Đề ca 1 ngày 2/7/2022

Câu 1: What does the method allocate the cost of goods available for sale on the basic of
the weighted-average unit cost incurred
A) Average- Cost method
B) Specific identification
C) LIFO method
D) FIFO method

Câu 2: A major disadvantage of a corporation is:

A) Separate legal existence.
B) Additional taxes.
C) Limited liability of stockholders.
D) Transferable ownership rights.
Câu 3: FICA taxes payable was credited for $2,800, federal income tax was credited for
$7,320 in the entry when Anna Company recorded payroll. If employees' gross earnings
are $36,600, what am ount would be credited on Salaries and wages payable?
A) $36,600
B) $46,720
C) $10,120
D) $26,480

Câu 4: A basic assumption of accounting assumes that the dollar is

A) A poor measure of economic activities.
B) Unrelated to business transactions.
C) Useless in measuring an economic event
D) The common unit of measure for all business transactions.

Câu 5: On 1 June 2020. Fingerprint company sell their equipment, which was purchased
on 1 March 2017 for $800,000. The equipment was recorded by the straight-line method
over 10 years with a sal vage value of $5,000. The am ount of depreciation expense
should be recorded on this asset in 2020 ?
A) $33,150
B) $33,125
C) $79,500
D) $33,333
Câu 6: At 31. March, unadjusted trial balance shows revenue of 𝑆8,500 and expenses of
$5,200. Adjustments should be journalized for the following items a) Depreciation for
March is $1.000 b) Revenue recognized but not yet billed is $2,000
The net income after adjustments is:
A) 3,300
B) 10,500
C) 4,300
D) 2,300

Câu 7: A buyer would record a payment within the discount period under a perpetual
inventory system by crediting
A) Purchase Discounts
B) Accounts Payable
C) Sales Discounts
D) Inventory

Câu 8: The proceeds upon issuing an interest-bearing note is recorded as

A) Notes Payable
Cash
B) Cash
Notes Payable
Interest Payable
C) Interest Expense
Cash
Notes Payable
D) Cash
Notes Payable
Câu 9: Trade accounts receivable are valued and reported on the balance sheet
A) in the investment section
B) at gross amounts less sales returns and allowances
C) only if they are not past due
D) at net realizable value

Câu 10: In 2019. Waterhouse had net credit sales of $850,000. On January 1, 2019,
Allowance for Doubtful Accounts had a credit balance of $18,000. During 2019, $27,000
of uncollectible accounts receivable were written off. Past experience indicates that the
allowance should be 10% of the balance in receivables (percentage of receivable basis). If
the accounts receivable balance at December 31 was $160,000, what is the required
adjustment to the Allowance for Doubtful Accounts at December 31, 2019?
A) $25,000
B) $16,000
C) $27,000
D) None of the above
Câu 11: The entry to record depreciation
A) decreases assets and owner's equity
B) decreases assets and increases liabilities
C) decreases assets and liabilities
D) increases liabilities and net income

Câu 12: Jackson Company is a publicly held corporation whose $1 par value stock is
actively traded at $64 per share. The company issued 3,000 shares of stock to acquire
land recently advertised at $200,000. When recording this transaction, Barton Company
will
A) debit Land for $200,000.
B) credit Common Stock for $192,000.
C) credit Paid-In Capital in Excess of Par for $196,000.
D) debit Land for $192,000.

Câu 13: If an owner makes a withdrawal of cash from a proprietorship, then

A) Owner's equity will decrease.
B) Owner's equity will increase.
C) There has been a violation of accounting principles.
D) There will be a new liability showing the owner owes money to the business.
Câu 14: Beginning inventory plus the cost of goods purchased equals
A) Total goods purchased
B) Ending inventory
C) Cost of goods available for sale
D) Cost of goods sold

Câu 15: A sales discount does not

A) reduce the amount of cash received from a credit sale.
B) increase a contra-revenue account
C) provide the purchaser with a cash saving.
D) increase an operating expense account.

Câu 16: The formal instruments of credit which are issued as evidence of the debt are:
A) Accounts receivable
B) Other receivable
C) Notes receivable
D) Interest receivable
Câu 17: Which one of the following is shown on a multiple-step but not on a single step
income statement?
A) Gross profit
B) Net sales
C) Cost of goods sold
D) Net income:
Câu 18: Assets, liabilities, and equity accounts are not closed; these accounts are called
A) Nominal accounts
B) Permanent accounts
C) Contra accounts
D) Temporary accounts
Câu 19: Closing entries may be prepared from all of the following cxcept:
A) Income statement and balance sheet columns of the worksheet
B) Adjusted balances in the ledger
C) Income and owner's equity statements
D) Balance sheet

Câu 20: Fees earned (but not yet received in cash) by a business in exchange for services
it provided appear on which of the following statements?
A) Statement of owner's equity.
B) Balance sheet.
C) Balance sheet and Income statement
D) Income statement

Câu 21: Before closing, expense accounts and revenues have total balance of $70,000; and
$82,000. Opening balance of Capital is $35,000: $8,000 additional contribution during
the period; the balance of capital at the end of accounting period is:
A) 47,000
B) 10,000
C) 35,000
D) 55.000

Câu 22: Goods in transit is reported in the inventory of the buyer when the
A) Delivery company accepts the goods from the seller
B) Terms of sale are FOB shipping point
C) Goods reach the buyer.
D) Terms of sale are FOB destination
Câu 23: Identify the impact on the balance sheet if the adjustment is not used for the
following information:
At the end of the month, insurance of $360 expired
A) Assets understated and Owner's Equity understated by $360.
B) Assets understated and Owner's Equity overstated by $360.
C) Assets overstated and Owner's Equity overstated by $360.
D) Assets overstated and Owner's Equity understated by $360.

