I IIIHI "\ H II | l w ) 1 H 401—; ION 1| mum AN EXPERIMENTAL STUDY OF THE EFFECT OF PRACTICAL EXPERIENCE ON ACHIEVEMENT IN BOOKKEEPING AT THE GRAND RAPIDS, MICHIGAN CENTRAL HIGH SCHOOL Thai: for the Degree of M. A. M1CHIGAN STATE COLLEGE Allan B. Robinctte 1940 ‘.u-n ‘A.’ ‘1: AN EXPERIMENTAL STUDY OF THE EFFECT OF PRACTICAL EHERIENCE \ OH ACHIEVEMENT IN BOOKKEEPING AT THE GRAND RAPIDS, MICHIGAN CENTRAL HIGH SCHOOL by ALLAN BARZILLA ROBINETTI Submitted to the Graduate School of Michigan State College of Agriculture and Applied Science in partial fulfilment of the requirements for the degree of MASTER OF ARTS DEPARTMENT OF EDUCATION ' 1940 THESIS This study was conducted under the direction of the following committee: Professor Harold 1:. Byron, Chairman Professor Victor B. Noll Professor Fred '1'. Kitchen A v; .‘x r: ' .T' .~ ‘4' > 'J I H‘; l A. (if g. ‘ \JI o: Chapter I II III IV TABLE OF CONTENTS Page INTRODUCTION 1. The problem ......... .......... .... l 2. Review of literature .... ....... ... 2 PROCEDURE 1. Nature of the practical experience. 8 2. Equivalence of the two groups .....10 3. Tests used ........................13 4. Limitations .......................15 INTERPRETATION OF RESULTS ...............16 SUMMARY, CONCLUSIONS, AND SUGGESTIONS FOR FURTHER STUDY 1. ammwy..n.. ..... H.H.H. ...... .34 2. Conclusions... ............. .......25 3. Suggestions for further study......25 REFERENCES CITED ....................... .27 APPENDICES 1. Appendix A a. Printed Test -- I ........... ..27a b. Printed Test -- II . ....... ....27b 0. Working Sheet Test -- III......28 d. Test IV.... ............ . ...... .29 6. Test V. ............ ...... ..... .30 f. Test VI........................31 g. Test VII. ......................35 2. Appendix B: Bookkeeping Forms 37a . . . . I . r » . I . . . ; ,,. . .. .. fl J. . . I .. e . .. >4. .ynm‘r. U r mu. ‘0. Table II III IV LIST OF TABLES Page THE EQUIVALENCE OF THE TWO GROUPS BASED UPON I.Q. AND SCHOLASTIC AVERAGE . ................... 13 SCORES MADE BY THE INDIVIDUALS OF BOTH GROUPS ON TESTS I, II, AND III IN SECOND SEMESTER BOOKKEEPING CLASSES ......OOOOOOOCOCOOO 00000 0.0.17 TOTAL SCORES MADE BY BOTH NON-PARTICIPATING AND PARTICIPATING GROUPS ON TESTS I, II, AND III IN SECOND SEMESTER BOOKKEEPING I CLASSES ... 18 SCORES MADE BY THE INDIVIDUALS OF BOTH GROUPS ON TESTS IV, V, AND VI IN SECOND SEMESTER BOOKKEEPING CLASSES ...... ..................... . 20 TOTAL SCORES MADE BY BOTH NON-PARTICIPATING AND PARTICIPATING GROUPS ON TESTS IV, V, AND VI IN SECOND SEMESTER BOOKKEEPING I CLASSES ........ .. 23 CHAPTER I INTRODUCTION ghg_problem. The purpose of this study was to attempt to determine the effect of practical experience in bookkeeping on the scholastic standing and advancement of ninth and tenth grade students in bookkeeping courses. During the years from 1936 to 1940, the writer has been the general treas- urer of Central High school, Crand.Rapids, Michigan, and has taught many classes in bookkeeping. Much of the work of the treasurer has been given to these classes as a sup- plementary part of the regular course outlined in the text- book. The present study was undertaken in order to determine the value of this practical experience to bookkeeping pupils. It was desirable to determine the value of such practical experience and similar work for subsequent classes. The study was conducted in Central High School in Grand Rapids, Michigan, a city of about 160,000 population. The school has an annual student enrollment of approximately 1700 pupils, and is one of six large high schools in the city. It is situated.in a completely residential district. Host of the pupils come from the better middle-class families. 2. Review'9£_literature. It is generally recognized by many leading authorities in this field that there is a definite need for this type of practical bookkeeping experience in high schools. These authorities agree that there is much value to the pupils if the school offers student participation in sound and.practical financial procedure. McKown (1) states that business is primarily based.upon the principle that each party concerned in the handling of funds should check up on every other party, so that all may have mutual guar- antees and protections. He maintains that because of this the very best methods of handling money should be instilled into the high school student through practical experience in the handling of money. He further states that thiseexperience becomes of primary importance when we face that fact that many students of bookkeeping in high school will, in future life, go into positions of trust and confidence in which they will be required to handle the funds not only of employers but also of the public. Jolley (2) has this to say about practical experience in bookkeeping: ”The criticism is sometimes made that our (1) Harry C. HcKown, ExtraPCurricular Activities, New York: The MacMillan Company, ISZS, p 517-519. (2) L. F. Jolley, ”An Accounting System for High School Organizations", The School Review, 31:136-42, Feb., 1923. 3. commercial courses are not practical. Here is an opportunity to give the bookkeeping pupils an actual set of books on which to work. Almost every pupil who graduates from our high schools will, at some time, be called upon to take care of funds not his own. No matter what work he follows, he will meet this situation, and he will be much better prepared if he has done some of the same kind of work during his high school days. The principles he learns by keeping records of high school funds will perhaps be the most serviceable know; ledge which he receives from his accounting course.n In agreement with Jolley and McKown, Fretwell (3) says: “It is the business of the school to organize extraecurric- ular activities so that they may furnish favorable opportuni- ties for the members of the school to practice with satis- faction the earning, safekeeping, and wise spending of money. All members of the school are of necessity concerned with extrapcurricular finances, but the leadership in directing these finances can, and should be, a.part of, and grow out of, the department of business education in the school." However, there seems to be a dearth of experimental . evidence available on the effectiveness of practical experi— ence upon the subject. Greenstein (4) conducted an experiment in 1929 using 21 pupils from a bookkeeping class in an unnamed (3) Elbert K. Fretwell, Extra-Curricular Activities in Secondary Schools, Boston, Houghton-Hifflin Company, 1931, p. 444. (4) M. B. Greenstein, Three Class Experiments in Ensiness and.Bookkeeping Practice, Bulletin 9£_High Points, 12:59-62, September, 1930. high school located in a city of 75,000 population. He divided this group into three equivalent sections, seven pupils to a section, thus: Section I -- Section II-- Section III-- Had complete charge of the business and bookkeeping affairs of: a. The school lunch room, b. The school book store, and 0. Various school plays. Had complete charge of the business and bookkeeping affairs of: a. All second semester athletic activities, including basketball, baseball and track , and b. All school dances. WOrked as apprentices and helpers in various places of business in the city (department stores, offices, theatres, etc.) in the bookkeeping departments of each. a. They received neither pay nor remuner- ation of any sort. b. They worked Saturdays and.during school vacations, and occasionally after school upon request. All these activities were extrapcurricular and were done under Greenstein's supervision, with the consent of both the pupils and their parents. At the end of the semester, all pupils took the same examination. Comparisons were made between these three groups of participating students and those in the regular classes. It was found that the experimental groups stood approximately 12 per cent higher than the regular group in the examination. 