Accouting Practice Exam Free Essays

string(17) on 1 July 2008. Workforce OF BUSINESS ACC100 ACCOUNTING 1 Sample assessment TIME: 9. 20 †12. 30 Hours WRITING TIME: Three (3) hours READING TIME: Ten (10) minutes MATERIALS SUPPLIED BY UNIVERSITY: Answer Booklets (4 x 6 page) General Purpose Answer Sheet GPAS-200R MATERIALS PERMITTED IN EXAMINATION: Writing executes, including a 2B pencil and an eraser Battery worked, hand held, no print office adding machine NUMBER OF QUESTIONS: Part A: Thirty Part B: Four (30) various decision (4) questions Directions TO CANDIDATES: 1. We will compose a custom article test on Accouting Practice Exam or on the other hand any comparable point just for you Request Now Enter your name and understudy number and sign in the space gave at the base of this page. You should likewise enter your name and number in pencil on the numerous decision answer sheet, and upon the appropriate response booklet. This assessment comprises of THIRTY (30) various decision inquiries in Part An and FOUR (4) inquiries in Part B. ALL inquiries must be replied. Section A (Multiple decision): Students must answer addresses 1 †30 on the appropriate response sheet gave. Utilize a dark lead pencil No 2 to fill in totally the letter box comparing to the most right answer. To change your answer, delete totally and comment. There are no imprints deducted for erroneous answers. Up-and-comers are encouraged to show all operations in Part B unmistakably naming them thusly. This assessment is worth 60% of the last appraisal. Understudies must finish the last test of the year to pass the subject. Directions TO INVIGILATORS: 1 QUESTION PAPER MUST NOT BE RETAINED BY THE CANDIDATE. 2. 3. Understudy NAME: ____________________________________ STUDENT No: _________________ STUDENT SIGNATURE: _____________________________________________________________ MULTIPLE CHOICE (1 imprint each) Record your answers in pencil on the General Purpose Answer Sheet gave. 1 Purchasing stock for money has the accompanying double impact on the bookkeeping condition: A B C D 2 builds a benefit and expands an obligation expands an advantage and expands another advantage diminishes an advantage and increments owner’s value diminishes a benefit and expands a benefit Buying office furniture incompletely for money and somewhat using a credit card influences the bookkeeping condition by: A B C D expanding an advantage, expanding a risk and a diminishing a benefit expanding an advantage, diminishing an obligation and diminishing an advantage diminishing an advantage, expanding an obligation and expanding owner’s value diminishing an advantage, diminishing an obligation and diminishing owner’s value 3 The entirety of the accompanying conditions of the fundamental bookkeeping condition are right aside from: A B C D resources = liabilities + owner’s value monetary assets = guarantees on financial assets resources †liabilities = owner’s value resources + owner’s value = liabilities 4 A business had resources of $260,000 and liabilities of $75,000. What amount is its owner’s value? A B C D $0 $185,000 $335,000 $260,000 5 The business archive that reports resources, liabilities and owner’s value is known as the: A B C D fiscal summary exchange articulation of budgetary position (accounting report) explanation of money related execution (benefit and misfortune proclamation) 6 Terri works a wonder salon. During the main month of activity Terri played out the accompanying exchanges: I ii iii iv v vi put $2,000 in the business prepaid lease of $1000 bought $1,500 of furniture on layaway bought $100 of provisions for money paid $300 on the furniture b ought in iii bought an antique mirror for $1,000, paying money of $500 and putting $500 using a credit card. Utilizing the bookkeeping condition, the last equalization on the two sides is: A B C D 7 3,900 3,700 4,300 4,400 Utilize the accompanying data to compute the equalization in John’s Capital record. Parity of records for John’s Cleaning on 31 March Accounts Payable Accounts Receivable Cash at bank Equipment Supplies Bill Payable John, Capital A B C D $20,000 $17,500 $18,000 $15,000 $ 1,000 $ 1,500 $ 500 $20,000 $ 1,000 $ 4,000 ? 8 Under the money premise of bookkeeping: A B C D Net benefit is the overabundance of money inflows from income over money surges for costs Revenue is perceived when products are sold Expenses are perceived when expenses are devoured B and C 3 Judy’s Hairdressing Salon utilizes money bookkeeping. During 2005 the salon detailed $41,000 in compensation paid on the salary articulation. At year-end 2005 wages owing yet unpaid were $2,400. In the event that the salon changed to collection bookkeeping, what amount would be accounted for as wages cost for 2005? A B C D $38,600 $41,000 $43,400 $42,600 10 Which of the accompanying explanations concerning colle ction bookkeeping is valid? A B C D Net benefit is the overabundance of money inflows from income over money surges for costs Revenue is perceived when earned and costs when brought about. When there are credit exchanges the collection