Accounting 2 Final Exam (Special)

21 Questions | Total Attempts: 229

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Accounting Quizzes & Trivia

The finals for the accounting class are almost here. To get rid of the pre exam jitters the quiz below is designed to cover all the material covered so far and ensure you get an A. Give the test a try and note the areas you need to polish up on.


Questions and Answers
  • 1. 
    The difference between gross profit and operating expenses
  • 2. 
    A financial Statement that show's a company's financial position
  • 3. 
    This transportation cost is added to the cost of sales
  • 4. 
    The major expense of a merchandising business
  • 5. 
    This transportation cost is added to the cost of sales
  • 6. 
    This amount appears as a deduction in the cost of sales and a current asset
  • 7. 
    The sum of beginning inventory and net cost of purchases
  • 8. 
    The difference between net sales and cost of sales
  • 9. 
    These companies earn profit by buying and selling goods
  • 10. 
    These companies perform services for a fee
  • 11. 
    On a worksheet for a merchandising company that uses a perpetual inventory system
    • A. 

      The items composing cost of sales are scattered through the income statement columns

    • B. 

      The cost of sales is contained in one account in the income statement columns

    • C. 

      The cost of sales is contained in one account in the balance sheet columns

    • D. 

      The cost of sales is created by an entry in the adjustment column

  • 12. 
    Which of the following accounts is closed by crediting the account?
    • A. 

      Purchases discounts

    • B. 

      Sales

    • C. 

      Sales discounts

    • D. 

      Purchases returns

  • 13. 
    Which of the following accounts would not be closed by a merchandising company?
    • A. 

      Income Summary

    • B. 

      Cost of Goods Sold

    • C. 

      Inventory, ending

    • D. 

      Sales returns and allowances

  • 14. 
    Which of the following accounts is closed by debiting the account?
    • A. 

      Transportation in

    • B. 

      Purchases

    • C. 

      Sales Returns and Allowances

    • D. 

      Purchases Returns and Allowances

  • 15. 
    The difference between assets and liabilities
    • A. 

      Total Current Assets

    • B. 

      Owner's Equity

    • C. 

      Total Current Liabilities

    • D. 

      Owner's drawing

  • 16. 
    After all adjusting entries are posted, the balances of all asset, liability, income, and expense accounts correspond exactly to the amounts in the
    • A. 

      Worksheet trial balance

    • B. 

      Financial statements

    • C. 

      Post-closing trial balance

    • D. 

      Unadjusted trial balance

  • 17. 
    Merchandising inventory becomes part of cost of goods sold when a company
    • A. 

      Pays for the inventory

    • B. 

      Sells the inventory

    • C. 

      Purchases the inventory

    • D. 

      Receives payment from the customer

  • 18. 
    The excess of net sales over cost of sales
    • A. 

      Gross profit

    • B. 

      Profit

    • C. 

      Operating income

    • D. 

      Merchandising

  • 19. 
    A physical count of inventory is usually taken
    • A. 

      At the peak of the busy season

    • B. 

      At the end of the fiscal year

    • C. 

      In the middle of the fiscal year

    • D. 

      At the start of the fiscal year

  • 20. 
    A trader will have a zero operating income when
    • A. 

      Net sales equal cost of goods sold

    • B. 

      Cost of Goods sold equals gross margin

    • C. 

      Operating Expenses equals net sales

    • D. 

      Gross Margin equals operating expenses

  • 21. 
    For the next part of the exam. Log on to yahoo mail. using the ID: xavierac1987 Pass: 123456. There is an e-mail there with an attached excel file. Open the excel file and answer the problems. Place all your answers in the worksheet. After taking the exam, e-mail the excel file with your answers to [email protected] The entire exam is good only for 1 hour and 30 minutes.
    • A. 

      Yes

    • B. 

      No