Quiz 1 Financial Statement [PDF]

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Komunitas @JagoAkuntansi Indonesia QUIZ 1 Subject : Financial Statement Examiner : Fadly Alwahdy Date : Saturday, 10 September 2016 ========================================================= Score Name : Rahman Safii University : Universitas Sultan Ageng Tirtayasa Semester :5 CLOSEBOOKS ========================================================= Question 1 Which of the following is a required financial statement? Statement of Cash Flows Statement of Auditor Independence Statement of Tangible Equity Statement of Revenues and Expenditures Statement of Assets and Liabilities



Question 2 Which of the following is an asset? (check all that apply) Notes Payable Prepaid Rent Common Stock Cash Retained Earnings



Question 3 What are Ending Retained Earnings in the table below? Total Assets 300 Total Liabilities 120 Total Stockholders’ Equity Beginning Retained Earnings 30 Ending Retained Earnings ? Dividends 10 Revenues 190 Expenses 140 Net Income Cash 50



70 50 -20 Not enough information 20



Question 4 Which of the following transactions violates the balance sheet equation? (check all that apply) Increase cash and reduce inventory (a non-cash asset) Increase revenues and reduce a liability Increase cash and reduce a liability Increase cash and increase an expense Reduce cash and reduce a liability



Question 5 Which of the following are liabilities? (check all that apply) Common Stock Salaries Payable Retained Earnings Employment Contracts Prepaid Rent



Question 6 Which of the following accounts would be increased with a Credit? (check all that apply) Inventory Additional Paid-in Capital Notes Payable Revenue Prepaid Rent



Question 7 Which of these journal entries represent paying cash to reduce a liability? (check all that apply) Dr. Cash 1000 Cr. Notes Payable 1000 Dr. Land



100



Cr. Cash



100



Dr. Income Taxes Payable Cr. Cash Dr. Cash 300 Cr. Accounts Payable Dr. Retained Earnings Cr. Cash



500 500



300



500 500



Question 8 Which journal entry reflects the following transaction?: BOC sold 10,000 shares of $1 par value stock to investors for $5 per share. Dr. Cash 10,000 Cr. Common Stock



10,000



Dr. Cash 50,000 Cr. Common Stock 40,000 Cr. Additional Paid-in Capital 10,000 Dr. Cash 50,000 Cr. Common Stock 10,000 Cr. Additional Paid-in Capital 40,000 Dr. Cash 50,000 Cr. Common Stock 50,000 Dr. Common Stock 10,000 Dr. Additional Paid-in Capital 40,000 Cr. Cash 50,000



Question 9 Which journal entry reflects the following transaction?: BOC bought a $75,000 piece of equipment with cash. Dr. Cash 75,000 Cr. Equipment 75,000 Dr. Inventory Cr. Cash



75,000 75,000



Dr. Cash 75,000 Cr. Inventory 75,000 Dr. Prepaid Expense 75,000 Cr. Cash 75,000



Dr. Equipment 75,000 Cr. Cash 75,000



Question 10 Which journal entry reflects the following transaction?: BOC paid $3,000 upfront for next year's rent. Dr. Prepaid Rent Cr. Cash



3,000 3,000



Dr. Rent Revenue Cr. Cash



3,000 3,000



Dr. Rent Expense 3,000 Cr. Cash 3,000 Dr. Cash 3,000 Cr. Rent Expense 3,000 Dr. Cash Cr. Prepaid Rent



3,000 3,000



Question 11 Which of these transactions would produce $10,000 of revenue in December? (check all that apply) BOC delivered $10,000 of goods in December to customers that ordered them and have 30 days to pay for them. BOC collected $10,000 of cash in December from customers who received goods in November. BOC signed a contract to deliver $10,000 of goods to a customer in January. BOC delivered $10,000 of goods in December to a customer that paid a $10,000 cash deposit in November. BOC collected a $10,000 deposit in December for goods it will ship in January.



