Accounting Information Systems Multiple Choice Homework Help
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1. Cal Farms reported 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 the Cal Farms purchased during the year?
2. On December 31, 2011, the end of Larry’s Used Cars first year of operations, the accounts receivable was $53,600. The company estimates that $1,200 of the year-end receivables will not be collected. Accounts receivable in the 2011 balance sheet will be valued at
3. In its first year of operations, Best Corp. had income before tax of $500,000. Best made income tax payments totaling $210,000 during the year and has an income tax rate of 40%. What was Best’s net income for the year?
4. Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2011, and charged the $4,200 premium to Insurance expense. At its December 31, 2011, year-end, Yummy Foods would record which of the following adjusting entries?
a. Insurance expense 875
Prepaid insurance 875
b. Prepaid insurance 875
Insurance expense 875
c. Insurance expense 875
Prepaid insurance 3,325
Insurance payable 4,200
d. Prepaid insurance 3,325
Insurance expense 3,325
A. Option b
B. Option d
C. Option c
D. Option a
5. Janson Corporation Co.’s trial balance included the following account balances at December 31, 2011:
Accounts payable $25,000
Bond payable, due 2020 22,000
Salaries payable 16,000
Note payable, due 2012 20,000
Note payable, due 2016 40,000
What amount should be included in the current liability section of Janson’s December 31, 2011, balance sheet?
6. On June 1, Royal Corp. began operating a service company with an initial cash investment by shareholders of $2,000,000. The company provided $6,400,000 of services in June and received full payment in July. Royal also incurred expenses of $3,000,000 in June that were paid in August. During June, Royal paid its shareholders cash dividends of $1,000,000. What was the company’s income before income taxes for the two months ended July 31 under the following methods of accounting?
Cash Basis Accrual Basis
a. $3,400,000 $3,400,000
b. $5,400,000 $2,400,000
c. $6,400,000 $3,400,000
d. $6,400,000 $2,400,000
A. Option c
B. Option b
C. Option a
D. Option d
7. Temporary accounts would not include
A. cost of goods sold.
B. depreciation expense.
C. salaries payable.
D. supplies expense.
8. On November 1, 2011, Tim’s Toys borrows $30,000,000 at 9% to finance the holiday sales season. The note is for a six-month term and both principal and interest are payable at maturity. What should be the balance of interest payable for the loan as of December 31, 2011?
9. A cause-and-effect relationship is implicit in the
A. historical cost principle.
B. going concern assumption.
C. matching principle.
D. realization principle.
10. The most likely important flaw leading to the demise of the APB was the perceived lack of
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11. An example of a contra account is
A. sales revenue.
B. accounts receivable.
C. depreciation expense.
D. accumulated depreciation.
12. Janson Corporation Co.’s trial balance included the following account balances at December 31, 2011:
Accounts receivable $12,000
Note receivable, due 2014 50,000
Investments consist of treasury bills that were purchased in November and mature in January. Prepaid insurance is for the next two years. What amount should be included in the current asset section of Janson’s December 31, 2011, balance sheet?
13.In its first year of operations Best Corp. had income before tax of $500,000. Best made income tax payments totaling $210,000 during the year and has an income tax rate of 40%. What was Best’s net income for the year?
14. Pat’s Custom Tuxedo Shop maintains its records on the cash basis. During this past year Pat’s collected $42,000 in tailoring fees, and paid $14,000 in expenses. Depreciation expense totaled $2,000. Accounts receivable increased $1,500, supplies increased $4,000, and accrued liabilities increased $2,500. Pat’s accrual basis net income would be
15. Which of the following was the first private sector entity that set accounting standards in the United States?
B. Committee on Accounting Procedure
C. Accounting Principles Board
D. Financial Accounting Standards Board
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