1.

List of assets, liabilities and equity of the owner of a business entity at a certain date
referred to as …
a. Income Statement
b. Balance Sheet
c. Owner’s Equity Statement
d. Adjusment Journal
e. Statement of Cash Flow

Pembahasan :

 Income Statement is a summary of the company's revenue and expenses for a period.
 Owner’s Equity Statement is a report that summarizes the changes in owner's equity
for an individual or partnership company over a specified period
 Adjusment Journal is a journal that is made to record the changes in the balance in the
company's account as the main determinant of the actual balance amount at the end of
the period
 Statement of Clash Flow is to summarize cash receipts and payments for a certain
period

2. The financial performance of the company will be shown in the financial statements following …
a. Statement of Financial Position
b. Statement of profit or loss and other comprehensive income
c. Statement of Cash Flow
d. Statement of Owners Capital
e. Statement of Retained Earnings

Pembahasan :

The income statement will be needed to calculate how efficient the performance has been and
implement a strategy for how company profits can be increased in the next period.

3. When assets are carried at the discounted future net cash inflows now of the expected post can
give results in implementation normal business, then what is the basis for measuring the asset?
a. Historical Cost
b. Current Cost
c. Realizable Value
d. Present Value
e. Approximate Value

Pembahasan :

Financial Reporting Conceptual Framework p. 4.55:

A number of different measurement bases are used in degrees and combinations differ in financial
statements. The basis for these measurements is as follows:

Present value: assets are recorded at their future net cash inflows discount to the present value of items
that are expected to produce results in the normal course of business

4. The inventory cost method is based on the assumption that costs should be charged to revenue
in the order in which they occur …
a. FIFO Method
b. LIFO Method
c. Average Cost
d. Perpetual Inventory
e. Period Method

Pembahasan :

 The LIFO method charges the most recent inventory cost against revenue.
 The average cost method charges the weighted average unit cost of goods sold against revenue.
 The perpetual inventory system is a system and not a method.

5. The following units of specialty goods are bought and sold over a period of time
 Initial inventory: 40 units @Rp20,000 per unit
 First purchase: 50 units @Rp21,000 per unit
 Second purchase: 50 units @Rp22,000 per unit
 First sales: 110 units
 Third purchase: 50 units @Rp23,000 per unit
 Second sale: 45 units
How much the remaining cost of 35 units at the end of the period as determined in a perpetual
inventory system using the LIFO cost method?
a. Rp715,000
b. Rp705,000
c. Rp750,000
d. Rp700,000
e. Rp805,000
Pembahasan :
The LIFO cost method is based on the assumption that costs should be charged to revenue in the
opposite order in which the costs were incurred. So that the earliest cost will be charged to the
inventory.
Thirty out of 35 units will be charged per unit of IDR 20,000 for an amount of IDR 715,000 (answer A)

6. The following data were accumulated for use in reconciling the bank account of Karin Co. for
March:
 a).Cash balance according to the company’s records at March 31, $13,065.
b).Cash balance according to the bank statement at March 31, $12,750.
c).Checks outstanding, $4,170.
d).Deposit in transit, not recorded by bank, $5,100.
e).A check for $180 in payment of an account was erroneously recorded in the check register as
$810.
f).Bank debit memo for service charges, $15.

How much the ending balance of the bank and company ?

a. $13.640
b. $13.650
c. $13,660
d. $13,670
e. $13,680
Pembahasan :
KARIN CO.
Reconciliation Bank
31 Maret
Balance per Bank $ 12.750,00 Balance per Company $ 13.065,00
Deposit in Transit $ 5.100,00 Koreksi Kesalahan $ 630,00
$ 17.850,00 $ 13.695,00
Check Outstanding $ 4.170,00 Service Change $ 15,00
$ -4.170,00 $ -15,00
Ending Balance $ 13.680,00 Ending Balance $ 13.680,00

7. What is the second year's depreciation amount for the equipment that has costs of Rp9,000,000.
With an estimated residual value of Rp600,000.
The estimated useful life is three years, using the double declining balance method …
a. Rp6,000,000
b. Rp3,000,000
c. Rp2,000,000
d. Rp1,000,000
e. Rp400,000
Pembahasan :
The periodic depreciation under the double declining balance method for the second year is determined
by calculating the first year's depreciation expense.
The first year's depreciation is Rp 6,000,000 is calculated by multiplying the equipment cost of Rp
9,000,000 by 2/3 (straight-line depreciation rate is 1/3 times 2)
The second year depreciation is IDR 2,000,000
Then it is determined by multiplying the book value at the end of the first year, Rp3,000,000 (Rp.
9,000,000 in costs minus Rp. 6,000,000 for the first year) by 2/3.
The third year depreciation is Rp400,000.This is determined by multiplying the book value at the end of
the second year, Rp1,000,000 by 2/3, resulting in Rp667,000.The equipment cannot be depreciated
below its residual value, which is Rp600,000.
So that the depreciation in the third year becomes:
= Rp1,000,000 - Rp 600,000
= Rp400,000

8. Karin Company uses the gross profit method to estimate inventory formonthly reporting
purposes. Presented below is information for the month of May :

Inventory, May1 $160.000

Purchases (gross) $640.000
Freight-in $30.000
Sales $1.000.000
Sales returns $70.000
Purchase discounts $12.000

How much the estimated inventory at May 31, assuming that the gross profit is 25% of
sales ?
a. $120.000
b. $120.500
c. $121.000
d. $122.000
e. $123.000
Pembahasan :
Inventory , May 1 ( at cost) $ 160.000,00
Purchases (Gross) ( at cost) $ 640.000,00
Purchases Discount $ -12.000,00
Freight In $ 30.000,00
Goods Available ( at cost) $ 818.000,00
Sales ( at selling price) $ 1.000.000,00
Sales Returns ( at selling price) $ -70.000,00
Net Sales (at selling price) $ 930.000,00
Less Gross Profit (25% of sales) $ 232.500,00
Sales (at cost) $ 697.500,00
Estimated Inventory, May 31 (at cost) $ 120.500,00
 9. A company issues a 60-day note payable with 12% interest for Rp5,000,000 to the bank.
The amount that must be paid at maturity is:
a. Rp4,900,000
b. Rp5,000,000
c. Rp5,100,000
d. Rp5,600,000
e. Rp6,000,000

Pembahasan :

(1): The value stated on the note payable = Rp5,000,000

(2): Coupled with the interest of:

= Rp 5,000,000 x 12% x (60/360)

= Rp 100,000

(3): Amount to be paid at maturity:

= (1) + (2)

= Rp 5,000,000 + Rp 100,000

= Rp 5,100,000

10. Key Corp. repuires an estimate of the cost of goods lost y fire on March 9. Merchandise
on hand on January 1 was 38,000. Purchases since January 1 were 92.000; freight-in, 3,400;
purchase returns and allowances, 2400. Sales are made at 33 1/3% above cost and totaled
120,000 to March 9. Goods costing 10,900 were left undamaged by the fire; remaining goods
were destroyed. How much the cost of goods destroyed ???
a. 80,000
b. 90,000
c. 100,000
d. 110,000
e. 120,000

Pembahasan :

 If Sales are made at 33 1/3 above cost and totaled $120,000, then COGS must be $90,000
($120000 * 100 /(NNN) NNN-NNNN

 Merchandise on hand $38,000 + Purchases $92,000 - Purchase returns ($2,400) + Freight-in

$3,400 - Ending inventory (?) = COGS $90,000