Version A-4

University of New Hampshire
Peter T. Paul College of Business & Economics

ADMN 502
Quiz 6
FALL 2016
Student Name: ______________________________
Class time: (Circle one) Berube: MW 8:10 MW 9:40 MW 11:10 TR 8:10
Knowles: MW 2:10 TR 11:10
The quiz consists of 20 multiple choice questions. Read each question very carefully and place your answers
on the scantron sheet. Turn in both the scantron sheet and the quiz. You must use a #2 pencil to complete
the scantron.
1. QUIZ VERSION: You will find this on the second page of the quiz in the top left corner.
Please wait until you have completed the quiz to fill this out.
2. NAME: Your first and last name, class & section time (for example MW 8:10 or TR 9:40)
3. STUDENT ID NUMBER: Write your complete 9 digit UNH Student ID in the NINE BOXES and
FILL in all of the correct bubbles
4. TEST ID #: Please write the appropriate two digit number for the instructor you have: 01-
Berube; 02 - Knowles
DO NOT TURN IN YOUR SCANTRON WITHOUT ALL THE ABOVE BEING FILLED OUT AND ALL OF THE
CORRECT BUBBLES FILLED OUT. IF YOU DO, YOU WILL BE PENALIZED BY 10% OF YOUR QUIZ GRADE!!
2 4
3
Quiz 6 F16
Version A
1. Best, Inc. loaned $100,000 for three months on November 1 to one of its customers at the rate of 6%. The
principal amount of the loan plus interest is due on the following February 1. Which of the following is the
adjusting journal entry that will be recorded on December 31?
A. Debit Cash and credit Interest Revenue for $4,000
B. Debit Interest Receivable and credit Interest Revenue for $4,000
C. Debit Interest Receivable and credit Interest Revenue for $1,000
D. Debit Interest Receivable and credit Interest Revenue for $500
2. An understatement of the ending inventory balance will cause:

A. Cost of goods sold to be overstated and net income to be understated.
B. Cost of goods sold to be overstated and net income to be overstated.
C. Cost of goods sold to be understated and net income to be overstated.
D. Cost of goods sold to be overstated and net income to be correct.
3. A company sells a long-lived asset that originally cost $200,000 for $50,000 on December 31, 2016. The
Accumulated Depreciation account had a balance of $110,000 after the current year's depreciation of $45,000
had been recorded. The company should recognize a:
A. $100,000 loss on sale.
B. $40,000 gain on sale.
C. $40,000 loss on sale.
D. $25,000 loss on sale.
4. A company pays its workforce on Fridays for a five-day workweek ending on that day. The payroll for a
week is $100,000. If the accounting year-end falls on a Tuesday, the adjusting journal entry to record this will
include a
A. debit to Salaries and Wages Expense $100,000.
B. debit to Salaries and Wages Expense $40,000.
C. credit to Salaries and Wages Payable $60,000.
D. credit to Salaries and Wages Payable $100,000.
5. Ace Electronics sold $5,000 of goods to customers of which $3,000 has been collected. Ace Electronics
should report revenues of:
A. $5,000.
B. $3,000.
C. $2,000.
D. $0.
6. Cary Inc. reported net credit sales of $300,000 for the current year. The unadjusted credit balance in its
Allowance for Doubtful Accounts is $500. The company has experienced bad debt losses of 1% of credit sales
in prior periods. Using the percentage of credit sales method, what amount should the company record as an
estimate of Bad Debt Expense?
A. $2,500
B. $3,000
C. $2,980
D. $3,200
7. The fraud triangle contains three elements that must exist for accounting fraud to occur. The elements are:
A. fear, greed, and satisfaction.
B. greed, larceny, and access.
C. motive, opportunity, and means.
D. motive, opportunity, and rationalization.
8. Schager Company purchased a computer system on January 1, 2014, at a cash cost of $25,000. The estimated
useful life is 10 years, and the estimated residual value is $3,000. The company will use the double declining-
balance depreciation method. How much is the 2015 depreciation expense?
A. $5,000.
B. $4,120.
C. $4,000.
D. $3,520.
9. Intangible assets are:

