Financial Accounting Journals Multiple Choice Questions Homework Help Online
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1) A cash equivalent is a short-term, highly liquid investment that is readily convertible into known amounts of cash and
A. has a current market value that is greater than its original cost.
B. bears an interest rate that is at least equal to the prime rate of interest at the date of liquidation.
C. is so near its maturity that it presents insignificant risk of changes in interest rates.
D. is acceptable as a means to pay current liabilities.
2) Which of the following is NOT considered cash for financial reporting purposes?
A. Money orders, certified checks, and personal checks
B. Coin, currency, and available funds
C. Postdated checks and I.O.U.’s
D. Petty cash funds and change funds
3) Which of the following items should NOT be included in the Cash caption on the balance sheet?
A. Checks from other parties presently in the cash register
B. Amounts on deposit in checking account at the bank
C. Postage stamps on hand
D. Coins and currency in the cash register
4) If a company employs the gross method of recording accounts receivable from customers, then sales discounts taken should be reported as
A. an item of “other expense” in the income statement.
B. a deduction from accounts receivable in determining the net realizable value of accounts receivable.
C. sales discounts forfeited in the cost of goods sold section of the income statement.
D. a deduction from sales in the income statement.
5) The advantage of relating a company’s bad debt expense to its outstanding accounts receivable is that this approach
A. best relates bad debt expense to the period of sale.
B. is the only generally accepted method for valuing accounts receivable.
C. makes estimates of uncollectible accounts unnecessary.
D. gives a reasonably correct statement of receivables in the balance sheet.
6) Which of the following is a generally accepted method of determining the amount of the adjustment to bad debt expense?
A. A percentage of sales NOT adjusted for the balance in the allowance
B. A percentage of accounts receivable NOT adjusted for the balance in the allowance
C. An amount derived from aging accounts receivable and NOT adjusted for the balance in the allowance
D. A percentage of sales adjusted for the balance in the allowance
7) If the beginning inventory for 2006 is overstated, the effects of this error on cost of goods sold for 2006, net income for 2006, and assets at December 31, 2007, respectively, are
A. overstatement, understatement, no effect.
B. overstatement, understatement, overstatement.
C. understatement, overstatement, no effect.
D. understatement, overstatement, overstatement.
8) Valuation of inventories requires the deter mination of all of the following EXCEPT
A. the physical goods to be included in inventory.
B. the costs to be included in inventory.
C. the cost flow assumption to be adopted.
D. the cost of goods held on consign ment from other companies.
9) Eller Co. received merchandise on consignment. As of January 31, Eller included the goods in inventory, but did NOT record the transaction. The effect of this on its financial statements for January 31 would be
A. net income was correct and current assets were understated.
B. net income, current assets, and retained earnings were overstated.
C. net income, current assets, and retained earnings were understated.
D. net income and current assets were overstated and current liabilities were understated.
10) Assuming no beginning inventory, what can be said about the trend of inventory prices if cost of goods sold computed when inventory is valued using the FIFO method exceeds cost of goods sold when inventory is valued using the LIFO method?
A. Prices remained unchanged.
B. Prices decreased.
C. Price trend cannot be determined from information given.
D. Prices increased.
11) Which method of inventory pricing best approximates specific identification of the actual flow of costs and units in most manufacturing situations?
A. First-in, first-out
B. Average cost
C. Base stock
D. Last-in, first-out
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12) All of the following costs should be charged against revenue in the period in which costs are incurred EXCEPT for
A. costs which will NOT benefit any future period.
B. manufacturing overhead costs for a product manufactured and sold in the same accounting period.
C. costs of normal shrinkage and scrap incurred for the manufacture of a product in ending inventory.
D. costs from idle manufacturing capacity resulting from an unexpected plant shutdown.
13) When the direct method is used to record inventory at market
A. a loss is recorded directly in the inventory account by crediting inventory and debiting loss on inventory decline.
B. the market value figure for ending inventory is substituted for cost and the loss is buried in cost of goods sold
C. only the portion of the loss attributable to inventory sold during the period is recorded in the financial statements.
D. there is a direct reduction in the selling price of the product that results in a loss being recorded on the income statement prior to the sale.
14) An item of inventory purchased this period for $15.00 has been incorrectly written down to its current replacement cost of $10.00. It sells during the following period for $30.00, its normal selling price, with disposal costs of $3.00 and normal profit of $12.00. Which of the following statements is NOT true?
A. The current year’s income is understated.
B. Income of the following year will be understated.
C. The closing inventory of the current year is understated.
D. The cost of sales of the following year will be understated.
15) In no case can “market” in the lower-of-cost-or-market rule be more than
A. estimated selling price in the ordinary course of business less reasonably predictable costs of completion and disposal.
B. estimated selling price in the ordinary course of business less reasonably predictable costs of completion and disposal, an allowance for an approximately normal profit margin, and an adequate reserve for possible future losses.
C. estimated selling price in the ordinary course of business less reasonably predictable costs of completion and disposal and an allowance for an approximately normal profit margin.
D. estimated selling price in the ordinary course of business.
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