Accounting Exit Exam Question And Solutions Wit... Site

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).

Book balance: $13,500 Less: Bank service charge: –$50 Less: NSF check: –$450 Adjusted book balance: $13,000

Bonus allocation: A: 60% × $10,000 = $6,000 B: 40% × $10,000 = $4,000 Accounting Exit Exam Question and Solutions wit...

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

Taxable income = Gross income ($500,000) – Deductions ($300,000) = $200,000 (Tax-exempt income is ignored for taxable income.) Tax due = $200,000 × 25% = $50,000 Question 10 (Cash Flow Statement – Indirect Method) Net income = $80,000 Depreciation = $10,000 Increase in AR = $5,000 Decrease in AP = $3,000 It sounds like you are looking for a

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

Direct materials: $4,000 Direct labor (200 × $15): $3,000 Applied OH (200 × $10): $2,000 Total job cost = $9,000 a) 400 b) 500 c) 1,000 d) 667

Detective controls identify errors after they occur. Monthly bank reconciliation catches discrepancies. Segregation and pre-numbered invoices are preventive. Answer: c) Monthly bank reconciliation Question 4 (Taxation – Withholding Tax on Compensation) Employee earns $5,000 monthly. Withholding tax table shows $600 tax for that bracket. Employer also withholds $200 for SSS/health insurance. What is the net pay? a) $4,800 b) $4,200 c) $4,400 d) $5,000