5. File (5) conducted a study in the Bowling Green, Ohio, High School in 1933, using 15 pupils chosen from three book-- keeping classes of the second semester. This group took care of, accounted for, and administered.funds of several extrapcurricular activities. These pupils had volunteered or were selected by the investigator through consultation and the knowledge that they had chosen occupations in the field of bookkeeping and accounting. These students, with direct supervision and aid of the investigator, handled the bookkeeping activities of the following: 1. Athletics, 2. Band and orchestra, 3. Lunch room, 4. Programs, 5. Senior class, 6. Various school clubs (five), 7. Charities such as the American Red.Cross and community chest within the school, 8. Annual school reunion, 9. School paper and annual (distribution only), and 10. Miscellaneous activities. The pupils in this group met for one hour after school on Mondays, Wednesdays, and Fridays of each week that the school was in session. Once a month there was an evening meeting of the group, at which time different bookkeepers, C.P.A.'s, et al, representing business enterprises in the (5) C. M. File, Through Everyday Record.Keeping into Bookkeeping and Accounting, National Business Educat- ion, 3:20-25, December, 1934. 6. city talked to the group informally, told their experiences and cited the practical applications of bookkeeping in the business world. Throughout the school year a continuous check was made of class recitations and examination scores. It was found that the group which did the extrapcurricular work compared with the regular classes as follows: class-recitation, 15 per cent higher; class discussions, 35 per cent higher; final examination, 7 per cent higher; and final marks, 11 per cent higher. One year later, in 1934, a similar study was conducted in the Salina, Kansas, High School by Sheeles (6). Twenty— nine pupils enrolled in bookkeeping during the second semester were used in the study. The class was divided, as closely as possible, to resemble a large bookkeeping depart- ment of either a corporation or a big-city department store. Meeting five days a week for one hour each day, the students took care of the following accounts for the school: 1. The school paper and annual, 2. School athletics, 3. School book store, and 4. School library. Money collected from these sources was brought to the “department” and allotted to various groups for counting and banking. At the end of the semester, definite conclusions were drawn from final examination scores, final grades, and (6) A. G. Sheeles, School Has Never Like Thisi, Business Education World, 19:799-802, June, 1938. 7. like sources, and it was found that the students used in the study ranked 51 per cent higher than those in the regular bookkeeping classes. Furthermore, in oral class questions and recitations demanding practical thought and experience, the individuals of the participating group ranked 60 per cent higher than the regular class members. In the last three references cited, no mention was made by the investigators of the equivalence of the experimental and control groups. Although the results of the experiment seemed to show that practical experience in bookkeeping was of distinct value to the pupils included in these studies, there was no mention made of the equivalency of the groups considered. A comparison of the conclusions of all three of these studies cited, reveals that all of them show a definitely higher standing in bookkeeping for the participating group than for the non-participating group. This increase in standing ranges from seven per cent (File's study) to 60 per cent (Sheeles' study). 0n final scores based on various measures of achievement, this increase in standing ranges from six per cent (Sheeles' study) to 12 per cent (Greenstein's study). The review of literature shows, and authorities agree, that the handling of school funds should be a.part of the regular bookkeeping class work. Experiments seem to indi- cate that this type of work is of distinct value and benefit to the students, and therefore should be a part of the book- keeping courses. CHAPTER II PROCEDURE Nature 2£_the practical_experience. During the second semester of the school year 1939- 1940, the writer taught two classes in beginning bookkeep- ing. The class which met in the afternoon was given the regular work of the text, and the other class which met in the morning was given this same regular work and, in addition, much practical experience related to keeping the accounts of school activities. The experience was not confined to the class period, but many of the pupils availed themselves of the opportunity to carry out the operations during vacant hours and at the close of the school day. The practical experience itself consisted.of counting money, filing records, recording transactions, and completely preparing for banking all of the money turned in by various school organizations such as, the athletic association, school store, publications, general office, band, clubs, and departments. i..- The work given to the participating group was made up of the various activities of the treasurer and included the following: First. .The receipts of the treasurer were written and given to the organization which deposited the money. Receipts were in numerical order and were filed according to number. Second. The deposit tickets were completed and the money prepared for banking. Third. The record of cash receipts was kept by certain of the pupils, and the distribution of the credits to the several organizations completed. In this case, the entire group was informed of the work carried on by a few. Fourth. The orders on the treasurer, properly signed by the organization treasurer, sponsor, and principal, and the payment of these orders by check was part of the procedp ure of the participating class. Checks were written on the check protector and many of these checks were mailed, with suitable forms properly completed, to inform the firm re- ceiving the check of the source and.purpose of the check. After payment, orders were filed.by check number with the invoice or the receipt attached. When the cancelled checks were received, they were attached to the order and invoice and became a permanent record for the school. Fifth. The record of cash disbursements was kept by certain pupils, and a proper distribution of the debits made to the organizations. In this instance again, all of the pupils in the participating group were made familiar with the activities carried on by a few. Sixth. At the close of each month, every member of the participating group made out a reconciliation of the bank statement. 