model coc exams (multiple choices)

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model coc exams (multiple choices) 1. the accounting cycle starts with the: a. preparation of ledger accounts b. preparation of trial balance c. analysis of business transaction d. preparation of adjusting entries 2. after proper analysis, the business transaction is recorded in journal in a: a. chronological order b. reverse chronological order c. random order d. none of the above 3. in accounting/bookkeeping, the term posting refers to: a. transfer of information from ledger to trial balance b. transfer of entries from journal to ledger c. preparation of financial statements from trial balance d. none of the above 4. the fast company purchases land for $12,000. the payment is made by issuing 1,200 shares of common stock of $10 each. the proper journal entry for this transaction would be: a. land 12,000 dr. & cash 12,000 cr. b. land 12,000 dr. & accounts payable 12,000 cr. c. common stock 12,000 …

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statement c. trial balance d. statement of retained earnings 10. the receipt of cash from customers to whom the goods have already been sold on credit would be recorded by a: a. debit to cash account & credit to accounts payable account b. debit to cash account & credit to accounts receivable account c. debit to accounts payable account & credit to cash account d. debit to accounts receivable account and credit to cash account 11. the trial balance in which total debits equal total credits provides a proof that: a. the ledger is in balance b. the transactions have been correctly analyzed and recorded in proper accounts c. the correct debit and credit balances have been computed for each account d. no transaction has been completely omitted during the posting process 12. which of the following is used to compute the net income for a specific period? a. balance …

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will b. patent c. prepaid expenses d. copyright 18. which of the following financial statements is generally prepared first? a. balance sheet b. statement of cash flows c. income statement d. statement of retained earnings 19. abc is a profitable company. which of the following journal entries would it make to close its income summary account? a. credit income summary account & debit capital stock account b. debit income summary account & credit capital stock account c. debit income summary account & credit retained earnings account d. credit income summary account & debit retained earnings account 20. which if the following accounts is not closed to income summary account at the end of the accounting period? a. accumulated depreciation b. wages expenses c. depreciation expenses d. advertising expenses 21. the steps of the operating cycle for a retailer usually take place in which order? a. purchases of merchandise →sale of …

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s $38,000. operating expenses were $124,000. calculate the cost of goods sold. a. $252,000 b. $172,000 c. $290,000 d. $128,000 25. a company using a periodic inventory system can complete its closing procedures in the same manner as if a perpetual inventory system is being used: a. when there is no inventory shrinkage. b. when there are no accounts payables outstanding. c. by creating a cost of goods sold account. d. when there are no sales returns and allowances. 26. which of the following is a factor suggesting the use of a periodic inventory system? a. items of inventory have a high per-unit cost. b. merchandise is stored in multiple locations. c. a low volume of sales transactions. d. the inventory includes many different kinds of low-cost items. 27. a company purchased $10,000 of merchandise inventory from a vendor who offers credit terms of 2/10 n/30. the company uses the …

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errors. c. repetitive transactions are handled quickly and efficiently. d. different accounting principles are applied. 30. if an accounting manager asks you to delay recording an invoice for the purchase of merchandise until after the closing of the general ledger, but include the merchandise in the physical count of the ending merchandise inventory (periodic inventory method), the manager is attempting to do which of the following? a. increase the reported net income in the income statement of the current period b. take advantage of the credit terms related to the purchase c. follow the matching principle d. employ the net cost method of recording purchases 31. the “matching principle" is best described as: a. an increase in the financing activities. b. the principle that revenue should be recorded when a resource has been earned. c. an increase in resources resulting from the sale of goods or the provision of services. …

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model coc exams (multiple choices) 1. the accounting cycle starts with the: a. preparation of ledger accounts b. preparation of trial balance c. analysis of business transaction d. preparation of adjusting entries 2. after proper analysis, the business transaction is recorded in journal in a: a. chronological order b. reverse chronological order c. random order d. none of the above 3. in accounting/bookkeeping, the term posting refers to: a. transfer of information from ledger to trial balance b. transfer of entries from journal to ledger c. preparation of financial statements from trial balance d. none of the above 4. the fast company purchases land for $12,000. the payment is made by issuing 1,200 shares of common stock of $10 each. …

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