02 Advanced Accounting

8/11/2019 02 Advanced Accounting

1/9

9 Pages Contestant Number _______

Total Work Time _______

Rank _______

ADVANCED ACCOUNTING (02)

Regional2004

Multiple Choice (30 @ 2 points each) __________ !0 points"

#ob $%ccounts Recei&able __________ 9 points"

#ob 2'n&entor( Cost __________ $! points"

#ob )%ccounting Concepts $0 * 2 points each" __________ 20 points"

TOTAL POINTS ___________ (105)

Failure to adhere to any of the following rule will reult in di!ualifi"ation#

1$ %ontetant &ut hand in thi tet 'oolet and all rintout$ Failure to do o will reult in

di!ualifi"ation$

*$ No e!ui&ent+ ulie+ or &aterial other than thoe e"ified for thi e,ent are allowed in theteting area$

-$ No re,iou .PA tet and/or a&le tet or fa"i&ile (handwritten+ hoto"oied+ or eyed) are

allowed in the teting area$

$ le"troni" de,i"e will 'e &onitored a""ording to A%T tandard$

90 minutes +or testing,pro-uction$$0 minutes total time allotte-

.o NOTopen test booklet until instructe- to -o so/

Propert( o+ usiness Pro+essionals o+ %merica/Ma( be repro-uce- onl( +or use in the usiness Pro+essionals o+ %merica

Workplace Skills Assessment Programregional competition/


2/9

ADVANCED ACCOUNTING

REGIONAL 2004

PAGE 2 of 9

GENERAL INSTRUCTIONS

1ou ha&e been hire- to keep accounting recor-s +or Pro+essionals usiness %ssociates locate- at44 Cle&elan- %&enue3 Columbus3 5 4)2)$/ This in+ormation is to be use- +or all 6obs 7hennee-e-/

1ou 7ill ha&e 90 minutes to complete (our 7ork/ The test is -i&i-e- into t7o parts/ Theob6ecti&e 8uestions shoul- be complete- +irst3 an- then the accounting problems ma( becomplete- in an( or-er/ The pro-uction portion o+ the test 7ill be gra-e- base- on (ourcomplete- 7ork/ 'n the e&ent o+ a tie3 the amount o+ time spent 7orking on the test 7ill beconsi-ere- an- the completeness o+ (our 7ork 7ill be re&ie7e-/

1our name an-,or school name shoul- NOTappear on an( 7ork (ou submit +or gra-ing/ Writeyour o!te"t#!t !u$%er i! t&e u''er ri&t!* or!er of e#& '#e+ St#',e #,, '#e" i!

or*er %efore you tur! i! your te"t-

oo- :uck;


3/9

ADVANCED ACCOUNTING

REGIONAL 2004

PAGE . of 9

Choose the %e"tans7er +or each o+ the +ollo7ing 8uestions an- recor- them on the +ormpro&i-e-/

$/ The ___________ sho7s the picture o+ a +irm'> ___________/%/ %ssumes that ol- goo-s are sol- +irst an- that goo-s 7hich are on han- are &alue-

at current prices/ %ssumes that ne7 goo-s are sol- +irst an- in&entor( is &alue- at ol- pricesC/ %ssumes that the cost o+ current in&entor( at the conclusion o+ a perio- an- the

costs o+ goo-s sol- is the o&erall representation o+ all the costs that 7ere incurre-

-uring this perio-./ %ssumes that amounts charge- as e?penses are actual cost o+ goo-s sol-

)/ Which o+ the +ollo7ing is NOTa part o+ +ile maintenance@%/ Asing a numbering s(stem that has enough -igits to pro&i-e +or a--itional

accounts/ %ssigning account numbersC/ .eleting ol- accounts./ Bnsuring the controlling account e8uals the balance o+ the subsi-iar( le-gers

4/ Purchases .iscount is an" ___________/

%/ Controlling account/ %ssetC/ B?pense./ Contra account

/ The sales terms ),$03 n,90 means ___________/%/ a $0 -iscount is gi&en i+ pai- in ) -a(s3 other7ise the total bill is -ue in 90 -a(s/ the total amount -ue is re8uire- in $0 -a(sC/ a ) -iscount is gi&en i+ pai- in $0 -a(s3 other7ise the total bill is -ue in 90 -a(s./ none o+ the abo&e

!/ Bmplo(ee bene+its inclu-e ___________/%/ 'nsurance programs/ Retirement programsC/ Dacation lea&e./ %ll o+ the abo&e


4/9

ADVANCED ACCOUNTING

REGIONAL 2004

PAGE 4 of 9

E/ The ma?imum amount o+ earnings on 7hich a ta? is calculate- is ___________/%/ Withhol-ing allo7ance/ Ta? base

