Survey of Accounting Final
Test Solutions
Course Introduction
Survey of Accounting provides a broad overview of fundamental accounting principles and practices relevant to both financial and managerial accounting. This course introduces students to the basic concepts and terminology of accounting, including the preparation and interpretation of financial statements, the accounting cycle, and the role of accounting in business decision-making. Emphasis is placed on understanding how accounting information is used by various stakeholders, such as managers, investors, and creditors, to evaluate organizational performance and make informed decisions. Designed for non-accounting majors, the course equips students with essential skills to analyze, interpret, and apply accounting information in a variety of professional settings.
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) Bob purchased a new computer for the company on account. The transaction will:
A)increase Computer; increase Capital.
B)decrease Cash; increase Accounts Payable.
C)decrease Cash; increase Computer.
D)increase Computer; increase Accounts Payable.
Answer: D
Q2) The statement of owner's equity shows assets, liabilities and capital..
A)True
B)False
Answer: False
Q3) The four parts of owner's equity include capital, liabilities, revenue, and expenses.
A)True
B)False
Answer: False
Q4) Creditors' claims against assets are called owner's equity.
A)True
B)False
Answer: False
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Chapter 2: Debits and Credits: Analyzing and Recording Business Transactions
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Q1) A formal account that has columns for date, explanation, post reference, debit, and credit is called the:
A)T account.
B)standard account form.
C)ledger.
D)chart of accounts.
Answer: B
Q2) Which of the following is prepared first?
A)Balance sheet
B)Income statement
C)Statement of owner's equity
D)Trial balance
Answer: D
Q3) Dennis, owner of Dennis' Golf Center, withdrew $900 in cash from the business. Record the transaction by:
A)debiting Dennis, Withdrawals, $900; crediting Cash, $900.
B)debiting Accounts Receivable, $900; crediting Cash, $900.
C)debiting Expense, $900; crediting Cash, $900.
D)debiting Dennis, Withdrawals, $900; crediting Dennis, Capital, $900.
Answer: A
Page 4
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Chapter 3: Beginning the Accounting Cycle
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Q1) The posting reference column in the journal is used for:
A)recording the source documents identification number.
B)recording the account number to which the entry was posted.
C)recording the time when the entry was posted.
D)recording the initials of the person who did the posting.
Answer: B
Q2) Insurance paid in advance is a liability.
A)True
B)False
Answer: False
Q3) If Capital has been credited, it is likely that:
A)services were provided to a cash customer.
B)services were provided to a charge customer.
C)the owner made an investment.
D)All of these are possible
Answer: C
Q4) Transactions are listed in chronological order in the journal.
A)True
B)False
Answer: True
Page 5
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Chapter 4: The Accounting Cycle Continued
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Q1) Which of the following accounts would most likely not need to be adjusted at the end of the year?
A)Office Supplies
B)Prepaid Rent
C)Accumulated Depreciation
D)Cash
Q2) The worksheet is a formal statement.
A)True
B)False
Q3) Adjusting entries affect:
A)the balance sheet.
B)the income statement.
C)Neither of these answers is correct.
D)Both A and B are correct.
Q4) On the worksheet, the Income Statement debit column totaled $1000 and the credit column totaled $1,100. What is the amount of Net Income?
$ ________
Q5) Debits must equal credits on the Statement of Owner's equity.
A)True
B)False
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Chapter 5: The Accounting Cycle Completed
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Q1) When the balance in the Income Summary account is a debit, the company has:
A)incurred a net loss.
B)incurred a net income.
C)had more revenue than expenses.
D)made an error in their closing entries.
Q2) Which of the following accounts will be directly closed to Capital at the end of the fiscal year?
A)Salaries Expense
B)Fees Revenue
C)Withdrawals
D)Depreciation Expense
Q3) A nominal account is the same as a permanent account.
A)True
B)False
Q4) When the balance of the Income Summary account is a credit, the entry to close this account is:
A)debit Capital, credit Income Summary.
