Course Introduction
Financial Accounting
Textbook Exam Questions
Financial Accounting introduces students to the fundamental principles and practices of recording, summarizing, and reporting the financial transactions of businesses. The course covers key topics including the accounting cycle, preparation and analysis of financial statements, understanding assets, liabilities, and equity, as well as the regulatory environment and ethical considerations in accounting. Emphasis is placed on developing the ability to interpret financial information for decision-making purposes, equipping students with essential skills for careers in business, finance, and accounting.
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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Sample Questions
Q1) Total assets are included in the statement of owner's equity.
A)True
B)False Answer: False
Q2) If expenses are less than revenue,a net income is incurred.
A)True
B)False Answer: True
Q3) The accounting equation states that total assets must always equal total liabilities plus owner's equity.
A)True
B)False Answer: True
Q4) Which is an advantage of a sole proprietorship form of business?
A)There is limited personal risk.
B)The business can continue indefinitely.
C)The owner makes all the decisions.
D)All of these answers are correct.
Answer: C
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Chapter 2: Debits and Credits: Analyzing and Recording
Business Transactions
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Sample Questions
Q1) Expenses are recorded when paid.
A)True
B)False
Answer: False
Q2) Accounts Payable had a normal starting balance of $800.There were debit postings of $600 and credit postings of $300 during the month.The ending balance is:
A)$500 credit.
B)$1,000 debit.
C)$500 debit.
D)$1,000 credit.
Answer: A
Q3) An account that would be increased by a credit is: A)Cash.
B)Accounts Receivable.
C)Utilities Expense.
D)Accounts Payable.
Answer: D
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Page 4
Chapter 3: Beginning the Accounting Cycle
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Sample Questions
Q1) The proper format for a journal entry includes all of the following,except:
A)the total amounts of debits must equal the total amount of credits.
B)skip a line between transactions.
C)the credit portion of the transaction is always first.
D)listed in chronological order.
Answer: C
Q2) A calendar year is:
A)any 12-month period that a business chooses for its accounting year.
B)the 12-month period beginning with January.
C)the period for when a interim financial statement would be completed.
D)All of these answers are correct.
Answer: B
Q3) A fiscal year is always January 1 through December 31.
A)True
B)False
Answer: False
Q4) The debit part of the transaction is recorded first in the journal entry.
A)True
B)False
Answer: True
Page 5
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Chapter 4: The Accounting Cycle Continued
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Sample Questions
Q1) Which of the following accounts would most likely be depreciated?
A)Equipment
B)Office Supplies
C)Cash
D)Accounts Payable
Q2) Which of the financial statements is prepared first from the worksheet?
A)Balance sheet
B)Income statement
C)Statement of owner's equity
D)None of these answers are correct.
Q3) An important function of the worksheet is for the accountant to find and correct errors before the financial statements are prepared.
A)True
B)False
Q4) When an asset expires or is used up,it becomes an expense.
A)True
B)False
Q5) Every amount needed for the income statement can be found on the worksheet. A)True
B)False
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Chapter 5: The Accounting Cycle Completed
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Q1) J.Oros showed a net loss of $3,200.The entry to close the Income Summary account would include a:
A)debit to Oros,Capital,$3,200.
B)debit to Income Summary ,$3,200.
C)credit to Oros,Capital,$3,200.
D)credit to Cash,$3,200.
Q2) Determine the beginning assets of a business having ending liabilities of $4,000,the liabilities decreased by $1,500 during the year,an ending owner's equity of $10,700,additional investments of $2,000,withdrawals of $15,600,and after closing the revenues and expenses the Income Summary account has a credit balance of $6,800.
$ ________
Q3) The Capital account debited and the withdrawals credited would be the result of:
A)closing the Income Summary account-there is a net income.
B)closing the withdrawal account.
C)closing the Income Summary account-there is a net loss.
D)closing the expense accounts.
Q4) A real account is the same as a permanent account.
