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اسئلة امتحانات محاسبة مالية 2 انجليزي ـ محاسبة انجليزي ـ
تجارة انجليزي ـ الفرقة الاولى ـ الترم الثاني
كلية التجارة
Year: 1 / term : 2
Faculty of Commerce Guiding Questions May2021
Department of Accounting Ten pages Financial Accounting (2)
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17.Holt Company sells merchandise on account for $2,000 to Jones Company with
credit terms of 2/10, n/30. Jones Company returns $400 of merchandise that was
damaged, along with a check to settle the account within the discount period. What is
the amount of the check?
a. $1,960
b. $1,968
c. $1,600
d. $1,568 TRUE
18. Company A sells $500 of merchandise on account to Company B with credit
terms of 2/10, n/30. If Company B issued a check taking advantage of the discount
offered, what is the amount of Company B’s check?
a. $350
b. $490 TRUE
c. $450
d. $400
19. Hale Company sells merchandise on account for $1,500 to Kear Company with
credit terms of 2/10, n/30. Kear Company returns $300 of merchandise that was
damaged, along with a check to settle the account within the discount period. What is
the amount of the check?
a. $1,470
b. $1,476
c. $1,200
d. $1,176 T
20. Feine Company sells merchandise on account for $2,000 to Tang Company with
credit terms of 2/10, n/30. Tang Company returns $300 of merchandise that was
damaged, along with a check to settle the account within the discount period. What
entry does Feine Company make upon receipt of the check?
a. Cash ………………………………………………………………………… 1,700
Accounts Receivable ……………………………………………………………… 1,700
b. Cash ………………………………………………………………………… 1,666
Sales Returns and Allowances …………………………………………… 334
Accounts Receivable ……………………………………………………………… 2,000
c. Cash ………………………………………………………………………… 1,666 TRUE
Sales Returns and Allowances …………………………………………… 300
Sales Discounts (given) ………………………………………………………. 34
Accounts Receivable ……………………………………………………………… 2,000
d. Cash ………………………………………………………………………… 1,960
Sales Discounts ………………………………………………………………… 40
Sales Returns and Allowances …………………………………………………… 300
Accounts Receivable ……………………………………………………………… 1,700
21. Logan Company made a purchase of merchandise on credit from Claude
Corporation on August 3, for $6,000, terms 2/10, n/45. On August 10, Logan makes
the appropriate payment to Claude. The entry to record the cash payment on August
10 in Logan Company books using net cost method is
a. Accounts Payable ……………………………………………………….. 6,000
Cash ………………………………………………………………………………. 6,000
b. Accounts Payable ……………………………………………………….. 5,880 TRUE
Cash ………………………………………………………………………………. 5,880
c. Accounts Payable ……………………………………………………….. 6,000
Purchase Returns and Allowances ……………………………………….. 120
Cash ………………………………………………………………………………. 5,880
d. Accounts Payable ……………………………………………………….. 6,000
Discount taken …………………………………………………………………… 120
Cash ………………………………………………………………………………. 5,880
22. The credit terms offered to a customer by a business firm are 2/10, n/30, which
means that
a. the customer must pay the bill within 10 days.
b. the customer can deduct a 2% discount if the bill is paid between the 10th and 30th
day from the invoice date.
c. the customer can deduct a 2% discount if the bill is paid within 10 days of the
invoice date. TRUE
d. two sales returns can be made within 10 days of the invoice date and no returns
thereafter.
Use the following information for questions 23–26.
A company using periodic inventory system and just starting business, made the
following four inventory purchases in June:
June 1 1500 units $ 9000
June 10 2000 units 14000
June 15 3000 units 24000
June 28 1500 units 15000
Total 8000 units $ 62000
A physical count of inventory on June 30 reveals that there are 2000 units on hand.
5
23. Using the LIFO inventory method, the value of the ending inventory on June 30 is
a. $ 12500 TRUE
b. $ 19000
c. $ 12000
d. $ 20000
24. Using the FIFO inventory method, the amount allocated to cost of goods sold for
June is
a. $ 49500
b. $ 42000
c. $ 43000 TRUE
d. $ 50000
25. Using the average-cost method, the amount allocated to the ending inventory on
June 30 is
a. $ 16000
b. $ 15500 TRUE
c. $ 14000
d. $ 12000
26. The inventory method which results in the highest gross profit for June is
a. the FIFO method.
b. the LIFO method.
c. the weighted average unit cost method.
d. not determinable.
Use the following information for questions 27–29.
At May 1, 2008, Treeline Company had beginning inventory consisting of 100 units
with a unit cost of $7. During May, the company purchased inventory as follows:
200 units at $7 each
300 units at $8 each
The company sold 500 units during the month for $12 per unit. Treeline uses the
average cost method.
27. The average cost per unit for May is
a. $7.00.
b. $7.50. TRUE
c. $7.60.
d. $8.00.
28. The value of Treeline’s inventory at May 31, 2008 is
a. $700.
b. $750. TRUE
c. $800.
d. $4,500.
29. Treeline’s gross profit for the month of May is
a. $2,250. TRUE
b. $3,750.
c. $4,500.
d. $6,000.
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اسئلة امتحان محاسبة مالية 2 انجليزي ـ محاسبة انجليزي ـ
تجارة انجليزي ـ الفرقة الاولى ـ الترم الثاني
كلية التجارة