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d. 66. The objectives of internal control are to a. control the internal organization of the accounting department personnel and equipment b. provide reasonable assurance that assets are safeguarded and used for business purposes, business information is accurate, and laws and regulations are complied with c. prevent fraud, and promote the social interest of the company d. provide control over internal-use only reports and employee internal conduct 67. A necessary element of internal control is a. database b. systems design c. systems analysis d. information and communication 68. The cash account in the compa s ledger is a(n) a. asset with a normal debit balance b. asset with a normal credit balance c. liability with a normal debit balance d lility with a normal credit balance 69. Credit memos from the bank a. decrease a bank customers account b. are used to show a bank service charge c. show that a company has deposited a customers NSF check d. show the bank has collected a note receivable for the customer 70. A check drawn by a company for $340 in payment of a liability was recorded in the journal as $430. This item would be included on the bank reconciliation as a(n) a. addition to the balance per the companys records b. addition to the balance per the bank statement c. deduction from the balance per the bank statement d. deduction from the balance per the companys records 71. A bank reconciliation should be prepared periodically because a. the companys records and the banks records are itn b. the bank has not recorded all of its transactions any differences between the companys records and c. the banks records should be determined, and any errors made by either party should be discovered and corrected d the bank must make sure that its records are correct 72. Thc bank recoanulation a. should be prepared by an employee who records cash transactions b. is part of the internal control system c is for information purposes only d. is sent to the bank for verification 73. Accompanying the bank statement was a debit memo for bank service charges. On the bank reconciliation, the item is
d. 73. Accompanying the bank statement was a debit memo for bank service charges. On the bank reconciliation, the item is a. a deduction from the balance per companys records b. c. d. an addition to the balance per bank statement a deduction from the balance per bank statement an addition to the balance per companys records 74. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. This item would be included in the bank reconciliation as a(n) a. deduction from the balance per the companys records b. addition to the balance per the bank statement c. d. addition to the bal. ce per the companys records deduction from the balance per the bank statement 75. A S150 petty cash fund has cash of $$4 and receipts of $83. The journal entry to replenish the account would include a a. credit to Petty Cash for $29 b. debit to Cash for $83 c. debit to Cash Short and Over for $13 d. credit to Cash for $54 76. A S135 petty cash fund has cash of $18 and receipts of $120. The journal entry to replenish the account would include a a. b. credit to Petty Cash for $120 debit to Cash for $120 c. d. credit to Cash for $102 credit to Cash Short and Over for $3 77. All of the following below are needed for the calculation of straight-line depreciation excep a. residual value. b. estimated useful life. e. units produced d. cost 78. A machine with a cost of $75,000 has an estimated residual value of $5,000 and an estimated life of 4 years. What is the amount of depreciation for the second full year, using the double declining balance method? a. $37,500 b. $17,500 c. $16, 667 d. $18,750 79. On June 1, 2014, Aaron Company parchased equipment at a cost of $120,000 that has a depreciable cost of $90,000 and an estimated useful life of 3 years and 30,000 hours. Using straight-line depreciation, calculate depreciation expense for the first year a. $12,500 b. $30,000 $17,500 d. $40,000 80. Which of the following would be subtracted from the balance per bank on a bank reconciliation? a. Service charge c. Outstanding checks d. Deposits in bNotescolected by the bank esample of a capital
