暨南大学考试试卷
教 师 填 写 考 生 填 写 课程 2005 –2006 学年第 二 学期 基础会计学FA（1） 试题 授课教师 考试时间 2006 年 7 月7日 姓 名 沈 红 涛 课程类别 必修[ √]选修[ ] 考试方式 开卷[ ]闭卷[ √] 试卷类别(A、B、…) [ A ] 共 8 页 国 际 学院 C G A 专业 2005 级 姓名 学号 内招[ ] 外招[ ] 试题号 成 绩 一 二 三 四 五 六 七 八 九 十 总 分 Question 1 (20 marks)
Select the best answer for each of the following unrelated items. If more than one answer is given for an item, that item will not be marked. Incorrect answers will be marked as zero. No account will be taken of any explanations you offer. (2 marks each)
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1. The idea that a business be accounted for separately and independently from its owner or owners is known as the: a. objectivity principle. b. business entity principle. c. going-concern principle.
d. revenue recognition principle.
2. Expenses that are incurred during an accounting period but that, prior to end-of-period adjustments, remain unrecorded because payment is not due are: a. prepaid expenses. b. unearned expenses. c. net expenses. d. accrued expenses.
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3. When a petty cash fund is in use:
a. expenses paid with petty cash are recorded when the fund is replenished. b. the Cash account is not affected when the fund is replenished. c. Petty Cash is debited when the fund is replenished. d. Petty Cash is credited when the fund is replenished.
4. In reconciling the bank balance, the amount of an unrecorded bank service charge should be:
a. added to the book balance of cash.
b. deducted from the book balance of cash. c. added to the bank statement balance.
d. deducted from the bank statement balance.
5. A partnership that has two classes of partners, limited partners and one or more general partners is a:
a. permanent partnership. b. temporary partnership. c. limited partnership. d. general partnership.
6. If an invoice for $300, dated January 27, with credit terms of 2/10, n/30, is paid on February 7, the amount paid would be: a. $294. b. $270. c . $300. d. $306.
7. On December 31, 1993, ADT Company's unadjusted trial balance included the following items: Debit
Accounts receivable 61,500 Allowance for doubtful accounts 690
What amount should be debited to Bad Debts Expense assuming 6% of outstanding accounts receivable on December 31, 1993, will be uncollectible? a. $3,648.60 b. $3,731.40 c. $4,380.00 d. $3,000.00
8. An example of a capital expenditure is:
a. a payment for the current year's insurance coverage against fire loss on a building. b. the payment of an employee's wages. c. a payment for an office typewriter.
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d. none of these.
9. X-Ray Company sold for $6,000 an x-ray machine that originally cost $10,000. The accumulated depreciation on this machine was $4,000. X-Ray Company's gain (loss) on this sale is:
a. $ -O-. b. $ 2,000. c. $ 4,000. d. $ 6,000.
10. Ford and Lincoln formed a partnership with capital contributions worth $45,000 and $55,000, respectively. Their partnership agreement calls for Ford to receive a $12,000 per year salary. Also, each partner is to receive a share of earnings equal to a 10% return on capital investments. The remaining income or loss is to be divided equally. If the net income for the year is $28,000, then Ford and Lincoln’s respective shares are: a. $14,000; $14,000 b. $20,000; $ 8,000 c. $12,000; $16,000 d. $19,500; $ 8,500
Question 2 (12 marks)
The owner of a lawn service company prepares monthly financial statements. The following information is available at the end of July.
a) The annual insurance amounting to $1,200 went into effect on July 1. The prepaid
insurance account was debited and cash credited on the same date.
b) The lawn service company’s lawn tractor was purchased for $3,200 last year. The value of
the lawn tractor at the end of its estimated four-year useful life was determined to be $800. This information was made available to record amortization for July.
c) A customer paid for the entire summer’s service in April. The journal entry credited the
Unearned Service Fees account when the payment was received. The monthly fee is $500. d) The last weekly salary of $1,400 was paid to employees on Friday, July 27. Employees are
paid based on a five-day workweek.
e) Revenues of $1,800 were earned by July 31 but not recorded.
Required
Prepare the appropriate adjusting entries for July 31.
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Question 3 (8 marks)
Timmons Company had a January 1, 2002, balance in Allowance for Doubtful Accounts of $7,000.
a) Apr. 15 Joe Blow’s account receivable of $5,700 was deemed uncollectible.
b) July 1 Badman Duke paid the full amount of his previously written-off account
receivable. The receivable of $2,300 had been written off in 2001.
c) Dec. 31 Bad debts expense was estimated to be 2.0% of credit sales, which had amounted
to be $375,000.
Required
Prepare journal entries to record these events during 2002.
Question 4 (15 marks)
On February 1, 2002, Enviro-Engineering Inc. has issued a $416,000 5% three-year bond. Interest is to be paid semi-annually beginning August 1, 2002. Assuming the market interest rate is 4% and the straight-line amortization method is used.
Required
Prepare journal entries for the transactions on the following dates (Show your calculations): a) February 1, 2002 (date of issue)
b) August 1, 2002 (interest payment date) c) September 30, 2002 (Enviro’s year-end)
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Question 5 (6 marks)
Norton Construction Company purchased a cement mixer for $14,500. The mixer is expected to have a useful life of five years and a salvage value of $1,000. The company engineers estimate the mixer will have a useful life of 7,500 hours, of which 2,625 hours were used in 2001. The company's year end is December 31.
Required
Compute the depreciation expense for 2001 assuming the cement mixer was purchased on July 1, 2001, using the following methods: (a) straight-line, (b) units-of-production, and (c) double-declining-balance.
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