A. long-lived assets with no physical substance.
B. unnecessary for most major companies.
C. all current assets.
D. any assets acquired without using cash.
10. Davidoff Company reported net credit of $735,000 on account for the year ending December 31, 2016. On
January 1, 2016, the Allowance for Doubtful Accounts had a credit balance of $18,000. During 2016, $30,000
of uncollectible accounts receivable were written off. Davidoff has experienced bad debt losses of 3% of credit
sales in prior periods. Using the percentage of credit sales method, what is the adjusted balance in the
Allowance for Doubtful Accounts at December 31, 2016?
A. $10,050
B. $10,500
C. $22,050
D. $34,500
11. On December 1, 2015, B. Darin Company received $3,600 from S. Dee Company for rent of an office
owned by B. Darin Company. The payment covers the period from December 1, 2015 through February 1,
2016. B. Darin Company recorded this as Unearned Rent when it was received on December 1. The adjusting
entry on December 31 would include a:
A. credit to Rent Revenue of $3,600.
B. credit to Unearned Rent Revenue of $3,600.
C. debit to Rent Revenue of $1,800.
D. debit to Unearned Rent Revenue of $1,800.
12. Manning Company updates its inventory periodically. The company's beginning inventory was $2,700 and
purchases were $5,600 during the year. The company's ending inventory count was $5,000. What was the
amount of its cost of goods sold?
A. $3,300
B. $8,300
C. $13,300
D. $2,100
13. At the beginning of its first year of operations, Henry Corp. purchased $5,000 of supplies, which were
debited to the Supplies account. It did not purchase any other supplies during the year. At the end of the year, it
has $1,000 of supplies left. The appropriate adjusting journal entry is:
A. Debit Supplies Expense $4,000 and credit Supplies $4,000
B. Debit Supplies $4,000 and credit Supplies Expense $4,000
C. Debit Supplies $1,000 and credit Supplies Expense $1,000
D. Debit Supplies Expense $1,000 and credit Supplies $1,000
14. FIFO uses the ______ cost for cost of goods sold on the income statement and the ______ cost for inventory
on the balance sheet.
A. newest; newest
B. newest; oldest
C. oldest; oldest
D. oldest; newest
15. Which principle of internal control states that you should not make one employee responsible for all parts of
a transaction?
A. Responsibility centers
B. Separation of duties
C. Restrict access
D. Procedure documentation
16. The amount of uncollectible accounts at the end of the year is estimated to be $25,000, using the aging of
accounts receivable method. The balance in the Allowance of Doubtful Accounts account is an $8,000 credit
before adjustment. What is the adjusted balance of the Allowance for Doubtful Accounts at the end of the year?
A. $8,000
B. $17,000
C. $25,000
D. $33,000
17. At the end of a depreciable asset's useful life, its book value equals its:
A. accumulated depreciation.
B. depreciation expense.
C. depreciable cost.
D. residual value.
18. Mansfield Company has a periodic inventory system and uses the LIFO method to assign costs to inventory
and cost of goods sold. Consider the following information:
Date Description # of units Cost per unit