trans 81. Which of the tollowing below is an exampic of a capital expenditure? a. replacing all burned-out light bulbs in the factory b. tune-up for a company truck c. replacing an engine in a company car d. clearing the carpet in the front room. 82. How does the purchase of equipment by signing a note affect the accounting equation? a. assets increase; liabilities increase b. assets increase; liabilities decrease c. assets increase; assets increase d. assets increase; stockholders equity increase 83. On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the equipment was 310,000 with an accumulated depr ation of $260,000. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $55,000. What is the amount of the gain or loss on this tran action? a. Gain of $55,000 b. Gain of S5,000 c. No gain or loss d. Cannot be determined 84. The two methods of accounting for uncollectible receivables are the allowance method and the a. cost method b. interest method c. direct write-off method d. equity method 85. March 10 Aocounts Payable (Paid credtoes on account What effect does this journal entry have on the accounts? a. Decrease accounts payable, decrease cash b. Increase cash, decrease accounts payable c. Increase accounts payable, increase cash d. Decrease accounts payable, increase cash. 86. The depreciation method that does not use residual value in calculating the first years depreciation expense is a. straight-line b. units-of output c. double-declining-balance d. sum-of-the-digits cost method 87. If the cost of an item of inventory is $60 and the current replacement cost is $75, the amount included in inventory according to the lower of cost or market is a. $15 b. $60 c. $75 d. $135
Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for the month of September. Use this information to answer the questions that follow. (55 & 56) Sep. Inventory 20 units at $20 Purchased 30 units at $25 Purchased 10 units at $30 4 Sold 10 units 10 17 30 Sold 20 units 88. If Addison uses FIFO, the cost of the ending September 30 is ventory on a. $800 b. $650 c. $750 d. $700 89. A new machine with a purchase price of $109,000, with transportation costs of S12,000, installation costs of $5,000, and special acquisition fees of $6,000, would have a cost basis of a. $114,000 b. $126,000 $121,000 d. $132,000 90. The journal entry for recording payment for the short-ternm lease of a fixed asset would a. be a memo entry only b. debit the fixed asset and credit Cash c debit Rent Expense and credit Cash d. debit a liability and credit Cash 91. Which of the following are criteria for determining whether to record an asset as a fixed asset? a. must be an investment and long lived b. must be long lived and used by the company in its c. must be short lived and tangible d. must be tangible and an investment normal operations 92. A fixed assets estimated value at the time it is to be retired from service is called a. book value b. residual value c. market value d. camying value 93. The method of determining depreciation that yields successive reductions in the periodic depreciation charge over the estimated life of the asset is the a. units-of-production method lining-balance method straight-line method time-valuation method d.
d. 94. Equipment with a cost of $220,000 has an estimated residual value of $30,000 and an estimated life of 10 years or 19,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 2,100 hours? a. $19,000 . $21,000 c. $22,000 d. $30,000 95. A machine with a cost of $75,000 has an estimated residual value of $5,000 and an estimated life of 4 years or 18,000 hours. What is the amount of depreciation for the second full year, using the double-declining-balance method? a. $17,500 b S37.500 c. $18,750 d. $16,667 96. The depreciation method that does not use residual value in calculating the first years depreciation expense is a. straight-line b. units-of-output c. double-declining-balance d. sum-of-the-digits 97. The proper journal entry to purchase a computer costing $975 on account to be utilized within the business would be a. Office Supplies b. Office Equipment c. Office Supplies d. Office Equipment 975 Accounts Payable 975 Accounts Payable 975 975 Accounts Receivable 975 975 915 Accounts Receivable 98. The formula for depreciable cost is a. Initial cost+Residual value b. Initial cost- Residual value c Initial cost- Accumulated depreciation d. Depreciable cost- Initial cost 99. The accumulated depletion account is a. an expense account b. an intangible asset account c. reported on the income statement as other expense d. reported on the balance sheet as a deduction from the cost of the mineral deposit 100. Which intangible assets are amortized over their useful life? a. trademarks b. goodw e. patenis d. all of these
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Answer #1
Q66.
Answer is b. provide reassonable assurance that assets are safeguard and used for business purposes, business information is accurate and laws and regulations are complied with.
Q67.
Answer is c. System analysis
Q68.
Answer is a. Assets with normal debit balance
Q69.
Answer is d. show the bank has collected a note receivable for the customer
Q70.
Answer is a. addition to the balance as per company’s records
Q71.
Answer is c. any difference between the ccompany's records and the bank records should be determined. And any errors made by either party should be discovered and corrected.
Q72.
Answer is b. is a part of Internal control system
Q73.
Answer is a. a deduction from the balance as per company's record
Q74.
Answer is a. a deduction from the balance as per company's record
Q75.
Answer is c. debit cashh short and over $ 13.
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