Quiez Nguyên lý kế toán

Tài liệu tổng hợp các câu hỏi trắc nghiệm trêm LMS môn Nguyên lý kế toán có đáp án Trường Đại học Mở Tp.HCM

b.Equipment worth $4,800 is ordered.

c.Office supplies worth $750 are purchased on account.

d.A manager patted an employee on the shoulder saying “good job”

2 Office supplies worth $750 being purchased on account should be journalised as:

a.Dr PPEs $750 / Cr Cash $750

b.Dr Inventory $750 / Cr Accounts Payable $750

c.Dr Supplies $750 / Cr Cash $750

d Dr Supplies $750 / Cr Accounts Payable $750

3 Which of the following accounts ((i) Cash, (ii) Accounts Payables, (iii) Loans, (iv) Inventory) should be credited to record an increase in them?

a (ii) and (iii)

a (i) and (iv)

a (i) only

a (ii) only

4 What accounts are affected when utility expenses of the current month were paid?

a Accounts Payable and Revenues

a Cash and Expenses

a Accounts Receivable and Expenses

a Cash and Accounts Payable

5 Which of the following accounts ((i) Accounts Receivables, (ii) Accounts Payable, (iii) Supplies, (iv) PPEs) should be credited to record an decrease in them?

a (i), (ii) and (iii)

b (i) and (iv)

c (ii) only

d (i) only

2 Value Added Tax

1 Company A sell 1,000 units of product X at net sell of price $2 per unit (VAT

of 10% is applied) The amount of VAT is:

a.$2,000

b.$ 1,000

c.$ 20

a Debit Account Receivable: $2,000; Credit Sales: $2,000

a Debit Account Receivable: $2,000; Credit Sales: $1,800; Credit VAT control:

a Debit Inventory: $6,600; Credit Account Payable: $6,600

b.Debit Inventory: $6,000; Debit VAT Receivable: $600; Credit Account Payable:

$6,600

c.Debit Inventory: $6,600; Debit VAT Receivable: $600; Credit Account Payable: $6,600

d.Debit Inventory: $6,000; Credit Account Payable: $6,000

5 Company A has the following data: The amount of VAT output: $6,000, the amount of VAT input: $4,500 The amount of VAT will be:

a $6,500

a $6,000

a $500

a $0

7 Which statement is correct?

a.VAT is an indirect tax that is applied to the cost of certain goods and services.

b.VAT is an indirect tax that is applied to the cost of all goods and services

c.VAT is a direct tax that is applied to the cost of all goods and services

d.VAT is a direct tax that is applied to the cost of certain goods and services

8 Which statement is correct?

a.We use VAT control account to record VAT When sale is made.

b.We use VAT output account to record VAT When purchase is made

c.We use VAT control account to record VAT When sale is made

d.We use VAT control account to record VAT When purchase is made

9 In which case does the company have to pay VAT to the tax authority?

a.The amount of VAT output is smaller than the amount of VAT input

b.The amount of VAT input is greater than the amount of VAT output

c.The amount of VAT payable is zero

d.The amount of VAT output is greater than the amount of VAT input.

10 When does the company need to calculate the amount of VAT payable?

a.At the end of the financial year

b.At the end of the week

c.At the end of the month or quarter.

d.At the end of the day

3 ALLOWANCE METHOD

1.Hampson Furniture has credit sales of $1,200,000 in 20X0 , of which $200,000 remains uncollected on 31st December The credit manager estimates that $12,000

of these sales will be uncollectible What is entry to record the estimated uncollectibles:

a.Debit Doubtful Debts expense 12,000, Credit Allowance for Doubtful Debts 12,000

b.Debit Allowance for Doubtful Debts 12,000; Credit Doubtful Debts expense 12,000c.Debit Bad Debts expense 12,000; Credit Account receivable 12,000

d.Debit Account receivable 12,000; Credit Bad Debts expense 12,000

2 T he two methods of accounting for uncollectible accounts are allowance method and:

a.Bad Debt Method

b.Accrual Method

c.Direct write-off method

d.Net Realizable Method

3 A company estimates that $20,000 of its $500,000 of accounts receivable will be uncollectible Its Allowance for Doubtful Debts Accounts presently has a credit balance of $18,000 The accounting entry will include a to Bad Debts Expense.