A)True
B)False
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Chapter 6: Banking Procedure and Control of Cash
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Q1) According to the above Scenario.Which item(s)will require a journal entry to update the balance in the Cash account?
A)Checks outstanding and deposits in transit
B)Bank service charges,note collected by the bank,and deposits in transit
C)Bank service charges,note collected by the bank,and error made by Accounting Services
D)None of these answers are correct.
Q2) Prepare journal entries for the following petty cash fund transactions: Nov. 1 Established a \(\$ 75\) petty cash fund.
15 Increased the petty cash fund to have a new balance of \(\$ 100\).
30 Replenished the petty cash fund. Currency and coins remaining were \(\$ 30\). Approved paid vouchers were: $10 donation expense; $16 postage expense; $30 office supplies expense; and $20 misc. expense.
Q3) The petty cash overage was not recorded.This would cause:
A)revenues to be overstated.
B)revenues to be understated.
C)expenses to be overstated.
D)expenses to be understated.
Q4) What is the difference between a debit and credit memorandum?
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Chapter 7: Calculating Pay and Payroll Taxes: The
Beginning of the Payroll Process
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Sample Questions
Q1) Brian Temple's cumulative earnings are $107,000,and his gross pay for the week is $5,300.If the FICA rates are: OASDI 6.2% on a limit of $106,800 and Medicare is 1.45%,what are his FICA-OASDI and FICA-Medicare taxes for the week?
A)$0; $76.85
B)$0; $0
C)$328.60; $76.85
D)$328.60; $0
Q2) Carrie Stein's hourly wage is $40.00,and she worked 42 hours during the week.Assuming an overtime rate of time and a half over 40 hours,Carrie's gross pay is:
A)$1,780.
B)$1,720.
C)$2,580.
D)$1,600.
Q3) The payroll register:
A)is a worksheet.
B)shows all employee information related to an entire pay period.
C)keeps track of an individual employee's payroll history for a calendar year.
D)Both A and B are correct.
Q4) List the purposes of Federal Insurance Contributions Act.
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Chapter 8: Paying,recording,and Reporting Payroll and Payroll Taxes: The Conclusion of the Payroll Process
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Sample Questions
Q1) \[\begin{array} { | l | l | l | l | l | }
\hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \\
\hline \begin{array} { l }
\text { Prepaid Workers } \\
\text { Comp Ins }
\end{array} & & & \\
\hline
\end{array}\]
Q2) Prepare the general journal entry to record the payroll.
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Chapter 9: Sales and Cash Receipts
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Q1) The time frame when customers are allowed to pay their bills and still be eligible for a discount is the:
A)credit period.
B)discount period.
C)closing period.
D)due date.
Q2) The total of all cash sales and credit sales equals:
A)net sales.
B)gross sales.
C)sales discount.
D)sales returns and allowances.
Q3) The Sales Returns and Allowances account is contra-revenue.
A)True
B)False
Q4) Gross sales equals:
A)net sales minus sales discount.
B)sales discount less net income.
C)the total of cash sales and credit sales.
D)net income plus gross profit.
Q5) Explain how the record keeping differs between a cash sale and a credit sale.
Page 12
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Chapter 10: Purchases and Cash Payments
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Q1) \(\begin{array} { | l | l | l | l | }
\hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \\
\hline \text { Purchases } & & & \\
\hline \end{array}\)
Q2) Purchases Discounts are not taken on freight costs.
A)True
B)False
Q3) A characteristic of Purchases Returns and Allowances is:
A)it has a normal credit balance.
B)it increases when merchandise is returned.
C)it decreases cost.
D)All of the above are correct.
Q4) Returned merchandise under the periodic inventory method.This will be recorded with:
A)a debit to Accounts Payable and a credit to Purchases Returns and Allowances.
B)a debit to Merchandise Inventory and a credit to Purchases.
C)a credit to Accounts Payable and a debit to Merchandise Inventory.