Câu 24: Fahasa Bookstore had 300 units (at cost $10 per unit) on hand at June 1.
Purchases and sales during the month of June were as follows:
Jun. 4, Sale 150 units (a) $16/unit
Jun. 12. Purchase 250 units @ $12/unit
Jun. 18, Sale 300 units (a) 17 /unit
Jun. 29. Purchase 50 units (a) $13/unit
Fahasa maintains periodic inventory system.
The Gross Profit for the month ended June 30, under the LIFO method is:
A) 2,350
B) 4,800
C) 2,700
D) 5,150

Câu 25: A business organized as a legal entity separate and distinct from ist owners is a:
A) Partnership
B) Limited partnership
C) Sole proprietorship
D) Corporation

Câu 26: East Asian Imports, Inc issued 15,000 shares of stock at a stated value of $8 per
share. The total issue of stock sold for $15 per share. The journal entry to record this
transaction would include a
A) credit to Common Stock for $120,000.
B) credit to Common Stock for $125,000.
C) credit to Paid-in Capital in Excess of Par for $125,000
D) debit to Cash for $120,000

Câu 27: Mary, an employee of Eddie Company, has gross earnings for the month of
October of $8,000. FICA taxes are 7.65% of gross carnings, state income taxes are 2% of
gross earnings. What entry will be recorded for the payroll?
A) Salaries and Wages expense 8,000
FICA taxes cxpense 612
State income taxes expense 160
Salaries and Wages payable 8,772
B) Salaries and Wages payable 8,000
FICA taxes payable 612
State income taxes Payable 160
Salaries and Wages expense 7228

C) Salaries and Wages expense 8,000

FICA taxes payable 612
State income taxes Payable 160
Salaries and Wages payable 7,228
D) Payroll taxes expense 772
FICA taxes payable 612
State income taxes Payable 160
Câu 28: Costner's Market recorded the following events involving a recent purchase of
merchandise:
Received goods for $40,000, terms 2/10, n/30
Returned $800 of the shipment for credit
Paid $200 freight on the shipment.
Paid the invoice within the discount period.
As a result of these events, the company's inventory
A) increased by $38.616
B) increased by $38,416
C) increased by $38,612
D) increased by $39,400.

Câu 29: A basic assumption of accounting that requires activities of an entity be kept
separate from the activities of its owner is referred to as the
A) Monetary unit assumption.
B) Economic entity assumption.
C) Corporate form of ownership.
D) Stand alone concept.
Câu 30: Determining the payroll involves computing:
(1) gross earnings
(2) payroll decuctions
(3) net pay
A) Only (1)
B) (1), (2) and (3)
C) (1) and (2)
D) (1) and (3)
Câu 31: Closing the temporary accounts at the end of each accounting period:
A) Gives the revenue and expense accounts zero balances
B) Serves to transfer the effects of these accounts to the owner's capital account on the
balance sheet
C) Causes owner's capital to reflect increases from revenues and decreases from expenses
and withdrawals
D) All of these
Câu 32: Which is the most common type of reporting period?
A) Monthly, quarterly, annually
B) Daily, monthly, quarterly
C) Annually
D) semi-annually and annually
Câu 33: In which of the following situations would the trial balance not balance?
A) The purchase of office supplies on account for $3,250 was erroneously recorded in the
journal as $2,350 debit to Office Supplies and credit to Accounts Payable.
B) The cash payment of a $750 account payable was posted as a debit to Accounts
Payable and a debit to Cash for $750.
C) A $1,000 collection of an account receivable was erroneously posted as a debit to
Accounts Receivable and a credit to Cash.
D) A $50 cash receipt for the performance of a service was not recorded at all.
Câu 34: Financial statements
A) comprise of financial position and income statement
B) is not necessary when balance sheet and income statement are shown on the
worksheet
C) can be substituted by worksheet
D) are products of accounting cycle.
Câu 35: Which one of the following items is not considered a part of the cost of buill
dings?
A) A new parking lot (structural additions)
B) Cash cost
C) Broker's commission
D) Attorney's fee
Câu 36: Credits
A) increase both assets and liabilities.
B) increase assets and decrease liabilities.
C) decrease both assets and liabilities.
D) decrease assets and increase liabilities.
Câu 37: A system that records in appropriate accounts the dual effect of each transaction
is
A) Trial balance
B) Ledger
C) Chart of accounts
D) Double-entry system
Câu 38: In recording an accounting transaction in a double-entry system
A) there must only be two accounts affected by any transaction.
B) there must always be entries made on both sides of the accounting equation.
C) the amount of the debits must equal the amount of the credits.
D) the number of debit accounts must equal the number of credit accounts.
Câu 39: Blueocean Company purchaser a truck at a cach price of S150,000. The company
also pay sales tax $2000, a three year insurance $1000. The entry to record will be
A) Debit Vehicle 153,000 Credit Cash: 153,000
B) Debit Vehicle 152,000
C)
Debit Vehicle: 152,000
Debit insurance expense: 1,000
D)
Debit Vehicle 152,000
Debit Pre-paid insurance 1.000
Câu 40. The purpose of the financial statement that lists an entity’s total assets and total
capital and liabilities is to show:
a. the financial performance of the entity over a period of time
b. the amount the entity could be sold for in liquidation
c. the amount the entity could be sold for as a going concern
d. the financial position of the entity at a particular point in time