In a trial balance of totals, accounts receivable (売掛金) has a debit total of 480,000 yen and a credit total of 310,000 yen. What balance goes in the trial balance of balances?
Debit 170,000 yen
Credit 170,000 yen
Debit 480,000 yen
Debit 790,000 yen
AnswerA. Debit 170,000 yen
A balance is the larger side minus the smaller side, written on the larger side: 480,000 − 310,000 = 170,000 on the debit side. Writing it on the credit side reverses the direction; 480,000 is just the debit total; 790,000 adds the two totals.
Q2 | [Read] Errors a trial balance cannot find
Which of the following errors leaves the debit and credit totals of the trial balance equal, so the trial balance cannot reveal it?
Only the debit side of an entry was posted; the credit was forgotten
A whole transaction was never journalized or posted
50,000 yen was posted as a debit and 5,000 yen as the credit
An addition mistake was made when totaling the debit column
AnswerB. A whole transaction was never journalized or posted
Omitting a whole transaction reduces both sides equally, so the totals still agree. Posting only one side, posting different amounts on each side, and miscalculating one column total all make the totals disagree, so the trial balance reveals them.
Q3 | [Calc] Net income on the worksheet
The income statement columns of a worksheet show: sales (売上) 900,000 yen, fees received (受取手数料) 30,000 yen, purchases (仕入) 560,000 yen, salaries (給料) 180,000 yen, depreciation (減価償却費) 40,000 yen, interest expense (支払利息) 6,000 yen (purchases are after adjustment). What is net income?
104,000 yen
150,000 yen
144,000 yen
184,000 yen
AnswerC. 144,000 yen
Revenue is 900,000 + 30,000 = 930,000; expenses are 560,000 + 180,000 + 40,000 + 6,000 = 786,000; the difference is 144,000. 104,000 deducts depreciation twice; 150,000 forgets interest expense; 184,000 forgets depreciation.
Q4 | [Read] Where net income goes
On an eight-column worksheet (精算表), where is the net income amount entered?
Income statement credit and balance sheet debit
Income statement debit and balance sheet debit
Income statement credit and balance sheet credit
Income statement debit and balance sheet credit
AnswerD. Income statement debit and balance sheet credit
With a profit, the income statement credit (revenue) side is larger, so the difference goes on the debit side to balance it. Net income increases equity, so it goes on the balance sheet credit side. Income statement credit with balance sheet debit is the position for a net loss. Same-side combinations leave one pair of columns unbalanced.
Q5 | [Calc] Purchases on the worksheet
The trial balance columns show purchases (仕入) 800,000 yen (debit) and merchandise inventory (繰越商品) 70,000 yen (debit). Ending inventory is 90,000 yen, and cost of goods sold is calculated in the purchases row. What amount of purchases goes in the income statement columns?
820,000 yen
780,000 yen
800,000 yen
710,000 yen
AnswerB. 780,000 yen
Cost of goods sold = beginning inventory 70,000 + purchases 800,000 − ending inventory 90,000 = 780,000. 820,000 swaps beginning and ending inventory; 800,000 skips the adjustment; 710,000 subtracts ending inventory without adding beginning inventory.
Q6 | [Calc] Insurance after adjustment
The fiscal year runs from April 1 to March 31. On September 1, the company paid 36,000 yen for one year of insurance and debited insurance expense (保険料). After adjusting for the prepaid portion, what is insurance expense on the adjusted trial balance?
15,000 yen
36,000 yen
24,000 yen
21,000 yen
AnswerD. 21,000 yen
This year covers the 7 months from September to March: 36,000 × 7/12 = 21,000 (the prepaid part is April to August, 5 months, 15,000). 15,000 is the prepaid insurance amount; 36,000 ignores the adjustment; 24,000 miscounts this year as 8 months.
Q7 | [Read] Closing under the Anglo-American method
Which statement about closing the general ledger under the Anglo-American closing method (英米式決算法) is correct?
