會計學(二) 第一次會考

一、 MULTIPLE CHOICE：40% 7. The depreciation method that applies a

1. The interest rate specified on any note is constant percentage to depreciable cost in
for a calculating depreciation is
A) day. A) straight-line.
B) month. B) units-of-activity.
C) week. C) declining-balance.
D) year. D) none of these.
2. The interest on a $8,000, 6%, 60-day note 8. The book value of a plant asset is the
receivable is difference between the
A) $240. A) replacement cost of the asset and its
B) $40. historical cost.
C) $80. B) cost of the asset and the amount of
D) $120. depreciation expense for the year.
3. During 2008, Carbondale Inc. had sales on C) cost of the asset and the accumulated
account of $130,000, cash sales of $54,000, depreciation to date.
and collections on account of $80,000. In D) proceeds received from the sale of the asset
addition, they collected $1,450 which had and its original cost.
been written off as uncollectible in 2007. 9. Depreciation is a process of
As a result of these transactions, the A) asset devaluation.
change in the accounts receivable balance B) cost accumulation.
indicates a C) cost allocation.
A) $100,550 increase. D) asset valuation.
B) $48,000 increase. 10. The declining-balance method of depreciation
C) $50,000 increase. produces
D) $102,000 increase. A) a decreasing depreciation expense each
4. ABC Company accepted a national credit card period.
for a $3,000 purchase. The cost of the goods B) an increasing depreciation expense each
sold is $2,400. The credit card company period.
charges a 2% fee. What is the impact of this C) a declining percentage rate each period.
transaction on net operating income? D) a constant amount of depreciation expense
A) Increase by $540 each period.
B) Increase by $600 11. The entry to record patent amortization
C) Increase by $510 usually includes a credit to
D) Increase by $910 A) Amortization Expense.
5. Three accounting issues associated with B) Accumulated Amortization.
accounts receivable are C) Accumulated Depreciation.
A) depreciating, returns, and valuing. D) Patents.
B) depreciating, valuing, and collecting. 12. Gains on an exchange of plant assets that
C) recognizing, valuing, and disposing. has commercial substance are
D) accrual, bad debts, and disposing. A) deducted from the cost of the new asset
6. All of the following factors in computing acquired.
depreciation are estimates except B) deferred.
A) cost. C) not possible.
B) residual value. D) recognized immediately.
C) salvage value. 13. The current portion of long-term debt should
D) useful life. A) be paid immediately.
B) be reclassified as a current liability.
C) be classified as a long-term liability.
D) not be separated from the long-term portion A) first to creditors and the remainder to
of debt. partners.
B) to the partners on the basis of their
14.The accounting for warranty costs is based capital balances.
on C) to the partners on the basis of their
A) going concern principle. income-sharing ratio.
B) matching principle. D) only after all creditors have been paid.
C) conservatism principle. 二、Problems：60%
D) objectivity principle. 1. Kiley Company had a $500 credit balance in
15. Claims for which formal instruments of Allowance for Doubtful Accounts at December
credit are issued as proof of the debt are 31, 2008, before the current year's
A) accounts receivable. provision for uncollectible accounts. An
B) interest receivable. aging of the accounts receivable revealed
C) notes receivable. the following:
D) other receivables. Estimated Percentage
16. The existing balance in Allowance for Uncollectible
Doubtful Accounts is considered in computing Current Accounts $120,000 1%
bad debts expense in the 1–30 days past due 12,000 2%
A) direct write-off method. 31–60 days past due 10,000 6%
B) percentage of receivables basis. 61–90 days past due 5,000 10%
C) percentage of sales basis. Over 90 days past due 8,000 30%
D) percentage of receivables and percentage of Total Accounts $155,000
sales basis. Receivable
17. The percentage of receivables basis for Instructions: 9%
estimating uncollectible accounts emphasizes (a) Prepare the adjusting entry on December 31,
A) cash realizable value. 2008, to recognize bad debts expense.
B) the relationship between accounts receivable (b) Assume the same facts as above except that
and bad debts expense. the Allowance for Doubtful Accounts account
C) income statement relationships. had a $800 debit balance before the current
D) the relationship between sales and accounts year's provision for uncollectible accounts.
receivable. Prepare the adjusting entry for the current
18 .The maturity value of a $90,000, 10%, 120- year's provision for uncollectible accounts.
day note receivable is (c) Assume that the company has a policy of
