals.
Answer: A withdrawal is used for recording the owner's withdrawal of company assets for personal use, and not related to the business. Expenses are costs the company incurs in carrying on operations in its effort to create revenue.
Q2) A compound entry is:
A)a transaction involving more than one debit and/or credit.
B)used to prepare the trial balance.
C)the same as the chart of accounts.
D)found on the income statement.
Answer: A
Q3) Which of the statements of the rules of debit and credit is true?
A)Decrease Accounts Receivable with a credit and the normal balance is a credit.
B)Increase Accounts Payable with a credit and the normal balance is a credit.
C)Increase Capital with a debit and the normal balance is a debit.
D)Decrease Cash with a debit and the normal balance is a debit.
Answer: B
Q4) The debit side is always the right side of the account.
A)True
B)False
Answer: False
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Chapter 3: Beginning the Accounting Cycle
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Q1) Revenue is traditionally recognized in the accounting records when:
A)cash is received.
B)services are rendered.
C)it is incurred.
D)None of the answers are correct.
Answer: B
Q2) Provide an explanation for the following journal entries:
a)Prepaid Rent debited, Cash credited
b)Office supplies debited, Accounts Payable credited
c)Cash debited, Capital credited
d)Withdrawals debited, Cash credited
e)Accounts Payable debited, Cash credited
Answer: a)Paid rent in advance
b)Bought supplies on account
c)Owner investment in the company
d)Owner withdrawal
e)Made payment on account
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Chapter 4: The Accounting Cycle Continued
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Q1) The original cost of equipment is reduced by the amount of Depreciation Expense.
A)True
B)False
Q2) When making the adjustment for prepaid insurance, instead of writing off only the time that has passed the entire policy was written off. This would:
A)overstate the assets.
B)overstate the liabilities.
C)understate net income.
D)None of these are correct.
Q3) When an asset expires or is used up, it becomes an expense.
A)True
B)False
Q4) All of the following are reasons to adjust the account balances at the end of the period, except:
A)to accurately report the assets on the balance sheet.
B)to report all revenues earned during the period.
C)to report all expenses incurred during the period.
D)to correct any errors made during the period.
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Chapter 5: The Accounting Cycle Completed
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Q1) Which of the following accounts is not a temporary account?
A)Withdrawals
B)Fees Earned
C)Cash
D)Income Summary
Q2) The entry to close Income Summary (net loss)was entered in reverse-Income Summary was debited and Capital was credited. This error will cause:
A)Income Summary to have a credit balance.
B)Income Summary to have a debit balance.
C)the assets to be overstated.
D)the liabilities to be overstated.
Q3) Depreciation Expense is closed to Income Summary, but Accumulated Depreciation is not closed.
A)True
B)False
Q4) The first entry to close accounts is to debit Revenue and credit Income Summary. A)True
B)False
Q5) Why will the Income Summary account never appear on a financial statement?
Page 7
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) What type of an account is the petty cash fund?
A)Revenue
B)Expense
C)Asset
D)Liability
Q2) The entry to replenish the petty cash fund debited Insurance Expense for postage. This would cause:
A)Petty Cash to be overstated.
B)Petty Cash to be understated.
C)Postage Expense to be overstated.
D)Insurance Expense to be overstated.
Q3) The Petty Cash account should always be debited when the fund is replenished.
A)True
B)False
Q4) The Petty Cash account is debited when:
A)the account is being replenished.
B)the account balance is being decreased.
C)the account balance is being increased.
D)when the custodian pays for postage from petty cash.
Q5) ________ Replenishment of petty cash
8
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Chapter 7: Calculating Pay and Payroll Taxes: The
Beginning of the Payroll Process
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Q1) Kristin's cumulative earnings before this pay period were $7,200 and gross pay for the week is $900. Assuming the wage base limit is $7,000, how much of this week's pay is subject to taxes for FUTA and SUTA?
A)$900
B)$200
C)$0
D)$500
Q2) Workers' compensation:
A)insures employees against losses they may incur due to injury or death while on the job.
B)is based on the total estimated payroll.
C)is paid for by the employer.
D)All of the above are correct.
Q3) List the purposes of Federal Insurance Contributions Act.
Q4) When an employee's earnings are greater than FICA base limit during the calendar year, no more FICA-OASDI tax is deducted from earnings.
A)True
B)False
Q5) Explain what is meant by the cumulative gross earnings.
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Q1) Payroll Cash is a(n): A)revenue.
B)liability.
C)asset.
D)expense.
Q2) Compute the total federal income tax. ________
Q3) Prepare the general journal entry to record the payroll.