C/ B?emption./ None o+ the abo&e

F/ True >ashion nee-s to a-- an account to keep track o+ its maintenance e?penses/ Whichis the best choice +or the ne7 account base- on the +ollo7ing current accountsG

!200 Cre-it Car- >ee B?pense!20 'nsurance B?pense!2$0 =alar( B?pense!2$ =upplies B?pense

%/ !20F Repair B?pense

/ !20F Maintenance B?penseC/ !220 Repair B?pense./ !220 Maintenance B?pense

9/ B>T ___________/%/ =tan-s +or Blectronic >un-s Trans+er/ 's use- in -irect -eposit o+ pa(roll checksC/ Trans+ers mone( electronicall(./ %ll o+ the abo&e

$0/ % list o+ all customer accounts3 account balances3 an- total amount -ue +rom all

customers is a ___________/%/ =che-ule o+ %ccounts Pa(able/ WorksheetC/ =che-ule o+ %ccounts Recei&able./ None o+ the abo&e

$$/ % +orm prepare- b( the customer sho7ing the price -e-ucte- taken b( the customer +or areturn is a ___________/

%/ Purchases .iscount/ =ales ReturnC/ Cre-it Memoran-um

./ .ebit Memoran-um

$2/ The percentage relationship bet7een one +inancial statement item an- the total thatinclu-es that item is calle- ___________/

%/ Controlling account/ Contra accountC/ Component percentage./ %ll o+ the abo&e


5/9

ADVANCED ACCOUNTING

REGIONAL 2004

PAGE / of 9

$)/ The a-6ustment +or merchan-ise in&entor( 7hen the en-ing in&entor( is higher than thebeginning is ___________/

%/ .ebit Merchan-ise 'n&entor(3 cre-it 'ncome =ummar(/ Cre-it Merchan-ise 'n&entor(3 -ebit 'ncome =ummar(

C/ .ebit Merchan-ise 'n&entor(3 cre-it Retaine- Barnings./ Cre-it Retaine- Barnings3 -ebit Merchan-ise 'n&entor(

$4/ % _________ reports the +inancial progress o+ a business +or a +iscal perio-/%/ .istribution o+ Net 'ncome =tatement/ alance =heetC/ =tatement o+ Retaine- Barnings./ none o+ the %bo&e

$/ What entries are recor-e- at the en- o+ the +iscal perio- to up-ate general le-geraccounts@

%/ Closing/ %-6ustingC/ PostHclosing./ Re&ersing

$!/ =upplies 7as acci-entall( recor-e- an- poste- instea- o+ =tore B8uipment/ 'n or-er to+i? this error ___________/

%/ Brase the incorrect entr( an- 6ournaliIe an- post the ne7 entr(/ Per+orm a re&ersing entr( b( cre-iting =upplies an- -ebiting =tore B8uipmentC/ Per+orm a correcting entr( b( cre-iting =upplies an- -ebiting =tore B8uipment./ None o+ the abo&e

$E/ =P53 'nc/ uses the -irect 7riteHo++ metho- +or uncollectible accounts3 the entr( to recor-the J!4 in&oice that .a&e Case -i- not pa( is ___________/

%/ .ebit %ccounts Recei&able,.a&e Case3 cre-it Ancollectible %ccounts B?pense/ .ebit %llo7ance +or Ancollectible %ccounts3 cre-it %ccounts Recei&ables,.a&e

CaseC/ .ebit Ancollectible %ccounts B?pense3 cre-it %ccounts Recei&able,.a&e Case./ .ebit Ancollectible %ccounts B?pense3 cre-it Cash

$F/ Kupre3 'nc/ signe- a 90H-a(3 9/E note 7ith >irst =tate ank +or J$3200 on %ugust $/The maturit( -ate +or the note is ____________/

%/ ctober )0/ No&ember $C/ ctober 2F./ No&ember 2


6/9

ADVANCED ACCOUNTING

REGIONAL 2004

PAGE of 9

$9/ Which one is NT an a-&antage o+ a &oucher s(stem@%/ 5elps protect an- control cash/ Anpai- &ouchers are +ile- b( the pa(ment -ate 7hich ai-es in keeping track o+

-iscount perio-sC/ % pai- &ouchers +ile eliminates posting to an accounts pa(able le-ger./ None o+ the abo&e

20/ =ho7ing both longHterm liabilities an- current liabilities is an application o+ 7hichaccounting concept@

%/ %ccounting Perio- C(cle/ %-e8uate .isclosureC/ usiness Bntit(./ Matching Principle

2$/ The list price o+ a ne7 -eli&er( truck is J23000/ 1our compan( negotiates a purchaseprice o+ J2$300/ Which o+ the +ollo7ing is true@

