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Multiple-choice Questions (單選) 40%，每小題4分 |
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1. |
Which of the following is the major principle
relied upon by the accountant in determining the net income of a business？
A.Cause and effect B.Matching C.Materiality D.Going concern |
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2. |
The revenue recognition principle is primarily
concerned with：
A.how revenue is recorded. B.where revenue is recorded
C.which revenue is recorded. D.when revenue is recorded. |
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3. |
Premiums or discounts created through purchases of long-term bond investment
are：
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A. |
ignored |
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B. |
Included in the investment in Bonds account without distinguishing
them as premium or discount. |
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C. |
recorded in premium and discount accounts |
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D. |
amortized over the remaining life of the bond or five years,
whichever is shorter. |
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4. |
An appropriation of retained earnings represents： |
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A. |
a use-restricted quantity of assets in a firm. |
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B. |
cash set aside for use in paying cash dividends. |
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C. |
a restriction of the use of retained earnings for declaring
cash dividends. |
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D. |
all of the above. |
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5. |
Given the information as follows：Net sales $160,000；Gross
margin $32,000；
Purchases(net) $96,000；Ending inventory $24,000. The inventory at the beginning
of the period covered by the above data was：
A.$8,000 B.$40,000 C.$56,000 D.$128,000 |
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6. |
Given the following： |
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Cost Retail
Beginning inventory $90,000 $140,000
Net purchases and transportation-in 330,000 460,000
Sales 490,000
Using the retail inventory method, the cost of the ending inventory is：
A.$294,000 B.$70,714 C.$314,000 D.$77,000 |
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7. |
The W Co. accounts showed a credit balance of
$700 in the allowance for uncollectible accounts, credit sales for the year
of $68,000, and an ending balance of accounts receivable of $46,500. If
it estimated that 3% of credit sales become uncollectible, uncollectible
accounts expense for the year is：
A.$1,395 B.$1,340 C.$2,040 D.$2,740 |
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8. |
D Company gave a 120-day, $6,000, 12% note to
R. Co. When there were 45 days until the maturity date. R's bank discounted
the note at 16%. What amount of cash did R. received？
A.$6,146.80 B.$6,115.20 C.$6,032.00 D.$6,000.00 |
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9. |
B Corporation has outstanding 3,000 shares of
8%, cumulative, nonparticipating preferred stock, $50 par, and 20,000 shares
of $25 par value common stock. No dividends are in arrears. If the board
declares $50,000 in dividends, how much goes to each class of stock？ |
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A. |
Preferred $12,000, common $38,000 |
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B. |
Preferred $8,000, common $42,000 |
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C. |
Preferred $24,000, common $26,000 |
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D. |
Preferred $50,000, common $0 |
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10. |
M Company has a cash balance of $15,476.40 on
a certain date. On the same date, the bank showed a balance of $16,736.40
in M's account. The difference could be caused by： |
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A. |
a deposit in transit of $1,260 |
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B. |
outstanding checks for $1,530 together with a customer's NSF
check for $270 |
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C. |
a service charge of $36 together with $1,224 of outstanding
checks. |
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D. |
a $720 note collected by the bank together with outstanding
checks of $1,980. |
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| 二、 |
Unaudited comparative income statements for E
Corporation appear below： |
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In your audit you discover the following errors: |
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a) |
E failed to record sales of $2,000 on account made near the
end of 20x3 |
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b) |
Ending inventory for 20x2 was overstated by $1,000 as a result
of an error in the physical count. |
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c) |
At the beginning of 20x2. E purchased a fixed asset for $4,000.
Although the estimated life of the asset was five years, the entire cost
was expensed in 20x2. E use straight line depreciation on all fixed assets. |
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Required：Fill in the blanks above to show the
correct income statement items for 20x3 and 20x2. (16%，每格2分) |
| 三、 |
The Dec. 31,20x3, balane sheet of K Company is
presented below： |
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Required：
Calculate the following amounts indicated by a question mark (?).
1.Accounts receivable(net) 2.Inventory 3.Accounts payable (trade)
4.Long-term debt 5.Retained earnings
(20%，每小題4分) |
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| 四、 |
Using the following information to answer the
required questions： |
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Additional information：
1.During 20x3, equipment costing $40,000 was sold for cash.
2.Accounts receivable relate to sales of merchandise.
3.During 20x3, $20,000 of bonds payable were issued in exchange for property,
plant, and equipment. There was no amortization of bond discount or premium.
Required：Compute the amounts of the following items：
1.Payment for purchase of property, plant, and equipment.
2.Proceeds from the sales of equipment. .
3.Cash dividends paid.
4.Redemption of bonds payable.
(24%，每小題6分) |
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