5. Multiple choice questions （choose the best for your answer） （10%）

（1） The CPA firm auditing XY Recording Service found that retained earning were understated and liabilities were overstated. Which of the following errors could have been the cause？

A. Making the adjustment entry for depreciation expenses twice；

B. Failure to recored interest accrued on a note payable；

C. Failure to make the adjusting entry to recored revenue which had been earned but not yet billed to clients；

D. Faillure to recored the earned portion of fees received in advance.

（2） How will net income be affected by the amortization of a discount on bonds payable？

A. Interest expense is increased， so net income is decreased；

B. Interest expense is decreased， so net income is increased；

C. Interest expense is increased， so net income is increased；

D. Interest expense is decreased， so net income is decreased；

（3） A stock dividend

A. Increase the debt-to-equity ratio of a firm；

B. Decrease future earnings per share；

C. Decrease the size of the firm；

D. Increase sharholder‘s wealth；

E. None of the above.

（4） A company had sales in both 1999 and 2000 of $200000. Cost of sales for 1999 was $140000. In computing the cost of sales for 1999， an item of inventory purchased in 1999 for $50 was incorrectly written down to current replacement cost of $35. The item is currently selling in 2000 for $100， its normal selling price. As a result of this error：

A. Income for 1999 is overstated；

B. Cost of sales for 2000 will be overstated；

C. Income for 2000 will be overstated；

D. Income for 2000 will not be affected.

E. None of the above.

（5）Using the data presented below， calculate the cost of sales for the BC Company for 1999.

Current ratio 3.5

Quick ratio 3.0

Current liabilities 12/31/1999 $600000

Inventory 12/31/1999 $500000

Inventory turnover 8.0

The cost of sales for the BC Company for 1999 was：

A. $1600000；

B. $2400000；

C. $3200000；

D. $6400000；

E. None of these.

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