Q4) The employer pays the same amount as the employee for Federal Unemployment taxes.
A)True
B)False
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Chapter 9: Sales and Cash Receipts
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Q1) Every controlling account must have its own:
A)revenue ledger.
B)general ledger.
C)subsidiary ledger.
D)general journal.
Q2) Monica's Closet received payment in full for goods sold within the discount period on a $500 sales invoice, terms 2/10, n/30. Which entry records this payment?
A)Debit Accounts Receivable; credit Sales for $500
B)Debit Cash; credit Accounts Receivable for $500
C)Debit Cash for $490, debit Sales Discount for $10; and credit Sales for $500
D)Debit Cash for $490, debit Sales Discount for $10; and credit Accounts Receivable for $500
Q3) Logan's Art studio was moving and sold furniture that was no longer needed for cash. The entry would include:
A)a credit to Sales.
B)a debit to Sales.
C)a credit to Furniture.
D)a debit to Furniture.
Q4) Explain how the record keeping differs between a cash sale and a credit sale.
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Chapter 10: Purchases and Cash Payments
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Q1) Before paying an invoice, the accounting department must check:
A)the purchase order.
B)the invoice.
C)the receiving report.
D)All of the above are correct.
Q2) Payment for merchandise should not be made until approval is given.
A)True
B)False
Q3) The freight paid on goods purchased F.O.B. Shipping Point was not recorded. This error will cause:
A)net income to be overstated.
B)net income to be understated.
C)net income to not be affected.
D)total liabilities to be overstated.
Q4) Purchases Discounts are not taken on freight costs. A)True B)False
Q5) The Accounts Receivable and Accounts Payable are both controlling accounts. A)True B)False
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Chapter 11: Preparing a Worksheet for a Merchandise Company
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Q1) The adjustment for accrued wages was not done; this would cause:
A)liabilities to be overstated.
B)liabilities to be understated.
C)expenses to be overstated.
D)net income to be understated.
Q2) The adjustment for accrued salaries would be to:
A)debit Salaries Expense; credit Cash.
B)debit Salaries Payable; credit Salaries Expense.
C)debit Salaries Expense; credit Salaries Payable.
D)debit Salaries Payable; credit Cash.
Q3) Mortgage Payable is an expense account.
A)True
B)False
Q4) The financial statement on which Unearned Rent would appear is:
A)the income statement.
B)the balance sheet.
C)the owner's equity statement.
D)Unearned Rent is not reported until earned.
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Q5) Why is beginning and ending inventory kept as two separate figures in the cost of goods sold section?
Chapter 12: Completion of the Accounting Cycle for a Merchandise Company
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Q1) If Net Sales is $8,000, Cost of Goods Sold is $3,000, Gross Profit is $5,000 and Operating Expenses are $1,000, what is the Net Income from Operations?
A)$2,000
B)$4,000
C)$1,000
D)$3,000
Q2) How is Income Summary closed if the company had a net loss?
A)Credit Income Summary; debit Capital
B)Debit Income Summary; credit Capital
C)Debit Capital; credit Withdrawals
D)Debit Withdrawals; credit Capital
Q3) The amount shown in the balance sheet debit column of worksheet for Merchandise Inventory is:
A)the Cost of Goods Sold.
B)net purchases.
C)the ending inventory.
D)the beginning inventory.
Q4) Discuss the purpose of a detailed income statement. Briefly describe the major kinds of business activities covered on a detailed income statement.
Page 15
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Chapter 13: Accounting for Bad Debts
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Q1) To record receipt of money after an account has been written off using the direct method, you would need to:
A)record the receipt of cash.
B)reopen the customer's account receivable.
C)credit Bad Debts Recovered.
D)All of the above.
Q2) In the direct write-off method, writing off an account causes:
A)an increase in expense.
B)an increase in Accounts Receivable.
C)a decrease in the Allowance account.
D)an increase in Liabilities.
Q3) Using the aging method, estimated uncollectible accounts are $5,000. If the balance of Allowance for Doubtful Accounts is $1,500 credit before adjustment, what is a Bad Debt Expense for the period?
A)$3,500
B)$6,500
C)$5,000
D)$1,500
Q4) Reinstated an account previously written off under the allowance method. Debit account ________ Credit account ________
Page 16
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Chapter 14: Notes Receivable and Notes Payable
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Q1) An adjustment that must be made for the interest on a note payable that is incurred during the period but not paid or recorded because payment is not due is called:
A)Notes Payable.
B)Accrued Interest Income.
C)Accrued Interest Expense.
