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AB 113 AB/113 AB113 Unit 5 Exam (Kaplan)

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AB 113 Unit 5 Exam (Kaplan)

  1. Smith Co. sold merchandise to Bronze Co. on account, $25,000, terms 2/15, net 45. The cost of the merchandise sold is $18,500. Smith Co. issued a credit memorandum for $2,500 for merchandise returned that originally cost $1,900. Bronze Co. paid the invoice within the discount period. What is amount of net sales from the transactions?
  2. Multiple-step income statements show:
  3. West, Inc. had beginning inventory of $5,000, purchases of $35,000, and ending inventory of $10,000. What is West’s cost of merchandise sold?
  4. Philip Corporation purchased equipment by taking out a loan. What is the effect of this transaction?
  5. Adjustments are made prior to financial statement preparation under which method of accounting?
  6. What types of accounts are listed in the balance sheet?
  7. Inventory NOT sold at the end of the period is reported as
  8. ___________ is an example of a deferred expense.
  9. X&M Co. provided services of $2,000,000 to clients on account. How does this transaction affect A&M's accounts?
  10. Which of the following group of accounts are all assets?
  11. Which accounts are found on the income statement?
  12. What is the purpose of accrual accounting?
  13. XYZ Company had $42,000 in net sales, $25,000 in cost of merchandise sold, $28,000 in operating expenses, and $3,000 in other income. What is XYZ Company’s gross profit?
  14. Generally, the revenue account for a merchandising business is entitled:
  15. Which of the following situations increase stockholders’ equity?
  16. Sally, Inc. had the following merchandise transactions in October:

    Purchases

    $40,000

    Purchase returns

    $3,000

    Purchase discounts

    $2,000

    Transportation in

    $3,000


     
    What is the total cost of merchandise purchased for Sally, Inc.?
  17. The accounting equation is the basis for analyzing, summarizing, and recording transactions in accounting. The accounting equation is:
  18. Accrual accounting records revenue when:
  19. Deferred revenues (unearned revenues) are items initially recorded as liabilities, but expected to become _____ over time.
  20. When preparing an adjustment under accrual accounting, what would be the proper amount of the adjusting entry if the end of the period balance in the supply account is $4,000 and the amount of supplies on hand is $1650?
  21. Which of the following best describes an accrual adjustment? (L3)
  22. A __________ is an economic event that under generally accepted accounting principles affects an element of the financial statements and must be recorded.
  23. When merchandise is purchased to resell to customers, it is recorded in the account entitled:
  24. The payment of a liability
  25. When purchases of merchandise are made for cash, the transaction

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