a.Debit Of $20,000

b.Debit Of $2,000

c.Credit Of $38,000

d.Credit Of $2,000

4 If company write off confirmed irrevocable debts (bad debts) are greater than previous allowance for doubtful debts, the accounting entry is:

a.Dr Bad debt expense, Dr Allowance for Doubtful Debts; Cr Accounts Receivable

b.Dr Allowance for Doubtful Debts; Cr Accounts Receivable

c.Dr Bad debt expense; Cr Accounts Receivable

d.Dr Accounts Receivable; Cr Bad debt expense, Cr Allowance for Doubtful Debts

5 On January 1, 20XX, company have Allowance for Doubtful Accounts with a credit balance of $54,000 On December 31 20XX, $90,000 of uncollectible accounts receivable were written off What is the entry for bad debts expense:

a.Debit Allowance for Doubtful Debts 200; Credit Bad Debts expense 200

b.Debit Account receivable 200; Credit Bad Debts expense 200

c.Debit Allowance for Doubtful Debts 200; Credit Account receivable 200

d.Debit Bad Debts Expense 200; Credit Account Receivable 200

7 A company estimates that 20% of its $500,000 of accounts receivable will be uncollectible Its Allowance for Doubtful Accounts presently has a credit balance of

$18,000 Accountant will make debit to:

a.Allowance for Doubtful Debts 8,000

b.Doubtful Debts expense 10,000

c.Doubtful Debts expense 8,000

d.Allowance for Doubtful Debts 10,000

8.A company estimates that $15,000 of its $300,000 of accounts receivable will be uncollectible Its Allowance for Doubtful Debts Accounts presently has a credit balance of $18,000 What is the entry to record the estimated uncollectibles:

a.Debit Allowance for Doubtful Debts 3,000; Credit Doubtful Debts expense 3,000

b.Debit Doubtful Debts expense 3,000, Credit Allowance for Doubtful Debts 3,000

c.Debit Doubtful Debts expense 15,000, Credit Allowance for Doubtful Debts 15,000d.Debit Allowance for Doubtful Debts 15,000; Credit Doubtful Debts expense 15,000

9 To record estimated uncollectible accounts using the allowance method, the adjusting entry would be:

a Debit to Allowance for Doubtful Debts and Credit to Accounts Receivable

b Debit to Accounts Receivable and Credit to Allowance for Doubtful Debts

c Debit to Accounts Receivable and Credit to Allowance for Doubtful Debts

d Debit to Bad Debt Expense and Credit to Allowance for Doubtful Debts.

10 A company estimates that $20,000 of its $500,000 of accounts receivable will be uncollectible Its Allowance for Doubtful Debts Accounts presently has a credit balance of $18,000 The accounting entry will include a to Bad Debts Expense.

a.Debit Bad Debts expense 7,500; Credit Account receivable 7,500

b.Debit Allowance for Doubtful Debts 7,500; Credit Doubtful Debts expense 7,500

c.Debit Doubtful Debts expense 7,500, Credit Allowance for Doubtful Debts 7,500

d.Debit Account receivable 7,500; Credit Bad Debts expense 7,500

12 To record estimated uncollectible accounts using the allowance method, the adjusting entry would be:

a.Debit to Allowance for Doubtful Debts and Credit to Accounts Receivable

b.Debit to Accounts Receivable and Credit to Allowance for Doubtful Debts

c.Debit to Accounts Receivable and Credit to Allowance for Doubtful Debts

d.Debit to Bad Debt Expense and Credit to Allowance for Doubtful Debts.

4 BÀI QUIZZ TỔNG HỢP

BÀI DIỆU HƯƠNG

1.If the adjusting entry to accrue interest on a note receivable is omitted (omitted:

a assets, net income, and shareholders’ equity are overstated

a assets, net income, and shareholders’ equity are understated.

2 Given the following information: Receivables at 1st Jan 20X0: $20,000, Receivables at 31st Dec 20X0: $25,000, Total net revenues during 20X0: $100,000 What is the amount of cash receipt during 20X0?

a $30,900

a $30,000

a $2,200

a $29,700

4 If the adjusting entry to accrued interest received is omitted, then

a assets, net income, and shareholders’ equity are understated.

a assets are overstated, net income is understated, and shareholders’ equity isunderstated

a liabilities are understated, net income is overstated, and shareholders’ equity isoverstated

a assets, net income, and shareholders’ equity are overstated

5 On July 1, 20X6, Amir Communications purchased a new piece of equipment that cost $65,000 The estimated useful life is 10 years and estimated residual value is