D)Discount Payable Liability.
Q2) The maturity value of a $3,000, 12%, 6-month note is:
A)$360.
B)$3,600.
C)$3,000.
D)$3,180.
Q3) In computing interest, it is required to consider a 365-day year.
A)True
B)False
Q4) Sold merchandise on account would have which effect on the following categories?
A)Total Accounts Receivable would increase.
B)Total revenues would be increased.
C)Total liabilities would not be affected.
D)A and B would definitely occur.
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Chapter 15: Accounting for Merchandise Inventory
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Q1) Which of the following goods should Pin Department Store include in its December 31 count?
A)Goods held on consignment from ABC Wholesale
B)Goods sold and shipped to Gray Brothers, in-transit F.O.B shipping point.
C)Goods that have been consigned to Dalton Brothers
D)Goods in transit purchased F.O.B. destination point
Q2) Title passes immediately to the buyer under FOB ________.
Q3) Which is not a good reason to use the specific invoice method?
A)The flow of goods and flow of cost are the same.
B)It can be used with goods with large sales volume.
C)It is simple to use if there is a small amount of high-cost unique goods.
D)Costs are matched with the sales they helped to produce.
Q4) If a mistake is made in calculating ending inventory, it will take three accounting periods to be self-correcting.
A)True
B)False
Q5) Items that are very similar, such as canned goods in a grocery store would be costed using the ________ system of inventory valuation.
Q6) Under the perpetual inventory method, purchase returns are credited to ________.
Page 18
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Chapter 16: Accounting for Property, Plant, Equipment, and Intangible Assets
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Q1) Jason Moore purchased computer equipment for $2,800 on January 1, 2012. It has a residual value of $400 with a useful life of 4 years. After the appropriate adjusting entries have been made, the balance in Accumulated Depreciation account for this asset on January 1, 2014, under the straight-line method, should be:
A)$1,200.
B)$600.
C)$700.
D)$1,400.
Q2) Which of the following is an example of a land improvement?
A)Shrubbery
B)Fences
C)Driveway
D)All of these answers are correct.
Q3) When equipment that is fully depreciated is discarded:
A)debit the original cost of the asset.
B)credit the balance of Accumulated Depreciation.
C)debit Accumulated Depreciation and credit Equipment.
D)None of these answers are correct.
Q4) Define and compare capital expenditures and revenue expenditures.
Page 19
Q5) The intangible that can have the longest life before renewal is a ________.
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Chapter 17: Partnership
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Q1) A profit and loss ratio may not be based on capital contributions.
A)True
B)False
Q2) The actions of one partner are binding on all of the other partners. This characteristic is called:
A)mutual agency.
B)exclusive agency.
C)unlimited life.
D)limited liability.
Q3) When a partnership is liquidated, the assets are sold and the cash realized is applied first to the:
A)claims of creditors.
B)partner with the largest investment.
C)partners' equity accounts.
D)partners according to their ownership interests.
Q4) An interest allowance is based on a partner's individual initial investment of capital.
A)True
B)False
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Chapter 18: Corporations: Organizations and Stock
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Q1) The Logan Company issued 140 shares of its $12 par value stock for $14 per share. The entry to record the receipt of cash and issuance of the stock would include a:
A)debit to Cash of $1,680; credit to Common Stock for $1,680.
B)debit to Cash for $1,960.
C)credit to Common Stock for $1,960.
D)debit to Discount on Common Stock for $280
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) Diamonds Forever Corporation received subscriptions for 80 shares of its $100 par value common stock for $120 per share. The entry to record the receipt of the subscriptions would include a:
A)debit to Common Stock Subscribed for $9,600.
B)debit to Subscriptions Receivable-Common Stock for $8,000.
C)credit to Paid-in Capital in Excess of Par for $1,600.
D)credit to Common Stock to be Outstanding $8,000.
Q4) Describe a stock subscription plan.
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Chapter 19: Corporations: Stock Values, Dividends, Treasury
Stocks, and Retained Earnings
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Q1) Treasury stock should usually be recorded at:
A)par or stated value.
B)cost.
C)original issue price.
D)net realizable value.
Q2) Treasury stock is:
A)stock that is issued in a stock dividend.
B)stock that has been reacquired by the corporation.
C)previously issued stock that has been canceled.
D)unissued, but authorized stock.
Q3) If treasury stock is re-issued at a price less than its cost, the debit entry could include:
A)paid-in capital in excess of par, treasury.
B)retained earnings.
C)treasury stock.
D)both A and B.
