Komunitas @JagoAkuntansi Indonesia

QUIZ 1
Subject
: Financial Statement
Examiner
: Fadly Alwahdy
Date
: Saturday, 10 September 2016
=========================================================
Score
Name
: Rahman Safii
University
: Universitas Sultan Ageng Tirtayasa
Semester
:5
CLOSEBOOKS
=========================================================
Question 1
Which of the following is a required financial statement?
Statement of Cash Flows
Statement of Auditor Independence
Statement of Tangible Equity
Statement of Revenues and Expenditures
Statement of Assets and Liabilities

Question 2
Which of the following is an asset? (check all that apply)
Notes Payable
Prepaid Rent
Common Stock
Cash
Retained Earnings

Question 3
What are Ending Retained Earnings in the table below?
Total Assets
300
Total Liabilities
120
Total Stockholders Equity
Beginning Retained Earnings
30
Ending Retained Earnings
?
Dividends
10
Revenues
190
Expenses
140
Net Income
Cash
50

70
50
-20
Not enough information
20

Question 4
Which of the following transactions violates the balance sheet equation? (check all that
apply)
Increase cash and reduce inventory (a non-cash asset)
Increase revenues and reduce a liability
Increase cash and reduce a liability
Increase cash and increase an expense
Reduce cash and reduce a liability

Question 5
Which of the following are liabilities? (check all that apply)
Common Stock
Salaries Payable
Retained Earnings
Employment Contracts
Prepaid Rent

Question 6
Which of the following accounts would be increased with a Credit? (check all that apply)
Inventory
Additional Paid-in Capital
Notes Payable
Revenue
Prepaid Rent

Question 7
Which of these journal entries represent paying cash to reduce a liability? (check all that
apply)
Dr. Cash
1000
Cr. Notes Payable
1000
Dr. Land

100

Cr. Cash

100

Dr. Income Taxes Payable

Cr. Cash
Dr. Cash
300
Cr. Accounts Payable
Dr. Retained Earnings
Cr. Cash

500
500

300

500
500

Question 8
Which journal entry reflects the following transaction?:
BOC sold 10,000 shares of $1 par value stock to investors for $5 per share.
Dr. Cash
10,000
Cr. Common Stock

10,000

Dr. Cash
50,000
Cr. Common Stock
40,000
Cr. Additional Paid-in Capital 10,000
Dr. Cash
50,000
Cr. Common Stock
10,000
Cr. Additional Paid-in Capital 40,000
Dr. Cash
50,000
Cr. Common Stock
50,000
Dr. Common Stock
10,000
Dr. Additional Paid-in Capital 40,000
Cr. Cash
50,000

Question 9
Which journal entry reflects the following transaction?:
BOC bought a $75,000 piece of equipment with cash.
Dr. Cash 75,000
Cr. Equipment 75,000
Dr. Inventory
Cr. Cash

75,000
75,000

Dr. Cash
75,000
Cr. Inventory 75,000
Dr. Prepaid Expense 75,000
Cr. Cash
75,000

Dr. Equipment 75,000

Cr. Cash
75,000

Question 10
Which journal entry reflects the following transaction?:
BOC paid $3,000 upfront for next year's rent.
Dr. Prepaid Rent
Cr. Cash

3,000
3,000

Dr. Rent Revenue

Cr. Cash

3,000
3,000

Dr. Rent Expense

3,000
Cr. Cash
3,000
Dr. Cash
3,000
Cr. Rent Expense
3,000
Dr. Cash
Cr. Prepaid Rent

3,000
3,000

Question 11
Which of these transactions would produce $10,000 of revenue in December? (check all that
apply)
BOC delivered $10,000 of goods in December to customers that ordered them and have
30 days to pay for them.
BOC collected $10,000 of cash in December from customers who received goods in
November.
BOC signed a contract to deliver $10,000 of goods to a customer in January.
BOC delivered $10,000 of goods in December to a customer that paid a $10,000 cash
deposit in November.
BOC collected a $10,000 deposit in December for goods it will ship in January.

