It sounds like you are looking for a that includes sample questions and solutions for an Accounting Exit Exam (common for graduating students in the Philippines, Ethiopia, India, and other countries).
Gross = $5,000 Less: Withholding tax = ($600) Less: Other deductions = ($200) Net pay = $5,000 – $800 = $4,200 Answer: b) $4,200 Question 5 (Financial Statement Analysis – Ratios) Current assets = $150,000; Current liabilities = $75,000; Inventory = $50,000; Prepaids = $10,000. What is the quick (acid-test) ratio? a) 2.0 b) 1.2 c) 1.0 d) 0.9
Book balance: $13,500 Less: Bank service charge: –$50 Less: NSF check: –$450 Adjusted book balance: $13,000 Accounting Exit Exam Question and Solutions wit...
Net income: $80,000 Add: Depreciation (non-cash) +$10,000 Less: Increase in AR (use of cash) –$5,000 Less: Decrease in AP (use of cash) –$3,000
Bank statement balance: $12,000 Add: Deposit in transit: +$3,000 Less: Outstanding checks: –$2,000 Adjusted bank balance: $13,000 It sounds like you are looking for a
Direct materials: $4,000 Direct labor (200 × $15): $3,000 Applied OH (200 × $10): $2,000 Total job cost = $9,000
Contribution margin per unit = $50 – $30 = $20 Break-even (units) = Fixed Costs / CM per unit = $20,000 / $20 = 1,000 units Answer: c) 1,000 Question 3 (Auditing – Internal Control) Which of the following is a detective control? a) Segregation of duties b) Requiring two signatures on checks c) Monthly bank reconciliation d) Using pre-numbered invoices a) 400 b) 500 c) 1,000 d) 667
Bonus allocation: A: 60% × $10,000 = $6,000 B: 40% × $10,000 = $4,000
Answer: b) Jan 20 Under accrual accounting, revenue is recognized when control of goods transfers to the buyer (delivery date = Jan 20), not when cash is received or contract signed. Question 2 (Cost Accounting – Break-even Point) Selling price per unit = $50 Variable cost per unit = $30 Total fixed costs = $20,000 What is the break-even point in units? a) 400 b) 500 c) 1,000 d) 667