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Question : 11) One difference between U.S. GAAP and IFRS ________. A) U.S. : 1253238

Accounting

 

 

11) One difference between U.S. GAAP and IFRS is ________.

A) U.S. GAAP allows LIFO and IFRS does not

B) IFRS allows LIFO and U.S. GAAP does not

C) U.S. GAAP allows FIFO and IFRS does not

D) IFRS allows FIFO and U.S. GAAP does not

12) Grand Forks Enterprises sells toy airplanes to retailers such as K-Mart and Wal-Mart. Information about inventory is contained in the table below. The company uses a FIFO perpetual inventory system.

 

 

Number of Units

Unit Cost

Total Cost

Beginning inventory

2,000

$2.00

$4,000

Sale

(1,200)

 

 

Purchase

4,000

$2.25

$9,000

Sale

(2,500)

 

 

Purchase

5,000

$2.40

$12,000

Sale

(6,000)

 

 

 

Determine the cost of goods sold.

A) $20,800

B) $21,200

C) $21,880

D) $19,400

 

13) Grand Forks Enterprises sells toy airplanes to retailers such as K-Mart and Wal-Mart. Information about inventory is contained in the table below. The company uses a LIFO perpetual inventory system and sells inventory for $5.00 per unit.

 

Date

 

Number of Units

Unit Cost

Total Cost

January 01

Beginning inventory

2,000

$2.00

$4,000

January 10

Sale

1,200

 

 

January 15

Purchase

4,000

$2.25

$9,000

January 20

Sale

2,500

 

 

January 25

Purchase

5,000

$2.40

$12,000

January 30

Sale

6,000

 

 

 

Determine the cost of goods sold for the January 10th sale.

A) $6,000

B) $3,600

C) $2,400

D) $2,600

14) Grand Forks Enterprises sells toy airplanes to retailers such as K-Mart and Wal-Mart. Information about inventory is contained in the table below. The company uses a LIFO perpetual inventory system and sells inventory for $5.00 per unit.

 

Date

 

Number of Units

Unit Cost

Total Cost

January 01

Beginning inventory

2,000

$2.00

$4,000

January 10

Sale

1,200

 

 

January 15

Purchase

4,000

$2.25

$9,000

January 20

Sale

2,500

 

 

January 25

Purchase

5,000

$2.40

$12,000

January 30

Sale

6,000

 

 

Determine the cost of goods sold for the January 20th  sale.

A) $5,425

B) $5,850

C) $5,625

D) $5,725

 

15) Grand Forks Enterprises sells toy airplanes to retailers such as K-Mart and Wal-Mart. Information about inventory is contained in the table below. The company uses a LIFO perpetual inventory system and sells inventory for $5.00 per unit.

 

Date

 

Number of Units

Unit Cost

Total Cost

January 01

Beginning inventory

2,000

$2.00

$4,000

January 10

Sale

1,200

 

 

January 15

Purchase

4,000

$2.25

$9,000

January 20

Sale

2,500

 

 

January 25

Purchase

5,000

$2.40

$12,000

January 30

Sale

6,000

 

 

 

Determine the ending inventory for the period.

A) $2,925

B) $2,600

C) $2,725

D) $3,120

16) Philipsburg Corporation sells mugs to fine retailers across the world. Data from its periodic inventory system is presented in the table below. Inventory is sold for $170 per unit. Operating expenses, excluding cost of goods sold, totaled $40,000.

 

Date

 

Number of Units

Unit Cost

Total Cost

January 1

Beginning inventory

300

$100

$30,000

January 13

Purchase

400

$110

$44,000

January 22

Purchase

500

$120

$60,000

 

Which cost flow method would result in the HIGHEST taxable income for the period?

A) FIFO

B) LIFO

C) Weighted average method

D) Each of the methods would have equal net income for the period.

 

17) Philipsburg Corporation sells mugs to fine retailers across the world.  Data from its periodic inventory system is presented in the table below. Inventory is sold for $170 per unit. Operating expenses excluding cost of goods sold totaled $40,000.

 

Date

 

Number of Units

Unit Cost

Total Cost

January 1

Beginning inventory

300

$100

$30,000

January 13

Purchase

400

$110

$44,000

January 22

Purchase

500

$120

$60,000

 

Which cost flow method would result in the LOWEST taxable income for the period?

A) FIFO

B) LIFO

C) Weighted average method

D) Only the LIFO cost flow method can be used for tax returns.

18) Inventory information for Great Falls Merchandising, Inc. is provided below. Sales for the period were 2,800 units for $8 each. The company uses a FIFO periodic inventory system.

 

Date

 

Number of Units

Unit Cost

Total Cost

January 1

Beginning inventory

1,000

$3.00

$3,000

January

Purchase

   600

$3.50

$2,100

February

Purchase

   800

$4.00

$3,200

March

Purchase

1,200

$4.25

$5,100

   Totals

 

3,600

 

$13,400

 

Determine the ending inventory at March 31.

A) $3,400

B) $3,800

C) $9,200

D) $10,000

 

19) Tarheel Company purchases inventory from McGardy Wholesalers. The per unit cost of the items purchased during the current accounting period was $5.50, $5.70, $5.90 and $6.23. Which statement below regarding Tarheel’s choice of inventory cost flow methods is TRUE?

A) Net income will be the same regardless of the cost flow assumption adopted. The choice of an accounting method can’t affect net income.

B) Net income will be greater than taxable income regardless of the inventory method chosen by Tarheel Company.

C) If Tarheel Company uses the LIFO method for financial reporting, then it must also use the LIFO method for tax reporting.

D) If Tarheel Company selects the FIFO method, it will result in a lower net income than the LIFO method would have produced.

20) Inventory information for Great Falls Merchandising, Inc. is provided below. Sales for the period were 2,800 units for $8 each. The company uses a LIFO periodic inventory system.

 

Date

 

Number of Units

Unit Cost

Total Cost

January 1

Beginning inventory

1,000

$3.00

$3,000

January

Purchase

   600

$3.50

$2,100

February

Purchase

   800

$4.00

$3,200

March

Purchase

1,200

$4.25

$5,100

   Totals

 

3,600

 

$13,400

 

Determine the ending inventory at March 31.

A) $3,400

B) $2,400

C) $10,200

D) $800

 

 

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July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

default image
July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

default image
July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

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