Asset, liability and equity accounts are closed by writing 'carried forward' (次期繰越) in the ledger, without a journal entry
Asset, liability and equity accounts are also closed by transferring their balances to the income summary (損益)
Revenue and expense accounts are carried forward to next year by writing 'carried forward' in the ledger
Retained earnings (繰越利益剰余金) is closed by transferring its balance to the income summary
AnswerA. Asset, liability and equity accounts are closed by writing 'carried forward' (次期繰越) in the ledger, without a journal entry
Under this method, asset, liability and equity accounts get no closing entry; 'carried forward' is written on the smaller side of the ledger account. Only revenues and expenses are transferred to the income summary, and they become zero, so they are not carried forward. Retained earnings receives net income from the income summary; it is not transferred to it.
Q8 | [Calc] Retained earnings after the transfer
After closing entries, the income summary (損益) has a credit total of 1,250,000 yen and a debit total (before transferring net income) of 1,090,000 yen. Retained earnings (繰越利益剰余金) before closing has a credit balance of 300,000 yen. What is the retained earnings balance after net income is transferred?
140,000 yen
160,000 yen
460,000 yen
1,550,000 yen
AnswerC. 460,000 yen
Net income is 1,250,000 − 1,090,000 = 160,000, transferred as Dr Income summary (損益) / Cr Retained earnings, so 300,000 + 160,000 = 460,000. 140,000 treats the profit as a loss; 160,000 is net income alone; 1,550,000 adds total revenue.
Q9 | [Read] Debit side of the income summary
When revenues and expenses are transferred to the income summary (損益) at closing, what is entered on the debit side of the income summary?
The balance of each revenue account
The balance of each asset account
The amount carried forward
The balance of each expense account
AnswerD. The balance of each expense account
Expense accounts have debit balances, so they are transferred as Dr Income summary / Cr each expense, placing expenses on the debit side. Revenues go on the credit side. Assets are not transferred to the income summary. 'Carried forward' is written in asset, liability and equity accounts, not in the income summary.
Q10 | [Read] Balance sheet presentation
Which is correct presentation on an account-form balance sheet (貸借対照表, 勘定式)?
The allowance for doubtful accounts (貸倒引当金) is shown separately among liabilities
Merchandise inventory (繰越商品) is shown among assets under the name 'merchandise' (商品)
Accumulated depreciation (減価償却累計額) is shown as an expense on the income statement
Prepaid insurance (前払保険料) is shown among liabilities under the name 'prepaid expenses' (前払費用)
AnswerB. Merchandise inventory (繰越商品) is shown among assets under the name 'merchandise' (商品)
The ledger account 繰越商品 is presented as 'merchandise' (商品). The allowance is not a liability; it is deducted from receivables on the asset side. Accumulated depreciation is also deducted from the asset; the expense is depreciation (減価償却費). Prepaid insurance is presented as prepaid expenses, but it is an asset.
Q11 | [Calc] Deducting the allowance
After adjustment: accounts receivable (売掛金) 300,000 yen, electronically recorded receivables (電子記録債権) 200,000 yen, allowance for doubtful accounts (貸倒引当金) 10,000 yen (2% of both ending balances). On the balance sheet, what is accounts receivable after deducting its allowance?
294,000 yen
290,000 yen
300,000 yen
490,000 yen
AnswerA. 294,000 yen
The question asks for accounts receivable less the allowance for accounts receivable only. For accounts receivable, 300,000 × 2% = 6,000, so 300,000 − 6,000 = 294,000. 290,000 deducts the whole allowance; 300,000 deducts nothing; 490,000 deducts the whole allowance from both receivables combined.
Q12 | [Read] Left side of the income statement
When there is net income, which pair appears on the left (debit) side of an account-form income statement (損益計算書, 勘定式)?
Net sales (売上高) and net income
Cost of goods sold (売上原価) and net loss
Cost of goods sold (売上原価) and net income
Net sales (売上高) and net loss
AnswerC. Cost of goods sold (売上原価) and net income
The account-form income statement lists expenses on the left and revenues on the right, and net income goes on the left to balance. Cost of goods sold (shown instead of purchases) is an expense, so it is on the left. Net sales is revenue, on the right. A net loss would be written on the right.
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