B)debit Income Summary; credit Revenue.
C)debit Income Summary; credit Capital.
D)debit Revenue; credit Income Summary.
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Chapter 6: Banking Procedure and Control of Cash
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Q1) Bank service charges would be shown on a bank reconciliation as:
A)added to the balance per bank statement.
B)deducted from the balance per bank statement.
C)added to the balance per books.
D)deducted from the balance per books.
Q2) When the bank pays a check written by the company, it would:
A)credit the customer's bank account.
B)debit the customer's bank account.
C)debit the cash account on the company's books
D)no increase or decrease is made to the company's bank account.
Q3) Advantages of on-line banking include:
A)convenience.
B)transaction speed.
C)effectiveness.
D)All of the above are correct.
Q4) The debit recorded in the journal to establish the petty cash fund is to:
A)Cash.
B)Petty Cash.
C)Accounts Receivable.
D)Accounts Payable.
Page 8
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Chapter 7: Calculating Pay and Payroll Taxes: The
Beginning of the Payroll Process
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Sample Questions
Q1) A company can deem an employee as salaried:
A)if they do not want to pay overtime wages.
B)if the employee meets the salaried laws under the Fair Labor Standards Act.
C)to make the payroll process easier.
D)if they have been employed at the company for 1 year or longer.
Q2) If the employee has $500 withheld from their check for federal income tax, what is the amount that the employer would need to pay for their portion of the federal income tax?
A)$500
B)$100
C)$0
D)$400
Q3) Calculate the total wages earned for each employee (assume an overtime rate of time and a half over 40 hours):
a)Dave earns $22 per hour and worked 45 hours in one week.
b)Jeff earns $18 per hour and worked 42 hours in one week.
Q4) All states use the same percent for the state tax rate.
A)True
B)False
Q5) List the purposes of Federal Insurance Contributions Act.
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Sample Questions
Q1) The correct journal entry to record the payment of FUTA is to:
A)debit Cash; credit FUTA Payable.
B)debit FUTA Expense; credit Cash.
C)debit FUTA Payable; credit Cash.
D)debit Cash; credit FUTA Expense.
Q2) Prepare the general journal entry to record the payroll.
Q3) S. Ferrari, an employee of Plum Hollow Country Club, earned $1,100 during the first week of January. His withholding included: federal income tax, 15%; state income tax, 5%; FICA-OASDI, 6.2%; FICA-Medicare, 1.45%; and union dues $25. Determine the tax for OASDI, Medicare, Federal Income Tax, and State Income Tax.
Q4) Compute the total deductions. ________
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Chapter 9: Sales and Cash Receipts
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Q1) The balance in the Accounts Receivable account is $2,200 debit. Therefore, the balances in the subsidiary ledger should be $2,200.
A)True
B)False
Q2) The time a customer is granted to pay the bill is the discount period.
A)True
B)False
Q3) If cash flow is so important to merchandisers, why do they extend credit to their customers?
Q4) An example of a subsidiary ledger is the accounts receivable ledger.
A)True
B)False
Q5) The accounts receivable subsidiary ledger shows the amount owed from each customer.
A)True B)False
Q6) Sales Returns and Allowances is a contra-revenue account with a normal credit balance.
A)True
B)False
Page 12
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Chapter 10: Purchases and Cash Payments
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Sample Questions
Q1) Heidi's Accessories bought 50 necklaces for $10 each on account. The invoice included a 6% sales tax and payment terms of 2/10, n/30. In addition, 5 necklaces were returned prior to payment. The entry to record the purchase would include:
A)a debit to Accounts Payable for $530.
B)a debit to Accounts Payable for $500.
C)a debit to Purchases for $530.
D)a debit to Purchases for $500.
Q2) The term F.O.B. means:
A)free on board.
B)freight or bill.
C)freight order billing.
D)found on base.
Q3) Jackson purchased $500 of goods and received credit terms of 2/10, n/30. How much did he pay if payment was made during the discount period?
