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Accounting Questions - All Grades

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Grade 10 Accounting
What is the name for a formal report that shows what an individual owns, what an individual owes, and the difference between the two?
  1. accounting
  2. net worth statement
  3. personal net worth
  4. accounting system
Grade 10 Accounting
accounting
  1. A planned process designed to compile financial data and summarize the results in accounting records and reports.
  2. A formal report that shows what an individual owns, what an individual owes, and the difference between the two.
  3. formal written document that describes the nature of a business and how it will be run
  4. Planning, recording, analyzing, and interpreting financial information.
Grade 10 Accounting
The name given to an account is the account title.
  1. True
  2. False
Graduate Accounting
For each account listed below indicate whether it ordinarily has a debit (D) or a credit (C) balance:

A. Advertising expense         Debit        
B. Accounts payable          Credit         
C. Retained earnings          Credit         
D. Prepaid insurance         Debit        
E. Accounts receivable         Debit        
F. Property & equipment         Debit        
G. Deferred income taxes          Credit         
H. Accumulated depreciation          Credit         
I. Accrued salaries          Credit         
J. Sales          Credit         
K. Common stock          Credit         
L. Investments         Debit        
M. Notes payable          Credit         
Grade 10 Accounting
What are the normal or typical balances for the following accounts:

Note Payable:          Credit         
Cost of Goods Sold:          Debit          
Sales:          Credit         
Checking:          Debit          
Prepaid Rent:          Debit          
Payroll Liabilities:          Credit         
Interest Expense:          Debit          
Graduate Accounting
Indicate whether the following expenditures were expensed (E) or capital (C) in nature:

1. Broken window was replaced in the office.           Expense          

2. An addition to the office was built during the year.           Capital          

3. A major repair, which extended the life of a machine, was made during the year.           Capital          

4. A transmission in a truck was replaced during the year.           Expense          

5. A wastebasket was purchased during the year.           Expense          
Graduate Accounting
The chart of accounts for Baker Company, a wholesale merchant, who uses the accrual basis of accounting is as follows:

A. Cash
B. Accounts receivable
C. Reserve for bad debt
D. Marketable securities
E. Inventory
F. Equipment
G. Accumulated depreciation
H. Prepaid expense
I. Accounts payable
J. Notes payable
K. Deferred income
L. Capital stock
M. Retained earnings
N. Sales
O. Cost of goods sold
P. Other income accounts
Q. Various general and administrative expense accounts
R. Income tax expense

For the monthly transactions listed below indicate (by letter) the account(s) that should be debited and credited:

1. Merchandise for resale is purchased on credit. Debit      E      Credit      I     
2. Payment is received for merchandise previously sold. Debit      A      Credit      B     
3. Marketable securities are sold at a gain. Debit      A      Credit       D,P      
4. The company sells capital stock for cash. Debit      A      Credit      L     
5. Payment is made for the merchandise purchased on credit. Debit      I     Credit      A     
6. Bills for telephone, office supplies and auto repairs are received but not paid
this month. Debit      Q      Credit      I     
7. Merchandise received from a supplier is found defective and returned for credit
before payment has been made. Debit      I      Credit      E     
8. A truck is purchased. The seller accepts a note in addition to a cash down payment.
Debit      F      Credit       A,J      
9. Monthly interest on the note is recorded. Debit      Q      Credit           I(or J)          
10. Merchandise for resale is purchased on credit. Debit      Q      Credit      G     
11. The office rent for the current month is paid. Debit      Q      Credit      A     
12. Merchandise is sold on credit. Debit      B      Credit      N     
13. An estimate of uncollectible accounts is recorded. Debit      Q      Credit      C     
14. An account is written off as uncollectible. Debit      C      Credit      B     
15. Inventory is adjusted to record merchandise sold. Debit      O      Credit      E     
16. Merchandise purchased in a prior month is returned by a customer for credit (show
all related entries). Debit           N&E           Credit           B&O          
17. Expired insurance for the month is recorded. Debit      Q      Credit      H     
18. While reconciling the bank statement it is discovered that the rent check for $500
was recorded in the Journal as $5,000 and a correcting entry is made. Debit      A      Credit      Q     
19. Salesmen's "commissions" were imporperly recorded as "salaries" and a correcting
entry is made. Debit      Q      Credit      Q     
20. Accrued income taxes are paid. Debit      I      Credit      A     
21. A tenant pays one year's rent in advance. Debit      A      Credit      K     
22. A dividend is declared and paid. Debit      M      Credit      A     
Graduate Accounting
Number in sequential order the following steps of a normal accounting cycle:

