College Accounting
Final Exam
Course Introduction
College Accounting provides students with a foundational understanding of accounting principles and practices essential for managing financial information in a business environment. The course covers the basics of the accounting cycle, including recording transactions, preparing financial statements, and analyzing business operations. Students learn how to apply accounting concepts to real-world scenarios, utilize journals and ledgers, and understand ethical considerations in financial reporting. Through practical exercises and problem-solving, this course prepares students for further study in accounting and equips them with skills relevant to entry-level bookkeeping and accounting roles.
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College Accounting Chapters 1 9 22nd Edition by
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James A. Heintz
Page 2
Chapter 1: Introduction to Accounting
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Sample Questions
Q1) The owners of a corporation are called ____________________.
Answer: stockholders shareholders
Q2) ____________________ is the aggregation of many similar events to provide information that is easy to understand.
Answer: Summarizing
Q3) A business that makes a product to sell is called a(n)____________________ business.
Answer: manufacturing
Q4) The owners of a corporation are called ____________________.
Answer: stockholders
shareholders
Q5) ____________________ includes preparing various reports and financial statements and analyzing operating,investing,and financing decisions.
Answer: Financial accounting
Q6) Rules that businesses must follow when preparing financial statements are called ____________________.
Answer: generally accepted accounting principles GAAP
Page 3
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Chapter 2: Analyzing Transactions: the Accounting Equation
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Q1) The report which shows a firm's assets,liabilities,and owner's equity as of a specific date is called the ____________________.
Answer: balance sheet
Q2) The statement of owner's equity shows the state of the business on a specific date.
A)True
B)False
Answer: False
Q3) Amounts owed to the business by its customers are called ____________________.
Answer: accounts receivable
Q4) Any accounting period of twelve months' duration is usually referred to as a fiscal year.
A)True
B)False Answer: True
Q5) Other terms used for owner's equity include net worth and capital. A)True
B)False Answer: True
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Chapter 3: The Double-Entry Framework
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Sample Questions
Q1) The ____________________ is shown on the third line of the trial balance heading.
Answer: date
Q2) A list of all accounts showing the account title and the balance of each account is called a(n)____________________.
Answer: trial balance
Q3) The purchase of an asset on account and making a partial payment results in all of the following EXCEPT
A) an increase in an asset account.
B) a decrease in the Cash account.
C) a balanced accounting equation.
D) an increase in owner's equity.
Answer: D
Q4) The standard T account includes all of the following EXCEPT
A) a credit side.
B) a debit side.
C) a title.
D) the current date.
Answer: D
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Chapter 4: Journalizing and Posting Transactions
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Sample Questions
Q1) Prepare general journal entries to record the following transactions.Omit explanations. ? ?
Jan. 3 Paid office rent, \( \$ 1,600 \).
4 Bought a truck costing \( \$ 50,000 \), making a down payment of \( \$ 7,000 \).
6 Paid wages, \( \$ 3,000 \).
7 Received \( \$ 16,000 \) cash from customers for services performed.
10 Paid \( \$ 4,100 \) owed on last month's bills.
12 Billed credit customers, \( \$ 5,300 \).
17 Received \( \$ 1,800 \) from credit customers.
19 Tayl or Gordon, the owner, withdrew \( \$ 1,700 \).
23 Paid \( \$ 700 \) on amount owed for truck.
29 Received bill for utilities expense, \( \$ 255 \).
Q2) Information about cash disbursements can be obtained from check stubs and carbon copies of checks.
A)True
B)False
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6
Chapter 5: Adjusting Entries and the Work Sheet
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Q1) The formula to calculate straight-line depreciation is depreciable cost times the expected life of the asset.
A)True
B)False
Q2) The expected market value or selling price of the asset at the end of its useful life is called the ____________________.
Q3) A computer workstation cost $35,000,has an expected life of 7 years,and an expected salvage value of $7,000.Depreciation expense using the straight-line method will be $5,000 per year.
A)True
B)False
Q4) ____________________ is a method of matching an asset's original cost against the revenues produced over its useful life.