10. Seventh. The disbursements of the month were totaled, and debited to the appropriate organizations, and a statement was given to each organization showing its credit balance at the close of the month. Eighth. At the end of each month a trial balance was prepared.by some members of the participating group. One copy was given to the principal of the school, one was filed with the permanent records of the school, and one was kept by the treasurer for his record. Of necessity, a great deal of the work described in the foregoing paragraphs was done by the treasurer himself, and that in which the pupils participated was always done under his direct supervision. All money was taken to the bank by the treasurer, as the rules under which he worked did not permit pupils to go upon such errands. However, when oppor- tunities appeared, members of the participating group made the trip to the bank with him. These opportunities came often, as 103 trips were made to the bank during the year. All members of the participating group, according to their own statements, contemplated continuing in the com- mercial courses of Central High School. ggpivalence 2; the two groups. The participating group consisted of a class of 43 pupils. The non-participating class was composed of 37 pupils. The personnel of the two classes was determined.by the membership assigned at the beginning of the semester. 11. From each of these classes it was possible to choose 20 pupils who had approximately the same I.Q.'s and scholastic averages. The I.Q. was the one determined for each student by the Special Education Department of the Grand Rapids Board Of Education. This result was based upon the Otis Quick-Scoring Intelligence Test. These tests were given in the fall of 1939. The scholastic average for each pupil was determined at the close of the first semester of the school year 1939-1940. Each pupil in the participating group was paired with a pupil in the nonpparticipating group having an approximately equal I.Q. and scholastic average. The students were not matched in age. The mean age of the nonpparticipating group was 16 years and 11 months, with a standard deviation of 11.7 months. The mean age of the participating group was 15 years and 1 month, with a stand- ard deviation of 15.8 months. Table I shows the manner in which the pupils of the two groups were matched.with regard to I.Q. and scholastic average. The mean I.Q. of the participating group was .6 points higher than that of the nonpparticipating group. The means of the scholastic averages show a difference of .44 per cent in favor of the nonpparticipating group. Although the standard deviations are high because of the small numbers involved, there is little difference between the two. The standard error of the mean I.Q. of the non-partici- pating group was :_l.909 and of the participating group 3 1.840, showing a difference of only .069. The standard 12. TABLE I THE EQUIVALENCE OF THE TWO GROUPS BASED UPON I.Q. AND SCHO- LASTIC AVERAGES w N-P TICIPATING caour PARTICIPATING GROUP M ' ' ' scsom's'rid W PUPIL 1.9. AVERAGE PUPIL 1.9. avragg§__ A 92 79.09 Aa 91 78.18 s 103 87.03 Bb 103 84.16 c 122 92.69 Cc 120 87.45 D 100 75.60 Dd 98 77.00 I 94 76.82 Be 94 73.54 F 81 74.80 Ff 87 79.50 c 89 78.08 Gg 87 72.17 a 109 75.66 Hh 109 79.25 I 95 78.73 11 101 82.12 J 96 84.00 Jj 96 83.62 x 106 78.30 Kk 110 79.80 L 103 93.25 L1 106 86.83 M 92 82.75 Mm 94 83.75 N 97 80.89 Nn 98 82.00 0 97 78.80 0o 100 79.16 P 98 80.88 Pp 96 83.64 q 94 78.11 Qq 92 74.39 a 94 79.84 Br 93 77.00 8 95 88.12 83 95 85.12 r 110 87.87 . Tt 109 84.87 kiln 98T35"""81712 98:95 80.68__ Stand— 8.514 5.160 8.231 4.232 ard Deviation 13. error of the difference of these means was :_2.651. Since the difference between the means was .928, which was much less than the standard error of the difference of the means, the groups appear to have equivalent intelligence quotients. The standard error of the mean scholastic average of the nonpparticipating group was :_1.154, and of the partici- pating group 1,.946, showing a difference of only .208. The standard error of the difference of the means was ¢_l.490. Therefore, there appears to be no real difference in the mean scholastic averages of the two groups. It is believed that the two groups were equivalent for purposes of this experiment in regard to I.Q. and scholastic averages. The ages of the members of the two groups are not considered in this study. Considering Table I, it would seem that the two groups are rather closely matched as to items considered and discussed in the study. Tests used. In attempting to measure the advantages which the par- ticipating group received through these procedures, and in order to put this measurement into some tangible form, several tests were given in the regular class period to both groups. Seven of these tests were selected for use in this study. They were chosen because they appear to measure the degree of success attained in both the regular work as out— lined in the text and the practical procedure as carried out by the participating group. 14. The tests used included two printed tests by Elwell (8), the author of the textbook used in the bookkeeping classes of Central High School. These tests covered some of the material as outlined in the bookkeeping text. For purposes of clarity, they were numbered Tests I and II in this study. A trial balance was given to both groups, and from it the pupils were required to prepare a working sheet, profit and loss statement and balance sheet. This exercise was designated Test III. Tests I, II, and III dealt with the material covered in the regular class work. These results of the tests are considered together. The other tests were constructed by the writer. These tests dealt with the regular bookkeeping class work in addition to the activities of the school treasurer. All items in the tests were considered in the regular class routine. These tests were designated as Tests IV, V, and VI in the experiment. A reconciliation of a‘bank statement was called for in the last test. This activity was a part of the regular class work, but was emphasized by the participating group. This will be referred to as Test VII. Tests IV, V, and VI were considered together and Test VII was considered alone. All four of these tests emphasized practical bookkeeping work. (8) Fayette K. Elwell, gggkkeepipg fg£_gggay, Chicago, Illinois: Ginn and Company, 1932. 15. Test I was given to both classes at the middle of the semester. The other six were given during the last three weeks of the semester. Limitations. This study deals with only two groups chosen from two second semester classes in Bookkeeping I. It was carried on for one semester only. More significant results could be obtained from much larger groups studied during several semesters. 16. CHAPTER III INTERPRETATION OF RESULTS The individual test scores on the first three tests given to the two groups of bookkeeping pupils are recorded in.Tables II and III. The standard deviation of all scores in Test I is 3.7.328; in Test II, :.7.875; and in Test III, 1,1.688. The scores on Tests I and II had approximately five times the variability of Test III. Columns four and nine gives the weighted scores on Test III, where each score of Test III was multiplied by five in order to give more nearly equal weight to the scores of each test. The composite scores are given in columns five and ten. The differences between the composite scores of corresponding individuals in the two groups are indicated in column eleven. The mean composite score of the noneparticipating group was 158.8. The standard deviation was 3.17.262, with a standard error of the mean of 3.3.851. The mean composite score of the participating group was 167.55. The standard deviation.was 1_15.l23, with a standard error of the mean of :_3.381. The comparison of the totals of Table II, together with means and standard deviations of the scores of the 40 individuals is shown in Table III. N SC (RES 151.51 I) I‘i NDIVIDUALS OF BOT TT (1'23 :1 ULL TABLE I I . CUPS ON TESTS I, II AI-IDIII III SECOND "ET."T3P BOOIG EEPII‘IG C LES even I. 31.1.) . NOILPAR TIC IIATI IG GROUP PAR I k fl. 171} GROUP PU- 1381 TEST TEST TEST 111 (9981‘ ; PU- TEST 189 :11 091208113 __fjg;g ,mgmflwggggmmmkzll wagsnpsh as; j PIL _ 1 f 11 1130 088_ A 67 58 8 40 165 f 36. 