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1. Amounts owed to suppliers for products or services purchased on open account are called:

 

          a.   notes payable

          b.   unearned revenues

          c.   accounts payable

          d.   accrued expenses

 

 

Table 1

A $10,000, 90 day, 12% note payable was issued on November 1, 19X10.

 

 

 

2.       Referring to Table 1, what is the amount of the accrued interest on December 31, 19X10?

          a.   $300

          b.   $1,200

          c.   $150

          d.   $200

 

3.       Warranty expense is debited in the period that:

          a.   the product is repaired

          b.   the product is sold

          c.   the cash is collected from the customer

          d.   either the product is sold or the cash is collected

 

4.       Unearned revenue represents revenue that has:

          a.   been earned and collected

          b.   been earned but not yet collected

          c.   been collected but not yet earned

          d.   not been collected nor earned

 

5.       The entry to accrue interest on a note payable would include a:

          a.   debit to note payable

          b.   credit to interest receivable

          c.   credit to interest revenue

          d.   debit to interest expense

 

 

6.       Short-term notes payable:

          a.   are a common form of financing

          b.   are generally due within one year

          c.   both a and b are correct

          d.   are shown on the balance sheet as a reduction to notes receivable

 

 

7.       A contingent gain that is reasonably possible and can be reasonably estimated should be:

          a.   disclosed in a note to the financial statements

          b.   accrued with a journal entry

          c.   either disclosed in a note or accrued with a journal entry

          d.   ignored until the actual gain materializes

 

 

 

8.       Tina Martin works as a cost accountant receiving $520 for a 40-hour work week. She is paid time and one-half for anything over 40 hours. If Tina works 47 hours, her total pay is:

          a.   $611.00

          b.   $520.00

          c.   $656.50

          d.   cannot be determined from the information given

 

 

 

 

Table 7

Barbara and Bill are the only two employees of Bush Company. 

In January, 19X10, Barbara’s gross pay was $5,500 and Bill’s gross pay was $5,200. Each employee pays federal income tax equal to 25% of gross pay. In addition, Bill pays $200 for insurance premiums and Barbara pays $225. Each has $25 withheld for life insurance premiums. Assume a FICA tax rate of 8% on all earnings, a federal unemployment tax rate of .8%, and a state unemployment tax rate of 5.4%. The unemployment taxes are based on the first $7,000 of employee annual earnings.                                              

 

 

9.       Referring to Table 7, the entry to record the payroll for January would include a:

          a.   debit to salary payable to employees for $6,694

          b.   credit to FICA tax payable for $856

          c.   credit to federal unemployment tax payable for $86

          d.   credit to state unemployment tax payable for $578

 

10.     Referring to Table 7, the entry to record the payroll taxes imposed on the employer would include a:

          a.   debit to FICA tax payable for $856

          b.   debit to employee income tax payable for $2,675

          c.   debit to federal unemployment tax payable for $86

          d.   credit to state unemployment tax payable for $578

 

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