29 Questions
What is the purpose of not writing 'debit' or 'DR' or 'credit' or 'CR' on the answer sheet?
To test your ability to read and follow instructions
How should a dollar amount with cents be written?
With two decimal places
What happens if you mark a comma in the wrong position in an amount?
Your answer will be marked wrong
What should you do if the answer is zero?
Write the number '0' or the word 'zero'
Why is it important to write legibly on your answer sheet?
So that the graders can easily read your answers
What should you do if you are unsure about the format of an answer?
Read the instructions carefully for each group of questions
What is the balance in Income Summary at the beginning of the fiscal year?
Zero
How is the Allowance for Uncollectible Accounts classified?
Contra-asset
What is the balance in Income Summary after all revenue, contra-revenue, purchases, contra-purchases, and expenses have been closed?
Zero
How is the Patents account classified?
Intangible asset
How is the Equipment account classified?
Plant asset
What is the total amount of Sales for the year-to-date ended August 31, 2021?
71,829
What is the total amount of Purchases for the year-to-date ended August 31, 2021?
40,659
What is the normal balance side of Accumulated Depreciation— Equipment?
credit
What is the account type of Accumulated Depreciation— Equipment?
contra asset
After closing entries are posted, what is the balance of the Depreciation Expense account?
zero balance
What is the type of account that is closed at the end of the fiscal year?
revenue
What is the estimated useful life of the equipment?
5 years
What is the amount of depreciation to be recorded for the year ended December 31, 2021 using the straight-line method?
$3,888
What is the book value on the Balance Sheet dated December 31, 2020 using the straight-line method?
$22,200
What is the debit that is not included in the entry to record the sale of the equipment?
debit to Gain on Plant Assets for $2,800
If the double-declining balance method is used instead of the straight-line method, what is the book value on the Balance Sheet dated December 31, 2021?
$9,720
What is the local property tax rate for real property in 2021?
8%
What is the total revenue from the sale of printers during the year?
3400
What is the total cost of the printers purchased during the year?
3168
What is the market value of the printers on hand at the end of the year?
715.2
What is the number of printers on hand at the end of the year?
40
What is the total number of units available for sale during the year?
65
What is the purpose of the anti-theft device on each printer package?
To prevent shoplifting
Test your knowledge of accounting concepts with this regional exam from the University Interscholastic League. The exam consists of multiple-choice questions that cover various aspects of accounting. Prepare to showcase your skills and understanding of accounting principles.
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