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problem 1: If the total fixed cost reduces, the sales volume at the break-even point will (supposing all else constant):

a. Decrease
b. Remain the same
c. Increase
d. Not possible to determine

problem 2: The report listing the balances and titles of the accounts in the ledger on a given date is the:

a. Balance sheet
b. Income statement
c. Statement of shareholders’ equity
d. Trial balance

problem 3: XYZ Company sold $400 of services and the customer utilized a credit card to pay for the services. The credit card company charges XYZ Company 2% for its services. How much did the company record as a deposit to cash as an outcome of this transaction:

a. $392
b. $400
c. $408
d. Nothing

problem 4: XYZ Company paid cash for the purchase of a machine with a list price of $100,000 and received a 5% discount. The machine was shipped FOB shipping point at a cost of $1,000 and installed through XYZ at a cost of $3,000. What is the recorded acquisition cost of the machine?

a. $95,000
b. $98,000
c. $99,000
d. $104,000

problem 5: A company projects production of 10,000 units which will need 3 hours of direct labor to generate each item. Direct labor costs are $15 per hour (standard rate). The actual job needs 32,000 hours to generate 9,500 units at a labor cost of $528,000. Find out the labor rate variance:

a. $42,750 unfavorable
b. $45,000 unfavorable
c. $48,000 unfavorable
d. $57,750 unfavorable

problem 6: Merchandise is sold on account to a customer for $3,000 with the given terms: FOB destination, 2/10, n/30. The seller pays $150 in transportation costs and the customer returns $400 of the merchandise prior to payment. Determine the amount of the discount for early payment:

a. $0
b. $49
c. $52
d. $55

problem 7: The surplus of gross profit over operating expenses is termed as:

a. Gross profit
b. Operating income
c. Merchandise income
d. Net income

problem 8: A sale of merchandise on account must be recorded in the:

a. Cash payments journal
b. Cash receipts journal
c. Purchases journal
d. Sales journal

problem 9: Journal entries based on the bank reconciliation are needed for:

a. Additions to the cash balance according to the depositor’s records
b. Deductions from the cash balance according to the depositor’s records
c. Both A and B
d. Neither A nor B

problem 10: At the end of the fiscal year, before the accounts are adjusted, Accounts Receivable consists of a balance of $100,000 and Allowance for Doubtful Accounts has a credit balance of $5,000. The estimate of the uncollectible accounts is found out to be $12,000. The present provision to be made for uncollectible accounts expense is:

a. $5,000
b. $7,000
c. $12,000
d. $17,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92833

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