January 1 Beginning inventory 100 $5
October 2 Purchase 75 $4
December 5 Sales 125
What amounts would be reported as the cost of goods sold and ending inventory balances for the period?
A. Cost of goods sold $625; Ending inventory $175
B. Cost of goods sold $755; Ending inventory $225
C. Cost of goods sold $550; Ending inventory $250
D. Cost of goods sold $600; Ending inventory $200
19. A company had the following assets and liabilities at the beginning and end of the current year:
Assets Liabilities
Beginning of year $214,000 $88,000
End of the year 245,000 75,000
Common stock in the amount of $15,000 was issued and dividends of $5,000 were paid during the year. What is the amount of net income for the
year?
A. $44,000.
B. $34,000.
C. $24,000.
D. $54,000.
20. On January 1, Kirk Corporation had total assets of $850,000. During the month, the following activities
occurred:
 Kirk Corporation acquired equipment costing $6,000, promising to pay cash for it in 60 days.
 Kirk Corporation purchased $3,500 of supplies for cash.
 Kirk Corporation sold land which it had acquired 2 years ago. The land had cost $15,000 and it was sold for
$15,000 cash.
 Kirk Corporation signed an agreement to rent additional storage space next month at a charge of $1,000 per
month.
What is the amount of total assets of Kirk Corporation at the end of the month?
A. $859,500.
B. $856,000.
C. $837,500.
D. $840,000.
Quiz 6 Fall 2016 Key
Version #1
1. Best, Inc. loaned $100,000 for three months on November 1 to one of its customers at the rate of 6%. The
principal amount of the loan plus interest is due on the following February 1. Which of the following is the
adjusting journal entry that will be recorded on December 31?
A. Debit Cash and credit Interest Revenue for $4,000
B. Debit Interest Receivable and credit Interest Revenue for $4,000
C. Debit Interest Receivable and credit Interest Revenue for $1,000
D. Debit Interest Receivable and credit Interest Revenue for $500
Interest was earned during November and December. The adjusting journal entry includes a debit to Interest
Receivable and a credit to Interest Revenue for $1,000 (or $100,000  6%  2 months  12 months).
AACSB: Analytical Thinking

AICPA: BB Resource Management
AICPA: FN Measurement
Accessibility: Keyboard Navigation
Blooms: Apply
Difficulty: 3 Hard
Learning Objective: 08-03 Compute and report interest on notes receivable.
Phillips - Chapter 08 #143
Source: Exclude LearnSmart
Topic: Recording Notes Receivable and Interest Revenue
2. An understatement of the ending inventory balance will cause:

A. Cost of goods sold to be overstated and net income to be understated.
B. Cost of goods sold to be overstated and net income to be overstated.
C. Cost of goods sold to be understated and net income to be overstated.
D. Cost of goods sold to be overstated and net income to be correct.
If ending inventory is understated, then cost of goods sold is overstated which results in net income being
understated.

AICPA: BB Critical Thinking
Blooms: Analyze
Difficulty: 2 Medium
Learning Objective: 07-S2 Determine the effects of inventory errors.
Topic: The Effects of Inventory Errors in Ending Inventory
3. A company sells a long-lived asset that originally cost $200,000 for $50,000 on December 31, 2016. The
Accumulated Depreciation account had a balance of $110,000 after the current year's depreciation of $45,000
had been recorded. The company should recognize a:
A. $100,000 loss on sale.
B. $40,000 gain on sale.
C. $40,000 loss on sale.
D. $25,000 loss on sale.
Gain (loss) on disposal = Proceeds from sale - Book value at time of sale
Gain (loss) on disposal = Proceeds from sale - (Cost - Accumulated depreciation at time of sale)
= $50,000 - ($200,000 - $110,000) = ($40,000)

Blooms: Apply
Learning Objective: 09-05 Analyze the disposal of long-lived tangible assets.
Topic: Disposal of Tangible Assets
4. A company pays its workforce on Fridays for a five-day workweek ending on that day. The payroll for a
week is $100,000. If the accounting year-end falls on a Tuesday, the adjusting journal entry to record this will
include a
A. debit to Salaries and Wages Expense $100,000.
B. debit to Salaries and Wages Expense $40,000.
C. credit to Salaries and Wages Payable $60,000.
D. credit to Salaries and Wages Payable $100,000.
The adjusting entry would include a debit to Salaries and Wages Expense and a credit to Salaries and Wages
Payable for $40,000 [or ($100,000  5 days)  2 days].

Blooms: Apply
Difficulty: 3 Hard
Learning Objective: 04-02 Prepare adjustments needed at the end of the period.
Topic: Making the Required Adjustments
5. Ace Electronics sold $5,000 of goods to customers of which $3,000 has been collected. Ace Electronics
should report revenues of:
A. $5,000.
B. $3,000.
C. $2,000.
D. $0.
Revenues equal the amount earned, regardless of whether the cash has been collected.