$5,000 What is the depreciation expense for 20X6 if Amir uses the straight-line method?

account The company also purchased $50,000 of equipment by paying $20,000 in cash and signing a note for the remainder What is the amount of total assets to be reported on the balance sheet?

b sound personnel procedures

c limited access to assets

d a sound marketing plan

9 Which account is least likely to be debited when revenue is recorded?

11 A company reported assets of $130,000, liabilities of $20,000, expenses of

$220,000, and net income of $40,000 Revenues and owner’s equity would be reported as:

a Revenues $260,000 / Owner’s Equity $150,000

a Revenues $110,000 / Owner’s Equity $180,000

a Revenues $180,000 / Owner’s Equity $110,000

a Revenues $260,000 / Owner’s Equity $110,000

12 A company bought a new machine for $30,000 on January 1 The machine is expected to last 5 years and has a residual value of $6,000 If the company uses the double declining-balance method, accumulated depreciation at the end of year 2 will be

13 Jimmy’s DVD, Inc., uses the double-declining-balance method for depreciation

on its computers Which item is not needed to calculate depreciation for the first year?

a Residual value

a Expected useful life in years

a All the above are needed

a Cost of the computers

14 How will a manager’s decision to record a payment as an asset rather than as an expense affect net income for the business in the current period?

a Net income will be lower.

a The effect cannot be determined

a Net income will not be affected by this decision

a Net income will be higher.

15 The income statement reports

a Only revenue for which cash was received at the point of sale

a Financial position of a business at a specific point in time

a Revenues, expenses, and liabilities

a Net earnings or losses for a period of time.

16 If a bookkeeper mistakenly recorded a $45 deposit as $54, the error would be shown on the bank reconciliation as a

a $9 addition to the bank statement balance

a $9 addition to the book balance

a $9 deduction from the book balance

a $9 deduction from the bank statement balance

17 Accounting exists because:

a Businesses need to provide information to outsiders

a Businesses need to minimize expenses and manage cashflows efficiently

a Businesses need to contribute to national economics

a Businesses need to manage resources efficiently and effectively, and measure results of their operations.

18 Accounts Receivable has a debit balance of $2,400, and the Provision for Doubtful Debt has a credit balance of $400 A $90 account receivable is written off What is the amount of net receivables (net realizable value) after the write-off?

is the asset’s book value at the end of 20X7?

1 On July 1, 20X6, Amir Communications purchased a new piece of equipment that cost $65,000 The estimated useful life is 10 years and estimated residual value is

$5,000 What is the depreciation expense for 20X6 if Amir uses the straight-line method?

a Dr Administrative expense 150 / Cr Cash 150

a Dr Administrative expense 150 / Cr Prepayment 150

3 Which of the following transactions increase both assets and liabilities of a business?

a Purchase inventories with cash

a Sell inventories to customers on account

a Purchase inventories on credit.

a Dispose long-term assets and receive cash

4 Which of the following costs is reported on a company’s Income Statement?

a Accumulated depreciation

a The sum of total liabilities and net income as shown on the income statement.

a The sum of total liabilities and owner’s equity.

a The sum of total liabilities and cash

a The sum of total liabilities, owner’s equity, and net income

6 The matching principle controls

a Where on the income statement expenses should be presented

a How costs are allocated between Cost of Goods Sold (sometimes called Cost ofSales) and general and administrative expenses

a When costs are recognized as expenses on the income statement.

a The ordering of current assets and current liabilities on the balance sheet

Option c:

As per the matching concept, that states all the expenses of a particular period should bematched with the revenue of the same period It states the time when to report an item as

an expense in the income statement

Option d:

Allocation of cost is to be done by the cost center or the management The matchingconcept is not connected with cost allocation It only tells the time of reporting anexpense in the income statement Thus, this option is incorrect

7 The T-account is used to summarize which of the following?

a Debits and credits to a single account in the accounting system.

a Both debit and credit sides of recording a transaction

a Increases and decreases to a single account in the accounting system

a Changes in specific account balances over a time period

8 Accounting exists because:

a Businesses need to minimize expenses and manage cash flows efficiently

a Businesses need to manage resources efficiently and effectively, and measure results of their operations.

a Businesses need to provide information to outsiders

a Businesses need to contribute to national economics

9 Each of the following is an example of a control procedure, except

a limited access to assets

a sound personnel procedures

a a sound marketing plan

a separation of duties

10 A company bought $300 worth of inventories and paid $100 to the seller The rest of the amount will be paid next month The transaction affects:

a Balance Sheet and Income Statement

a Statement of Owners’ Equity

a Income statement

a Balance sheet.

