Đề cương Nguyên Lý Kế Toán - Kinh tế vi mô 1 | Đại học Mở Thành phố Hồ Chí Minh

lOMoARcPSD|45315597 lOMoARcPSD|45315597 Nguyên Lý Kế Toán
1. Which of the following statements about internal users of accounting information
is CORRECT? Management is an internal user
2. Choose the most correct statement A: Business stakeholder is a person or entity having an interest in the business.
3. Which two most common specialised fields of accounting are A: Financial
accounting and managerial accounting
4. Which statement is correct? GAAP is the abbreviation for generally accepted accounting principles
5. The time period assumption states that: The economic life of a business can be
divided into artificial time periods.
6. The consistency concept/principle would help to: Increase the comparability among financial statements
7. Which of the following items would be considered as Liabilities within the company? Bank overdraft amount
8. The three types of business entities are: proprietorships, partnerships, and corporations.
9. As of December 31, 2017, Kent Company has assets of $3,500 and owner’s equity of
$2,000. What are the liabilities for Kent Company as of December 31, 2017? $1,500.
10. Which of the following statement is CORRECT? The business is an organisation
in which basic resources are assembled and processed to provide goods or services to customers
11. Which of the following business events affects the expanded accounting equation
and should be recorded? Office supplies worth $750 are purchased on account
12. Which of the following accounts should be credited to record an increase in them?i)
Cash; ii) Accounts Payable; iii) Loans; iv) Inventory A: (ii) & (iii)
13. Which of the following accounts should be credited to record a decrease in them?
Accounts Receivable; Accounts Payable; Plants, properties, and equipment
14. What accounts are affected when utility expenses of the current month were paid? Cash and Expenses
15. Office supplies worth $750 being purchased on account should be journalised
as: Dr Supplies $750 / Cr Accounts Payable $750
16. Company X has following information:
17. - On 1st Jan 20x0, Supplies account has balance at $2,000
18. - During Jan 20x0, company X bought $1,000 supplies.
19. - On 31st Jan 20x0, Supplies account has balance at $500
20. The amount of used supplies in Jan is: $2,500
21. Company X signed a contract to customer to rent out a house for 12 months with price at
$500 per month. Company X received cash advance for the rental. The transaction would
be recorded as: Debit Cash: $ $6,000; Credit Unearned revenue: $6,000
22. Company D signed a loan contract in the amount of $10,000 on October 1 for 12
months. The interest is at an annual rate of 10%. The interest amount and the principles
would be paid at the end of the contract. How company D record this transaction at the
end of October? Debit interest expense: $83,3; Credit interest payable: $83,3 lOMoARcPSD|45315597
23. On 1st Jan 20x0, Company X signed a contract to customer to rent out a house for 12
months with price at $500 per month. On 31st Jan 20x0, company X would record this
rental income: Debit Account Receivable: $500; Credit Revenue: $500
24. “Your company purchased a small equipment in Jan on account. The indebted amount is
paid in May. The accountant decided to record the liability in Jan when the transaction
incurred and to record the payment later in May.” This is an example of ____________ accounting. Accrual Basis
25. How are assets and expenses affected without adjustments for prepaid expenses
(deferred expenses)? Assets are overstated, and Expenses are understated.
26. On 1st June 20X0, the company signed insurance contract $12,000 for 12 months and
paid in full advance. What is the balance of Prepaid Insurance on 31st December 20X0? $5,000
27. Which of the following account will have no balance after closing entries have been recorded? Supplies expenses.
28. Which statement is not correct? Unearned Rent is deferred Revenue
29. Which statement is correct about defferrals? Cash received or paid in the current
period, but these items relates to future period.
30. Which account does not have balance? Expenses
31. In Feb Company X has following information:
32. Sales: $5,000 Expenses: $3,000 Which closing entry would be recorded in this case:
Debit PL summary: $2,000; Credit Retained Earnings: $2,000
33. A credit sale of $700 is made on 1st June, terms 1/10, n/30. A return of $100 is granted
on 6th June. The amount received as payment in full on 9th June is: $594
34. In a periodic inventory system, if beginning inventory is $50,000, purchased in the
period is $90,000 and ending inventory is $50,000, cost of goods sold is $90,000
35. On 1st June, Kay Company sold $1,000 units of A to LK Company (original cost was
$600 with the term 2/10 and n/30). Payment was made on 9th June. Which amount does
LK Company record this inventory? $980
36. Which of the following account making an increase to inventory account (in perpetual
inventory system): Transportation in
37. If revenues are $500,000, cost of goods sold is $220,000, and operating expenses are
$80,000, the gross profit is: $280.000
38. On 4th Jan Company X sold $2,000 goods on credit (original cost $1,100), 2/10, n/30.
6th Customer sent back to company X $1,000 goods due to the poor quality of goods.
