Professional Documents
Culture Documents
KEY
Regional2004
Multiple Choice Questions (30 @ 3 points each)
Production Portion
Problem 1: Financial Transactions
Problem 2: Job 1: Bank Reconciliation
TOTAL POINTS
_______ (344)
Graders:
Double-check and verify all scores!
FUNDAMENTAL ACCOUNTING
REGIONAL 2004
KEY
PAGE 2 of 8
General Instructions
You have been hired as a Financial Assistant and will be keeping the accounting records for
Professional Business Associates located at 5454 Cleveland Avenue, Columbus, Ohio 43231.
Professional Business Associates provides accounting and other financial services for clients. You
will complete jobs for Professional Business Associates own accounting records as well as for
clients.
You will have 90 minutes to complete your work. The test is divided into two parts. The multiple
choice and account identification portions should be completed first, and then the accounting
problems may be completed in any order.
Your name and/or school name should NOT appear on any work you submit for grading. Write
your contestant number in the lower left-hand corner of each page. Staple all pages in order
before you turn in your test.
Good luck!
FUNDAMENTAL ACCOUNTING
REGIONAL 2004
KEY
PAGE 3 of 8
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Contestant Number
A
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FUNDAMENTAL ACCOUNTING
REGIONAL 2004
KEY
PAGE 4 of 8
ACCOUNT IDENTIFICATION
For each account name below, indicate its classification (A = Asset, L = Liability, OE = Owners
Equity, R = Revenue, E = Expense) by writing the correct capital letter(s) on the blank.
Next, indicate its normal balance side (DR = Debit, CR = Credit, N = Neither).
Finally, indicate on which financial statement the account appears (BS = Balance Sheet, IS =
Income Statement).
Account Name
Classification
Normal Balance
Financial Statement
SUTA Payable
CR
BS
DR
IS
Cash
DR
BS
Drawing (Withdrawals)
OE
DR
BS
Petty Cash
DR
BS
Prepaid Insurance
DR
BS
DR
IS
Accounts Receivable
DR
BS
Income Summary
OE
IS
Accounts Payable
CR
BS
Supplies
DR
BS
OE
CR
BS
Insurance Expense
DR
IS
Delivery Equipment
DR
BS
Sales
CR
IS
Salaries Expense
DR
IS
CR
BS
Contestant Number
Account Identification
NOTE TO
GRADERS:
FUNDAMENTAL ACCOUNTING
REGIONAL 2004
KEY
PAGE 5 of 8
Document numbers
maybe abbreviated.
Page
GENERAL JOURNAL
DATE
Pts.
1 (current year)
4 March
1
2
4
3
2
4
4
2
4
6
2
4
8
2
4
10
2
4
12
2
4
15
2
2
2
2
2
2
4
16
2
4
17
2
4
19
2
4
28
2
4
28
2
4
29
2
4
30
2
4
31
2
108 Total Points
ACCOUNT TITLE
Cash
Rachel Hanson, Capital
Supplies
AP/Millennium Cptrs., Inc.
Camping Equipment
AP/Adventure Equip. Co.
Office Equipment
Rachel Hanson, Capital
Cash
Equipment Rental Revenue
AP/Millennium Cptr., Inc.
Cash
AR/Harry Kenton
Equipment Rental Revenue
Salaries Expense
Social Security Tax Payable
Medicare Tax Payable
Employees FIT Payable
Employees SIT Payable
Health Ins. Prems. Payable
Cash
Rachel Hanson, Drawing
Cash
Utilities Expense
Cash
AP/Adventure Equip. Co.
Cash
Cash
AR/Harry Kenton
Rent Expense
Cash
AR/Parker and Co.
Equipment Rental Revenue
Advertising Expense
Cash
Miscellaneous Expense
Cash
Contestant Number
DOC. NO.
Memo 21
POST
REF.
DEBIT
CREDIT
15 0 0 0 00
15 0 0 0 00
Memo 500
3 0 0 0 00
3 0 0 0 00
Memo 318
2 5 0 0 00
2 5 0 0 00
Memo 22
1 0 0 00
1 0 0 00
Receipt 226
6 0 0 0 00
6 0 0 0 00
Check 461
1 5 0 0 00
1 5 0 0 00
Sales 354
1 0 0 0 00
1 0 0 0 00
Check 462
1 0 6 9 34
6
1
7
2
1
8 7
Check 463
2 0 0 0 00
Check 464
7 8 00
Check 465
2 0 0 0 00
Receipt 227
1 0 0 0 00
Check 466
1 0 5 0 00
Sales 355
2 4 0 0 00
6
5
8
1
1
6
30
51
00
39
65
49
2 0 0 0 00
7 8 00
2 0 0 0 00
1 0 0 0 00
1 0 5 0 00
2 4 0 0 00
Check 467
3 0 0 00
3 0 0 00
Memo 23
1 5 00
1 5 00
FUNDAMENTAL ACCOUNTING
REGIONAL 2004
KEY
PAGE 6 of 8
Problem 2
Job 1Bank Reconciliation
Points
BANK RECONCILIATION
Checkbook Balance
22,640.02
2
2
2
Interest Received
5.50
Outstanding Deposits
$ 1,670.00
$ _____________
Outstanding Checks
21,814.15
1,670.00
849.63
Checks Outstanding
Number
Amount
4
4
4
4
637
639
640
641
255
54
230
310
Total
2
4
Adjusted Balance:
36
Total Points
Contestant Number
22,634.52
Adjusted Balance:
00
13
00
50
849 63
$
22,634.52
FUNDAMENTAL ACCOUNTING
REGIONAL 2004
KEY
PAGE 7 of 8
Problem 2
Job 2Income Statement
Points
1
1
1
1
2
3
Jackson Technologies
Income Statement
For the Month Ended December 31, 2003
Revenue:
Placement Fees Revenue
Technology Classes Revenue
Total Revenue
1
2
2
2
2
2
3
3
Expenses:
Advertising Expense
Maintenance Expense
Miscellaneous Expense
Rent Expense
Repair Expense
Utilities Expense
Total Expenses
Net Income
31
Total Points
6 9 0 0
2 4 0 0
00
00
9 3 0 0 00
3 0
8
8
1 5
5
9
0
0
0
0
0
0
0
0
0
0
0
0
00
00
00
00
00
00
7 5 0 0 00
1 8 0 0 00
Note to Graders: Heading and account titles may vary. Each underline or double-underline
should count 1 point.
Contestant Number
FUNDAMENTAL ACCOUNTING
REGIONAL 2004
KEY
PAGE 8 of 8
Problem 2
Job 3Balance Sheet
Jackson Technologies
Balance Sheet
December 31, 2003
1
1
1
Assets
28 8 0 0 00
1
2
2
2
2
3
3
6 4 0 0 00
1
2
Owners Equity
Randall Taylor, Capital
22 4 0 0 00
1
3
28 8 0 0 00
Total Points:
28
Cash
Accounts Receivable
Office Equipment
Office Furniture
Computer Equipment
Total Assets
6
2
7
5
8
0
3
0
0
5
0
0
0
0
0
0
0
0
0
0
00
00
00
00
00
Liabilities
Accounts Payable
Contestant Number