Blooms: Understand
Learning Objective: 01-02 Describe the purpose, structure, and content of the four basic financial statements.
Source: LearnSmart
Topic: The Basic Accounting Equation
6. Cary Inc. reported net credit sales of $300,000 for the current year. The unadjusted credit balance in its
Allowance for Doubtful Accounts is $500. The company has experienced bad debt losses of 1% of credit sales
in prior periods. Using the percentage of credit sales method, what amount should the company record as an
estimate of Bad Debt Expense?
A. $2,500
B. $3,000
C. $2,980
D. $3,200
The percentage of credit sales method estimates Bad Debt Expense by multiplying the historical percentage of
bad debt losses by the current period's credit sales.
Bad Debt Expense = Net credit sales  Bad debt loss rate
= $300,000  0.01 = $3,000

Blooms: Apply
Learning Objective: 08-02 Estimate and report the effects of uncollectible accounts.
Topic: Accounts Receivable and Bad Debts
Topic: Methods for Estimating Bad Debts
7. The fraud triangle contains three elements that must exist for accounting fraud to occur. The elements are:
A. fear, greed, and satisfaction.
B. greed, larceny, and access.
C. motive, opportunity, and means.
D. motive, opportunity, and rationalization.
For accounting fraud to occur, there must first be a motive for someone to commit the fraud. Second, the
opportunity to commit the fraud must exist. Lastly, fraudsters rationalize their actions through a feeling of
personal entitlement, which outweighs moral principles, such as honesty and concern for others.
AACSB: Reflective Thinking

AICPA: BB Legal
AICPA: FN Reporting
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 05-01 Define fraud and internal control.
Topic: Fraud
8. Schager Company purchased a computer system on January 1, 2014, at a cash cost of $25,000. The estimated
useful life is 10 years, and the estimated residual value is $3,000. The company will use the double declining-
balance depreciation method. How much is the 2015 depreciation expense?
A. $5,000.
B. $4,120.
C. $4,000.
D. $3,520.
2014 depreciation expense = $5,000 = $25,000  2/10.

2015 depreciation expense = $4,000 = ($25,000 - $5,000)  2/10.
AACSB: Analytic
AICPA BB: Critical Thinking
AICPA FN: Measurement
Blooms: Apply
Learning Objective: 08-03 Apply various cost allocation methods as assets are held and used over time.
Libby - Chapter 08 #68
Topic Area: Declining-Balance Method
9. Intangible assets are:
A. long-lived assets with no physical substance.
B. unnecessary for most major companies.
C. all current assets.
D. any assets acquired without using cash.
Intangible assets are long-lived assets have special rights but no physical substance. The existence of most
intangible assets is indicated only by legal documents that describe their rights.

AICPA: BB Industry
AICPA: FN Reporting
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 09-01 Define, classify, and explain the nature of long-lived assets.
Source: LearnSmart
Topic: Definition and Classification
10. Davidoff Company reported net credit of $735,000 on account for the year ending December 31, 2016. On
January 1, 2016, the Allowance for Doubtful Accounts had a credit balance of $18,000. During 2016, $30,000
of uncollectible accounts receivable were written off. Davidoff has experienced bad debt losses of 3% of credit
sales in prior periods. Using the percentage of credit sales method, what is the adjusted balance in the
Allowance for Doubtful Accounts at December 31, 2016?
A. $10,050
B. $10,500
C. $22,050
D. $34,500
The percentage of credit sales method estimates Bad Debt Expense by multiplying the historical percentage of
bad debt losses by the current period's credit sales.
Bad Debt Expense = Net credit sales  Bad debt loss rate
= $735,000  0.03 = $22,050
Ending balance in Allowance for Doubtful Accounts = Beginning credit balance in Allowance for Doubtful
Accounts - Write-offs + Bad Debt Expense
= $18,000 - $30,000 + $22,050 (from above) = $10,050

Blooms: Apply
Difficulty: 3 Hard
Topic: Methods for Estimating Bad Debts
11. On December 1, 2015, B. Darin Company received $3,600 from S. Dee Company for rent of an office
owned by B. Darin Company. The payment covers the period from December 1, 2015 through February 1,
2016. B. Darin Company recorded this as Unearned Rent when it was received on December 1. The adjusting
entry on December 31 would include a:
A. credit to Rent Revenue of $3,600.
B. credit to Unearned Rent Revenue of $3,600.
C. debit to Rent Revenue of $1,800.
D. debit to Unearned Rent Revenue of $1,800.
One-half of the two months covered by the rent payment has elapsed. The adjusting entry will include a debit
to Unearned Revenue and a credit to Rent Revenue for $1,800 [or ($3,600  2 months)].