A)$450
B)$510
C)$500
D)$490
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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Sample Questions
Q1) 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.
Q2) The physical count of inventory was incorrect, which overstated the ending inventory. This would cause:
A)Cost of Goods Sold to be overstated.
B)Cost of Goods Sold to be understated.
C)gross profit to be understated.
D)net income to be understated.
Q3) The first entry to adjust Merchandise Inventory includes:
A)a debit to Merchandise Inventory.
B)a credit to Merchandise Inventory.
C)a credit to Income Summary.
D)None of these are correct.
Q4) Unearned Revenue is a liability account used to record rent fees received in advance.
A)True B)False
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Chapter 12: Completion of the Accounting Cycle for a Merchandise Company
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Q1) Net Purchases are:
A)Total Purchases + Purchases Discounts + Purchases Returns and Allowances.
B)Total Purchases + Purchases Discounts - Purchases Returns and Allowances.
C)Total Purchases - Purchases Discounts - Purchases Returns and Allowances.
D)None of these are correct.
Q2) The income statement is prepared from the:
A)Post-Closing Trial Balance.
B)worksheet.
C)general journal.
D)statement of owner's equity.
Q3) Which amount is directly found on the worksheet?
A)Cost of Goods Sold
B)Purchases
C)Gross Profit
D)Net Sales
Q4) After the closing process, the temporary accounts are set back to zero.
A)True
B)False
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Q5) Discuss the purpose of a detailed income statement. Briefly describe the major kinds of business activities covered on a detailed income statement.
Chapter 13: Accounting for Bad Debts
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Q1) 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 income statement approach if 2% of net credit sales is deemed uncollectible.
Q2) Estimating Bad Debts Expense is an example of:
A)recording accrued expense.
B)the matching principle.
C)the balance sheet approach.
D)recording accrued sales.
Q3) Wrote off an account using the allowance method. Debit account ________ Credit account ________
Q4) When a year-end adjustment is made for estimated bad debts:
A)net income is increased.
B)liabilities increase.
C)net assets increase.
D)net assets decrease.
Q5) The Allowance for Doubtful Accounts may have a debit balance before adjustment. A)True B)False
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Chapter 14: Notes Receivable and Notes Payable
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Q1) When an interest-bearing note comes due and is uncollectible, the journal entry includes:
A)debiting Notes Receivable; crediting Accounts Receivable.
B)debiting Notes Receivable; crediting Accounts Receivable and Interest Revenue.
C)debiting Accounts Receivable and crediting Interest Revenue.
D)debiting Accounts Receivable and crediting Notes Receivable and Interest Revenue.
Q2) Both Accounts Payable and Notes Payable are both informal promises to pay. A)True
B)False
Q3) Jeff Company issues a promissory note to David Company to get extended time on an account payable. David records this transaction as follows:
A)debit Accounts Receivable; credit Notes Receivable.
B)debit Notes Receivable; credit Accounts Receivable.
C)debit Notes Payable; credit Accounts Payable.
D)debit Accounts Payable; credit Notes Payable.
Q4) Find the maturity dates for the following:
a)A 123-day note date March 22.
b)A 5-month note dated January 31.
c)A 75-day note dated February 21, 2012, a leap year.
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Chapter 15: Accounting for Merchandise Inventory
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Q1) Paid for merchandise within the discount period. - Perpetual Debit ________ & ________ Credit ________ & ________
Q2) St. Paul Corporation has a normal gross profit of 45%. The current year's beginning inventory was $2,500, purchases were $9,000, and retail sales were $15,000. The estimated ending inventory under the gross profit method is:
A)$4,750.
B)$3,250.
C)$8,220.
D)$4,050.
Q3) A subsidiary payables ledger is used to track details of quantities and costs. A)True
B)False
Q4) The beginning inventory of this year is overstated. This error would cause:
A)the period's net income to be overstated.
B)the period's net income to be understated.
C)the period end assets to be understated.
D)None of these are correct.
Q5) The ________ system of accounting for inventory provides information on a transaction-by-transaction basis.
