TRUONG BAI HOC CONG NGHIEP TP, HO CHI MINH KHOA KE TOAN KIEM TOAN Nha cla t6i > Céckhod hoc cba t6i > International Financial Reporting Standards 3 (Semester 2/2020 -2021) > Bai kiém tra thung ky > Exam 2 Bat dau vao Itic Sunday, 30 May 2021, 9:30 AM State Finished Két thc le Sunday, 30 May 2021, 9:59 AM Thai gian thy hién 29 phut 53 giay 9,00 out of 10,00 (90%) Cau Héi 1 Dung Dat diém 1,00 trén 1,00 July 1,2016 MIKE.com sold inventory $60,000 by issuing a on-year, 5% note receivable. Dec31,2016, accrued interest on the note receivable. Dec31, 2017, collected the Blue note at maturity. Journalize entry on Dec 31, 2016 Select one: a, Dr Interest Revenue/ Cr Note Receivable $3,000 b. Dr Interest Receivable/ Cr interest Revenue $1,500 / ¢. Dr Cash/ Cr interest revenue $1,500 d. Dr Note receivable/ Cr Cash $1,500 Cu tré 1di cua ban dingCau Hoi 2 Dung Dat diém 1,00 trén 1,00 Deadwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: Lot Appraised Value i 70,500 R 235,000 164,500 Deadwood paid $210,000 in cash. Identify cost of lot 2 for recording it in a separate account. Answer:| $105,000 lv Cau Hai 3 Bing Bat diém 1,00 rn 1,00 What is a bond? Select one: a, Abond is considered an asset on the issuer's balance sheet b, Abond is considered a liability on the issuer's balance sheet c. Abond is considered an expense on the issuer's income statement d. A bond is considered revenue on the issuer's income statement Cau trd loi cha ban dingCau Hoi 4 Dung Dat diém 1,00 trén 1,00 The document that explains all difference between the company's cash records and the bank's figures is called a(n) Select one: a. Bank collection b. Bank statement . Bank reconciliation «/ d. Electronic fund transfer Cau trd lai cua ban ding Cau Hoi 5 Ding — Dat diém 1,00 trén 1,00 Windy.com sales of $190,000 ($ 165,000 on account; $25,000 for cash). Uncollectible account expense estimated as 1% of credit sale. Journalize uncollectible account expense using the allowance method ( percent-of-sales method) ? Select one: a, Dr uncollectible account expense/ Cr Allowance for uncollectible account $1,650 «/ b. Dr Allowance for uncollectible account/ Cr Account receivable $1,650 ¢. Dr uncollectible account expense/ Cr Allowance for uncollectible account $1,900 d. Dr Allowance for uncollectible account/ Cr Account receivable $1,900 Cu tré loi cua ban dingCau Hoi 6 Khéng tra kei Bat diém 1,00 Linda Co. entered into the following transactions involving short-term liabilities in 2018: 2018 JApr.20 Purchased $37,500 of merchandise on credit from Tyra, terms are 1/10, n/30. Linda Co uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Tyra with a 90-day, $35,000 note bearing 8% annual interest along with paying $2,500 cash July 8 Borrowed $51,000 cash from National Bank by signing a 120-day, 11% interest. bearing note with a face value of $51,000. August Paid the amount due on the note to Tyra at the maturity date. Nov Paid the amount due on the note to National Bank at the maturity date. Nov.28 Borrowed $66,000 cash from AFC Bank by signing a 60-day, 10% interest- bearing note with a face value of $66,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to AFC Bank. Determine the interest expense to be recorded in the adjusting entry at the end of 2018. (Use 360 days a year.) Cau Hoi 7 Dung Dat diém 1,00 trén 1,00 Unearned revenue is also called deferred revenue. Unearned revenue arises when a business has received cash in arrear of providing goods or performing work and, therefore, has an obligation to provide goods or services to the customer in the future. This statement is true or false? Select one: True FalseCau Héi 8 Dung Dat diém 1,00 trén 1,00 Papa's Fried Chicken bought equipment on January 2, 2012, for $39,000. The equipment was expected to remain in service for four years and to perform 11,000 fry jobs. At the end of the equipment's useful life, Papa's estimates that its residual value will be $6,000. The equipment performed 1,100 jobs the first year, 3,300 the second year, 4,400 the third, and 2,200 the fourth year. What is depreciation expense for the second year if company applies units of production method? Answer:| $9,900 cau H8i 9 Bing Dat diém 1,00 trén 1,00 What is a long term liability? Select one: a. Along term liability is an expense owed for more than a year b. Along term liability is an obligation owned Along term liability is an obligation owed for more than a year d. Along term liability is an obligation owed in less than a year Cau trd lai cua ban ding Cau Héi 10 Bung Bat diém 1,00 trén 1,00 Which are items that appear on the bank side of the bank reconciliation ? Select one: a, Outstanding checks / b. Service charge c. Nonsufficient funds checks d. Bank collections Cau trd Idi cha ban ding