73 50 35 158 8 60 65 9 45 170 I Bb 52 71 45 168 c 68 75 10 50 193 I Co 65 71 50 186 3 58 68 8 40 166 I Dd 55 62 45 162 3 63 58 5 25 146 I E9 62 75 40 177 I F 56 58 5 25 139 I Ff 67 54 40 161 I G 62 54 8 40 156 Gg 52 58 45 155 H 69 70 8 40 179 Hh 61 71 30 162 I 66 63 8 40 169 I Ii 56 5o 55 141 J 62 64 8 40 166 I Jj 63 61 40 164 2 K 64 66 6 30 160 I Kk 70 66 50 186 1 L 62 75 8 40 177 I L1 73 70 50 193 g M 50 54 7 35 139 I 16m 65 58 45 168 I N 54 50 9 45 149 I Mn 55 62 40 157 I 0 50 46 10 50 146 I 00 61 58 20 139 P 45 46 6 30 [121 i Pp 60 71 45 176 Q 42 58 7 35 135 I Qq 57 62 45’ 164 R 66 66 7 35 167 ; Br 59 61 35 155 8 52 52 9 45 149 as 69 '66 50 185 T 71 63 10 50 184 Tt 69 75% 50 194 16881 1187 1209 (I 156 780 3176 Total .44 1272_~__ ___.._J¥¥21_ 5351 D:fihfi§5§5§“§5‘003258_ PONDIHG INDIVIDUAL 802m1m‘mmgcmmm8 “-mMMa-x 4 -7 -2 -7 +36 +10 +175 18. TABLE III TOTAL SCORES MADE BY BOTH NON-PARTICIPATING AND PARTICIPATING GROUPS ON TESTS I, II, AND III IN SECOND SEMESTER BOOKKEEPING I CLASSES 0 —PAR I PATING PARTICIPATING TOTAL GROUP GROUP (BO TH GROUPS) TEST I Total Score .. 1187 1244 2431 Mean Score ... 59.35 62.20 60.72 Standard Deviation ... 8.02 6.41 7.33 TEST II Total Score .. 1209 1272 2481 Mean Score ... 60.45 63.60 62.00 Standard Deviation ... 8.33 7.40 7.88 TEST III Total Score .. 156 167 323 Mean Score ... 7.80 8.35 8.08 Standard D3V13t10n ooo 1.08 1050 1.69 Total Weighted Score ....... 780 835 1615 MeanIWeighted Score........ 39.00 41.75 40.38 COMPOSITE SCORE 3176 3351 6527 MEAN COMPOSITE SCORE........ 158.80 167.55 19. The mean composite score of the participating group is 8.75 points higher than the mean composite score of the nonpparticipating group. The standard error of this difference is :_4.032. The difference between the means is only 2.17 times the stand— ard error of the difference of the means. Results of Tests I, II, and III show that there is little significant difference in the achievement of the two groups, although the participating group in mean and total score did exceed the corresponding scores of the non- participating group. Column 12, Table 11, indicates that ten members of the nonpparticipating group received a higher composite score than the individuals of the other group with whom they were paired. In view of this result, the difference between the means seems of less significance. The scores made by the individuals of both groups in Tests IV, V, and VI are tabulated in Table IV. The stand? ard deviation of all scores in Test IV is 11.302; in Test V, 12.784; and in Test VI, 8.423. The scores on Tests IV and V had.approximately one and one-half times the variabil- ity of Test VI. Columns four and nine show the weighted scores on Test VI, where each score on this test is multi- plied.by 1.5 in order to give more nearly equal weight to the scores of each test. The composite scores are given in columns five and ten. The differences between the composite - _.4;“—_~_~w 1 NON— PAR T IC IPA? ING GR CUP 78555 IV. SCORES I‘UIDE BY TEE INDIVIDUALS OF BOTH GROUPS 0:“? TESTS IVL V AND VIII SECOND SEEKS-STIR BOOKKEBPIN: CUSSES, PIER T IC IPJ‘LTI] GR 0UP :— -—1 —w . _« W...” W A —_~—r—v~_ _—.v~_—w. _.‘ A u. . V I DIFFERENCE CF CCP-RES- PU- 788T TEST 188T 1887 VI POSIT ; PU- EST 7887 TEST 887 VI COMPOSITE 1 2858128 INDIVIDUAL 8I IV v VI 88185188 88(85: : PIL IV V VI EIGHTED SCORE L1 8cc258 88 THE 2 GROUPS A 88 74 88 155 288 g 45 68 75 85 142 285 i + 16 B 72 74 82 158 284 i Bb 78 78 88 155 285 i —- l C 84 82 188 158 518 1 Co 88 85 188 158 525 I +- 8 D 88 78 84 141 281 E Dd 88 78 84 141 281 A O E 88 60 82 125 245 E E8 88 88 88 144 514 i + 71 5 82 58 82 125 241 % Ff 85 85 188 158 558 i + 88 G 88 84 84 128 258 E Gg 60 72 84 141 275 A + 15 H 84 88 88 155 288 E 181 88 88 88 128 248 1 —-58 I 88 88 82 158 278 ; Ii 88 78 188 158 518 ; + 52 J 78 84 88 152 272 ; Jj 88 88 188 158 558 E + 58 K 78 88 88 128 258 : Kk 88 88 88 155 515 i + 58 L 78 80 84 141 287 i 11 88 88 188 158 558 z + 33 M 84 88 82 125 247 g 181 85 78 88 155 288 t + 43 N 82 70 88 128 252 A Nn 88 88 88 155 285 + 55 O 48 88 78 185 215 I Co 88 88 82 158 288 + 75 P 78 78 88 128 288 A Pp 88 88 88 128 288 1 + 28 Q 74 58 88 128 244 i Qq 88 88 84 ‘ 141 281 i + 57 R 88 74 188 158 584 A Br 82 78 84 141 285 f -11 S 78 88 88 152 282 % 8~ 88 88 100 158 558 i + 48 T 78 8o 88 144 512 A Tt .m.*wm.thjgigkm_;2;‘~__m142 282 .._,_;:_80 Total 1418" 1584 1744 2818 5418 ‘ "IISEEI""1848 1487 1880~_ 2818 5884 548 21. scores of corresponding individuals in the two groups are indicated in column eleven, Table IV. The mean of the composite scores of the non-participat- ing group in Tests IV, V, and V1 is 270.9. The standard deviation is 26.65, with a standard error of the mean of 1,5.937. The mean of the composite scores of the participating group in these same three tests is 298.2. The standard deviation is 22.589, with a standard error of the mean of 3; 7.796. The comparison of the totals of Table IV, together with the means and standard deviations of the scores of the 40 individuals is shown in Table V.‘ The mean composite score of the participating group is 27.3 points higher than that of the nonaparticipating group. The standard error of the difference between the means is :_7.796. Since the difference between the means is 3.5.times its standard error, this difference is judged to be significant. This finding is for the groups as units and not necessarily for individuals. Individual composite scores show that 15 pupils in the participating group received.higher scores than the corresponding members of the non-participating group. One member received the same score. In only four cases did an individual in the non-participating group receive a higher score than the corresponding individual in the participating group. 22. TABLE V TOTAL SCORES MADE BY BOTH NON-PARTICIPATING AND PARTICIPATING GROUPS 0N TESTS IV, V, AND VI IN SECOND SEMESTER BOOKKEEPING I CLASSES no —PAR c A IN AR I A I G o ‘— GROUP GROUP (BOTH GROUPS) Test IV Total Score .. 1418 1648 3066 Mean Score ... 70.9 82.4 76.65 Standard Deviation ... 10.72 10.31 11.30 TEST V Total Score .. 1384 1497 2881 Mean Score ... 69.2 74.85 71.92 Standard Deviation ... 9.95 10.5 10.28 TEST VI Total Score .. 1744 1880 3624 Mean Score ... 87.2 89.5. 88.35 Standard Deviation ... 7.60 5.24 8.42 Total Weighted . Score ...... 2616 2819 5435 Mean Weighted Score....... 130.8 140.95 135.9 COMPOSITE SCORE 5418 5964 11382 23. Test VII was definitely of the “right or wrong“ type, since if any part was wrong the entire test was scored in- correct. Sixteen members of the participating group and eight members of the non-participating group completed this test correctly. Seven corresponding members of each group scored correct results. Nine other members of the partici- pating group answered the test correctly, while the corres- ponding members of the non-participating group did not. Only one member of the nonpparticipating group answered correctly, while the corresponding member of the participating group answered incorrectly. When questioned as to the value of the practical experi- ence, all members of the participating group indicated that the work was interesting, profitable, and enjoyable to them. No one reported any disadvantages from the experience. 