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Chapter 16: Accounting for Property, Plant, Equipment, and Intangible Assets
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Q1) Copyright protection expires upon the author's death.
A)True
B)False
Q2) When an asset is exchanged for a similar asset and a gain results, under accounting rules the gain is:
A)credited to Gain on Exchange of an Asset.
B)recorded in the other income section of the income statement.
C)absorbed into the cost of the new asset.
D)subtracted from the cost of the new asset.
Q3) The entry to record the payment of an extraordinary repair of $5,000 that will extend the life of the machine 5 years, when the machine cost $30,000, and has accumulated depreciation of $26,000, is to:
A)debit Machinery $5,000; credit Accumulated Depreciation $5,000.
B)debit Accumulated Depreciation $5,000; credit Cash $5,000.
C)debit Accumulated Depreciation $1,000; credit Cash $1,000.
D)debit Machinery $1,000; credit Cash $1,000.
Q4) The intangible that can have the longest life before renewal is a ________.
Q5) The difference between the item's cost and accumulated depreciation is the ________.
Q6) A budgeted item such as a building is listed as a ________. Page 19
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Chapter 17: Partnership
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Q1) The business paid an account.
Debit ________ & ________ & ________ Credit ________ & ________ &
Q2) Tricia and Jennifer formed a partnership. Tricia invested $10,000 cash; Jennifer invested $5,000 cash, equipment valued at $6,000, and $1,000 accounts payable. The proper entry to record this is:
A)debit Cash 15,000; debit Equipment 6,000; credit Accounts Payable $1,000; credit Tricia's Capital $10,000; and credit Jennifer's Capital $10,000.
B)debit Cash 15,000; debit Equipment 6,000; debit Accounts Payable $1,000; credit Tricia's Capital $10,000; and credit Jennifer's Capital $10,000.
C)debit Cash $15,000; debit Equipment $6,000; credit Tricia's Capital $10,000; and credit Jennifer's Capital $10,000.
D)debit Cash $15,000; debit Equipment $6,000; credit Tricia's Capital $10,000; and credit Jennifer's Capital $11,000.
Q3) Partners are required to report their share of earnings on their personal tax return. A)True B)False
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Chapter 18: Corporations: Organizations and Stock
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Q1) A stock certificate is released for authorized stock.
A)True
B)False
Q2) Monarch Company reported Subscriptions Receivable-Common Stock of $1,500 and Common Stock Subscribed of $3,200 on its balance sheet. All the following are true except:
A)the amount previously collected on the stock subscriptions is $1,700.
B)the original stock subscribed totaled $3,200.
C)Monarch previously issued $1,700 of the subscribed stock.
D)the remaining amount to be collected from subscribers before the shares will be issued is $1,500.
Q3) Purchased land by exchanging common stock (valuation is above par)
Debit ________ & ________ & ________ Credit
Q4) Retained Earnings is the account in which a corporation's net income and net losses are placed.
A)True
B)False
Q5) A corporation is not required to pay dividends.
A)True
B)False
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Chapter 19: Corporations: Stock Values, Dividends, Treasury
Stocks, and Retained Earnings
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Q1) In the dividend process, the liability Dividend Payable is recognized on the:
A)date of declaration.
B)date of record.
C)date of payment.
D)date of stock issue.
Q2) Treasury Stock is what type of account?
A)Stockholders' equity
B)Liability
C)Asset
D)Contra-stockholders' equity
Q3) Rick's Internet Corporation balance in Retained Earnings is $30,000. The board of directors directs that $15,000 be appropriated for future business expansion. This will cause total retained earnings to:
A)remain at $30,000.
B)increase by $15,000.
C)decrease by $15,000.
D)increase or decrease $5,000, as determined by the board.
Q4) A stock dividend may be distributed even if the company is short of cash.
A)True
B)False
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Chapter 20: Corporations and Bonds Payable
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Q1) The interest rate specified in the bond indenture is called the:
A)market rate.
B)discount rate.