D)a debit to Accounts Payable and a credit to Merchandise Inventory.
Q5) Explain the difference between F.O.B.shipping point and F.O.B.destination.
Page 13
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Chapter 11: Preparing a Worksheet for a Merchandise Company
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Sample Questions
Q1) Indicate the financial statement(s)on which you would find the following items:
a)Cost of goods sold
b)Freight-In
c)Ending Inventory
d)Beginning Inventory
e)Sales Discount
Q2) This amount does not change during the period and is added to purchases when computing the cost of goods available for sale.
A)Beginning inventory
B)Ending inventory
C)Periodic inventory
D)Freight-in
Q3) \(\begin{array} { | l | l | l | l | }
\hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \\
\hline \begin{array} { l }
\text { Unearned Rent } \\
\text { Revenue }
\end{array} & & & \\
\hline
\end{array}\)
Page 14
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Chapter 12: Completion of the Accounting Cycle for a Merchandise Company
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Sample Questions
Q1) Other Income is used to:
A)record payments from sales customers.
B)record any revenue from activities other than sales.
C)record all revenue.
D)record owner investments.
Q2) The formal income statement can be prepared from the income statement columns of the worksheet.
A)True
B)False
Q3) After the closing entries have been posted:
A)the temporary accounts are zeroed out.
B)the Capital account includes the current net profit or loss.
C)the post-closing trial balance is prepared.
D)All of these answers are correct.
Q4) Adjusting entries from the worksheet:
A)are journalized and posted to the ledger.
B)are posted directly to the ledger.
C)are closed to the Income Summary account.
D)affect only balance sheet accounts.
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Chapter 13: Accounting for Bad Debts
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Sample Questions
Q1) Determine the amount of the adjustment for bad debts given: Bad debts are estimated to be 4% of sales \(\begin{array}{llcc}
\text { Accounts receivable balance } &\$600,000 \\
\text { Allowance for bad debts balance (crebit) } &\$200\\
\text { Net Sales } &\$215,000\\ \end{array}\)
$ ________
Q2) The income statement approach estimates a percentage of sales that is uncollectible.
A)True B)False
Q3) On December 31,2010,Paint Pros had a balance in Accounts Receivable of $15,000.Net credit sales for the year were $450,000.The Allowance for Doubtful Accounts has a credit balance of $900.Journalize the recording of the bad debt expense under the balance sheet approach if $1,580 is the estimated amount of uncollectible accounts.
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Chapter 14: Notes Receivable and Notes Payable
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Q1) A $10,000,7% note is dated May 18 and is due in 90 days.Using a 360-day year,the maturity value would be:
A)$10,000.
B)$10,700.
C)$10,175.
D)$10,525.
Q2) Betty's Boutique discounts its own 120-day,6%,$25,000 note payable at a bank.It records the proceeds as:
A)debit Cash $24,500; debit Discounts on Notes Payable $500; credit Notes Payable $25,000.
B)debit Cash $25,000; credit Notes Payable $25,000.
C)debit Cash $23,500; debit Discount on Notes Payable $1,500; credit Notes Payable $25,000.
D)debit Cash $24,500; credit Notes Payable $24,500.
Q3) The proper entry to make when a note is paid on the maturity date depends on whether the note is an interest-bearing or non-interest-bearing note.
A)True
B)False
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Chapter 15: Accounting for Merchandise Inventory
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Q1) An overstatement of ending inventory in one period results in:
A)an overstatement of net income for the next period.
B)no effect on net income for the next period.
C)an overstatement of the ending inventory for the next period.
D)an understatement of net income for the next period.
Q2) This inventory method produces the lowest income tax during a period of inflation.
A)LIFO
B)FIFO
C)Weighted-average
D)All would have the same tax effect.
Q3) If a change is made in the inventory valuation method,full disclosure should be indicated.
A)True B)False
Q4) Under the perpetual inventory method,purchase returns are credited to ________.