16th Jan customer made payment by cash. The amount of this payment is: $1,000
39. On 5th Jan company X bought $2,000 goods on credit, 2/10, n/30 (term FOB shipping
point with transportation cost paid by cash is $10). 6th Jan Company X returned $500
goods to the supplier. 10th Jan Company X made payment to supplier. The amount of
the inventory in company X ‘s acocunting book: $1,480
40. On 5th Jan company X bought $2,000 goods on credit, 1/10, n/30 (term FOB destination
with transportation cost paid by cash is $10). 6th Jan Company X returned $500 goods to
the supplier. 10th Jan Company X made payment to supplier. The amount of the
inventory in company X ‘s acocunting book: $1,485 lOMoARcPSD|45315597
41. Company A sell 1,000 units of product X at net sell of price $2 per unit (VAT of 10%
is applied). The amount of VAT is $200
42. Company A rent a car at price $525 (VAT 5% is applied). The amount of VAT is $25
43. Company A sell 1,000 units of product X at price not iclduing VAT $2 per unit (VAT
of 10% is applied) on credit. Journalise the transaction Debit Account Receivable:
$2,200; Credit Sales: $2,000; Credit VAT control: $200
44. Company A uses a perpetual inventory system. Company A buys 2,000 units of product
D at price including VAT $3,3 per unit on credit. (VAT is $0,3 per unit). Journalise the
transaction Debit Inventory: $6,000; Debit VAT Receivable: $600; Credit Account Payable: $6,600
45. Company A has the following data: The amount of VAT output: $6,000; The amount of
VAT input: $4,500. The amount of VAT will be: $1,500
46. Company A has the following data in Jan: - The amount of VAT control on the debit side
on 1st Jan: $1,500; - The amount of VAT output: $6,000; - The amount of VAT
input: $4,500. The amount of VAT will be $0
47. Which statement is correct? VAT is an indirect tax that is applied to the cost of certain goods and services
48. When does the company need to calculate the amount of VAT payable? At the end of the month or quarter
49. On 18th October, American Co. writes off M. Tom $200 balance as uncollectible.
There are not allowance before company makes writing off. What is the American’s
entry: Debit Bad Debts Expense 200; Credit Account Receivable 200
50. Hampson Furniture has credit sales of $1,200,000 in 20X0 , of which $200,000 remains
uncollected on 31st December. The credit manager estimates that $12,000 of these sales
will be uncollectible. What is entry to record the estimated uncollectibles: Debit
Doubtful Debts expense 12,000, Credit Allowance for Doubtful Debts 12,000
51. A company estimates that $20,000 of its $50,000 of accounts receivable will be
uncollectible. Its Allowance for Doubtful Debts Accounts presently has a credit
balance of $18,000. The accounting entry will include a __________ to Bad Debts Expense : Debit Of $2,000
52. A company estimates that $15,000 of its $300,000 of accounts receivable will be
uncollectible. Its Allowance for Doubtful Debts Accounts presently has a credit balance
of $18,000. What is the entry to record the estimated uncollectibles : Debit Allowance
for Doubtful Debts 3,000; Credit Doubtful Debts expense 3,000
53. On 31 December 20X0, Hampson Furniture has overdues receivable are $25,000,
estimated that the equivalent of 30% of these customers were likely never to pay their
debts. What is the accounting entry : Debit Doubtful Debts expense 7,500, Credit
Allowance for Doubtful Debts 7,500
54. A company estimates that 20% of its $50,000 of accounts receivable will be
uncollectible. Its Allowance for Doubtful Accounts presently has a credit balance
of $18,000. Accountant will make debit to : Allowance for Doubtful Debts 8,000
55. The two methods of accounting for uncollectible accounts are allowance method and : Direct write-off method lOMoARcPSD|45315597
56. If company write off confrmed irrecovable debts (bad debts) are greater than
previous allowance for doubtful debts, the accounting entry is : Dr Bad debt expense,
Dr Allowance for Doubtful Debts; Cr Accounts Receivable
57. To record estimated uncollectible accounts using the allowance method, the adjusting entry
would be : Debit to Bad Debt Expense and Credit to Allowance for Doubtful Debts
58. On January 1, 20XX, company have Allowance for Doubtful Accounts with a credit
balance of $54,000. On December 31 20XX, $90,000 of uncollectible accounts
receivable were written off. What is the entry for bad debts expense Debit Of 36,000
59. Open Co maintains a perpetual inventory system. The beginning inventory at Open
Co and data on purchases and sales in January as follows: Date Transaction Number of units Cost per unit ($) 1 Opening Balance 20 200 2 Purchase 20 190 5 Sale 25 6 Sale 10 8 Purchase 15 180 11 Purchase 10 220 14 Sale 25 15 Purchase 40 160 16 Sale 25
What is the amount of ending inventory on 16th January given that Open Co using
