Ujian Tengah Semester

Mata Kuliah : Pengantar Akuntansi II

DIV Akuntansi Perpajakan

Waktu : 75 Menit

Dosen : Amelia Rizky Alamanda S.E, M.Ak

True-False Statements

1. Under the direct write-off method, no attempt is made to match bad debts expense to sales revenues in the same accounting period.
2. Cash realizable value is determined by subtracting Allowance for Doubtful Accounts from Net Sales.
3. The responsibility for ordering, receiving, and paying for merchandise should be assigned to different individuals
4. A segregation of duties among employees eliminates the possibility of collusion.
5. If a company has no beginning inventory and the unit price of inventory is increasing during a period, the cost of goods available for
sale during the period will be the same under the LIFO and FIFO inventory methods.

Multiple Choices

1. The term "receivables" refers to

a. amounts due from individuals or companies.

b. merchandise to be collected from individuals or companies.
c. cash to be paid to creditors.
d. cash to be paid to debtors.

2. A customer charges a treadmill at Sports Equipment Shop. The price is $4,000 and the financing charge is 8% per annum if the bill is
not paid in 30 days. The customer fails to pay the bill within 30 days and a finance charge is added to the customer's account. The
accounts affected by the journal entry made by Sports Equipment Shop to record the finance charge are

a. Accounts Receivable

Cash

b. Cash

Finance Receivable

c. Accounts Receivable

Interest Payable

d. Accounts Receivable

Interest Revenue

3. A petty cash fund of $100 is replenished when the fund contains $5 in cash and receipts for $91. The entry to replenish the fund would
a. credit Cash Over and Short for $4.
b. credit Miscellaneous Revenue for $4.
c. debit Cash Over and Short for $4.
d. debit Miscellaneous Expense for $4.

4. If the month-end bank statement shows a balance of $58,000, outstanding checks are $15,000, a deposit of $7,000 was in transit at
month end, and a check for $600 was erroneously charged by the bank against the account, the correct balance in the bank account at
month end is
a. $49,400.
b. $50,000.
 c. $50,600.
d. $65,400.

5. In preparing its bank reconciliation for the month of April 2016, Leno, Inc. has available the following information.
Balance per bank statement, 4/30/16 $76,800
NSF check returned with 4/30/16 bank statement 940
Deposits in transit, 4/30/16 9,000
Outstanding checks, 4/30/16 9,300
Bank service charges for April 60

What should be the adjusted cash balance at April 30, 2016?

a. $75,100.
b. $75,800.
c. $75,920.
d. $76,500
6. Henri Company's inventory records show the following data:
Units Unit Cost
Inventory, January 1 10,000 $9.20
Purchases: June 18 9,000 8.00
November 8 6,000 7.25

A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax
rate of 20%. Henri uses the periodic inventory method. What is the difference in taxes if LIFO rather than FIFO is used?
a. $1,170 additional taxes
b. $630 additional taxes
c. $1,290 additional taxes
d. $630 tax savings

7. Pasquale has the following inventory information.

July 1 Beginning Inventory 20 units at $19 $ 380
7 Purchases 70 units at $20 1,400
22 Purchases 10 units at $24 240
$2,020

A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the FIFO inventory method, the
amount allocated to cost of goods sold for July is
a. $1,380.
b. $1,414
c. $1,470.
d. $1,440.

8. Storme Shutters has the following inventory information.

Nov. 1 Inventory 30 units @ $8.00
8 Purchase 120 units @ $8.30
17 Purchase 60 units @ $8.70
25 Purchase 90 units @ $8.80

A physical count of merchandise inventory on November 30 reveals that there are 80 units on hand. Assume a periodic inventory
system is used. Cost of goods sold (rounded to the nearest dollar) under the average-cost method is
a. $1,758.
b. $1,870.
c. $1,859.
d. $1,812.

9. Nicholas Industries had the following inventory transactions occur during 2014:
Units Cost/unit
2/1/16 Purchase 54 $45
3/14/16 Purchase 93 $47
5/1/16 Purchase 66 $49

The company sold 140 units at $65 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the
companys after-tax income using LIFO? (rounded to whole dollars)
a. $1,672
b. $1,840
c. $2,388
d. $2,628
 10. P. Didee has the following inventory information.
July 1 Beginning Inventory 20 units at $90
5 Purchases 120 units at $92
14 Sale 90 units
21 Purchases 60 units at $95
30 Sale 58 units

Assuming that a perpetual inventory system is used, what is the ending inventory on a FIFO basis?
a. $4,744
b. $5,860
c. $4,940
d. $6,346

Essay

1. Underwood Companys ledger at the end of the current year shows Accounts Receivable of $150,000.

Instructions
a. If Allowance for Doubtful Accounts has a credit balance of $4,500 in the trial balance and bad debts are expected to be 8% of accounts
receivable, journalize the adjusting entry for the end of the period.
b. If Allowance for Doubtful Accounts has a debit balance of $4,500 in the trial balance and bad debts are expected to be 8% of accounts
receivable, journalize the adjusting entry for the end of the period.

2. Decca Distributors has the following transactions related to notes receivable during the last month of the year.
Dec. 1 Loaned $12,000 cash to J. Cash on a 1-year, 5% note.
16 Sold goods to W. Jennings, receiving a $10,000, 60-day, 6% note.
31 Accrued interest revenue on all notes receivable

Instructions
Journalize the transactions for Decca Distributors

3.

Mannheim Company
Partial Bank Reconciliation
August 31, 2015

Cash balance per bank $6,540

Add: Deposit in transit 1,800
8,340
Less: Outstanding checks 2,627
Adjusted cash balance per bank $5,713

Given the following information, determine the adjusted cash balance per books from the following information:
a. Balance per books as of June 30, $8,600.
b. Outstanding checks, $820.
c. NSF check returned with bank statement, $130.
d. Deposit mailed the afternoon of June 30, $300.
e. Check printing charges, $30.
f. Interest earned on checking account, $12.

4. Below are descriptions of internal control problems. In the space to the left of each item, enter the code letter of the one best internal
control principle that is related to the problem described.
Internal Control Principles
A. Establishment of responsibility
B. Segregation of duties
C. Physical controls
D. Documentation procedures
E. Independent internal verification
 F. Human resource controls
_______ 1. The same person opens incoming mail and posts the accounts receivable subsidiary ledger.
_______ 2. Three people handle cash sales from the same cash register drawer.
_______ 3. A clothing store is experiencing a high level of inventory shortages because people try on clothing and walk out of the store
without paying for the merchandise.
_______ 4. The person who is authorized to sign checks approves purchase orders for payment.
_______ 5. Some cash payments are not recorded because checks are not prenumbered.
_______ 6. Cash shortages are not discovered because there are no daily cash counts by supervisors.
_______ 7. The treasurer of the company has not taken a vacation for over 20 years.

5. Lester Company sells many products. Hackenberry is one of its popular items. Below is an analysis of the inventory purchases and
sales of Hackenberry for the month of March. Lester Company uses the periodic inventory system.
Purchases Sales
Units Unit Cost Units Selling Price/Unit
3/1 Beginning inventory 100 $40
3/3 Purchase 60 $50
3/4 Sales 70 $80
3/10 Purchase 200 $55
3/16 Sales 80 $90
3/19 Sales 60 $90
3/25 Sales 40 $90
3/30 Purchase 40 $65
Instructions
(a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations)
(b) Using the weighted average method, calculate the amount assigned to the inventory on hand on March 31. (Show computations)
(c) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (Show computations)