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ACCT 251 Final Exam (DeVry)

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ACCT 251 Final Exam

Question 1.1. (TCO 1) To display the size of your backup file, you can use the Windows program called: (Points : 5)

Question 2.2. (TCO 1) The Edit menu allows you to do the following: (Points : 5)

Question 3.3. (TCO 1) The balance sheet lists: (Points : 5)

Question 4.4. (TCO 1) Business managers and owners depend on financial statements because: (Points : 5)

Question 5.5. (TCO 2) The sample company, Bellwether Garden Supply, uses which method of posting? (Points :5)

Question 6.6. (TCO 2) The posting method used by the business in Chapter 9 is: (Points : 5)

Question 7.7. (TCO 2) The account type specified on the chart of accounts is also the account classification for the: (Points : 5)

Question 8.8. (TCO 3) In Chapter 11, the ______________________________is completed before recording and posting the end-of-quarter adjusting entries. (Points : 5)

Question 9.9. (TCO 3) The best time to record adjusting entries is: (Points : 5)

Question 10.10. (TCO 4) To change accounting periods, you need to make the following menu bar selections: (Points : 5)

Question 11.11. (TCO 4) If your journals do not agree with the textbook illustrations, use the following Peachtree feature: (Points : 5)

Question 12.12. (TCO 5) The account credited on the Receipts window is: (Points : 5)

Question 13.13. (TCO 5) In Chapter 10, you do the following: (Points : 5)

Question 14.14. (TCO 6) On the Navigation Bar, make the following selections to enter a sales invoice: (Points : 5)

Question 15.15. (TCO 6) The standard sales discount, in terms of number of days, for Bellwether Garden Supply is: (Points : 5)

Question 16.16. (TCO 6) You need to set up a Job ID for Franklin Botanical Gardens in Chapter 6, so that you can track: (Points : 5)

Question 17.17. (TCO 6) The Sales/Invoicing window is also known as the: (Points : 5)

Question 18.18. (TCO 6) On the Navigation Bar, make the following selections to record a sales return: (Points : 5)

Question 19.19. (TCO 6) On the Navigation Bar, make the following selections to record a cash sale: (Points : 5)

Question 20.20. (TCO 6) The Franklin Botanical Gardens job has the following special circumstance: (Points : 5)

PAGE 2

Question 1.1. (TCO 7) On the Navigation Bar, make the following selections to enter inventory item maintenance information: (Points : 5)

Question 2.2. (TCO 7) The LIFO (last in, first out) method of inventory assumes: (Points : 5)

Question 3.3. (TCO 7) On the Navigation Bar, make the following selections to make a general journal entry: (Points : 5)

Question 4.4. (TCO 7) If your GL Account columns and A/P Account field are not displayed on the

Purchases/Receive Inventory window, you need to: (Points : 5)

Question 5.5. (TCO 9) An organized body of related information is called a/an: (Points : 5)

Question 6.6. (TCO 9) The Payments window is also known as the: (Points : 5)

Question 7.7. (TCO 9) The following accounts are debited and credited when you purchase inventory on account: (Points : 5)

Question 8.8. (TCO 9) Sharon's Service Merchandise is a partnership owned by: (Points : 5)

Question 9.9. (TCO 9) The Purchases/Receive Inventory window is also called the: (Points : 5)

Question 10.10. (TCO 9) Sharon's Service Merchandise accounting records are set up to begin on: (Points : 5)

Question 11.11. (TCO 10) Processing payroll is automatic once _____________________ are set up correctly. (Points : 5)

Question 12.12. (TCO 10) The employee deductions display as negative amounts on the Payroll Entry window because: (Points : 5)

Question 13.13. (TCO 10) The account number used to record employees' regular pay is: (Points : 5)

Question 14.14. (TCO 10) On the Navigation Bar, make the following selections to enter employee maintenance information: (Points : 5)

PAGE 3

Question 1. 1. (TCO 2, 3, & 4) The following selected accounts with normal balances appeared in the unadjusted trial balance of Bellwether Garden Industries:

Question 2. 2. (TCO 2, 4, & 5) Prepare any journal entries based on the following data regarding the bank reconciliation prepared by Titon Com for the month of April 20XX: 

Question 3. 3. (TCO 2, 4, & 7)  Inventory data for Midwest Logistics Company for June 20XX are as follows:

 

June 1 balance 80 units at $25

June 10 purchase 100 units at $28

June 15 sale 120 units

June 21 purchase 90 units at $32

June 30 sale 130 units

 

REQUIRED: Using the FIFO cost method, compute ending inventory as of June 30, 20XX and determine cost of goods sold for June. Be sure to show your calculations. (Points : 25)

Question 4. 4. (TCO 2, 4, & 8) On January 2, 20XX, Bellwether Garden Supply purchased a delivery truck for $34,000. The estimated useful life of the truck is 5 years, with an estimated salvage value of $4,000. The truck is expected to be driven 200,000 miles during its useful life.

 

Part A. Compute the amount of depreciation expense that the company will recognize in a year in which the truck is driven 47,000 miles, assuming the company uses the units-of-production method.

 

Part B. Compute the book value of the asset at the end of the Third year, assuming the company uses the straight-line method.

 

Part C. Determine the balance in the Accumulated Depreciation account at the end of the Second year that it owns the asset, assuming the company uses the double-declining-balance method.

 

REQUIRED: For each part, compute the results. Be sure to show your calculations. (Points : 25)

 

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