Accounting Exit Exam Question And Solutions Wit... 💫 🎉

Bonus allocation: A: 60% × $10,000 = $6,000 B: 40% × $10,000 = $4,000

Applied OH = $2,000; Actual OH = $2,500 (will be adjusted to COGS or prorated). Question 8 (Partnership Dissolution) A and B share profits 60% and 40%. Capital: A=$50,000, B=$30,000. They admit C for 25% interest for $40,000 cash. Use bonus method. New capital balances?

Total existing capital = $80,000 C contributes $40,000 → Total new capital = $120,000 C’s 25% of $120,000 = $30,000 (credited to C) Bonus to old partners = $40,000 – $30,000 = $10,000 Accounting Exit Exam Question and Solutions wit...

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).

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 Bonus allocation: A: 60% × $10,000 = $6,000

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

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 They admit C for 25% interest for $40,000 cash

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