%/ %-e8uate .isclosure re8uires (ou to list the truck +or J23000/ usiness Bntit( re8uires (ou to list the truck +or J23000C/ 5istorical Cost re8uires (ou to list the truck +or J2$300./ b6ecti&e B&i-ence re8uires (ou to list the truck +or J2$300

22/ =trong


7/9

ADVANCED ACCOUNTING

REGIONAL 2004

PAGE 1 of 9

2/ Which o+ the +ollo7ing 7oul- be inclu-e- in the article o+ incorporation@%/ Nature o+ the business to be con-ucte-/ %mount o+ capital stock to be issue-

C/ Name an- a--ress o+ corporation./ %ll o+ the abo&e

2!/ The entr( to recor- the sale o+ o++ice e8uipment +or less than the book &alue is%/ .ebit %ccumulate- ++ice B8uipment3 -ebit Cash3 -ebit :oss on Plant %ssets3

cre-it ++ice B8uipment/ .ebit %ccumulate- ++ice B8uipment3 -ebit Cash3 cre-it :oss on Plant %ssets3

cre-it ++ice B8uipmentC/ .ebit %ccumulate- ++ice B8uipment3 cre-it Cash3 cre-it :oss on Plant %ssets3

cre-it ++ice B8uipment./ None o+ the abo&e

2E/ The entr( to accept a note recei&able ___________/%/ .ebit =ales3 cre-it Notes Recei&able/ .ebit Notes Recei&able3 cre-it =alesC/ .ebit Cash3 cre-it Notes Recei&able3 cre-it 'nterest 'ncome./ .ebit Notes Recei&able3 -ebit cash3 cre-it to =ales

2F/ Re&enue earne- in one +iscal perio- but not recei&e- until a later +iscal perio-%/ %ccrue- re&enue/ Anearne- re&enueC/ 'nterest 'ncome

./ Anearne- 'ncome

29/ eginning merchan-ise in&entor( plus net purchases minus en-ing in&entor( e8uals___________/

%/ Net 'ncome/ ross Pro+it on =alesC/ Total B?penses./ Cost o+ oo-s =ol-

)0/ The entr( to recor- -epreciation +or the +a? machine at the en- o+ the +iscal perio-%/ .ebit %ccumulate- .epreciationHH Maintenance B8uipment3 cre-it .epreciation

B?penseMaintenance B8uipment/ .ebit .epreciation B?penseMaintenance B8uipment3 cre-it %ccumulate-

.epreciationMaintenance B8uipmentC/ .ebit %ccumulate- .epreciationH++ice B8uipment3 cre-it .epreciation B?pense

++ice B8uipment./ .ebit .epreciation B?pense++ice B8uipment3 cre-it %ccumulate-

.epreciationH++ice B8uipment


8/9

ADVANCED ACCOUNTING

REGIONAL 2004

PAGE of 9

3o% 5Aou!t" Reei6#%,e

Complete the amount that is uncollectible +or each age group an- then ans7er the +ollo7ing8uestions/

%ge roup %mount Percentage Ancollectible

Not 1et .ue J F3E42/! 0/$

$H)0 .a(s 23FE4/2$ 0/2

)$H!0 .a(s F4$/E 0/4

!$H90 .a(s 29F/$! $0/0

&er 90 .a(s $E)/ F0/0

$/ What is the current amount estimate- to be uncollectible base- on the abo&e percentages@

______

2/ '+ the current balance +or %llo7ance +or Ancollectible %ccounts is J40/EF3 7hat is theestimate- a--ition to %llo7ance +or Ancollectible accounts@

______

3o% 25I!6e!tory Co"t

%t the beginning o+ Ma(3 Pla(1ar-s 'ncorporate- ha- EF Mo-el )99H002 in their in&entor(/ Theunit price +or this mo-el is J2/00/ 'n #ul(3 the( purchase- an a--itional $2 +or J20/00/ The-eman- +or these s7ing sets 7as so high that the( purchase- another 0 in %ugust3 the cost +orthose -ecrease- to J2$/00/ No7 in =eptember the( ha&e $4 s7ing sets in their in&entor(/

Pro-uce- >'> Metho- :'> Metho- Weighte-H%&erageMetho-

.ate Anits Anit Price AnitsTotalCost

AnitsTotalCost %&erage Cost,Anit

Ma( EF J2

#ul( $2 20

%ugust 0 2$

Totals

$/ Which metho- pro-uce- the lo7est in&entor( &aluation@______

2/ Which metho- pro-uce- the highest in&entor( &aluation@______


9/9

ADVANCED ACCOUNTING

REGIONAL 2004

PAGE 9 of 9

3o% .5Aou!ti! Co!e't"

2at"h the a""ounting "on"et to the "orre"t e3a&le$

____ $/ T7o separate car insurance policies are issue-3 one +or the -eli&er( truck an- one+or the o7ner

02 Advanced Accounting

Documents

Transcript of 02 Advanced Accounting