11 The trial balance shows Supplies $1,350 and Supplies Expense $0 If $600 of supplies are on hand at the end of the period, the adjusting entry is:

a Dr Supplies Expense 750 / Cr Supplies 750

a Dr Supplies 750 / Cr Supplies Expense 750

a Dr Supplies 600 / Cr Supplies Expense 600

a Dr Supplies Expense 600 / Cr Supplies 600

***12 If a bank reconciliation included a deposit in transit of $780, the entry to record this reconciling item would include

a a credit to cash for $780.

a Nothing, as no entry is required

a a debit to cash for $780.

a a credit to prepaid insurance for $780

13 On January 1, 20X6, Amir Communications purchased a new piece of equipment that cost $65,000 The estimated useful life is 10 years and estimated residual value is $5,000.If Amir uses the straight-line method for depreciation, what

is the asset’s book value at the end of 20X7?

a $59,000

a $54,000

a $48,000

a $53,000

***14 The Unearned Revenue account of Genius Incorporated began 20X6 with a normal balance of $3,000 and ended 20X6 with a normal balance of $18,000 During 20X6, the Unearned Revenue account was credited for $27,000 that Genius will earn later Based on these facts, how much revenue did Genius earn in 20X6?

a Total owners’ equities

17 Gordon Company uses the aging method in setting its allowance for doubtful receivables Allowance for doubtful accounts prior to adjustment has a credit balance of $2,900 Management estimates that due to the economic crisis, a higher level of allowance is necessary and decides that a $5,600 allowance is an appropriate

amount at the year-end The amount of expense to report on the Income Statement will be

a $9 addition to the bank statement balance

a $9 deduction from the bank statement balance

a $9 deduction from the book balance

a $9 addition to the book balance

19 Lantern Company had cost of goods sold of $148,000 The beginning and ending inventories were $16,000 and $28,000, respectively Purchases for the period must have been

1 Net sales total $803,000 Beginning and ending accounts receivable are

$80,000 and $74,000, respectively Amount of cash were received from customers during the period is:

a.$793,000

b.$809,000.

c.$803,000

d.$877,000

Giải: The correct answer is b $809,000.

Here's how to calculate it:

Net sales represent the total revenue earned from sales during the period In this case,they are $803,000

Beginning accounts receivable represent the amount owed by customers at the beginning

of the period Here, it's $80,000

Ending accounts receivable represent the amount owed by customers at the end of theperiod Here, it's $74,000

Cash received from customers can be calculated using the following formula:

Cash received from customers = Net sales + (Beginning accounts receivable - Endingaccounts receivable)

Therefore:

Cash received from customers = 803,000 + (80,000 - 74,000)

Cash received from customers = 803,000 + 6,000

Cash received from customers = $809,000

Therefore, the company received $809,000 in cash from customers during the period

2 Which of the following transactions increase both assets and liabilities of a business?

a Sell inventories to customers on account

b Purchase inventories with cash

c Dispose long-term assets and receive cash

d Purchase inventories on credit

3 Which of the following transactions DOES NOT decrease the size of a business?

a Purchased a machine on credit.

b Paid cash to purchase a vehicle

c Paid cash to service providers for service performed

d Paid cash to settle a liability

4 Unadjusted net income equals $7,800 Calculate net income after the following adjustments: Salaries payable to employees, $680; Interest due on note payable at the bank, $120; Unearned revenue that has been earned, $940; Supplies used, $360.

a $15.200

b $19.000

c $22.800

d $160.000

6 If the adjusting entry to accrued interest received is omitted, then

a liabilities are understated, net income is overstated, and shareholders’ equity isoverstated

b assets, net income, and shareholders’ equity are overstated

c assets are overstated, net income is understated, and shareholders’ equity isunderstated

d assets, net income, and shareholders’ equity are understated.

7 On January 1, 20X6, Amir Communications purchased a new piece of equipment that cost $65,000 The estimated useful life is 10 years and estimated residual value

is $5,000.If Amir uses the straight-line method for depreciation, what is the asset’s book value at the end of 20X7?

a $48,000

b $53,000