24. CHAPTER IV SUMMARY, CONCLUSIONS, AND SUGGESTIONS FOR.FURTHER STUDY SUMMARY The experiment was conducted to determine the effect of practical procedure upon achievement in the bookkeeping course. Two equated groups of 20 pupils each were used in this experiment. The results follow: 1. A statistical analysis of Table I, reveals that the two groups were equivalent on the basis of I.Q. and scholastic averages. 2. There was no significant difference between the scores of the two groups in Tests I, II, and III. These tests dealt with material as outlined in the regular book- keeping courses. 3. The individual composite scores on Tests 1, II and III, show that ten members of the participating group re- ceived higher scores than the corresponding members of the ' nonpparticipating group. 4. There was a significant difference between the comp posite scores of the two groups on Tests IV, V and VI. The participating group received significantly higher scores than did.the noneparticipating group. These tests emphasized practical bookkeeping work. 5. Individually, 15 members of the participating group received.higher composite scores on these last three tests 25. than did the corresponding members of the nonaparticipating group. 6. In Test VII, 16 members of the participating group completed.the reconciliation of bank statement correctly. Only eight members of the nonpparticipating group completed this test correctly. 7. All the pupils who took part in the practical book- keeping activity expressed satisfaction in it and reported that they had.received.profit from it. Conclusions. Since the practical work assigned is a regular part of office practice, since the experience received enabled the participating group to complete the last four testswith greater accuracy, and since this added work did not inter- fere with the mastery of subject matter as measured by the scores on the first three tests, therefore it may be COD? cluded that this practical procedure was advantageous to bookkeeping pupils, and should be continued as a regular part of the bookkeeping courses in Central High School. Some of the benefit which was apparently derived by the participating group may not have come from the activities but may be attributed to the added time spent by this group in performing the exercises. Suggestions for further study. A similar study might be continued in Central High School through the next several semesters of bookkeeping, 26. with the possible formation of an advanced class enrolled to carry out the work of the treasurer as a class project. The study just concluded, covered only one semester, and did not involve a sufficient number of pupils or a long enough period of time for conclusions drawn to be judged as final. Therefore, it is suggested that a similar experi- ment be continued for several semesters to supplement the results of this study. Also, it would be interesting to conduct a cooperative study involving the high school short- hand and typewriting classes and the bookkeeping classes in order to measure the value of actual business experience in writing letters, in filing and general office practice, to pupils in all of these classes. REFERENCES C ITED 27. REFERENCES CITED Elwell, Fayette H. Bookkeeping for Today. Chicago: Ginn and Company, 1932, 277 p. File, C. M. Through Everyday Record.Keeping into Book- keeping and Accounting, National Business Education, 3: 20—25 , December , 1934 . Fretwell, Elbert K. Extra-Curricular Activities in Secondary Schools. Boston: Houghton-Hifflin Company, 1931, p. 444. Greenstein, M. B. Three Class Experiments in.Business and.Bookkeeping Practice, Bulletin of Higthoints, 12:59-62, September, 1930. Jolley, L. E. An Accounting System for High School Organizations, The School Review, 31: 136-42, February, 1923. JMcKown, Harry C. Extra-Curricular Activities. New York: The Machillan Company, 1929, p. 547-549. Sheeles, A. G. school Has Never Like This!, Business Education World, 19: 799-802, June, 1938. APPENDICES -- APPENDIX A CASH lEiECEIPTS Con- 4 En lish flair Junior Nat’l Honor Sock and Current ,1 . . Agona Biology C Club Classical Domecon g G.A.A. U y Hi-Y Miscellaneous servation Dept. Tiept. Class Society Buskin Events Account Amt. -.-1..- V VI * REC .. . .,_,‘ L-w " '. ”_ -1 :.,,. i ,f .1 x.) letic AIL-an. ‘.'*écf’;8.ol Store Helms .- I» g Amount set. Amount I . ,4 ,3“, L ’ ‘ , '1' E '1' L» ”a ) a, -. gr. ., ~‘ «.11. V “ . 'ii"L.~':\r' ’I. .i . I g, 7- I“; -_ ,/— , J. r . .~ 1‘ :4'/ ."l j 24;, ’1', fl 1" T l 2‘ 4&1} a ' 'V ’42 ’V‘ ’ v a b‘ . 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Senior Band and Music “I ‘14 I w ‘k ‘ K 3‘ l L XL) ‘4(.L 61 (N1 ‘ q . .( J ass ()rghestla De t. Amuunt' ~. -. .’~\:‘n-211:1‘ ' p TO :1 me -------- hool _______ 939.6 COPYRIGI 27a. 300kkeeping Tests - CHAPTERS I-VII Test I TO ACCOMPANY BOOKKEEPING FOR TODAY 79} FAYETTE H. ELWELL GINN AND COMPANY STON - NEW YORK - CHICAGO - LONDON ¥ _ - ATLANTA - DALLAS - COLUMBUS - All rights reserved. No port of these test: any be reproduced In on! tom. by uln- eognph or any other means. without permission in writing front the publisher. SAN FRANCISCO SCORE The score for a perfect test on Test Number I is 78. The score for each of the tests is the sum of the answers which are right. TET NUMBER OF QU-TIONS SWRE (Number Bight) True-False 25 Matching 15 Completion 20 Multiple-Choice 18 Total 78 We _____________________________________ Due ....................................... I1001 ..................................... Year in Course ............................... 939.6 COPYRIGHT. 1932. BY FAYETTE H. ELWELL PRINTED IN T!!! UNITED STATES OF “ERICA “Test 1] TRUE-FALSE TEST Bl eti A series of statements is given below, some true and some false. If you think the statement is true, place i; False. Classify only those statements about which you feel sure. @m-QQGIUFMNH HHHHI—IH (Inhaler-0° 16. 17. 18. 19. 20. 21. 22. 23. . Assets are property of value owned by a business ..................... . The fiscal period is the period of time covered by the profit and loss statement ........ . Joumalizing is the analysis of a business transaction into its debit and credit elements. . The original written record of a transaction is entered in the ledger ............. . The person to whom a debt is owed is called a creditor. ................. . Rent Expense is debited when cash is paid to others in exchange for their services. ..... . The debit and credit of each transaction are always equal ................. . The profit and loss statement shows the income and the expense of a business. ....... . An account is a group of related debits and credits under one name or title. ........ . A debit in the journal is posted as a credit in the ledger .................. . A trial balance is a list of the balances of the open ledger accounts ............. . Business statements are prepared directly from the original entries ............. . Gross profit minus total operating expense equals net profit. ............... . The value of unsold merchandise must be known before the gross profit on sales can be found. . In a report form of balance sheet, the assets are placed opposite the liabilities and the proprie- tary interest accounts ................................ A balance-sheet equation is: Assets — Liabilities = Proprietary Interest ........... The balances of liability accounts are always debits .................... A net profit for a period increases the proprietary interest over what it was at the beginning of the period .................................... After the ledger is closed the only open accounts are those representing assets, liabilities, and proprietary interest ................................. In closing the ledger, the gross profit on sales is carried directly to the Proprietor’s account. A desk purchased for office use is debited to Mdse. Purchases. .............. A trial balance of totals is preferable to a trial balance of balances. ............ The difference between the total purchases and the total sales for a period represents the mer- chandise inventory. ................................ . A balance sheet is a statement of the assets, liabilities, and proprietary interest of a business. . 25. When the operating expenses exceed gross profit, a net profit results. ........... check mark (v) in the column headed True; if you think it is false, place a check mark in the column header True :t is true, plat ’ie column he 1d. Hg nd 31" True est 1] MATCHING TEST The solution of this test consists in identifying the statements in Column I I with the corresponding terms in olurun I. Read both columns carefully; then, in the blank spaces in Column I I , place the numbers of the terms it Column 1 which you think most nearly correspond to the statements opposite the blanks. COLUMN 1 . 1. Posting ' 2. Merchandise inventory 3. Proprietor 4. Assets 5. Gross profit 6. Journalizing 7. Ledger 8. Debits .9. Entry 0. Balance sheet 1. Trial balance of balances 2. Operating expenses ‘3. Liabilities 4. Debtor '5. Profit and loss statement 6. Balance-sheet equation .Creditor '3. Post-closing trial balance 9. Credits .' Net profit Total Score COLUMN II [_ _ _] Statement of the financial condition of a business at a given time. [_ a w] Assets minus liabilities equal proprietary interest. [_ _ _] The book of final entry. [_ _ _] Values parted with by a business. [_ _ _] Record of a transaction in the journal. [___] List of open accounts after the ledger has been closed. [---] Transferring debits and credits to their ledger accounts. [_ _ _] Amounts owed by a business. [---] Excess of sale price of merchandise over cost price. [---] An itemized list of the quantity and value of all unsold merchandise. [---] A person who bears the risks of a business. [---] The analysis of a business transaction into its debit and credit elements. [_ _ _] Property of value owned by a business. [---] A list of the names and balances of the open ledger accounts. [---] A statement showing the gross profit or loss, the operating expenses, and the net profit or loss for a period. [—--] Test 1] COMPLETION TEST A series of incomplete statements is given below. In each blank space write the word or term which makes the statement complete and true in meaning. One form of the balance-sheet equation is : Assets 2 Liabilities + _ _ _ - -- _ - _. - _ _ _ _ -- _ ,. _ _ _. ._ _. .- _ _, . a. 1. 2. The analysis of a transaction into its debit and credit elements is called A 3. Values parted with by a business are _ _ _ _- _ _ s .- c _ _ _ _ _ , to the appropriate accounts. 4. A list of open ledger accounts is called a ________________________________________________________ 5. Amounts owed by a business are called ___________________ e ,. _ ._ _. _. _ _ - ,7 ______ 6. If assets exceed liabilities, the difference is _. ______________________ , e c. ., _ _ ,_ _ _ _ e. i- ,_ ,7 7. Cash paid for the use of a building is debited to ___________________ _ _. ._ _ l c, l _ a ._ .. _ _ _. 8.Thejournalisabookof ______________________________ W. .....,..-,-___-entry. 9. In closing the ledger, the balance of the Mdse. Purchases account is transferred to the - _ - _ _______________________________________________________________________ account. 10. Like values arising in different transactions are summarized in the _ ,. _ _ __________________ 11. The formal statement of assets, liabilities, and proprietary interest is called a _ , - _ , c _ _ _ _ _- _ _ _ s. 12. The excess of the gross profit over the total of the operating expenses is called . . . , . _ -_ __ _ - _ 13. Values received are _______________________________________ , . - _ to the appropriate accounts. 14. A double-line ruling in an account implies that the account is in __ _ ,_ .. ,_ - __ _ , _ -_ _ - , _. A _ i __ c a. 15. 16. 17. 18. 19. 20. When F. J. Taylor receives cash from John Brown in full of account, his bookkeeper should debit Cash and credit _________________________________________________________________ If on closing the books the Profit and Loss account shows a credit balance, the result is a net ________ A single line across the amount column in a ledger account indicates tranSfer or ________________ The process of transferring balances from one account to another at the end of a fiscal period is called _______________________________________________________________ the ledger. The Salary account is closed into ...................................................... The ________________________________________________________ iS the book of final entry. Total Score ,/-‘fi\.l Score Test 1] MULTIPLE-CHOICE TEST Test 1] MULTIPLE-CHOICE TEST (CONTINUED) ' .t ‘ 'rnblo , h l d . ' . ' . . Scor A series of statemen 8 ZS gue e w eac f 01 owe by five posszble answers me a line under the one of the 14. Cost of sales may be obtained by: (1) subtracting the inventory from total sales (2) adding the fire which seems to you most nearly correct; in each case underline only one answer. Score total expenses to purchases (3) subtracting the inventory from total purchases (4) determining 1. If B. A. Smith received $75 from Bond & Co. to apply on account, his bookkeeper should debit: —~ Lthe total caSh paid 01“ (5) adding op eratmg expenses to the inventory. (1) B. A. Smith (2) Bond & Co. (3) Mdse. Sales (4) Salary (5) Cash. 9 —— 15. If the proprietary interest at the end of a period is greater than the proprietary interest at the begin- 2. In closing the books of a business the gross profit for a period is transferred as: (1) a credit to Igmglit indicaltes: 4 (1)a gross loss for the p errod (2) a gross profiton sales .(3) a net profit Mdse. Purchases (2) a debit to Mdse. Inventory (3) a credit to Profit and Loss (4) a credit or t e perro ( ) an mcrease m COSt 0f goods so“ (5) a decrease 1n merchandise sales. to the Prop rietor’s account (5) a debit to Profit and LOSS‘ -———— 16. The merchandise on hand at the end of the period is recorded in the: (1) Mdse. Sales account 3. The determining of the debit and credit elements in a business transaction is called: (1) posting (2) Mdse. Inventory account (3) Proprietor 8 account (4) Salary account (5) P r am and (2) sale on account (3) closing the ledger (4) investment (5) journalizing. LOSS account. 4. The credits to the Mdse. Sales account are composed of: (1) net profit plus operating expenses 17. The net profit of a busmess for the month 18 $250. It should appear on the ledger in the account With: (2) gross profit plus cost of goods sold (3) merchandise inventory plus net profit (4) gross profit (1) Mdse. Sales (2) Mdse. Inventory (3) Profit and Loss (4) Salary (5) Cash. minus operating expenses » (5) net loss plus gross profit. __ 18. If John Doe’s assets at the end of a month are $6400, and his liabilities are $2700, the difference, 5. A purchase of merchandise on account from A. L. Allen should be credited by the purchaser to: $3700’ 18: (1) net profit (2) net loss (3) gross profit (4) operating expense (5) net worth. (1) Mdse. Purchases (2) Mdse. Inventory (3) A. L. Allen (4) Profit and Loss (5) Ofl‘ice Total Score Equipment. 6. If L. A. Martin paid $50 to Davis & Co. on account, his bookkeeper should debit: (1) Davis & Co. (2) Cash (3) L. A. Martin (4) Mdse. Purchases (5) Mdse. Sales. 