A) $90,000. providing for bad debts at the rate of 1% of
B) $99,000. sales, that sales for 2008 were $600,000,
C) $93,000. and that Allowance for Doubtful Accounts had
D) $91,500. a $650 credit balance before adjustment.
19.In the final step of the liquidation Prepare the adjusting entry for the current
process, remaining cash is distributed to year's provision for bad debts.
partners
A) on an equal basis.
2. Listed below are two independent situations
B) on the basis of the income ratios.
involving the disposition of receivables.
C) on the basis of the remaining capital
(a)Dylan Company sells $500,000 of its
balances.
receivables to Speedy Factors, Inc. Speedy
D) regardless of capital deficiencies.
Factors assesses a finance charge of 2% of
20.In the liquidation of a partnership, any
the amount of receivables sold.
gain or loss on the realization of noncash
Instructions: Prepare the journal entry to
assets should be allocated
record the sale of the receivables on Dylan
 Company's books. 3%
(b) A restaurant is the site for a large
company party. The bill totals $3,000 and is
charged by the patron on a Visa credit card.
3%
Instructions: Assume a 3% service fee
charged by Visa. Record the entry for the
transaction on the restaurant's books.
3. Tanner Company purchased equipment on
January 1, 2007 for $60,000. It is estimated
that the equipment will have a $5,000
salvage value at the end of its 5-year
useful life. It is also estimated that the
equipment will produce 100,000 units over
its 5-year life.
Instructions: 9%
Answer the following independent questions.
(a) Compute the amount of depreciation expense
for the year ended December 31, 2007, using
the straight-line method of depreciation.
(b)If 16,000 units of product are produced in
2007 and 24,000 units are produced in 2008,
what is the book value of the equipment at
December 31, 2008? The company uses the
units-of-activity depreciation method.
(c)If the company uses the double-declining-
balance method of depreciation, what is the
balance of the Accumulated Depreciation—
Equipment account at December 31, 2009?
4. Tom Byers sells televisions with a 2-year
warranty. Past experience indicates that 2%
of the units sold will be returned during
the warranty period for repairs. The average
is
cost of repairs under warranty is estimated
to be $60 per unit. During 2008, 8,000 units
were sold at an average price of $400.
During the year, repairs were made on 55
units at a cost of $2,000.
Instructions: 6%
Prepare journal entries to record the repairs
made under warranty and estimated warranty
expense for the year.
5. Farr Delivery Company and Bell Delivery
Company exchanged delivery trucks on January
1, 2008. Farr's truck cost $80,000, had
accumulated depreciation of $60,000, and has
a fair market value of $19,000. Bell's truck
cost $60,000, had accumulated depreciation
of $50,000, and has a fair market value of
$19,000.(assume the exchange of delivery
trucks that has commercial substance)
Instructions: Journalize the exchange for Farr
Delivery Company.5%
6. Presented below are selected transactions
for Milton Company for 2008.
(a) Jan. 1 Received $9,000 scrap value on
retirement of machinery that was purchased
on January 1, 1998. The machine cost $90,000
on that date, and had a useful life of 10
years with no salvage value.
(b) April 30 Sold a machine for $28,000 that
was purchased on January 1, 2005. The
machine cost $75,000, and had a useful life
of 5 years with no salvage value.
(c) Dec. 31 Discarded a business automobile
that was purchased on October 1, 2004. The
car cost $32,000 and was depreciated on a 5-
year useful life with a salvage value of
$2,000.
Instructions: 15%
Journalize all entries required as a result of
the above transactions. Milton Company uses
the straight-line method of depreciation and
has recorded depreciation through December
31, 2007.
 (a)
7. The Smith and Wilson partnership reports net
income of $60,000. Partner salary allowances
are Smith $18,000 and Wilson $12,000. Any
remaining income is shared 60:40. (b)
Instructions: 4%
Determine the amount of net income allocated
to each partner.
3. (9%)
8. Prior to the distribution of cash to the (a)
partners, the accounts of ABC Company are:
Cash $30,000, Alt Capital (Dr.) $10,000,
Bell Capital (Cr.) $25,000, and Cole Capital (b)
(Cr.) $15,000. They share income on a 6:2:2
basis.

Instructions: 6%
Prepare entries to record (a) the absorption (c)

of Alt's capital deficiency by the other

partners and (b) the distribution of cash to
the partners with credit balances.

4. (6%)
(a)

(b)

會計學(二) 第一次會考 班級: 姓名： 學號：

MULTIPLE CHOICE：40 %
1. 5. 5.(5%)
6. 10.

11. 15.

16. 20.

二、 Problems： 60%
1. (9%)
(a)

(b)

(c)

2.(6%)
6. (15%)
(a)

(b)

(c)

7.(4%)

8.(6%)
(a)

(b)