COMPREHENSIVE EXAMINATION B
(Chapters 6 - 9)
            Approximate
Problem    Topic    Points        Minutes
B - I    Multiple Choice        20    15
B - II    Computation of Net Purchases/Cost of
    Goods Sold        10    10
B - III    Internal Control over Cash Receipts       
    and Disbursements        10    5
B - IV    Bank Reconciliation        15    10
B - V    Periodic Inventories        12    10
B - VI    Accounts Receivable        10    10
B - VII    Correcting Entries          9      10
B - VIII    Notes Receivable          14      15
    100    85
    Checking Work          5
            90

Problem B - I — Multiple Choice (20 points)
Circle the one best answer.
    1.    Inventoriable costs include all of the following except the
        a.    cost of the goods purchased.
        b.    freight out.
        c.    cost of the beginning inventory.
        d.    freight in.
    2.    Abaco Enterprises had beginning inventory of $15,000 at March 1, 2008.  During the month, the company made purchases of $120,000.  The inventory at the end of the month is $17,000. What is cost of goods available for sale for the month of March?
        a.    $15,000
        b.    $17,000
        c.    $118,000
        d.    $135,000
    3.    A check correctly written and paid by the bank for $391 is incorrectly recorded on t
he company's books for $319. The appropriate adjustment on a bank reconciliation would be to
        a.    deduct $391 from the book's balance.
        b.    deduct $72 from the book's balance.
        c.    deduct $72 from the bank's balance.
        d.    add $72 to the bank's balance.
    4.    The Petty Cash account should be debited
        a.    whenever an expense is paid from the fund.
        b.    when the fund is established.
        c.    whenever the fund is replenished.
        d.    when the fund is liquidated.
    5.    A 90-day promissory note dated May 21 matures on
        a.    August 21.
        b.    August 20.
        c.    August 19.
        d.    August 18.
    6.    The basis of estimating expected uncollectible accounts that emphasizes the matching of expenses with revenues is the
        a.    percentage of receivables basis.
        b.    percentage of sales basis.
        c.    lower of cost or market basis.
        d.    direct write-off method.
    7.    A company just starting business purchased three merchandise inventory items at the following prices:  first purchase $890; second purchase $840; third purchase $810. If two items were sold during the period and the company used the LIFO costing method, the gross profit for the period would be how much greater or less than if the FIFO costing method had been used?
        a.    Gross profit would be $80 greater.
        b.    Gross profit would be $80 less.
        c.    Gross profit would be the same.
        d.    Gross profit would be $50 greater.
    8.    An error in the physical count of goods on hand at the end of the current period resulted in a $3,000 understatement of the ending inventory. The effect of this error in the current period is to
        a.    overstate cost of goods sold.
        b.    understate cost of goods available for sale.
        c.    overstate gross profit.
        d.    overstate net income.
    9.    In a period of rising prices, the inventory method that will show the highest net income is
        a.    Average Cost.
        b.    FIFO.
        c.    LIFO.
        d.    Moving Average.
    10.    Cost of goods available for sale includes each of the following except
        a.    beginning inventory.
        b.    freight-in.
        c.    ending inventory.
        d.    net purchases.
Problem B - II — Computation of Net Purchases/Cost of Goods Sold (10 points)
Barkley Company uses a periodic inventory system and has the following account balances: Beginning Inventory $50,000, Ending Inventory $80,000, Freight-in $12,000, Purchases $300,000, Purchase Returns and Allowances $8,000, and Purchase Discounts $6,000.
Instructions
Compute each of the following:
(a)    Net purchases
(b)    Cost of goods available for sale
(c)    Cost of goods sold

Problem B - III — Internal Control over Cash Receipts and Disbursements (10 points)
Six internal control principles related to cash transactions are discussed in the textbook. These principles, with code letters, are:
Code    Internal Control Principle
    A    Documentation procedures
    B    Establishment of responsibility
    C    Independent internal verification
    D    Physical, mechanical, and electronic controls
    E    Segregation of duties
    F    Other controls
Instructions:  Match the above principles to the following applications related to cash receipts and cash disbursements by placing the code in the space provided. Each code letter can be used once, more than once, or not at all.
____    1.    Cash is received by one employee and recorded in the accounting records by another.
____    2.    Daily cash counts should be made by cashier department supervisors.
____    3.    Payments are approved by one employee while the disbursement is made by another.

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