accounting assignment

Question # 00004941 Posted By: spqr Updated on: 12/08/2013 01:48 PM Due on: 12/31/2013
Subject Accounting Topic Accounting Tutorials:
Question
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1) The term F.O.B. means:

2) A purchase order is used to:

3) The account used to record the purchase of goods is:

4) On March 30, Bailey’s Dog Bakery purchased $1,000 of merchandise on account from theWilliams Company. The goods were shipped F.O.B. shipping point. The freight charge of $80was paid by Williams Company and added to the invoice. The amount to record in theAccounts Payable account is:

5) The entry to record a payment on a $900 account within the 1% discount period wouldinclude a:

.

6) A purchase discount was recorded as a credit to the Purchases account - the remainder wascorrectly recorded. This error will cause:

.

Unit 4 Examination

135

Introduction to Accounting

7) The freight paid on equipment purchased F.O.B. shipping point was debited to the Freight-Inaccount. This error will cause:

8) A purchase discount that was earned and taken was never recorded. This error will cause:

.

9) Returned merchandise paid for within the discount period for a cash refund. This will berecorded with:

Answer D) a debit to an asset.

10) Purchase returns and allowances:

11) Returned merchandise for credit. The perpetual inventory system is in use. This will:

12) Under the perpetual system, the purchase of merchandise is recorded by a(n):

.

Unit 4 Examination

136

Introduction to Accounting

13) The inventory method where the cost flows tend to follow the physical flows are:

14) The inventory method that matches old costs with current selling prices is:

15) The advantage of the LIFO method is:

16) The principle of consistency states that:

17) If the ending inventory is overstated,

18) The ending inventory for this year is understated. This error would cause:

.

Unit 4 Examination

137

Introduction to Accounting

19) A business is using LIFO when FIFO should have been used during an inflationary period. Thiserror would cause:

20) Which of the following is an example of a land improvement?

21) Which depreciation method deducts residual value when computing depreciation expense?

22) Capital expenditures would include:

23) Greetings Online disposed of a van that cost $22,000 with accumulated depreciation of $15,000. The journal entry would be to:

.

24) All of the following are intangible assets except:

Unit 4 Examination

138

Introduction to Accounting

25) When calculating declining balance depreciation, the straight-line rate was used instead ofdouble the straight-line rate. In the first year of ownership, this error would cause:

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Tutorials for this Question
  1. Tutorial # 00004732 Posted By: spqr Posted on: 12/08/2013 01:49 PM
    Puchased By: 2
    Tutorial Preview
    Answer D) a debit to an asset. 10) Purchase returns and ...
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