Q5) The period of time that an asset is expected to help produce revenues is called its
Q6) Under the ____________________ principle,assets are recorded at their actual cost,and this cost remains on the books as long as the business owns an asset.
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Page 7
Chapter 6: Financial Statements and the Closing Process
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Q1) Obligations that need not be paid for a long time,usually more than one year,are classified as current liabilities.
A)True
B)False
Q2) The accuracy of the statement of cash flows can be proved by comparing the cash provided by operating activities with the change in the cash balance.
A)True
B)False
Q3) A form of balance sheet that lists the liabilities and the owner's equity sections below the assets section is called the
A) account form.
B) journal form.
C) report form.
D) current form.
Q4) The ____________________ account is a temporary account used in the closing process to summarize the effects of all revenue and expense accounts.
Q5) The accounts shown in the post-closing trial balance are the ____________________ accounts.
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Chapter 7: Accounting for Cash
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Q1) A(n)____________________ consists of a stamp or written signature and in some cases other important information on the back of the check.
Q2) The ____________________ is the small fraction printed in the upper right-hand corner of a check used to sort and route checks throughout the banking system.
Q3) To use an ATM machine,the depositor must have a
A) Bank number.
B) PIN number.
C) BIN number.
D) TIN number.
Q4) The key documents and forms required in opening and using a checking account are the signature card,deposit tickets,checks,and bank statements.
A)True
B)False
Q5) A debit journal entry to the cash short and over account is used to record a cash shortage.
A)True
B)False
Q6) Each person authorized to sign checks must sign a(n)____________________.
Page 9
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Chapter 8: Payroll Accounting: Employee Earnings and Deductions
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Sample Questions
Q1) The payroll register replaces the general journal in most businesses. A)True
B)False
Q2) Cameron Tiller is paid one and one-half times the regular hourly rate for all hours worked in excess of 40 hours per week and double time for work on Sunday.Tiller's regular rate is $12 per hour.During the week ended March 15,he worked 9 hours each day from Monday through Friday,6 hours on Saturday,and 4 hours on Sunday.Tiller's total regular earnings for the week ended March 15 are A) $110.
B) $216.
C) $480. D) $430.
Q3) A(n)____________________ is a computerized system based on a software package that performs all payroll record keeping and prepares payroll checks.
Q4) Separate accounts are kept for each type of earnings deduction.
A)True B)False
Q5) A separate record of each employee's earnings is known as a(n)____________________.
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Chapter 9: Payroll Accounting: Employer Taxes and Reports
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Sample Questions
Q1) Transmittal of Wage and Tax Statements
A)Electronic Federal Tax Payment System (EFTPS)
B)employer FICA taxes
C)Employer Identification Number (EIN)
D)Form W-2
E)Form W-3
F)Form 940
G)Form 941
H)FUTA (Federal Unemployment Tax Act) tax
I)merit-rating system
J)self-employment income
K)self-employment tax
L)SUTA (state unemployment tax) tax
M)workers' compensation insurance
Q2) The ____________________ tax is levied on employers to raise funds to pay unemployment benefits.
Q3) If an employer wishes,the FUTA tax may be deducted from employees' earnings.
A)True
B)False
Q4) Employers report payroll taxes withheld each quarter using
Chapter 10: Module Accounting For A Professional Service
Business The Combination Journal
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Sample Questions
Q1) The column totals of the combination journal for Davis Manufacturing are: Cash Debit,$1,500; Cash Credit,$1,328.50; General Debit,$868.20; General Credit,$1,300.If the totals are correct,and the Wages Expense is the only other column,what must be the total of the Wages Expense Debit column?
A) $171.50
B) $260.30
C) $431.80
D) $1,039.70
Q2) The column in the combination journal used to debit accounts that are used infrequently.
A)accrual basis of accounting
B)combination journal
C)Description column
D)General Credit column
E)General Debit column
F)modified cash basis
G)Posting Reference column
H)special columns
Q3) ____________________ are meant for frequently used accounts.
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Q4) A(n)____________________ is a journal with special and general columns.