Question 1: Cash received in advance from customers for services to be provided in the future

is classified as:

• A. prepaid expense

  
  

• B. unearned revenue

• C. accrued revenue

• D. accrued expense

Question 2: Journalize the following purchase transaction: Purchased merchandise on account,

list price $85,000, trade discount 25%, terms FOB destination, 2/10, n/30

• A.Dr.MerchandiseInventory85,000/Cr.AccountsPayable85,000

• B.Dr.MerchandiseInventory63,750/Cr.AccountsPayable63,750

• C.Dr.MerchandiseInventory62,475/Cr.AccountsPayable62,475

• D.Dr.MerchandiseInventory60,245/Cr.AccountsPayable60,245

Question 3: If the estimated amount of depreciation on equipment for a period is $2,000, the

adjusting entry to record depreciation would be

• A. debit Depreciation Expense, $2,000; credit Equipment, $2,000.

• B. debit Equipment, $2,000; credit Depreciation Expense, $2,000

• C. debit Depreciation Expense, $2,000; credit Accumulated Depreciation - Equipment, $2,000

• D. debit Accumulated Depreciation, $2,000; credit Depreciation Expense, $2,000

If the buyer kept the defective inventory ( hàng tồn kho bị lỗi) and the seller paid the

buyer a refund ( đền bù) of $750 for merchandise damaged, what entry would be recorded by the

seller

• A.DebitCustomerRefundsPayable$750andCreditAccountsReceivable$750

• B.DebitCustomerRefundsPayable$750andCreditCash$750

• C.DebitAccountsReceivable$750andCreditCustomerRefundsPayable$750

• D.DebitCash$750andCreditCustomerRefundsPayable$750

Which of the following accounts in the Adjusted Trial Balance columns of the end-of-

period spreadsheet (work sheet) would be reported on the retained earnings statement?

• A.UtilitiesExpense

• B.RentRevenue

• C.Dividends

• D.MiscellaneousExpense

Question 6: Which of the following accounts wouldnot be closed to the income summary account at the

end of a period?

• A.FeesEarned

• B.WagesExpense

  
  

• C.RentExpense

  
  

• D.Dividend

  
  

Question 7: Under what section of balance sheet should a note receivable be listed if its term is 90

days?

• A.Current Liabilities

• B.Current Assets

• C.Stockholders’Equity

• D.Long-termAssets

At the end of the fiscal year, Accounts Receivable has a balance of $100,000 and

Allowance for Doubtful Accounts ( tài khoản nghi ngờ) has a balance of $7,000. The expected net

realizable value of the accounts receivable is:

• A.$7,000

• B.$93,000

• C.$100,000

• D.$107,000

  
  

Answer explanation

Tổng số tiền phải thu – số tiền nghi ngờ

The depreciation method that results in different depreciation expense depending on

the number of units produced in the period is

• A.Straightline method

• B. Units

  of Activity

  
  

• C.Doubledeclining balance method

  
  

• D.Sum of the Year digit

  
  

Answer explanation

( phụ thuộc số lượng sp trong kỳ )

What is the maturity value of a 60-day, 5% note for $54,000?

• A.$162,000

  
  

• B.$2,700

  
  

• C. $54,450

  
  

• D.$450

  
  

Answer explanation

54,000+54,000*5%*60/360