7. The debits in the Cash account of a business show: (1) cash received from any source (2) cash received on account only (3) cash on hand only (4) cash investment in the business (5) value of services received. IOSTON . 8. An entry debiting Mdse. Purchases and crediting M. C. Hall indicates: (1) a purchase for cash (2) a payment on account (3) a purchase on account (4) a payment in full of account (5) a gross profit. 9. The Salary account is credited: (l) for the gross profit of the business (2) for the amount of Salary transferred to Profit and Loss as an operating expense (3) for cash paid for services of an employee (4) for cash paid for services of the proprietor (5) for the net profit of the business. 10. In the journal of R. K. Blake is an entry debiting Cash and crediting T. M. Hunter. This entry shows that: (1) R. K. Blake bought office equipment of T. M. Hunter (2) T. M. Hunter invested cash in the business (3) T. M. Hunter received cash for services (4) R. K. Blake received cash from T. M. Hunter to apply on account (5) T. M. Hunter paid cash to R. K. Blake for use of store. 11. The selling price of merchandise sold was $150 less than the cost. The net loss is: ’ (1) $150 minus the operating expenses (2) $150 (3) $150 plus the operating expenses (4) $150 plus the proprietor’s investment (5) total of the operating expenses. 12. The operating expenses of A. L. Dolan were $85 more than the gross profit. The difference represents : (1) gross loss (2) proprietary interest (3) amount paid for services (4) net loss. (5) net profit. Ime-___ 13. In the account form of balance sheet: (1) assets minus liabilities equal proprietary interest (2) assets equal liabilities plus proprietary interest (3) assets plus liabilities equal proprietary interest (4) assets minus net loss equal proprietary interest (5) assets equal liabilities plus net profit. _ M6 '5 6 CO] ool-___ 27b. :Bookkeeping Tests - - Test II CHAPTERS VIII-XVI it! TO ACCOM PAN Y BOOKKEEPIN G FOR TODA Y 3r 5: FAYETTE H. ELWELL GINN AND COMPANY IOSTON - NEW YORK . CHICAGO - LONDON - ATLANTA - DALLAS - COLUMBUS . SAN FRANCISCO All rightsreserved. Nepartofthesetestsmaybereprodneed lawfully-i.- eograph or any other means. without permission in writing from the publisher. SCORE The score for a perfect test on Test Number II is 83. The score for each of the tests is the sum of the answers which are right. rm'r NUMBER or oum'rlous soon: (Number we) True-False 30 Matching ' 15 Completion 20 Multiple-Choice 18 Total 83 lame ..................................... Date ....................................... khool ..................................... Year In Course ............................... 989.6 COPYRIGHT, 1932. BY FAYETTE E. ELWELL PRINTED at run UNI-ran swarm or ”1ch Test 11] TRUE-FALSE TEST *l A series of statements is given below, some true and some false. If you think the statement is true, place as check mark (v) in the column headed True; if you think it is false, place a check mark in the column headed ' False. Classify only those statements about which you feel sure. 12' True False .FuelonHandisanassetaccount.. . . . . . . . . . . . . . . . .. ......... . Expense accounts record amounts spent with the object of earning a profit. . . . ..... . I) . The net profit of a business is debited to the Proprietor’s Drawing account. . Fuel consumed during a month should appear on the books of a business as an asset. When office supplies are purchased, the cost is debited to the Office Supplies Expense account. 039905er . Merchandise withdrawn by the proprietor of a business is credited to the Proprietor’s Invest- ment account, ‘ 7. A classification of accounts for any business is a list of the accounts used in that business, grouped according to the main divisions to which they belong. 8. A proprietary interest account is debited for an increase. 9. An increase in cash 1s credited to the Cash account. 10. If the footing of the Expense and Cost of Sales column in the working sheet exceeds the foot- ingoftheIncomecolumn, anetlossoccurs. ................ ..... 11. The Proprietor’s Investment account is debited with the original investment made in the business. , 12. A 60—day note dated March 25 is due May 25. . . ...... 13. Real accounts are those which appear in a profit and loss statement. 14. A credit to an accounts payable account represents a decrease in liabilities. 15. Expense accounts always show credit balances ........ 16. A credit to the Mdse. Sales account represents an increase in income. . . . . . . . . . . 17. A promissory note is a written promise to pay a specified sum of money at a given future date. 18.ProfitandLossisanincomeaccount. . . . . . . . . . . . . .. ..... ...... A, 19. A working sheet contains only the trial balance and the profit and loss statement data. 20. Store Equipment is an expense account. . . . . . i. . . . . . . . . . . . ...... . i " 21. The trial balance will not balance if the balance of an open account has been omitted. . . . . VI 22. Interest Income is debited for payments for interest received from others. . . . . . . . . . . a 23. The total of the cash-receipts side of the cash journal is debited to Cash. . . . . . . . . . fl 24. A compound entry includes more than one debit or credit item. . . . . . . . . . . . . . . 25. The total of the sales journal is credited to Mdse. Purchases ................ _——- 26. A debit balance in the Proprietor’s Drawing account shows that the proprietor has withdrawn ‘ more than the net profit. ............................. .... f 27. Nominal accounts are those which record the sources and amounts of income and the purposes l and amounts of expenses. ............ . . ............... .... .i 29. In the working sheet, both the adjusting and the closing entries are entered in the Adjust- ments columns ................................... 30. The person to whom payment of a note is to be made is_called the payee. ..... Total Score ---- ---- 28. An error of transplacement 1n posting does not affect the trial balance. ...... . . . 1| F118 Test 11] COLUMN I 1. Fuel on Hand ‘2.Mdse. Purchases 3. Notes Payable 4. Cash journal 5. Interest Income ‘ 6. Fuel Expense 7. T. M. Barr, Drawing 8. Promissory note 9. Purchases journal 10. Office Supplies Expense 11. Notes Receivable 12. Blank indorsement 13. Interest 14. T. M. Barr, Investment 15. Sales journal 16. Special indorsement 17. Oflice Equipment 18. Interest Expense 19. Mdse. Sales 20.. Oflice Supplies on Hand Total Score MATCHING TEST terms in Column I which you think most nearly correspond to the statements opposite the blanks. COLUMN II . [_-__] An aCcount recording the payments of interest made to others. [-,_] An indorsement ordering payment to a certain person. [_ _ _] An account recording unused fuel. [_ -. _] Compensation paid for the use of money. [___.] An account recording the proprietor’s invest- ment in business. [___] An account recording written obligations owed by the business. [_ _ -] An account recording the receipt of interest from others. [_ _ 1] A book of original entry for cash transactions. [_ -, _] The account to which the total of the-sales jour- nal is credited. [_ _. -.] A written promise to pay money at a future date. L. _] An account recording the ofiice supplies con- sumed. [___] An account recording written obligations owed to the business. [~ __] A book of original entry for recording merchan- dise purchases. [- _ ,] An account recording the fuel consumed. [_ _ _] An account recording unused office supplies. [—--] Test II] \IGDUIIP- 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. . 