Blooms: Apply
Difficulty: 3 Hard
12. Manning Company updates its inventory periodically. The company's beginning inventory was $2,700 and
purchases were $5,600 during the year. The company's ending inventory count was $5,000. What was the
amount of its cost of goods sold?
A. $3,300
B. $8,300
C. $13,300
D. $2,100
Cost of goods sold = Beginning inventory + Purchases - Ending inventory

= $2,700 + $5,600 - $5,000 = $3,300

Blooms: Apply
Difficulty: 3 Hard
Learning Objective: 07-02 Explain how to report inventory and cost of goods sold.
Topic: Balance Sheet and Income Statement Reporting
13. At the beginning of its first year of operations, Henry Corp. purchased $5,000 of supplies, which were
debited to the Supplies account. It did not purchase any other supplies during the year. At the end of the year, it
has $1,000 of supplies left. The appropriate adjusting journal entry is:
A. Debit Supplies Expense $4,000 and credit Supplies $4,000
B. Debit Supplies $4,000 and credit Supplies Expense $4,000
C. Debit Supplies $1,000 and credit Supplies Expense $1,000
D. Debit Supplies Expense $1,000 and credit Supplies $1,000
Supplies used = Beginning balance + Supplies purchased - Supplies on hand

= $0 + $5,000 - $1,000 = $4,000
The adjusting entry includes a debit to Supplies Expense $4,000 (for the amount used) and a credit to Supplies
$4,000 (to decrease the Supplies account to the amount on hand at the end of the year).

Blooms: Apply
Difficulty: 3 Hard
14. FIFO uses the ______ cost for cost of goods sold on the income statement and the ______ cost for inventory
on the balance sheet.
A. newest; newest
B. newest; oldest
C. oldest; oldest
D. oldest; newest
First-in, first-out (FIFO) assumes that the inventory costs flow out in the order the goods are received. Or, in
other words, FIFO assumes that the costs of the first goods purchased (first in) are the costs of the first goods
sold (first out).

AICPA: BB Industry
AICPA: FN Reporting
Blooms: Remember
Learning Objective: 07-03 Compute costs using four inventory costing methods.
Source: LearnSmart
Topic: Inventory Costing Methods
15. Which principle of internal control states that you should not make one employee responsible for all parts of
a transaction?
A. Responsibility centers
B. Separation of duties
C. Restrict access
D. Procedure documentation
Separation of duties states that you should not make one employee responsible for all parts of a transaction.

AICPA FN: Risk Analysis
AICPA: BB Industry
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 05-02 Explain common principles and limitations of internal control.
Topic: Internal Control
16. The amount of uncollectible accounts at the end of the year is estimated to be $25,000, using the aging of
accounts receivable method. The balance in the Allowance of Doubtful Accounts account is an $8,000 credit
before adjustment. What is the adjusted balance of the Allowance for Doubtful Accounts at the end of the year?
A. $8,000
B. $17,000
C. $25,000
D. $33,000
The aging of accounts receivable method focuses on estimating the ending balance to be reported in the
Allowance for Doubtful Accounts. To compute the amount of the adjustment, you must determine how much to
increase (credit) the Allowance for Doubtful Accounts to reach the desired adjusted balance.
Ending balance in Allowance for Doubtful Accounts = Unadjusted credit (debit) balance in Allowance for
Doubtful Accounts + Bad Debt Expense
Bad Debt Expense = Ending balance in Allowance for Doubtful Accounts - Unadjusted ending credit (debit)
balance in Allowance for Doubtful Accounts
= $25,000 - $8,000 = $17,000

Blooms: Apply
Difficulty: 1 Easy
17. At the end of a depreciable asset's useful life, its book value equals its:
A. accumulated depreciation.
B. depreciation expense.
C. depreciable cost.
D. residual value.
At the end of the asset's life, accumulated depreciation equals the asset's depreciable cost, and book value equals
residual value.

