Đề thi cuối kỳ NLKT (14/10/2025)

FINAL EXAM PRINCIPLE OF ACCOUNTING SECTION A. MULTIPLE CHOICE QUESTIONS Question 1 (0.25 marks) Expenses incurred but not yet paid or recorded are called a. prepaid expenses. b. interim expenses. c. accrued expenses. d. Unearned expenses. Question 2 (0.25 marks) At December 1, 2023, Gibson Company's accounts receivable balance was €7,200. During December, Gibson had credit revenues of €30,000 and collected accounts receivable of €24,000. At December 31, 2023, the accounts receivable balance is a. €7,200 debit. b. €13,200 debit. c. €37200 debit. d. €13,200 credit. Question 3 (0.25 marks) In order to close the Dividends account, the a. income summary account should be debited. b. income summary account should be credited. c. retained earnings account should be credited. d. retained earnings account should be debited. Question 4 (0.25 marks) Freight costs paid by a seller on merchandise sold to customers will cause an increase a. in the selling expense of the buyer. b. in operating expenses for the seller. c. to the cost of goods sold of the seller. d. to a contra-revenue account of the seller. Question 5 (0.25 marks) Which of the following expressions is incorrect? a. Gross profit - operating expenses = net income b. Sales - cost of goods sold - operating expenses = net income c. Net income + operating expenses = gross profit d. Operating expenses - cost of goods sold = gross profit Question 6 (0.25 marks) Root Company provided consulting services and billed the client $2,500. As a result of this event, a. assets remained unchanged. b. assets increased by $2,500. c. equity increased by $2,500. d. Both assets and equity increased by $2,500. Question 7 (0.25 marks) When a seller grants credit for returned goods, the account that is credited is a. Sales Revenue. b. Sales Returns and Allowances. c. Accounts Receivable. d. Inventory. Question 8 (0.25 marks) ABC Company collected $21,000 in September of 2023 for 4 months of service which would take place from October of 2023 through January of 2024. The revenue reported from this transaction during 2023 would be a. 0. b. $15,750. c. $21,000. d. $5,025. Question 9 (0.25 marks) Onsen Company showed the following balances at the end of its first year: Cash: $11,000 Prepaid insurance: 500 Accounts receivable: 2,500 Accounts payable: 2,000 Notes payable: 6,000 Share capital-ordinary: 4,000 Dividends: 500 Revenues: 15,000 Expenses: 12,500 What did Onsen Company show as total credits on its trial balance? a. $27,500 b. $27,000 c. $26,500 d. $28,000 Question 10 (0.25 marks) A debit is not the normal balance for which account listed below? a. Service Revenue b. Cash c. Accounts Receivable d. Dividends SECTION B: WRITTEN Question 1. (1.5 mark) Gregory Department Store uses a periodic inventory system. Data for product X include the following purchases and sales. Date Sales/purchases Units Cost/Selling price per unit May 1 Opening Inventory 10 $9 May 7 Purchase 40 $10 June 1 Sales 26 $20 July 28 Purchase 30 $13 August 27 Sales 40 $20 Requirements: a. Calculate the Cost of goods sold under weighted Average cost method? b. Calculate the Gross profit rate of Gregory for this period? Question 2. (5 marks) The trial balance of Rosie Fashion contained the following accounts at November 30, 2024, the end of the company's fiscal year. Debit ($) Credit ($) Accounts Payable 76,300 Accounts Receivable 50,300 Buildings 290,000 Accumulated Depr.Buildings 42,100 Cash 23,800 Cost of Goods Sold 403,300 Note payables 80,000 Dividends 24,000 Inventory 175,000 Prepaid Insurance 9,600 Retained Earnings 64,600 Salaries and Wages Expense 105,000 Sales Returns and Allowances 8,000 Sales Revenue 724,000 Share Capital-Ordinary 113,000 Utilities Expense 11,000 1,100,000 1,100,000 Additional data: 1. Rosie Fashion paid $1,240 freight on sale (freight out), but the accountant forgot to journalize. 2. Salaries for the second half of November, $11,000, to be paid on December 1, 2024. 3. Services performed but unbilled and uncollected on November 30, 2024, were $1,700. 4. Depreciation is $200 per month. 5. Rosie paid $9,600 for 12 months of insurance coverage on July 1, 2024. Requirements: a. (2.5 marks) Journalize the transaction related to additional data. b. (1 marks) Prepare an income statement for the year ended November 30, 2024. c. (0.5 marks) Prepare a retained earnings statement for the year ended November 30, 2024. d. (1 mark) Prepare a statement of financial position as at November 30, 2024. Question 3: (1 mark) Laura had these transactions during 2024. a. Issued $50,000 par value ordinary shares for cash. b. Payment of $2,000 for interest expense. c. A cash dividend of $1,900 was declared and paid. d. Land was sold for cash at book value of $20,000. e. Paid $18,000 on accounts payable. Requirement: Indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or non-cash investing and financing activities.