Question 12 Which of these transactions would produce $10,000 of expenses in December? (check all that apply) BOC pays its advertising agency $10,000 in December for ads that ran in December. BOC pays its auditor $12,000 in December for all of the work the auditor performed during the year. BOC pays $10,000 in cash dividends in December. BOC receives a $10,000 invoice from its lawyers for services performed in December. The bill is due in January. BOC hires a new COO in December to start work in January. The COO will be paid $10,000 per month.



Question 13 Which journal entry reflects the following transaction?: BOC receives a $2,000 cash deposit from a customer for custom goods that will be delivered next year. Dr. Cash 2,000 Cr. Revenue 2,000 Dr. Cash 2,000 Cr. Advances from Customers



2,000



Dr. Cash 2,000 Cr. Inventory 2,000 Dr. Deposits 2,000 Cr. Future Revenue



2,000



Dr. Advances from Customers Cr. Cash



2,000 2,000



Question 14 Which journal entry(s) reflects the following transaction?: BOC received $5,000 of cash from a customer who took delivery of goods that originally cost BOC $4,000 to acquire. Dr. Cash 5,000 Cr. Revenue 5,000 Dr. Cost of Goods Sold 4,000 Cr. Inventory 4,000 Dr. Cash 5,000 Cr. Inventory 4,000 Cr. Revenue 1,000 Dr. Cash 5,000 Cr. Revenue 5,000 Dr. Accounts Payable 4,000 Cr. Inventory 4,000 Dr. Cash 5,000 Cr. Revenue 5,000 Dr. Cash 5,000 Cr. Inventory 5,000



Question 15 How much annual depreciation expense would be recognized for a truck that originally cost $30,000 and has an estimated useful life of 5 years with a $5,000 salvage value? $7,000 $10,000 $3,333 $5,000 $6,000



Question 16 Which journal entry reflects the adjusting entry needed on December 31?: It is December 31, the end of the fiscal year. During December, employees earned $800,000 in salaries, but paychecks do not get issued until January 2. Dr. Salary Expense Cr. Cash



800,000 800,000



Dr. Cash 800,000 Cr. Salaries Payable



800,000



No entry is needed. Dr. Salary Expense 800,000 Cr. Salaries Payable 800,000 Dr. Salaries Payable Cr. Cash



800,000 800,000



Question 17 Which journal entry reflects the adjusting entry needed on December 31?: Last year, BOC purchased software for $10,000. The expected life of the software is 2 years and it has no expected salvage value. Now, it is December 31, the end of the fiscal year. No other entries were recorded for this software during the year. No entry needed. Dr. Software Amortization Expense Cr. Cash



5,000 5,000



Dr. Software Amortization Expense Cr. Software Revenue



5,000 5,000



Dr. Software Amortization Expense Cr. Accumulated Depreciation



5,000 5,000



Dr. Software Amortization Expense Cr. Software



5,000 5,000



Question 18 Which journal entry reflects the adjusting entry needed on December 31?: In September, BOC received an order for $500,000 of products that will be delivered and billed in January. Now, it is December 31, the end of the fiscal year, and no prior entry has been recorded for this order. Dr. Advances from Customers 500,000 Cr Revenue 500,000 No entry needed. Dr. Accounts Receivable 500,000 Cr Revenue 500,000 Dr. Order Backlog Cr Revenue



500,000 500,000



Dr. Accounts Receivable 500,000 Cr Unearned Revenue 500,000



Question 19 Which item would not appear on a Balance Sheet? Interest Payable Accounts Receivable Retained Earnings Gross Profit Prepaid expenses



Question 20 Which of the following are temporary accounts? (check all that apply) Dividends Payable Income Tax Expense Retained Earnings Sales Revenue Cost of Goods Sold The deadline for completing the quiz is 11:59:00 pm WIB on September 11, 2016. The answer sheet has to sent to [email protected] cc [email protected]



--- good luck ---