LIFO costing method? Quantity: 20 units; Value: $3,400
What is the cost of goods sold on 14th January given that Open Co using FIFO costing method? $4,750 lOMoARcPSD|45315597
What is the cost of goods sold on 5th January given that Open Co using LIFO costing method? $4,800
What is the cost of goods sold on 6th January given that Open Co using
Weighted average costing method? $1,950
What is the amount of ending inventory on 16th January given that Open Co using FIFO
costing method? Quantity: 20 units; Value: $3,200
60. Mai Company purchased equipment on 1st January 20X0, at cost of $200,000. The
equipment has an estimated useful life of 5 years. Given that the straight-line method of
depreciation is applied, the amount of accumulated depreciation on 31st December, 20X3, is: $160,000
61. Mai Company purchased equipment on 1st June 20X0, at cost of $200,000. The
equipment has an estimated useful life of 5 years. Given that the straight-line method of
depreciation is applied, the amount of accumulated depreciation on 31st December, 20X0, is: $23,333
62. Mai Company purchased equipment on 1st July 20X0, at cost of $200,000. The
equipment has an estimated useful life of 5 years. Given that the straight-line method of
depreciation is applied, the amount of accumulated depreciation on 31st December, 20X3, is: $140,000
63. King Company has decided to sell one of its machines on 30th June, 20X3. The machine
was purchased for $200,000 on 1st January, 20X0, and was depreciated on a straight-line
basis for 10 years. If the machine was sold for $100,000, what was the amount of the
gain or loss recorded at the time of the sale? Gain: $40,000
64. The machine was purchased for $200,000 on 1st January, 20X0, and was depreciated on
a straight-line basis for 5 years. The amount of net book value of the machine on 30th June, 20x3 is: $60,000
65. A profit-making business that operates as a separate legal entity and its ownership
is divided into shares is known as a Corporation
66. Which of the following is best describe for a public accountant? An accountant
provides accounting, tax, consultancy, and audit services to clients for a fee
67. The _______ is a statement showing the assets, liabilities, and owner’s equity of
a business entity at a specific date Balance sheet
68. The consistency concept/principle would help to : Increase the comparability among financial statements
69. The historical cost principle states that assets should be recorded at their cost
70. The money measurement concept states that : Only transaction data capable of
being expressed in terms of money be included in the accounting records
71. Business bought $2,000 supplies on account. This transaction would effected to the
accounting equation as follow Assets increase $2,000 and Liabilities increase $2,000
72. A company was recently formed with $50,000 cash invested by the owner. The
company then borrowed $20,000 from a bank and bought $10,000 of supplies on
account. The company also purchased $50,000 of equipment by paying $20,000 in cash
and the remainder was on credit. What is the amount of total assets to be reported on the balance sheet? $110,000 lOMoARcPSD|45315597
73. Which of the following statement is INCORRECT? The total debit and credit
amount must be equal in an account
74. Which of the following statement is CORRECT? The account in a tool in
recording business transactions
75. Which following error make a TB to be not balanced? Recording the different amount
in debit side between credit side of a transaction
76. Company sold goods $1,000 on account should be journalised as : Dr
Account Receivable $1,000/ Cr Sales $1,000
77. Mayball Company overstated its inventory by $15,000 as of December 31st, 2010. It
did not correct the error in 2010. As a result, Harold’s owner’s equity and assets as of
December 31st, 2010 were : overstated and overstated, respectively
78. On the journal of a sole proprietorship business, accountant wrote “Dr Drawings $500; Cr
Bank $500”. What was the transaction? The owner withdrew cash from business’ bank account for personal usage
79. Before posting a payment of $6,000 to supplier, the Accounts Payable of Santa Company
had a normal balance of $19,000. The balance after posting this transaction is: $13,000
80. Given the following information: Receivables at 1st Jan 20X0: $10,000; Receivables at
31st Dec 20X0: $5,000; Total credit sales during 20X0: $80,000; What is the amount
of cash receipt in 20X0? $85,000
81. Before posting a cash received of $6,000 from customers, the Accounts Receivable
of Santa Company had a normal balance of $20,000. The balance after posting this transaction is: $14,000
82. At the beginning of the month, Inventory had opening balance $2,000. During the month,
COGS is $3,000. The closing balance of the inventory is $5,000. The amount of