Blooms: Understand
Learning Objective: 09-03 Apply various depreciation methods as economic benefits are used up over time.
Source: LearnSmart
Topic: Depreciation Methods
18. Mansfield Company has a periodic inventory system and uses the LIFO method to assign costs to inventory
and cost of goods sold. Consider the following information:
Date Description # of units Cost per unit

January 1 Beginning inventory 100 $5
October 2 Purchase 75 $4
December 5 Sales 125
What amounts would be reported as the cost of goods sold and ending inventory balances for the period?
A. Cost of goods sold $625; Ending inventory $175
B. Cost of goods sold $755; Ending inventory $225
C. Cost of goods sold $550; Ending inventory $250
D. Cost of goods sold $600; Ending inventory $200
Ending inventory (in units) = Beginning inventory + Purchases - Units sold

= 100 + 75 - 125 = 50
LIFO – Periodic
Beginning inventory 100 units  $5 $500
October 2 purchase 75 units  $4 300
Goods available for sale 800
Ending inventory 50 units  $5 250
Cost of goods sold (75  $4) + (50  $5) $550

Blooms: Apply
Difficulty: 3 Hard
Learning Objective: 07-03 Compute costs using four inventory costing methods.
Topic: Inventory Costing Methods
19. A company had the following assets and liabilities at the beginning and end of the current year:
Assets Liabilities
Beginning of year $214,000 $88,000
End of the year 245,000 75,000
Common stock in the amount of $15,000 was issued and dividends of $5,000 were paid during the year. What is the amount of net income for the
year?
A. $44,000.
B. $34,000.
C. $24,000.
D. $54,000.
Assets = Liabilities + Stockholders' equity

Stockholders equity = Assets - Liabilities
Beginning:
= $214,000 - $88,000 = $126,000
Ending:
= $245,000 - $75,000 = $170,000
Change in stockholders' equity = Ending stockholders' equity - Beginning stockholders' equity
= $170,000 - $126,000 = Increase of $44,000
Change in stockholder's equity = Issuance of common stock + Net income - Dividends
Net income = Change in stockholder's equity - Issuance of common stock + Dividends
= $44,000 - $15,000 + $5,000 = $34,000

Blooms: Analyze
Difficulty: 3 Hard
Learning Objective: 03-03 Analyze, record, and summarize the effects of operating transactions using the accounting equation, journal entries, and T-accounts.
Topic: The Expanded Accounting Equation
20. On January 1, Kirk Corporation had total assets of $850,000. During the month, the following activities
occurred:
 Kirk Corporation acquired equipment costing $6,000, promising to pay cash for it in 60 days.
 Kirk Corporation purchased $3,500 of supplies for cash.
 Kirk Corporation sold land which it had acquired 2 years ago. The land had cost $15,000 and it was sold for
$15,000 cash.
 Kirk Corporation signed an agreement to rent additional storage space next month at a charge of $1,000 per
month.
What is the amount of total assets of Kirk Corporation at the end of the month?
A. $859,500.
B. $856,000.
C. $837,500.
D. $840,000.
Beginning total assets of $850,000 + Equipment purchased of $6,000 + Supplies purchased of $3,500 - Cash
paid of $3,500 + Cash received from sale of land of $35,000 - Land sold of $35,000 = $856,000
Signing a rental agreement is not an accounting transaction since there was no exchange involving assets,
liabilities, and/or stockholders' equity between the company and someone else.