Q5) An incorrect inventory figure will affect only the income statement.
A)True
B)False
Q6) Title passes immediately to the buyer under FOB ________.
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Chapter 16: Accounting for Property, plant, equipment, and Intangible Assets
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Q1) A loss on the sale of an asset would occur when:
A)the cash received is less than the book value of the asset.
B)the cash received is equal to the book value of the asset.
C)the cash received is greater than the book value of the asset.
D)None of these answers are correct.
Q2) Josh Kindel purchased equipment for $60,000 on January 1.Its residual value is $4,000 with a useful life of 8 years.The amount of depreciation expense in the first year under the double-declining-balance method is:
A)$14,000.
B)$ 7,500.
C)$ 7,000.
D)$15,000.
Q3) All of the following are intangible assets except: A)patents.
B)copyrights.
C)franchises.
D)accounts receivable.
Q4) A capital expenditure is recorded in an asset account. A)True B)False
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Chapter 17: Partnership
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Q1) Amy and Beth's partnership capital balances are $40,000 and $60,000,respectively.They share profits and losses in a ratio of 1:3.Rockford is admitted to the partnership,invests $60,000 for a 40% interest,and is awarded a bonus.Prepare the journal entry to admit Rockford to the partnership.
Q2) The basis on which profits and losses are shared is governed by:
A)the SEC.
B)the IRS.
C)the partnership agreement.
D)the partners,and must be shared equally.
Q3) Unlimited liability means that the act of a single partner is binding on all the other partners.
A)True
B)False
Q4) Janie and Larry are partners,with beginning capital balances of $60,000 and $40,000 respectively.During the year,Janie withdrew $10,000 and Larry withdrew $15,000.The year's net income of $30,000 was distributed $10,000 to Janie and $20,000 to Larry.Prepare a statement of Partners' equity.
Q5) The business provided services on credit.
Debit ________ & ________ & ________ Credit ________ & ________ &
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Chapter 18: Corporations: Organizations and Stock
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Q1) A corporation shares its profits with stockholders in the form of dividends.
A)True
B)False
Q2) One type of preferred stock that provides for the payment of preferred dividends that are in arrears is called:
A)non-participating.
B)cumulative.
C)non-cumulative.
D)participating.
Q3) What is the entry to record subscriptions received for 1,700 shares of $100 par value common stock at $130 per share?
A)Debit Common Stock Subscribed $221,000; credit Cash $221,000
B)Debit Subscriptions Receivable-Common Stock $221,000; credit Common Stock Subscribed $221,000
C)Debit Subscriptions Receivable-Common Stock $221,000; credit Common Stock $221,000
D)None of these answers are correct.
Q4) Sold common stock at a price above par accepting a subscription. Debit ________ & ________ & ________ Credit ________ & ________ &
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Chapter 19: Corporations: Stock Values,
Stocks, and Retained
Earnings
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Q1) Treasury stock was sold above cost; the excess was credited to Gain on Sale.This error would cause:
A)the period end assets to be overstated.
B)the period end liabilities to be overstated.
C)the total period end stockholders' equity to be overstated.
D)the period's net income to be overstated.
Q2) Retained Earnings is a current liability on the balance sheet.
A)True
B)False
Q3) At the end of the accounting cycle,net income will be closed into:
A)Treasury Stock.
B)Paid-in Capital.
C)Cash.
D)Retained Earnings.
Q4) Which of the following would not be shown on the statement of retained earnings?
A)Purchase of treasury stock
B)Appropriations for plant expansion
C)Declaration of a stock dividend
D)Declaration of a cash dividend
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Chapter 20: Corporations and Bonds Payable
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Q1) A bond that has a face value of $250,000 with an annual interest rate of 9% paid semiannually and sold at par would have an interest payment of ________ semiannually.
Q2) The straight-line method amortizes an equal amount of discount to Bonds Interest Expense each period.