inventory was bought during the month $6,000
83. The trial balance of Jay Company had accounts with the following normal balances: Cash
$5,000, Service Revenue $85,000, Salaries and Wages Payable $3,000, Salaries and
Wages Expense $40,000, Rent Expense $10,000, Owner’s Capital $42,000, Owner’s
Drawings $15,000, and Equipment $60,000. In preparing a trial balance, the total in the debit column is $130,000
84. The trial balance of Jay Company had accounts with the following normal balances: Cash
$5,000, Service Revenue $80,000, Salaries and Wages Payable $3,000, Salaries and
Wages Expense $35,000, Rent Expense $10,000, Owner’s Capital $42,000, Owner’s
Drawings $15,000, and Equipment $60,000. In preparing a trial balance, the total in the credit column is $ 125,000
85. Revenue should be recorded when goods and services have been provided; expenses
are incurred when asset and services have been used. Which of the following governs the above? The accruals basis
86. Matching Concept is : An accounting concept that supports reporting revenues
and related expenses in the same period
87. Which of the following statements about the accrual basis of accounting is FALSE?A:
Revenue is recorded only when cash is received, and expense is recorded only when cash is paid. lOMoARcPSD|45315597
88. On 1st May 20X0, the company paid $12,000 for a one-year accident insurance
policy. What is the balance of Prepaid Insurance on 31st December 20X0? $4,000
89. John earned a salary of $800 for the last week of October. He will be paid on November
1. The adjusting entry for John’s service on November 30 is A: Dr Salaries
Expense $800, Cr Salaries Payable $800
90. If the supplies account, before adjustment on May 31, indicated a balance of $2,250, and
supplies on hand at May 31 totalled $950, the adjusting entry would be A: Dr Supplies
Expense $1,300; Cr Supplies $1,300
91. Which account is most likely to be credited when unearned revenue is adjusted after the
goods or services have been provided to customer? Revenues
92. Adjustments for unearned revenues would : Decrease liabilities and increase revenues
93. On 16th May, Business A signed a contract to provide consulting service to customers.
The invoices will send to the customers once a month. On 31st May the entry should be
Debit Account Receivable/ Credit Sales
94. How are assets and expenses affected without adjustments for prepaid expenses?
Assets overstated and Expenses understated
95. Which account is presented on Assets in Balance sheet? Payment in full advance for rental office
96. Which statement does not inclued in Financial statement? Expense Statement
97. Which statement presents information as of a specific date? Balance sheet
98. Which of the following statements about users of financial accounting information is
CORRECT? Present creditors are external users
99. A company reported assets of $130,000, liabilities of $20,000, expenses of $220,000,
and net profit of $40,000. Revenues and owner’s equity would be : Revenues: $260,000 ; Owner’s Equity $110,000 100.
Business A has $20,000 sales; $11,000 COGS and $2,000 selling expenses.
The amount of Net profit is $7,000 Homework Chapter 1
1.Owner contributed 2 billion in cash as initial investment.
2.Company purchased a car at price of 500 mil and paid by cash.
3.Deposited 200 mil cash into bank
4.Made 100 mil cash payment for purchased goods.
5.Withdraw capital 200mil by cash
6.Made loan payment 200mil by cash.
7.Company purchased supplies on credit at price of 20mil.
8.Company purchased goods at cost of 200 mil and paid 100 mil by cash.
9.Company sold goods at price of 150 mil and received cash. lOMoARcPSD|45315597 Homework 4 Chapter 2
JJcompany’s account balances as of May 1 20X0 (al normal balances) are listed as fol ows: Account Balance ($) Cash 10,000 Account Receivable 1,000 Supplies 2,900 Prepaid Insurance 4,650 PPE 19,500 Account Payable 7,650 Capital 30,400
During May,20X0, Dr JJ completed the following transactions: April 1. Paid car rent for May, $400
3. Purchased goods on account, $2,100
5. Received cash from customers $1,000
8. Purchased supplies on account, $2450
9. One of the goods purchased on May 3 was defective. It was returned with the
permission of the supplier, who agreed to reduce the account for the amount of the item, $300
12. Paid cash to account payable, $1,250
17. Paid cash for renewal of a six-month property insurance policy, $3200
24. Paid cash for interest expense, $55
30. Recorded the cash received in payment of services performed to customer during May, $4,000 30. Paid salaries, $1,000 lOMoARcPSD|45315597
30. Paid various utility expenses, $260
30. Paid miscellaneous expenses, $132 Requirements: i.
Journalise the transactions during May 20X0 ii.
Determine the balances of accounts at the end of May 20X0