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GSU ACCT 2101 - Principles of Accounting

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Between 3 and 15DaysPrinciples of Accounting 1 Spring 2010Final Exam (120 minutes)Version DName: (please print)_____________________________Instructor’s Name:______________________________50 Multiple choice questions at 6.25 points each for total points available of 312.50. However, the maximum grade is 300. Select the BEST answer. You are permitted to use a simple four-function calculator. This is a closed book, closed note, and closed neighborexam. You are NOT permitted to have scratch paper. Turn in the exam and scantron withyour name, instructor name, and exam version letter noted on both. You will be required to show a picture ID upon turning in your exam and scantron.Indicate your answer on a SCANTRON using pencil. Do not mark yourSCANTRON until you have selected your FINAL answer. Erasures confuse theSCANTRON. All adverse consequences of erasures and mismarks are yourresponsibility.1. In the following journal entry, revenue is being recognized:A) at the same time cash is collected B) before the cash is collected C) after the cash is collected D) no revenue is being recognized2. Up-State Corporation ordered materials from Down-State Manufacturing on October 1, 2008. Down-State shipped the materials by rail on October 5 and therailroad notified Up-State on October 12 that the goods had arrived. Up-State picked up the materials on October 13. The terms of the sale are FOB shipping point. On what date should Up-State consider this a purchase? A) October 1 B) October 5 C) October 12 D) October 13 Accounts Receivable XXX Sales Revenue XXX3. Company X produces and sells 3 products: X1, X2, and X3. The company recently developed a new advertising campaign for X3. The costs incurred to develop this ad would be considered:A) facility-sustaining costsB) product-sustaining costs C) batch-related costs D) unit-related costs 4. An unfavorable sale price variance reflects A) Fewer units sold than budgeted. B) A lower actual selling price than budgeted. C) An increase in the cost of products causing a decrease in income for the period. D) A decrease in the amount of cash received from customers. 5. A cash sale would impact the: A) income statement only B) balance sheet and income statement only C) balance sheet and statement of cash flows only D) balance sheet, income statement, and statement of cash flows6. Limited liability means: A) A company is only liable for an amount that is established by a pre-set limit. B) Creditors are limited to just the cash available in the company at the time of the loss.C) Creditors of a company can only claim the assets of the firm and not the assets of the owners of the firm.D) Creditors of a firm can claim all the assets of a company and all of the owners’ personal assets. 7. In times of declining prices, ______ generally result(s) in the ______ cost of goods sold. A) LIFO and FIFO, same B) FIFO, lower C) LIFO, lower D) LIFO, higherUse the following to answer questions 8 and 9:ThinkStyles, Inc. applies manufacturing overhead on the basis of the number of indirect labor hours required. The following information is available:8. The predetermined manufacturing overhead rate per indirect labor hour is: A) $35 B) $36 C) $39 D) $409. The amount of over/underapplied manufacturing overhead is: A) $9,520 underapplied B) $3,200 underapplied C) $12,400 underapplied D) $12,400 overapplied 10. On April 30, Crossover Company had a general ledger cash balance of $216,854. At the end of April, the bank statement had a balance of $249,322. Deposits in transit amounted to $26,500 and there was a service charge of $180.Outstanding checks totaled $59,148. What is the reconciled/adjusted amount of cash?A) $183,706B) $184,026 C) $216,674D) None of the above.11. The journal entry to record wages earned by assembly line workers would include a: A) credit to Indirect Labor B) debit to Finished Goods Inventory C) debit to Work In Process Inventory D) credit to Cost of Goods Manufactured Estimated ActualIndirect Labor Hours 3,100 3,180Manufacturing Overhead Costs $111,600 $124,00012. On September 1, 2009, Olpe Corporation paid $2,400 in advance for a oneyear insurance policy that covers the period September 1, 2009 through August 31, 2010. What amount of insurance expense should Olpe report for the year ended December 31, 2009? A) $800 B) $1,200 C) $2,400 D) $013. The Pacioli Manufacturing Company has kept track of the number of unitsthey have produced each month and the cost to produce those units for the past six months.Using the high/low method, what is the estimated total cost if 14,000 units are produced in January?A) $62,000 B) $70,000 C) $75,000 D) $80,000 14. Which of the following would be part of the entry to record a sales return? A) credit to sales returns and allowances Month Number of Units Cost of Units ProducedJuly 10,000 $60,000Aug. 11,000 $66,000Sept. 20,000 $110,000Oct. 16,000 $90,000Nov. 12,000 $70,000Dec. 18,000 $102,000B) debit to accounts receivable C) debit to sales returns and allowances D) debit to cash 15. Hasbrouck Corporation used $63,500 of direct materials, $46,000 of directlabor, and applied $94,500 of manufacturing overhead during October. Cost of goods sold for October was $218,200. Hasbrouck’s beginning and ending work-in-process and finished goods inventories were as follows:Beginning inventory Ending inventoryFinished goods $70,000 $61,500Work-in-process 47,000 41,300What was Hasbrouck's cost of goods manufactured for October? A) $209,700 B) $212,500 C) $234,800 D) None of the above. 16. Halting, Inc. gathered the following direct labor cost information for the month of July:Actual direct labor hours 68,500Standard direct labor hours allowed for actual production 67,200Actual direct labor rate per hour $12.10Standard direct labor rate per hour $11.75The direct labor price variance is: A) $15,730U B) $23,975U C) $15,275F D) $23,520F17. On December 31, 2009, Voyager Products, Inc. received a $20,000 depositfrom a customer for a special order of merchandise to be manufactured and shipped in January 2010. Voyager Products, Inc. made the following journal entry on December 31, 2009: The financial statements dated December 31, 2009 would be: A) correctly stated B) in error, understating liabilities and overstating assets C) in error, overstating net income and understating liabilities D) in error, understating net income and understating stockholders' equity 18. Allowance for Uncollectible Accounts had


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GSU ACCT 2101 - Principles of Accounting

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