A)True
B)False
Q3) Deposited cash in a bond sinking fund. Debit ________ & ________ & ________ Credit ________ & ________ &
Q4) When the market rate of interest on bonds is higher than the contract rate,the bonds will sell at:
A)a premium.
B)their face value.
C)their maturity value.
D)a discount.
Q5) A $1,000 bond quoted at 104 would sell for:
A)$1,104.
B)$1,000.
C)$104.
D)$1,040.
Page 23
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Chapter 21: Statement of Cash Flows
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Q1) If $200,000 of a company's own stock is sold,it is shown in the financing activities section.
A)True
B)False
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) If a company issues a comparative balance sheet showing the change in the cash balance,a statement of cash flows is not needed.
A)True
B)False
Q4) The statement of cash flows can be used for evaluating,comparing,and predicting future cash flows.
A)True
B)False
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Chapter 22: Analyzing Financial Statements
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Q1) Compute the gross profit rate when sales are $400,000; net sales are $380,000 and gross profits are $125,000.
A)31.25%
B)32.89%
C)0.3125 to 1
D)0.3289 to 1
Q2) Statements that are often used to compare similar businesses are called:
A)comparative analysis.
B)vertical analysis.
C)horizontal analysis.
D)common-size statements.
Q3) The net sales for James,Inc.were $4,000,000; net income was $510,000; and gross profit was $1,300,000.The return on sales ratio would be:
A)12.75%.
B)32.50%.
C)45.25%.
D)39.23%.
Q4) Define two types of comparative income statements and compare the information provided by them.
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Chapter 23: The Voucher System
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Q1) Which of the following is not true of a voucher system?
A)All expenditures such as rent and interest would first be credited to Vouchers Payable before payment is made.
B)Transactions are first entered in the voucher register,then payment is made in the voucher register.
C)The check register replaces the cash receipts journal.
D)Either A or B would be correct.
Q2) \(\begin{array} { | l | l | l | l | l | }
\hline & \text { Column 1 } & \text { Column 2 } & \text { Column 3 } & \text { Column 4 } \\
\hline \text { Supplies } & & & & \\ \hline
\end{array}\)
Q3) The voucher system is a form of internal control. A)True B)False
Q4) A schedule of vouchers payable is prepared from the check register. A)True B)False
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) A profit center and a cost center both generate revenue.
A)True
B)False
Q2) Departmental reports are useful for all of the following purposes except:
A)determining performance.
B)determining future revenue.
C)controlling.
D)planning.
Q3) The espresso department experienced the following revenue and expenses during October: \[\begin{array} { | l | r | }
\hline \text { Sales } & \$ 17,000 \\
\hline \text { Cost of Goods Sold } & 9,000 \\
\hline \text { Direct Operating Expenses } & 4,000 \\
\hline \text { Indirect Operating Expenses } & 2,000 \\
\hline
\end{array}\] The espresso departmental gross profit on sales is:
A)$2,000.
B)$4,000.
C)$8,000.
D)$11,000.
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Chapter 25: Manufacturing Accounting
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Q1) During the week ended November 30,total factory payroll incurred was $6,000.Of this total,80% was for direct labor.The entry to record the payroll distribution would include:
A)debit Work-in-Process Inventory for $4,800 and Overhead-Control for $1,200.
B)debit Work-in-Process Inventory for $6,000.
C)debit Work-in-Process Inventory for $4,800 and Overhead-Applied for $1,200.
D)debit Work-in-Process Inventory for $4,800 and Indirect Labor Expense for $1,200.
Q2) Finished Goods Inventory appears on which of the following statements on the worksheet?
A)Statement of cost of goods manufactured and income statement
B)Statement of cost of goods manufactured and balance sheet
C)Income statement and balance sheet
D)Income statement and cost of goods sold statement
Q3) Nails,depreciation,and foreman salaries are examples of:
A)raw materials.
B)direct labor.
C)manufacturing overhead.
D)none of the above.
Q4) Describe the three elements of manufacturing cost.
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