Q4) Most companies report restrictions by using a footnote to the Retained Earnings account.
A)True
B)False
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Chapter 20: Corporations and Bonds Payable
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Q1) Bonds that can be exchanged for stock in the corporation are called ________ bonds.
Q2) To determine the bond interest expense using interest method, the computation is the ________ value times the ________ of interest.
Q3) Bond interest expense is tax deductible only after the bond is paid off at maturity.
A)True B)False
Q4) Paid the bond holders the amount due, face value plus accrued interest, using the sinking fund.
Debit ________ & ________ & ________ Credit ________ & ________ &
Q5) If bonds are sold between interest payment dates, the amount of cash the issuer receives is:
A)more than the market value of the bonds.
B)less than the market value of the bonds.
C)equal to the market value of the bonds.
D)equal to the face value of the bonds.
Q6) What is the purpose of a bond sinking fund?
Q7) A premium bond's ________ decreases over time until it reaches face value.
Page 23
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Chapter 21: Statement of Cash Flows
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Q1) Indicate the effect that each of the following transactions has on the cash balance. Use (I)for increase, (D)for decrease, and (N)for no change.
a)________ Issued common stock for cash
b)________ Acquired land for cash
c)________ Purchase equipment on account
d)________ Paid a cash dividend
e)________ Purchased supplies on account
f)________ Received payment on account
g)________ Borrowed money by issuance of a long-term debt
h)________ Purchased equipment on account to be paid within one year
Q2) The statement of cash flows provides information about all of the following except: A)organizing activities.
B)investing activities.
C)operating activities.
D)financing activities.
Q3) One section of a statement of cash flows is purchasing activities.
A)True
B)False
Q4) Discuss the purpose of a statement of cash flows, and describe its components.
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Chapter 22: Analyzing Financial Statements
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Q1) If the average collection period has increased and credit terms remain the same, the company should put a greater emphasis on collections.
A)True
B)False
Q2) The income before taxes and interest expense of Barry Builders for the year just ended is $230,000. Their interest expense is $20,000 and their income taxes are $80,500. The number of times interest would be earned is:
A)22.0.
B)10.5.
C)11.5.
D)0.5.
Q3) Saxon Corporation's beginning inventory was $30,000. The cost of goods sold was $350,000 for the year, with an ending inventory of $40,000. Inventory turnover for the year is:
A)20 times.
B)10 times.
C)11.67 times.
D)8.75 times.
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Chapter 23: The Voucher System
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Q1) Paid voucher #422, payment was within the discount period.
Debit ________ & ________ & ________ Credit ________ & ________ &
Q2) Kitchen Supply purchased $1,900 of merchandise, terms 4/10, n/60 on July 2, and prepared voucher #1001. Kitchen Supply paid the invoice on August 31. Prepare journal entries to record the above transactions. Assume Kitchen Supply uses the gross approach method for recording purchases. Omit explanations.
Q3) When a voucher is prepared, the invoice needs only to be compared to the purchase requisition and purchase order.
A)True B)False
Q4) The Discount Lost account is used when the gross method is used for recording invoices.
A)True
B)False
Q5) Paid voucher #419 which was issued to reimburse petty cash for the purchase of supplies, $35, and delivery expense of $50.
Debit ________ & ________ & ________
________ & ________ &
Q6) 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) On a departmental income statement, sales less cost of goods sold and direct expenses equals:
A)gross margin.
B)income before taxes.
C)indirect expenses.
D)departmental contribution margin.
Q2) 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.
Q3) A building's depreciation would be considered an indirect expense.
A)True
B)False
Q4) Administrative expenses are:
A)indirect expenses.
B)direct expenses.
C)not broken down by department.
D)All of these answers are correct.
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Chapter 25: Manufacturing Accounting
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Q1) What is the journal entry to record the direct labor summarized on the labor distribution report?
A)Debit Finished Goods; credit Payroll
B)Debit Work-in-Process; credit Payroll
C)Debit Payroll; credit Direct Labor
D)Debit Payroll; credit Cash
Q2) What is the journal entry to record issuing supplies from the storeroom?
A)Debit Overhead-Applied; credit Raw Materials Inventory
B)Debit Overhead-Control; credit Supplies Inventory
C)Debit Supplies Inventory; credit Overhead-Applied
D)Debit Overhead-Applied; credit Supplies Inventory
Q3) Hourly wages of production line employees is one of the costs included in the work-in-process inventory.
A)True
B)False
Q4) Applied overhead to production.
Q5) Issued raw materials to production. Debit
Page 28
Q6) Describe the three elements of manufacturing cost.
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