[기출문제] 서울대학교 회계원리 2025-1 중간고사 기출문제 (정답 포함)

1. A net loss will result during a time period when 

a. assets exceed liabilities. 

b. assets exceed equity. 

c. expenses exceed revenues. 

d. revenues exceed expenses. 

2. Which of the following is a true statement about inventory systems? 

a. Periodic inventory systems require more detailed inventory records. 

b. Perpetual inventory systems use ""inventory"" account to record purchase returns. 

c. A periodic system requires cost of goods sold be determined after each sale. 

d. A perpetual system determines cost of goods sold only at the end of the accounting period. 

3. Closing entries are necessary for 

a. permanent accounts only. 

b. temporary accounts only. 

c. both permanent and temporary accounts. 

d. permanent or real accounts only. 

4. If a company is given credit terms of 2/10, n/30, it should 

a. hold off paying the bill until the end of the credit period, while investing the money at 10% annual interest during this time. 

b. pay within the discount period and recognize a savings. 

c. pay within the credit period but don't take the trouble to invest the cash while waiting to pay the bill. 

d. recognize that the supplier is desperate for cash and withhold payment until the end of the credit period while negotiating a lower sales price. 

5. On July 9, Neal Company sells goods on credit to Al Dolan for $9,000, terms 1/10 n/60. Neal receives payment on July 18. The entry by Neal on July 18 is: 

a. Cash 8,910 / Accounts Receivable 8,910 

b. Cash 9,000 / Sales Discounts 90, Accounts Receivable 8,910 

c. Cash 8,910, Sales Discounts 90 / Accounts Receivable 9,000 

d. Cash 9,090 / Sales Discounts 90, Accounts Receivable 9,000 

6. The income statement for the year 2025 of Poole Co. contains the following information: Revenues $150,000; Salaries and Wages Expense $90,000; Rent Expense $32,000; Advertising Expense $12,000; Supplies Expense $12,000; Utilities Expense $5,000; Insurance Expense $4,000. The entry to close the revenue account includes a 

a. debit to Income Summary for $5,000. 

b. credit to Income Summary for $5,000. 

c. debit to Revenues for $150,000. 

d. credit to Revenues for $150,000. 

7. Middle City College sold season tickets for the 2025 football season for $400,000. A total of 8 games will be played during September, October and November. Assuming all the games have been played, the Unearned Ticket Revenue balance that will be reported on the December 31 2025 statement of financial position will be 

a. $0. 

b. $150,000. 

c. $250,000. 

d. $400,000. 

8. Rowland Company reported the following balances at June 30, 2025: Total Sales Revenue $32,000; Sales Returns and Allowances $1,000; Sales Discounts $500; Cost of Goods Sold $15,500. Net sales for the month is 

a. $32,000. 

b. $31,000. 

c. $30,500. 

d. $15,000. 

9. At January 1, 2025, LeAnna Industries reported retained earnings of $260,000. During 2025, LeAnna had a net loss of $60,000 and paid dividends of $40,000. At December 31, 2025, the amount of retained earnings is 

a. $260,000. 

b. $280,000. 

c. $200,000. 

d. $160,000. 

10. Freight costs on merchandise sold to customers based on FOB shipping point will cause an increase 

a. in the selling expense of the buyer. 

b. in operating expenses for the seller. 

c. to the cost of goods sold of the seller. 

d. to inventory of the buyer. 

11. Rusthe Company showed the following balances (after adjusting entries): Cash $19,000; Prepaid insurance $1,400; Accounts receivable $7,000; Accounts payable $5,600; Notes payable $8,400; Share capital-ordinary $4,800; Dividends $1,400; Revenues $42,000; Expenses $32,000. What did Rusthe Company show as total credit on its post-closing trial balance? 

a. $60,800 

b. $63,800 

c. $62,400 

d. $27,400 

12. Never Company inventories LCNRV basis: Product ABC (Cost $171,000, NRV $180,000); Product XYZ (Cost $120,000, NRV $114,000); Product 123 (Cost $240,000, NRV $243,000). The value of the inventory reported on the statement of financial position would be 

a. $531,000. 

b. $537,000. 

c. $525,000. 

d. $543,000. 

13. Colletti Company data: 1/1 Inventory 600(@4.00); 1/8 Purchased 900 (@4.40); 1/12 Sold 1,200. Weighted average unit cost (periodic) at Jan 31 is: 

a. $4.00. 

b. $4.20. 

c. $4.24. 

d. $4.40. 

14. The journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit 

a. Accounts Payable. 

b. Purchase Returns and Allowances. 

c. Sales. 

d. Inventory. 

15. Geran Company purchased merchandise inventory with invoice price of $15,000, terms 2/10, n/30. Net cost if paid within discount period? 

a. $15,000 

b. $14,700 

c. $13,500 

d. $13,800 

Part B: Problems (55 marks) 

16. Adjusting Entries (20 marks): Prepare adjusting entries for Trent Company at Dec 31, 2025: 

a. Depreciation for equipment is €42,000. 

b. Interest accrued on bonds payable is €15,000. 

c. Expired insurance is €12,000. 

d. Rent payment of €180,000 covered 6 months from Dec 1, 2025. 

e. Salaries and wages incurred but unpaid, €22,000. 

17. Correcting Entries (8 marks): 

(a) $700 paid for goods on account. Bookkeeper debited A/R and credited Cash. 

(b) $580 received on account. Bookkeeper debited A/P for $850 and credited A/R for $850. 

18. Average Cost Method (9 marks): Deitrich Co: 5/1 Inv 200 units @ €3.50. Purchases: 400 @ €3.50, 600 @ €4.00. Sold 1,000 units @ €7. Calculate
(a) sales
(b) COGS
(c) gross profit. 

19. Inventory Errors (8 marks): Identify effects of ending inventory overstatement in current period and following year. 

20. COGS Analysis (10 marks): Speer's Hardware 3-year analysis: Correct COGS for 2023, 2024, 2025 given errors in purchases and inventory counts."

Part A: 객관식 정답

1. c  | 2. b  | 3. b  | 4. b  | 5. c  | 6. c  | 7. a  | 8. c  | 9. d  | 10. b  | 11. d  | 12. c  | 13. b  | 14. d  | 15. c 

Part B: 주요 문제 해설

16. 수정분개: 

a. Depreciation Expense 42,000 / Acc. Depreciation 42,000

b. Interest Expense 15,000 / Interest Payable 15,000

c. Insurance Expense 12,000 / Prepaid Insurance 12,000

d. Rent Expense 30,000 / Prepaid Rent 30,000 (€180,000 / 6)

e. Salaries and Wages Expense 22,000 / Salaries and Wages Payable 22,000

17. 오류수정: 

(a) Accounts Payable 700 / Accounts Receivable 700

(b) Cash 580, Accounts Receivable 270 / Accounts Payable 850

18. 평균법: (a) Sales 7,000 (b) COGS 3,750 (c) Gross Profit 3,250 

20. 수정 후 COGS: 2023: €89,000 | 2024: €59,000 | 2025: €47,000