Accounting Exam Multiple Choice Questions Homework Help
- August 18, 2017
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- Category: Accounting QA
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1) In a periodic system, inventory balances and the cost of goods sold for the current period are
determined:
A) on a frequent basis.
B) on the first day of each year.
C) when a physical inventory count is taken.
D) at the time of sale.
2) What is the first step in the accounting cycle for a merchandising company?
A) The company delivers inventory to customers.
B) The company sells inventory to customers, creating accounts receivable.
C) The company buys inventory.
D) The company collects cash.
3)The following pertains to periodic inventory: On a merchandising income statement, which would NOT be found under the heading of Cost of goods sold?
A) Freight-in
B) Purchases
C) Supplies
D) Purchases returns and allowances
4)A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the First-In, First-Out inventory costing method, what is the amount of ending inventory on December 31?
A) $1,000
B) $1,500
C) $1,250
D) $2,250
5)A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the average-cost inventory costing method, what is the amount of ending inventory on December 31?
A) $1,000
B) $1,250
C) $1,500
D) $2,250
6) A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the Last-In, First-Out inventory costing method, what is the amount of ending inventory on December 31?
A) $1,250
B) $2,250
C) $1,000
D) $1,500
7) A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the First-In, First-Out inventory costing method, what is the amount of Cost of goods sold on the December 31 income statement?
A) $4,000
B) $3,750
C) $6,750
D) $3,500
8) A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the average cost inventory costing method, what is the amount of Cost of goods sold on the December 31 income statement?
A) $3,750
B) $6,750
C) $3,500
D) $4,000
9)Ending inventory for the current year is overstated by $20,000. What effect will this error have on the following year’s Net income?
A) The inventory overstatement will not affect Net income.
B) Net income will be understated by $40,000.
C) Net income will be understated by $20,000.
D) Net income will be overstated by $20,000.
10) Ending inventory for the current accounting period is overstated by $3,500. What will be effect of this error?
A) Net income for the current period will be overstated by $3,500.
B) Ending inventory for the next period will be overstated by $3,500.
C) Equity at the end of the next accounting period will be overstated by $3,500.
D) Cost of goods sold for the current period will be overstated by $3,500.
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11) Ending inventory for the current period is understated. What effect will this error have on equity?
A) Equity will be understated at the end of the current period, but it will be correct at the end of the next period.
B) Equity will be overstated at the end of the current period, but it will be correct at the end of the next period.
C) Equity will be overstated at the end of the current period and overstated at the end of the next period.
D) Equity will be overstated at the end of the current period and understated at the end of the next period.
12) Ending inventory for the current accounting period is understated by $2,700. What effect will this error have on Cost of goods sold and Net income?
A) Cost of goods sold Net income
Understated Understated
B) Cost of goods sold Net income
Overstated Understated
C) Cost of goods sold Net income
Overstated Overstated
D) Cost of goods sold Net income
Understated Overstated
13) Ending inventory for the current accounting period is overstated by $2,700. What effect will this error have on Cost of goods sold and Net income?
A) Cost of goods sold Net income
Understated Understated
B) Cost of goods sold Net income
Overstated Understated
C) Cost of goods sold Net income
Understated Overstated
D) Cost of goods sold Net income
Overstated Overstated
14) Which of the following are clues that a company may have been “cooking the books” by fraudulently increasing their level of net sales?
A) Several company warehouses reported burglaries.
B) There was a high level of inventory purchases in the following period.
C) Several shipping clerks checked into hospitals from lifting heavy boxes.
D) There was a very high level of returned goods shortly after year-end.
15)Which of the following is a requirement of the Sarbanes-Oxley Act?
A) The outside auditor must issue an internal control report for each public company.
B) Accounting firms may not both audit a public client and provide certain consulting services for the same client.
C) The Public Company Oversight Board must create new accounting standards.
D) The Public Company Oversight Board must conduct audits of public companies
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