Blooms: Analyze
Difficulty: 3 Hard
Learning Objective: 02-02 Apply transaction analysis to accounting transactions.
Topic: Step 1: Analyze Transactions
Quiz 6 Fall 2016 Summary
Category # of Questio
ns
AACSB: Analytic 1
AACSB: Analytical Thinking 18
AACSB: Reflective Thinking 1
Accessibility: Keyboard Navigation 17
AICPA BB: Critical Thinking 1
AICPA FN: Measurement 1
AICPA FN: Risk Analysis 1
AICPA: BB Critical Thinking 9
AICPA: BB Industry 3
AICPA: BB Legal 1
AICPA: BB Resource Management 6
AICPA: FN Measurement 15
AICPA: FN Reporting 3
Blooms: Analyze 3
Blooms: Apply 11
Blooms: Remember 4
Blooms: Understand 2
Difficulty: 1 Easy 4
Difficulty: 2 Medium 7
Difficulty: 3 Hard 9
Learning Objective: 01-02 Describe the purpose, structure, and content of the four basic financial statements. 1
Learning Objective: 02-02 Apply transaction analysis to accounting transactions. 1
Learning Objective: 03- 1
03 Analyze, record, and summarize the effects of operating transactions using the accounting equation, journal entries, and T-
accounts.
Learning Objective: 04-02 Prepare adjustments needed at the end of the period. 3
Learning Objective: 05-01 Define fraud and internal control. 1
Learning Objective: 05-02 Explain common principles and limitations of internal control. 1
Learning Objective: 07-02 Explain how to report inventory and cost of goods sold. 1
Learning Objective: 07-03 Compute costs using four inventory costing methods. 2
Learning Objective: 07-S2 Determine the effects of inventory errors. 1
Learning Objective: 08-02 Estimate and report the effects of uncollectible accounts. 3
Learning Objective: 08-03 Apply various cost allocation methods as assets are held and used over time. 1
Learning Objective: 08-03 Compute and report interest on notes receivable. 1
Learning Objective: 09-01 Define, classify, and explain the nature of long-lived assets. 1
Learning Objective: 09-03 Apply various depreciation methods as economic benefits are used up over time. 1
Learning Objective: 09-05 Analyze the disposal of long-lived tangible assets. 1
Libby - Chapter 08 1
Phillips - Chapter 01 1
Source: Exclude LearnSmart 15
Source: LearnSmart 4
Topic Area: Declining-Balance Method 1
Topic: Accounts Receivable and Bad Debts 3
Topic: Balance Sheet and Income Statement Reporting 1
Topic: Definition and Classification 1
Topic: Depreciation Methods 1
Topic: Disposal of Tangible Assets 1
Topic: Fraud 1
Topic: Internal Control 1
Topic: Inventory Costing Methods 2
Topic: Making the Required Adjustments 3
Topic: Methods for Estimating Bad Debts 2
Topic: Recording Notes Receivable and Interest Revenue 1
Topic: Step 1: Analyze Transactions 1
Topic: The Basic Accounting Equation 1
Topic: The Effects of Inventory Errors in Ending Inventory 1
Topic: The Expanded Accounting Equation 1

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University of New Hampshire

Peter T. Paul College of Business & Economics

Student Name: ______________________________

Class time: (Circle one) Berube: MW 8:10 MW 9:40 MW 11:10 TR 8:10

Knowles: MW 2:10 TR 11:10

2. An understatement of the ending inventory balance will cause:

9. Intangible assets are:

Date Description # of units Cost per unit

AACSB: Analytical Thinking

2. An understatement of the ending inventory balance will cause:

AACSB: Analytical Thinking

AACSB: Analytical Thinking

AACSB: Analytical Thinking

AACSB: Analytical Thinking

AACSB: Analytical Thinking

AACSB: Reflective Thinking

2014 depreciation expense = $5,000 = $25,000  2/10.

AACSB: Analytical Thinking

AACSB: Analytical Thinking

AACSB: Analytical Thinking

Cost of goods sold = Beginning inventory + Purchases - Ending inventory

AACSB: Analytical Thinking

Supplies used = Beginning balance + Supplies purchased - Supplies on hand

AACSB: Analytical Thinking

AACSB: Analytical Thinking

AACSB: Analytical Thinking

AACSB: Analytical Thinking

AACSB: Analytical Thinking

Date Description # of units Cost per unit

Ending inventory (in units) = Beginning inventory + Purchases - Units sold

AACSB: Analytical Thinking

Assets = Liabilities + Stockholders' equity

AACSB: Analytical Thinking

AACSB: Analytical Thinking

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