C)contract rate.
D)effective rate.
Q2) When making the adjustment for accrued interest, the Bond Premium account was not taken into account. This error would cause:
A)the period end assets to be overstated.
B)the period end liabilities to be understated.
C)the period's net income to be understated.
D)None of the above are correct.
Q3) If a corporation issues serial bonds, each bond will have the same maturity date.
A)True B)False
Q4) Usually, there is a gain or loss associated with early retirement of bonds. A)True B)False
Q5) Accrued interest on bonds which sold beneath face value. Debit
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Chapter 21: Statement of Cash Flows
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Q1) A sale of fixed assets for cash is a(n):
A)managing activity.
B)investing activity.
C)financing activity.
D)operating activity.
Q2) The records of Ashley Boutique showed Net Loss, $30,000; Depreciation Expense, $25,000; and increase in Supplies on Hand, $5,000. The amount of Net Cash Flow from Operating Activities using the indirect method is:
A)$15,000.
B)$20,000.
C)($10,000).
D)($15,000).
Q3) Depreciation on factory equipment would be reported in the statement of cash flows prepared by the indirect method in:
A)the operating activities section.
B)the financing activities section.
C)the investing activities section.
D)None of the above.
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) With a beginning Accounts Receivable balance of $20,000, an ending balance of $26,000, and net credit sales of $408,000, compute accounts receivable turnover ratio.
A)0.05
B)20.4
C)17.7
D)68
Q2) The current ratio is:
A)quick assets divided by current liabilities.
B)assets divided by liabilities.
C)current assets divided by current liabilities.
D)net sales divided by current liabilities.
Q3) If Rick's sales increased from $40,000 to $80,000 and its cost of goods sold increased from $30,000 to $50,000, then vertical analysis based on sales would show the following for cost of goods sold for the two periods:
A)75% and 62.5%.
B)62.5% and 75%
C)133.33% and 160%
D)160% and 133.33%.
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Chapter 23: The Voucher System
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Q1) When there is a return after the original voucher has been prepared, the first step is to cancel the old voucher.
A)True
B)False
Q2) Paid voucher #425, payment was after the discount period.
Debit
Q3) The entry to record payment of a voucher, for an invoice within the discount period, under the net method will include:
A)a debit to Purchase Discounts Lost.
B)a credit to Purchase Discounts.
C)a credit to Discounts Lost.
D)None of these are correct.
Q4) The entry to record payment of a voucher, for an invoice after the discount period, under the net method will include:
A)a debit to Purchase Discounts.
B)a credit to Purchase Discounts.
C)a debit to Discounts Lost.
D)None of these are correct.
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) Compute net income for the housewares department, when gross profit is $550,000, direct expenses $235,000, indirect expenses are $110,000 and sales are $875,000.
A)($20,000)
B)$530,000
C)$205,000
D)$325,000
Q2) Direct expenses, such as salaries, can be traced to a particular department.
A)True
B)False
Q3) Julia Company allocates its indirect advertising expenses based on each department's gross sales. If the men's apparel department has gross sales of $225,000 out of a total of $2,025,000 in gross sales, what fraction would Julia use to allocate its indirect advertising expenses?
A)1/9
B)1/10
C)1/11
D)1/8
Q4) Explain the difference between a "cost center" and a "profit center."
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Chapter 25: Manufacturing Accounting
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Q1) Cost of Goods Sold is debited after items have been sold from the finished goods inventory.
A)True
B)False
Q2) Adams Manufacturing has estimated manufacturing overhead at $72,000 and has estimated direct labor of 10,000 direct labor hours at $9.00 per hour. The overhead rate per direct labor dollar would be:
A)$0.80
B)$8.00.
C)$1.25.
D)$7.20.
Q3) Total manufacturing costs incurred include:
A)direct labor costs.
B)raw materials costs.
C)manufacturing overhead.
D)all of the above.
Q4) Describe the three elements of manufacturing cost.
Q5) Issued raw materials to production.
Debit
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