Question 12
Which of these transactions would produce $10,000 of expenses in December? (check all that
apply)
BOC pays its advertising agency $10,000 in December for ads that ran in December.
BOC pays its auditor $12,000 in December for all of the work the auditor performed
during the year.
BOC pays $10,000 in cash dividends in December.
BOC receives a $10,000 invoice from its lawyers for services performed in December.
The bill is due in January.
BOC hires a new COO in December to start work in January. The COO will be paid
$10,000 per month.

Question 13
Which journal entry reflects the following transaction?:
BOC receives a $2,000 cash deposit from a customer for custom goods that will be delivered
next year.
Dr. Cash 2,000
Cr. Revenue 2,000
Dr. Cash
2,000
Cr. Advances from Customers

2,000

Dr. Cash
2,000
Cr. Inventory
2,000
Dr. Deposits 2,000
Cr. Future Revenue

2,000

Dr. Advances from Customers

Cr. Cash

2,000
2,000

Question 14
Which journal entry(s) reflects the following transaction?:
BOC received $5,000 of cash from a customer who took delivery of goods that originally cost
BOC $4,000 to acquire.
Dr. Cash
5,000
Cr. Revenue
5,000
Dr. Cost of Goods Sold 4,000
Cr. Inventory
4,000
Dr. Cash 5,000
Cr. Inventory
4,000
Cr. Revenue
1,000
Dr. Cash
5,000
Cr. Revenue
5,000
Dr. Accounts Payable 4,000
Cr. Inventory
4,000
Dr. Cash
5,000
Cr. Revenue
5,000
Dr. Cash
5,000
Cr. Inventory
5,000

Question 15
How much annual depreciation expense would be recognized for a truck that originally cost
$30,000 and has an estimated useful life of 5 years with a $5,000 salvage value?
$7,000
$10,000
$3,333
$5,000
$6,000

Question 16
Which journal entry reflects the adjusting entry needed on December 31?:
It is December 31, the end of the fiscal year. During December, employees earned $800,000
in salaries, but paychecks do not get issued until January 2.
Dr. Salary Expense
Cr. Cash

800,000
800,000

Dr. Cash 800,000

Cr. Salaries Payable

800,000

No entry is needed.
Dr. Salary Expense
800,000
Cr. Salaries Payable
800,000
Dr. Salaries Payable
Cr. Cash

800,000
800,000

Question 17
Which journal entry reflects the adjusting entry needed on December 31?:
Last year, BOC purchased software for $10,000. The expected life of the software is 2 years
and it has no expected salvage value. Now, it is December 31, the end of the fiscal year. No
other entries were recorded for this software during the year.
No entry needed.
Dr. Software Amortization Expense
Cr. Cash

5,000
5,000

Dr. Software Amortization Expense

Cr. Software Revenue

5,000
5,000

Dr. Software Amortization Expense

Cr. Accumulated Depreciation

5,000
5,000

Dr. Software Amortization Expense

Cr. Software

5,000
5,000

Question 18
Which journal entry reflects the adjusting entry needed on December 31?:
In September, BOC received an order for $500,000 of products that will be delivered and
billed in January. Now, it is December 31, the end of the fiscal year, and no prior entry has
been recorded for this order.
Dr. Advances from Customers 500,000
Cr Revenue
500,000
No entry needed.
Dr. Accounts Receivable 500,000
Cr Revenue
500,000
Dr. Order Backlog
Cr Revenue

500,000
500,000

Dr. Accounts Receivable 500,000

Cr Unearned Revenue
500,000

Question 19
Which item would not appear on a Balance Sheet?
Interest Payable
Accounts Receivable
Retained Earnings
Gross Profit
Prepaid expenses

Question 20
Which of the following are temporary accounts? (check all that apply)
Dividends Payable
Income Tax Expense
Retained Earnings
Sales Revenue
Cost of Goods Sold
The deadline for completing the quiz is 11:59:00 pm WIB on September 11, 2016.
The answer sheet has to sent to wadirmik.jagoakuntansi@gmail.com cc
direktur.jagoakuntansi@gmail.com

--- good luck ---