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chapter 6- mcq question, Exercises of Principles of Accounting

University of Economics and LawPrinciples of Accounting

example: The company X sells 500 units of finished goods to the company Y, cost of merchandise is 200 per uni, selling price is 260 (VAT-exclusive prices). Then, the company Y returns 20 unit to the company X. Cost of goods sold is recorded by the company X: a. 96.000 b. 100.000 c. 115.200 d. 120.000

Typology: Exercises

2023/2024

Uploaded on 11/24/2024

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CHAPTER 6
I. Multiple- choice questions:
6.1 Which accounts are used to aggregate production costs?
a. Accounts : 621, 622, 627
b. Accounts : 632,641, 642
c. Accounts: 154, 632
d. Accounts : 621, 622, 627, 154
6.2 Which accounts are used to transfer production costs and calculate cost of
finished goods in enterprises applying perpetual inventory system ?
a. Accounts : 621, 622, 627
b. Accounts : 632,641, 642
c. Account : 154
d. Accounts : 621, 622, 627, 154
6.3 Which information is used to prepare Income statement?
a. The total figures arising during the reporting period for accounts from 1 to 4
b. The total figures arising during the reporting period for accounts from 5 to 9
c. The total debit or credit balance of accounts from 1 to 4
d. All answers are wrong.
6.4 Company A sells its finished goods to Company B. The total cost of these
selling products will be recorded by the company A as:
a. The cost of goods that imported into the warehouse
b. Costs of goods sold
c. Revenues from sale
d. The cost of products that imported into the warehouse
6.5 Company A sells its finished goods to Company B. The total cost of the
products will be recorded by the company B as:
pf3
pf4
pf5
pf8
pf9
pfa

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CHAPTER 6

I. Multiple- choice questions: 6.1 Which accounts are used to aggregate production costs? a. Accounts : 621, 622, 627 b. Accounts : 632,641, 642 c. Accounts: 154, 632 d. Accounts : 621, 622, 627, 154 6.2 Which accounts are used to transfer production costs and calculate cost of finished goods in enterprises applying perpetual inventory system? a. Accounts : 621, 622, 627 b. Accounts : 632,641, 642 c. Account : 154 d. Accounts : 621, 622, 627, 154 6.3 Which information is used to prepare Income statement? a. The total figures arising during the reporting period for accounts from 1 to 4 b. The total figures arising during the reporting period for accounts from 5 to 9 c. The total debit or credit balance of accounts from 1 to 4 d. All answers are wrong. 6.4 Company A sells its finished goods to Company B. The total cost of these selling products will be recorded by the company A as: a. The cost of goods that imported into the warehouse b. Costs of goods sold c. Revenues from sale d. The cost of products that imported into the warehouse 6.5 Company A sells its finished goods to Company B. The total cost of the products will be recorded by the company B as:

a. The cost of goods that imported into the warehouse b. Costs of goods sold c. Revenues from sale d. The cost of products that imported into the warehouse 6.6 Company A sells its finished goods to Company B. If the company A agrees to give a trade discount to the company B, the company A will record into accounts: a. Account 156 b. Account 632 c. Account 511 d. Account 521 6.7 Company A sells its finished goods to Company B. The cost of goods exporting warehouse will be recorded by the company A a. The cost of goods that imported into the warehouse b. Costs of goods sold c. Revenues from sale d. The cost of products that imported into the warehouse 6.8 The company X sells 500 units of finished goods to the company Y, cost of merchandise is 200 per uni, selling price is 260 (VAT-exclusive prices). Then, the company Y returns 20 unit to the company X. Cost of goods sold is recorded by the company X: a. 96. b. 100. c. 115. d. 120. 6.9 Prepare journal entries to transfer net profit of the company during the reporting period: a. Dr 911/ Cr 421

a. Dr 911/Cr 621, 622, 627 b. Dr 154/Cr 621, 622, 627, 641, c. Dr 154/Cr 621, 622, 627 d. Dr 621, 622, 627/Cr 154 6.15 The total costs of production and business in the reporting period: 621: 100 622: 70 627: 40 641: 50 642: 50 811: 10 The total debit of 154 should be: a. 300 b. 210 c. 210- The beginning work in progress d. 210+ The beginning work in progress II-PROBLEMS: (Unit: ‘000 VND) 6.1 Company A has business transactions in January, year N. The company uses VAT deduction method.

