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UTA Accounting Entrance Exam QUESTIONS AND ANSWERS RATED A+ 2024/2025
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UTA Accounting Entrance Exam QUESTIONS AND ANSWERS RATED A+ 2024/2025
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UTA Accounting Entrance ExamJones Dairy purchased a brand new milking gadget for $forty,000 cash. To record the
transaction on Jones' books, you would: - ANSdebit an asset account and credit score an asset
account.
Rent Expense generally could have: - ANSa debit stability.
If the beginning stability within the Machinery account is $35,000, and if the finishing balance
inside the Machinery account is $57,000, then: - ANSpurchases and income of machinery can
not be determined from the statistics given.
A double-entry machine of accounting requires that each transaction or event be recorded: -
ANSin at the least two unique accounts.
The trial balance must be organized: - ANSBefore financial statements are prepared.
At the stop of an accounting length when bills are geared up to be closed, which of the
subsequent activities must be executed? - ANSMake last entries and put together submit
remaining trial stability
The Prepaid Insurance account has an account balance of $three,000. At the end of an
accounting period, the controller has decided that $2,000 of the balance has expired. Which of
the following adjusting entries need to be made? - ANSD: Insurance Expense 2,000
C : Prepaid Insurance 2,000
Gross profit is calculated through: - ANSsubtracting value of products sold from net sales.
The running rate phase of an profits statement for a wholesaler would no longer include: -
ANScost of products bought.
Cramer Corp. Suggested the subsequent for 2004: overall belongings, $ninety,000; total
liabilities, $35,000; contributed capital (i.E., overall paid in capital), $forty,000. Therefore,
retained earnings was: - ANS$15,000
Which of the following might not be considered a contemporary asset? - ANSAll of the above
are cutting-edge assets.
Which of the following would appropriately be included within the Cash account on a balance
sheet? - ANSUnrestricted foreign foreign money
, In preparing a normal bank reconciliation, how could remarkable checks be handled? -
ANSSubtracted from "balance consistent with bank."
During 2004, ABC Company had $750,000 of net credit sales. Accounts Receivable had a
December 31, 2004, balance of $250,000. No amounts have been added to the Allowance for
Doubtful Accounts at some stage in 2004. Before adjustment on December 31, 2004, the
Allowance for Doubtful Accounts had a credit balance of $2,000. ABC estimates that 3% of
internet credit sales turns into uncollectible. What may be the adjusted stability in Allowance for
Doubtful Accounts at December 31? - ANS$24,500
During 2004, Allied Associates had $750,000 of net credit income. Accounts Receivable had a
December 31, 2004, stability of $250,000. No quantities were introduced to the Allowance for
Doubtful Accounts at some point of 2004. Before adjustment on December 31, 2004, the
Allowance for Doubtful Accounts had a credit score stability of $2,000. Allied estimates that 6%
of receivables turns into uncollectible. What might be the adjusted balance in Allowance for
Doubtful Accounts at December 31? - ANS$15,000
Assume that Jones Company purchased $a hundred of inventory on credit score. If Jones
Company makes use of the Periodic Inventory system the journal access to document this buy
could be: - ANSD : Purchases one hundred
C: Accounts Payable 100
Adams Inc. Began the 12 months with merchandise stock of $20 (4 widgets @ $five every).
During the year the following hobby occurred:
Date Purchases Sales
February 1 $42 (7 widgets @ $6) _________________
March 20 ________________________ five widgets sold
July 10 $21 (3 widgets @ $7) ____________________
October 15 $forty five (5 widgets @ $9) ____________________
November four ______________________ 8 widgets offered
If Adams uses the Periodic Inventory method (LIFO basis) the ending merchandise inventory
will have a recorded fee of: - ANS$32
Jones Company began the year with $100 of merchandise stock. During the yr Jones bought
stock that price $2 hundred and also paid $15 of freight charges at the bought stock. At the
cease of the yr Jones Company determined that the price of its ending inventory was $50.
Given those information Jones need to report fee of products bought totaling: - ANS$265
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