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1.DOUBLE ENTRY

1. Which of the following business events affects the expanded accounting equationand should be recorded?

a.A part-time worker is hired. The employee will work 15–20 hours per week starting next Monday at a rate of $18 per hour.

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

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4. What accounts are affected when utility expenses of the current month werepaid?

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 (VATof 10% is applied). The amount of VAT is:

b.$ 1,000

c.$ 20

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3. Company A sell 1,000 units of product X at price $2 per unit (VAT of 10% isapplied) on credit. Journalise the transaction:

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

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

4. Company A uses perpetual inventory system. Company A buy 2,000 units ofproduct D at price including VAT $3,3 per unit on credit. (VAT is $0,3 per unit).Journalise the transaction:

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

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

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

a. $4,500 b. $2,500

c. $1,500

d. $6,000

6. Company A has the following data in Jan: The amount of VAT control on debitside on 1st Jan: $1,500, the amount of VAT output: $6,000, the amount of VATinput: $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?

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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 $200,000remains uncollected on 31st December. The credit manager estimates that $12,000

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of these sales will be uncollectible. What is entry to record the estimateduncollectibles:

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

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

2. The two methods of accounting for uncollectible accounts are allowance methodand:

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 beuncollectible. Its Allowance for Doubtful Debts Accounts presently has a creditbalance of $18,000. The accounting entry will include a __________ to Bad Debts

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4. If company write off confirmed irrevocable debts (bad debts) are greater thanprevious 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 acredit balance of $54,000. On December 31 20XX, $90,000 of uncollectible accountsreceivable were written off. What is the entry for bad debts expense:

a.Credit Of 36,000

b.Debit Of 36,000

c.Debit Of 90,000 d.Credit Of 90,000

6. On 18th October, American Co. writes off M. Tom $200 balance as uncollectible.There are not allowance before company makes writing off. What is the American’sentry .

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

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7. A company estimates that 20% of its $500,000 of accounts receivable will beuncollectible. 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 beuncollectible. Its Allowance for Doubtful Debts Accounts presently has a creditbalance 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 15,000 d.Debit Allowance for Doubtful Debts 15,000; Credit Doubtful Debts expense 15,000

9. To record estimated uncollectible accounts using the allowance method, theadjusting 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.

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

11. On 31 December 20X0, Hampson Furniture has overdues receivable are $25,000,estimated that the equivalent of 30% of these customers were likely never to paytheir debts. What is the accounting entry:

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, theadjusting entry would be:

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

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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. $85,000

a. Cannot be determined.

a. $90,000

3.Webby Company reported the following amounts on its income statement: ServiceRevenues, $31,600; Interest Expense, $300; and Net Income, $1,600. If the onlyother account reported on the income statement was for “selling expenses,” what isits amount?

a. $30,900

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a. $30,000 a. $2,200

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 is understated.

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

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

5. On July 1, 20X6, Amir Communications purchased a new piece of equipment thatcost $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

6. During a period of rising prices, the inventory method that will yield the highestnet income and asset value is

a. specific identification. a. LIFO.

a. average cost.

7. A company was recently formed with $50,000 cash invested by the owner. Thecompany then borrowed $20,000 from a bank, and bought $10,000 of supplies on

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account. The company also purchased $50,000 of equipment by paying $20,000 incash and signing a note for the remainder. What is the amount of total assets to bereported 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?

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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 bereported 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 isexpected to last 5 years and has a residual value of $6,000. If the company uses thedouble declining-balance method, accumulated depreciation at the end of year 2 will

13. Jimmy’s DVD, Inc., uses the double-declining-balance method for depreciationon its computers. Which item is not needed to calculate depreciation for the firstyear?

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 anexpense affect net income for the business in the current period?

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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 beshown 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 measureresults of their operations.

18. Accounts Receivable has a debit balance of $2,400, and the Provision forDoubtful 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?

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a. $2,310. a. $2,090.

a. $2,000.

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

20. On January 1, 20X6, Amir Communications purchased a new piece ofequipment that cost $65,000. The estimated useful life is 10 years and estimatedresidual value is $5,000.If Amir uses the straight-line method for depreciation, whatis the asset’s book value at the end of 20X7?

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1. On July 1, 20X6, Amir Communications purchased a new piece of equipment thatcost $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

2. June/20X0, a company paid $450 for a security service in advance for the thirdquarter of 20X0. In the end of July/20X0, the adjusting entry is as followed:

a. Dr Administrative expense 450 / Cr Prepaymen 450 a. Dr Prepayment 450 / Cr Cash 450

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 abusiness?

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

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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 of Sales) 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.

Giải thích:

Option a:

Expenses are to be reported on the debit side of the income statement. This is the golden rule that debits all the expenses. Thus, this option is incorrect.

Option b:

Current liabilities and current assets are reported on the balance sheet on a particular date. And it has nothing to relate to the income statement. No current assets and liabilities are reported in the income statement. Thus, this option is incorrect.

Option c:

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As per the matching concept, that states all the expenses of a particular period should be matched 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 matching concept is not connected with cost allocation. It only tells the time of reporting an expense 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 measureresults 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.

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10. A company bought $300 worth of inventories and paid $100 to the seller. Therest 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 ofsupplies 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 torecord 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 ofequipment that cost $65,000. The estimated useful life is 10 years and estimatedresidual value is $5,000.If Amir uses the straight-line method for depreciation, whatis the asset’s book value at the end of 20X7?

a. $59,000 a. $54,000 a. $48,000

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***14. The Unearned Revenue account of Genius Incorporated began 20X6 with anormal balance of $3,000 and ended 20X6 with a normal balance of $18,000. During20X6, the Unearned Revenue account was credited for $27,000 that Genius will earnlater. Based on these facts, how much revenue did Genius earn in 20X6?

a. $15,000

a.$42,000a.$12,000

a. $27,000

15. A company purchased an oil well for $270,000. It estimates that the well contains100,000 barrels, has an eight-year life, and has no salvage value. If the companyextracts and sells 20,000 barrels of oil in the first year, how much depletion expense

a. Total owners’ equities.

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

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

18. If a bookkeeper mistakenly recorded a $45 deposit as $54, the error would beshown on the bank reconciliation as a

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 endinginventories were $16,000 and $28,000, respectively. Purchases for the period must

20. Given the following information: Receivables at 1st Jan 20X0: $10,000,Receivables at 31st Dec 20X0: $5,000, Total net revenues during 20X0: $80,000.What is the amount of cash receipt during 20X0?

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1. Net sales total $803,000. Beginning and ending accounts receivable are$80,000 and $74,000, respectively. Amount of cash were received fromcustomers during the period is:

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 the period. 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 - Ending accounts receivable)

Cash received from customers = 803,000 + (80,000 - 74,000) Cash received from customers = 803,000 + 6,000

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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 abusiness?

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.

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

a. $7,800

b. $8,020

c. $7,820

d. $7,580

5. During the year 20X0, a business earned $520.000 of sale revenue, $25.000 ofinterest revenue and $11.000 of other income. It incurred $41.000 of interestexpense, $8.000 of other expenses, $128.000 of operating expenses and $360.000 ofCost of Goods Sold. Income tax rate is 20%. Net profit of the year is:

a. $15.200

b. $19.000

c. $22.800

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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 is overstated.

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

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

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

7. On January 1, 20X6, Amir Communications purchased a new piece of equipmentthat cost $65,000. The estimated useful life is 10 years and estimated residual valueis $5,000.If Amir uses the straight-line method for depreciation, what is the asset’sbook value at the end of 20X7?

a. $48,000

b. $53,000

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