Accounting Clerk III Skills Test No. 1 ANSWER KEY

Accounting Clerk III Skills Test No. 1 ANSWER KEY - School...

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School District No. 91 (Nechako Lakes) Accounting Clerk III Skills Test No. 1 Answer Key Time Limit: 45 minutes Maximum Points: 100 % Required to Pass 70% Multiple Choice Questions: (2 marks each) 1. a 2. d 3. b 4. c 5. c 6. b 7. c 8. c Question No. 1 Accounts receivable – December 31, 2001: 127,000 + 527,000 – 539,000 – 9,000 = $106,000 Allowance for doubtful accounts – December 31, 2001: Allowance - $106,000 x 0.05 + $5,300 Bad debt adjustment - $5,300 – (11,000 – 9,000) = $3,300 a. (4 marks) Bad debt expense. ......................................................... 3,300 Allowance for doubtful accounts. ......................................... 3,300 b. (2 marks) Accounts receivable $ 106,000 Allowance for doubtful accounts 5,300 $ 100,700 Question No. 2 Implemented: February, 2004 Revised:
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School District No. 91 (Nechako Lakes) Page 2 Accounting Clerk III Skills Test No. 1 ANSWER KEY a. (6 marks) Germen School District Income Statement Year ended December 31, 2002 Revenue $ 233,000 Salaries expense (108,000) Supplies expense (3,000) Interest expense (5,000) Amortization expense (8,000) Employee benefits (43,600)
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Accounting Clerk III Skills Test No. 1 ANSWER KEY - School...

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