01 Fundamental Accounting Key
Content
8 Pages
FUNDAMENTAL ACCOUNTING (01)
KEY
Regional—2004
Multiple Choice Questions (30 @ 3 points each)
_______ (90 points)
Account Identification (17 @ 3 points each)
_______ (51 points)
Production Portion
Problem 1: Financial Transactions
Problem 2: Job 1: Bank Reconciliation
_______ (108 points)
_______ (36 points)
Job 2: Income Statement
_______ (28 points)
Job 3: Balance Sheet
_______ (31 points)
TOTAL POINTS
_______ (344)
Graders:
Double-check and verify all scores!
Property of Business Professionals of America.
May be reproduced only for use in the Business Professionals of America
Workplace Skills Assessment Program regional competition.
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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30.
Contestant Number
A
A
A
A
A
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A
A
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E
E
E
E
E
E
E
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
L
CR
BS
Bankcard Fees Expense
E
DR
IS
Cash
A
DR
BS
Drawing (Withdrawals)
OE
DR
BS
Petty Cash
A
DR
BS
Prepaid Insurance
A
DR
BS
Payroll Taxes Expense
E
DR
IS
Accounts Receivable
A
DR
BS
Income Summary
OE
N
IS
Accounts Payable
L
CR
BS
Supplies
A
DR
BS
Owner’s Capital Account
OE
CR
BS
Insurance Expense
E
DR
IS
Delivery Equipment
A
DR
BS
Sales
R
CR
IS
Salaries Expense
E
DR
IS
Social Security Tax Payable
L
CR
BS
Each answer is worth 1 point. Total = 51 points.
Contestant Number
Account Identification
NOTE TO
GRADERS:
FUNDAMENTAL ACCOUNTING
REGIONAL 2004
KEY
PAGE 5 of 8
Document numbers
maybe abbreviated.
Problem 1: Financial Transactions
1
Page
1
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 1—Bank Reconciliation
Points
BANK RECONCILIATION
2
December 31, 2003
Date
4
Checkbook Balance
$
22,640.02
2
2
2
Interest Received
+
0
Bank Service Charge
–
5.50
Outstanding Deposits
$ 1,670.00
$ _____________
Outstanding Checks
2
21,814.15
Bank Statement Balance $
+
–
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 2—Income 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
2
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
3
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 3—Balance 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
Total Liabilities & Owners’ Equity
28 8 0 0 00
3
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
FUNDAMENTAL ACCOUNTING (01)
KEY
Regional—2004
Multiple Choice Questions (30 @ 3 points each)
_______ (90 points)
Account Identification (17 @ 3 points each)
_______ (51 points)
Production Portion
Problem 1: Financial Transactions
Problem 2: Job 1: Bank Reconciliation
_______ (108 points)
_______ (36 points)
Job 2: Income Statement
_______ (28 points)
Job 3: Balance Sheet
_______ (31 points)
TOTAL POINTS
_______ (344)
Graders:
Double-check and verify all scores!
Property of Business Professionals of America.
May be reproduced only for use in the Business Professionals of America
Workplace Skills Assessment Program regional competition.
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
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
Contestant Number
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
D
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
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
L
CR
BS
Bankcard Fees Expense
E
DR
IS
Cash
A
DR
BS
Drawing (Withdrawals)
OE
DR
BS
Petty Cash
A
DR
BS
Prepaid Insurance
A
DR
BS
Payroll Taxes Expense
E
DR
IS
Accounts Receivable
A
DR
BS
Income Summary
OE
N
IS
Accounts Payable
L
CR
BS
Supplies
A
DR
BS
Owner’s Capital Account
OE
CR
BS
Insurance Expense
E
DR
IS
Delivery Equipment
A
DR
BS
Sales
R
CR
IS
Salaries Expense
E
DR
IS
Social Security Tax Payable
L
CR
BS
Each answer is worth 1 point. Total = 51 points.
Contestant Number
Account Identification
NOTE TO
GRADERS:
FUNDAMENTAL ACCOUNTING
REGIONAL 2004
KEY
PAGE 5 of 8
Document numbers
maybe abbreviated.
Problem 1: Financial Transactions
1
Page
1
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 1—Bank Reconciliation
Points
BANK RECONCILIATION
2
December 31, 2003
Date
4
Checkbook Balance
$
22,640.02
2
2
2
Interest Received
+
0
Bank Service Charge
–
5.50
Outstanding Deposits
$ 1,670.00
$ _____________
Outstanding Checks
2
21,814.15
Bank Statement Balance $
+
–
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 2—Income 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
2
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
3
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 3—Balance 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
Total Liabilities & Owners’ Equity
28 8 0 0 00
3
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