  1. Raw materials are issued from the company’s warehouse to
    • Directly manufacture products: 38.
    • Factory management department: 2.
  2. Tools and supplies are used in the factory: 1.
  3. The salaries payable to employees: -Employees who make directly products: 100. -Production management employees50.
  4. Calculating and recording trade union fee, social insurance, health insurance, unemployment insurance.
  5. Depreciation of fixed assets in factory: 20.
  1. Other expenses incurred in the factory, paid in cash: 11.000 (10% VAT included)
  2. Receiving 100 units of finished products into the warehouse (the beginning work in progress: 13.000, the ending work in progress: 20.000) Required:
    • Prepare journal entries for January transactions of Company A
    • Post journal entries to ledger accounts (using T-accounts)
    • Calculating cost of finished goods. 6.2 A Company has economic activities in January, Year N, using VAT deduction method and perpetual inventory system:
  3. Raw materials are issued from the company’s warehouse to
    • Directly manufacture products: 38.
    • Factory management department: 2.
  4. Tools and supplies are used in the factory: 1.
  5. The salaries payable to employees: -Labors who make directly products: 100. -Factory staffs: 50.
  6. Calculating and recording trade union fee, social insurance, health insurance, unemployment insurance.
  7. Depreciation of fixed assets in factory: 20.
  8. Other expenses incurred in the factory, paid in cash: 11.000 ( including 10% VAT)
  9. Receiving 100 units of finished products into the warehouse ( the starting work in progress: 13.000, the ending work in progress: 20.000) Required:
    • Prepare journal entries for January transactions of Company A
    • Post journal entries to ledger accounts (using T-accounts)
    • Calculating cost of finished goods. 6.3 Ngoc Huong company has business transactions in January, Year N:
  • Opening balance of account 155: 80.000 ( 40 units)
  1. Issue raw materials to use for departments:
  • Production division : 98.
  • Factory management department : 2.
  • Sales department : 5.
  • General and administration department:10.
  1. Salary payable to employees:
  • Production division : 48.
  • Factory management department : 50.
  • Sale department : 40.
  • General and administrative department : 60.
  1. Calculating: Trade union fees, social insurance, health insurance, unemployment insurance.
  2. Issue tools & suplies ( type of 1-time allocation) to use for:
  • Factory management department : 20.
  • Sales department : 15.
  • General and administrative department : 5.
  1. Receive electricity bill, water bill ( excluding 10% VAT) that cosumed at: for:
  • Factory management department : 20.
  • Sales department : 10.
  • General and administrative department : 5.
  1. Depreciation of fixed assets allocates for:
  • Factory management department : 25.
  • Sales department : 14.
  • General and administrative department : 6.
  1. During the period, Factory management department have completed and received 1.000 finished goods A. The ending work in progress: 23.
  2. Sell 700 units of finished goods A for 550 per unit on credit to Dem Thu company. Others:
  • VAT : The tax deduction method
  • Inventory system : the perpetual inventory system
  • Inventory costing method: FIFO Required:
    • Preparing the accounting entries.
    • Posting to ledgers ( T-account)
    • Calculating the unit price of finished goods
    • Calculating the net income
    • Preparing the income statement. 6.5 In the first quarter, year N, Sun Group has transactions as follows: Opening balance of accounts:
    • Account 152: 200.
    • Account 153: 50.
    • Account 211: .5.000.
    • Account 112: 150.
    • Work in progress: 10.
    • Finished goods: 10.000 ( 1000 units)
    • Owner’s equity: 2.100.
    1. Issue primary raw materials 100.000 and secondary raw materials: 40.000 to directly manufacture products.
    2. Issue secondary raw materials: 6.000 for the factory management department 3.Issue tools and supplies for the factory management department 10.000 ( 1- time allocation)
  1. Salaries payable to employees of
    • Production division : 138.