approach gives a superior proportion of monetary execution than the money approach B and C 11 Joe utilizes cleaning supplies regularly. Under the accumulation premise of bookkeeping these provisions ought to be a cost of the period where they are: A B C D Ordered Received Paid for Used 12 Prepaid protection is accounted for as: A B C D A benefit to be determined sheet An obligation to be decided sheet A cost in the pay explanation B and C 13 Which of the accompanying could be accounted for as a prepaid cost? A B C D An upkeep understanding paid ahead of time for the following two years Wages owing toward the finish of the period Rent gathered ahead of time from inhabitants Interest salary unpaid toward the finish of the period 14 According to a stock tally Cally Printing had office supplies adding up to $100 at year-end. It had $50 of provisions toward the beginning of the year and had bought $600 of provisions during the year. What was the provisions cost for the year? A B C D $650 $600 $550 $500 4 15 Which of the accompanying explanations identifying with the Accumulated Depreciation account is right? A B C D It typically is an equalization on the left hand side of a T-account. It mirrors the segment of the expense of an advantage that has been doled out to cost since the thing was bought It gives data to clients available estimation of benefits It is named a risk to be determined sheet The accompanying information identifies with questions 16 to 18. Pam’s Machine Hire bought a machine for $6,300 on 1 July 2008. You read Accouting Practice Exam in class Paper models The machine had an expected existence of 7 years, at which time it was relied upon to have a business estimation of $700. The straight-line technique for devaluation was utilized. 16 What was the measure of deterioration charged as a cost on the machine by Pam’s Machine Hire for year finished 30 June 2009? A B C D 17 $771 $800 $900 $1,600 What was the parity of the Accumulated Depreciation †Machine account in the books of Pam’s Machine Hire at 30 June 2009 after the changing passage? A B C D $800 $1,600 $2,400 $2,700 18 What was the book estimation of the machine in the books of Pam’s Machine Hire at 30 June 2009 after the changing section? A B C D $5,600 $3,900 $5,400 $5,500 5 19 Tom bought two vehicles for his business on 1 January 2009. These vehicles cost $50,000 each and have a helpful existence of 5 years with a normal remaining of $20,000 each. The modifying section required for deterioration on the two vehicles on 30 June 2005 is: A B C D Increase Accumulated Depreciation $6,000; Increase Depreciation Expense $6,000 Increase Depreciation Expense $12,000; Decrease Accumulated Depreciation $12,000 Increase Accumulated Depreciation $12,000; Decrease Depreciation Expense $12,000 Increase Depreciation Expense $6,000; Decrease Accumulated Depreciation $6,000 20 Unearned income is a case of a(n): A B C D Accrual Liability Asset Expense 21 Rent gathered from an inhabitant ahead of time is thought of: A B C D Unearned Revenue Prepaid Expense A risk Both An and C 2 On 1 July 2009 Zoe’s Bar Bistro leased piece of its property at a pace of $12,000 every year. On that date, nine months lease was gathered ahead of time and was recorded as an expansion to a risk account. At 31 December 2009, (Zoe’s year-end) which of the accompanying changing sections ought to be made? A B C D Increase Cash, $6,000; Increase Rent Revenue, $ 6,000 Decrease Rent Revenue, $3,000; Increase Unearned Rent Revenue $3,000 Decrease Unearned Rent Revenue, $6,000; Increase Rent Revenue, $6,000 Increase Rent Receivable, $6,000; Increase Rent Revenue, $6,000 23 Working capital is controlled by A B C D deducting all out liabilities from complete resources adding current liabilities to add up to resources taking away current liabilities from current resources adding absolute liabilities to current resources 6 24 Decision-creators may utilize liquidity proportions to quantify a company’s budgetary adaptability. A case of a liquidity proportion would be the A B C D return on all out resources current proportion net benefit proportion records of sales turnover The accompanying data relates to address 25. Maria’s Coffee revealed $56 000 for current resources and $10 500 for different resources. It likewise had $17 000 of current liabilities. Maria’s fast resources totalled $22 000, and its drawn out liabilities totalled $10 000. 25 Determine Maria’s working capital A B C D 26 $5 000 $39 000 $56 500 $12 500 The accompanying passage showed up in the general diary of the SoHo Realty Company: Office Supplies Cash Accounts Payable 2,500 500 2,000 Which of the accompanying proclamations isn't accurate about the exchange recorded in the diary section above? A B C D SoHo’s money diminished by $500 Liabilities expanded because of the exchange SoHo’s marked a note as a major aspect of the exchange The advantage, office supplies, expanded because of the exchange 27 End of year records from Sally’s Boutique appear: $ Cash 20 Salaries Payable 10 Rent Expense 100 Interest Expense 50 Prepaid Rent 30