ACCT 304 All Quizzes Week 1 - 5ACCT 304 Intermediate Accounting I

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DownloadACCT 304 Week 1 Quiz1. (TCO 1) Which of the following was the first private sector entity that set accounting standards in the United States?2. (TCO 2) The enhancing qualitative characteristic of understandability means that information should be understood by3. (TCO 3) XYZ Corporation receives $100,000 from investors for issuing them shares of its stock. XYZ’s journal entry to record this transaction would include a4. (TCO 3) Cal Farms reported a supplies expense of $2,000,000 this year. The supplies account decreased by $200,000 during the year to an ending balance of $400,000. What was the cost of supplies Cal Farms purchased during the year?5. (TCO 3) Temporary accounts would not include

ACCT 304 Week 2 Quiz1. (TCO 4) Current assets include cash and all other assets expected to become cash or be consumed2. (TCO 4) Rent collected in advance is3. (TCO 4) Janson Corporation Co.’s trial balance included the following account balances at December 31, 2011:What amount should be included in the current liability section of Janson’s December 31, 2011 balance sheet?4. (TCO 4) Which of the following would be disclosed in the summary of significant accounting policies disclosure note?5. (TCO 4) Below is the partial balance sheet ($ in thousands) for Paisano Seafood Inc.

ACCT 304 Week 3 Quiz1. (TCO 5) Popson Inc. incurred a material loss that was not unusual in character, but was clearly an infrequent occurrence. This loss should be reported as2. (TCO 5) Provincial Inc. reported the following before-tax income statement items:Operations income: $600,000Extraordinary loss: $ 100,000Extraordinary gain: $60,000Provincial has a 30% income tax rate.Provincial would report the following amount of income tax expense as a separate item in the income statement3. (TCO 5) The financial statement presentation of a change in depreciation method is most similar to that of reporting4. (TCO 5) Cash flows from financing activities include5. (TCO 5) Review Rowdy’s Restaurants cash flow (in millions):

ACCT 304 Week 4 Quiz

1. (TCO 5) Slick’s Used Cars sells pre-owned cars on an installment basis and carries its own notes because its customers typically cannot qualify for a bank loan. Default rates tend to be high or unpredictable. However, in the event of nonpayment, Slick’s can usually repossess the cars without loss. The revenue method Slick would use is the2. (TCO 5) On December 15, 2011, Rigsby Sales Co. sold a tract of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payment of $500,000 with the balance in two equal annual installments, payable on December 15, 2012 and December 15, 2013. Ignore interest charges. Rigsby has a December 31 year-end.In 2012, Rigsby would recognize the realized gross profit of3. (TCO 6) Present and future value tables of $1 at 3% are presented below:Carol wants to invest money in a 6% CD account that compounds semiannually. Carol would like the account to have a balance of $50,000 5 years from now. How much must Carol deposit to accomplish her goal?4. (TCO 6) Sondra deposits $2,000 in an IRA account on April 15, 2011. Assume the account will earn 3% annually. If she repeats this for the next 9 years, how much will she have on deposit on April 14, 2020?5. (TCO 6) Micro Brewery borrows $300,000 to be paid off in 3 years. The loan payments are semiannual, with the first payment due in 6 months, and interest is at 6%. What is the amount of each payment?

ACCT 304 Week 5 Quiz1. (TCO 7) Cash may not include2. (TCO 7) On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for cash discounts. What is the correct entry for Flores on November 10?3. (TCO 7) Which of the following does not change the balance in accounts receivable?4. (TCO 7) Brockton Carpet Cleaning prepares a bank reconciliation at the end of every month. At the end of July, the balance in the general ledger checking account was $2,750, and the bank balance on the bank statement was $2,980. Outstanding checks totaled $680, and deposits in transit were $400. The bank statement revealed that a check written for $120 was incorrectly recorded by Brockton as a $220 disbursement. The bank statement listed service charges and NSF check charges totaling $150. The corrected cash balance is5. (TCO 7) At January 1, 2011, Farley Co. had a credit balance of $520,000 in its allowance for uncollectible accounts. Based on past experience, 2% of Farley’s credit sales have been uncollectible. During 2011, Farley wrote off $650,000 to accounts receivable. Credit sales for 2011 were $18,000,000. In its December 31, 2011 balance sheet, what amount should Farley report as allowance for uncollectible accounts?

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