University Interscholastic League Accounting Exam 2022

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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 (correct)

To avoid confusion between 'E' and 'F' answers

To facilitate faster grading

To ensure the answer is written in upper case letters

How should a dollar amount with cents be written?

With two decimal places (correct)

With one decimal place

Without a decimal point

Without cents

What happens if you mark a comma in the wrong position in an amount?

It will not affect the marking of your answer

Your answer will be marked correct

Your answer will be marked wrong (correct)

You will lose points for the entire question

What should you do if the answer is zero?

Write the number '0' or the word 'zero' Signup and view all the answers

Why is it important to write legibly on your answer sheet?

So that the graders can easily read your answers Signup and view all the answers

What should you do if you are unsure about the format of an answer?

Read the instructions carefully for each group of questions Signup and view all the answers

What is the balance in Income Summary at the beginning of the fiscal year?

Zero Signup and view all the answers

How is the Allowance for Uncollectible Accounts classified?

Contra-asset Signup and view all the answers

What is the balance in Income Summary after all revenue, contra-revenue, purchases, contra-purchases, and expenses have been closed?

Zero Signup and view all the answers

How is the Patents account classified?

Intangible asset Signup and view all the answers

How is the Equipment account classified?

Plant asset Signup and view all the answers

What is the total amount of Sales for the year-to-date ended August 31, 2021?

71,829 Signup and view all the answers

What is the total amount of Purchases for the year-to-date ended August 31, 2021?

40,659 Signup and view all the answers

What is the normal balance side of Accumulated Depreciation— Equipment?

credit Signup and view all the answers

What is the account type of Accumulated Depreciation— Equipment?

contra asset Signup and view all the answers

After closing entries are posted, what is the balance of the Depreciation Expense account?

zero balance Signup and view all the answers

What is the type of account that is closed at the end of the fiscal year?

revenue Signup and view all the answers

What is the estimated useful life of the equipment?

5 years Signup and view all the answers

What is the amount of depreciation to be recorded for the year ended December 31, 2021 using the straight-line method?

$3,888 Signup and view all the answers

What is the book value on the Balance Sheet dated December 31, 2020 using the straight-line method?

$22,200 Signup and view all the answers

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 Signup and view all the answers

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 Signup and view all the answers

What is the local property tax rate for real property in 2021?

8% Signup and view all the answers

What is the total revenue from the sale of printers during the year?

3400 Signup and view all the answers

What is the total cost of the printers purchased during the year?

3168 Signup and view all the answers

What is the market value of the printers on hand at the end of the year?

715.2 Signup and view all the answers

What is the number of printers on hand at the end of the year?

40 Signup and view all the answers

What is the total number of units available for sale during the year?

65 Signup and view all the answers

What is the purpose of the anti-theft device on each printer package?

To prevent shoplifting Signup and view all the answers