ACCT 304 Quiz Week 1-2-3-5 Intermediate Accounting I Devry

ACCT 304 Quiz Week 1-2-3-5 Intermediate Accounting I

Week 1

ACCT 304 Quiz Week 1 :

(TCO 1) Which of the following was the first private sector entity that set accounting standards in the United States?

(TCO 2) The enhancing qualitative characteristic of understandability means that information should be understood by

(TCO 3) XYZ Corporation receives $100,000 from investors for issuing them shares of its stock. XYZ’s journal entry to record this transaction would include a

(TCO 3) Cal Farms reported a supplies expense of $2,000,000 this year. The supplies account decreased by $200,000 during the year to an ending balance of $400,000. What was the cost of supplies Cal Farms purchased during the year?

(TCO 3) Temporary accounts would not include

Week 2 

ACCT 304 Quiz Week 2 :

(TCO 4) Current assets include cash and all other assets expected to become cash or be consumed

(TCO 4) Rent collected in advance is

(TCO 4) Janson Corporation Co.’s trial balance included the following account balances at December 31, 2011:

What amount should be included in the current liability section of Janson’s December 31, 2011 balance sheet?

(TCO 4) Which of the following would be disclosed in the summary of significant accounting policies disclosure note?

(TCO 4) Below is the partial balance sheet ($ in thousands) for Paisano Seafood Inc.

Week 3 

ACCT 304 Quiz Week 3 :

1. (TCO 5) Popson Inc. incurred a material loss that was not unusual in character, but was clearly an infrequent occurrence. This loss should be reported as
2. (TCO 5) Provincial Inc. reported the following before-tax income statement items:

Operations income: $600,000Extraordinary loss: $ 100,000

Extraordinary gain: $60,000

Provincial has a 30% income tax rate.

Provincial would report the following amount of income tax expense as a separate item in the income statement

1. (TCO 5) The financial statement presentation of a change in depreciation method is most similar to that of reporting
2. (TCO 5) Cash flows from financing activities include
3. (TCO 5) Review Rowdy’s Restaurants cash flow (in millions):

Week 5

ACCT 304 Quiz Week 5 :

1. (TCO 7) Cash may not include
2. (TCO 7) On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for cash discounts. What is the correct entry for Flores on November 10?
3. (TCO 7) Which of the following does not change the balance in accounts receivable?
4. (TCO 7) Brockton Carpet Cleaning prepares a bank reconciliation at the end of every month. At the end of July, the balance in the general ledger checking account was $2,750, and the bank balance on the bank statement was $2,980. Outstanding checks totaled $680, and deposits in transit were $400. The bank statement revealed that a check written for $120 was incorrectly recorded by Brockton as a $220 disbursement. The bank statement listed service charges and NSF check charges totaling $150. The corrected cash balance is
5. (TCO 7) At January 1, 2011, Farley Co. had a credit balance of $520,000 in its allowance for uncollectible accounts. Based on past experience, 2% of Farley’s credit sales have been uncollectible. During 2011, Farley wrote off $650,000 to accounts receivable. Credit sales for 2011 were $18,000,000. In its December 31, 2011 balance sheet, what amount should Farley report as allowance for uncollectible accounts?