     5      A. Taking a trial balance
     6      B. Journalizing and posting adjusting and closing entries
     1      C. Collecting transaction data
     3      D. Journalizing transactions
     7      E. Preparing financial statements
     2      F. Analyzing transactions
     4      G. Posting the the ledger
Graduate Accounting
Number the following items in the order of their usual appearance on an income statement:

     2      1. Cost of goods sold
     5      2. Income tax expense
     7      3. Net income
     6      4. Extraordinary gains and losses (net of tax)
     3      5. Other income
     1      6. Sales
     4      7. General and administrative expense
Graduate Accounting
Match the following definitions with the proper financial statements:

A. The statement of assets, liabilities, and owners' equity
B. The statement of cash inflows and outflows
C. The statement of revenues and expenses
D. The statement of sources and uses of owners' equity

     C      1. Income Statement
     A      2. Balance Sheet
     B      3. Statement of Cash Flows
          B&C           4. Which of the two above statements report data for a period of
time as opposed to a specific date in time?
None Accounting
WHO IS THE MERCHANT SERVICES REPRESENTATIVE FOR THE UPSTATE REGION?             JILL SWEAT             
Grade 10 Accounting
                  ...............                  Using the accounting equation:
Owner's equity= 36,000, Liabilities=27,000, Assets=
Graduate Accounting
Which of the following journals should be used to record the transactions listed below:

Journals:
CR = Cash Receipts Journal
CD = Cash Disbursements Journal
G = General Journal
S = Sales Journal
P = Purchases Journal

1. Borrowed cash from a bank.        CR/G       
2. Sold merchandise for cash.        CR/S       
3. Recorded depreciation expense for the year.      G     
4. Paid rent expense.      CD     
5. Paid an account payable.      CD     
6. Accrued payroll taxes.      G     
7. Amortized prepaid insurance.      G     
8. Returned merchandise to a supplier for credit.       P/G      
9. Sold merchandise for credit.      S     
10. Sold common stock for cash.      CR     
11. Write off an account receivable to bad debt expense.      G     
12. Collected an account receivable.      CR     
Continuing Education Accounting
An asset purchased ten years ago for $100,000 has accumulated
depreciation of $100,000 at the end of its tenth year. What amount
should be charged to depreciation if the asset is used in its eleventh
year?
  1. 9090
  2. 1000
  3. 0
  4. 10000
Graduate Accounting
Number the following items in the order of their usual appearance on a balance sheet:

     8      1. Retained earnings
     1      2. Cash
     3      3. Inventory
     7      4. Contributed capital
     4      5. Fixed assets
     6      6. Long-term liabilities
     5      7. Accounts payable
     2      8. Accounts receivable
Continuing Education Accounting
Checks written by a company but not yet clearing its bank checking
account are referred to as               outstanding              checks.
Continuing Education Accounting
Under accrual accounting, amounts received in advance of providing
a service should be reported as
  1. A liability
  2. Revenue
  3. Not reported
Continuing Education Accounting
When a purchase is made on credit, Accounts           Payable          is
credited.
Continuing Education Accounting
Accruing wages expense as of December 31 has what effect on the
December 31 balance sheet?
  1. Assets decrease
  2. Liabilities increase
  3. Owner's equity increases
Continuing Education Accounting
A company's bank statement shows a balance of $1,234 on
December 31. The company's general ledger shows a balance
of $658. The bank statement reports a service charge of $14.
The amount of outstanding checks is $590. The adjusted or
correct cash balance to be reported on the balance sheet for
this account is                                                    $644.00 (1,234.00 - 590.00) and (658.00 - 14.00)                                                   .
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