2o. COMPLETION TEST A series of incomplete statements is given below. In each blank space write the word or term which makes the statement complete and true in meaning. . Adjusting entries are recorded in the __________________________________________ journal. . The excess of assets over liabilities at a given time is called the ________________________ . ...... . Books kept for the purpose of making the original entries for transactions of the same class are called _.._. _._ _____- _____ ,. .. A--- __ journals. . The net profit of a business is credited to the Proprietor’s . _ account. . The Interest Income and Interest Expense accounts are closed into the , - l A _ .. _ _ _ _ __ account. . Accounts which record transactions from which profits are derived are called __ _ . . , ,_ . . . _ accounts. .Statements relative to the opening of a new set of books for a business are recorded in the . A decrease in an asset is ____________________________________ _____ to the appropriate asset account. . A written promise to pay a given amount of money at a future date is called a _ _____________ , If assets increase and liabilities increase more than assets, proprietary interest l _ . - When cash is paid out for interest, the ._ _. ._ - ,, . ._ _ _ .. . . _ ._ .l _ ,_ c _ . - account is debited. If assets decrease and liabilities decrease more than the assets, proprietary interest _ The journal which records only merchandise sales is called the _ _ _ - _ .. .. _ .. .. - . . journal. If assets increase and liabilities decrease, proprietary interest _. _, .. -r _ .. .. c _ - _- . _ _ _. ,_ _. If assets decrease and liabilities increase, proprietary interest - _ .- _- c . -. -. - . - l . , ,- _ . .. .- The Interest Income account records the amount of cash ,. ._ _ _ c .. _. - - .. - _ .. -. _ _. - , , - for interest. A net profit for a period __________________________________ _ - r r .. _ _. __ _ ,- ,- proprietary interest. A written promise to pay $100, given by M. A. Harris to J. W. King, is a note - . - .. _ - _ _ ,, -. 7. - of Mr. King. An entry debiting Fuel Expense and crediting Fuel on Hand for the cost of fuel consumed during the period is a (an) _________________________________________________________ entry. An entry debiting Cash and crediting Notes ............................................... indicates that cash has been received in payment of a note. Total Score Score /'-\\\ Test II] MULTIPLE-CHOICE TEST A series of statements is given below, each followed by five possible answers. Draw a line under the one of the five which seems to you most nearly correct; in each case underline only one answer. 1. The purchases journal is: (1) a record of the purchases and sales of merchandise (2) a record of merchandise sales (3) a record of cash transactions (4) a record of all assets purchased (5) a record of merchandise bought. 2. The Ofifzce Supplies on Hand account represents: (1) an expense (2) an increase in income (3) proprietary interest (4) an asset (5) a liability. 3. A negotiable instrument may be: (1) a ruling pen (2) an invoice of goods (3) a cash debit (4) a sales slip (5) a promissory note. (1) a method of locating an error in the trial balance (2) a means of (3) a record of sales (4) a means of bringing an account into (5) a closing of the proprietor’s profit into his Drawing 4. An adjusting entry is: correcting errors in posting conformity with the current inventory account. 5. A. B. Jones borrows $600 from John Doe on a 60-day note with interest. The bookkeeper for Mr. Jones should credit: (1) John Doe (2) Notes Receivable (3) Cash (4) Notes Payable (5) Interest Income (1) a decrease in expenses (2) a decrease in (5) an increased asset . A debit to the Fuel on Hand account indicates: liabilities (3) additional income (4) a net loss 05 7. R. N. Coe pays $10 as interest on a note which he gave T. C. Grant. The bookkeeper for Mr. Coe should debit: (1) T. C. Grant (2) Notes Payable (3) R. N. Coe, Investment (4) Interest Income (5) Interest Expense. (1) Mdse. Sales (5) Cash. (2) Mdse. Pur- co . The total of the purchases journal is posted to the debit of: chases (3) Mdse. Inventory (4) Notes Receivable CD . If a cash journal entry debiting $250 to Office Equipment is posted to the debit of Mdse. Purchases and the error was not corrected: (1) the cost of sales will be overstated (2) the debit side of the trial balance will exceed the credit side by $500 (3) the credit side of the trial balance will exceed the debit side by $250 (4) the cash journal will not balance (5) the debit side of the trial balance will exceed the credit side by $250. (2) the compensation paid for the (4) the return that the proprietor (l) the income derived from ownership of land (3) the proprietor’s investment in his business (5) the account recording notes. 10. Interest is: use of money receives from his business (1) an increased asset (2) a de- (4) a net profit (5) a decreased 11. A debit to the Proprietor’s Drawing account indicates: crease in proprietary interest (3) an additional expense liability. (1) an increase in cash (2) a decrease in proprietary (4) a net loss (5) an expense. 12. A debit to Cash in a cash journal records: interest (3) a purchase of merchandise 13. The bookkeeper reports that H. C. Brown made a net profit of $285 last month. When Mr. Brown’s ledger is closed, this amount should be credited to: (1) Profit and Loss (2) Mdse. Sales (3) H. C. Brown, Investment (4) H. C. Brown, Drawing (5) Cash. 5 Score Test II] MULTIPLE-CHOICE TEST (CONTINUED) 14. Fred Lane gave George Marsh a note with interest at 5% for 60 days. To compute the interest at date of maturity the bookkeeper should find the interest for 60 days at 6% and (1) subtract one sixth (2) multiply by 5 (3) divide by 5 (4) divide by sixty and multiply by 5 (5) add one sixth. 15. John Winthrop transferred title to a note by writing across the back “Pay to the order of C. M. Nash” and signing his name. Such an indorsement is: (1) a blank indorsement fied indorsement (3) a special indorsement (4) a restrictive indorsement (2) a quali- (5) a firm signature. 16. In taking a trial balance of the ledger at the end of the period the bookkeeper overstated the bal- ance of the account of M. A. Taylor, a customer, by $100. As a result: (1) the expenses for the period will be overstated (2) the Proprietor’s Investment account will be understated (3) the debit total of the trial balance will be $100 greater than the credit total (4) the trial bal- ance totals will not be affected (5) the credit total of the trial balance will be $100 greater than the debit total. 17. The inventory of fuel at the end of a period is found by: (l) subtracting the fuel purchased from Mdse. Purchases (2) closing the Fuel on Hand account into Profit and Loss (3) dividing the amount in the Fuel on Hand account by the number of months in the year (4) valuing the fuel actually on hand (5) adding the Proprietor’s Drawing account to the Fuel on Hand account. 18. A. H. Wilson signed his name on the back of a note to transfer the title. His action constituted: (1) negotiable instrument (2) an indorsement (3) an operating expense (4) a value received (5) a withdrawal of cash. Total Score 28. WORKING SHEET TEST -- III From this Trial Balance prepare a working sheet, profit and loss statement, and a balance sheet for A. C. Allen. Trial Balance for A. C. Allen, May 31, 1940 Cash $1680.00 Notes Receivable 1845.00 Accounts Receivable 1565.00 Mdse. Inventory 4750.00 Store Equipment 315.00 Auto Trucks 875.00 Fuel on Hand 210.00 Office Supplies on Hand 80.00 Unexpired Insurance 127.00 Notes Payable 3 850.00 Accounts Payable 1095.00 A. C. Allen, Investment 4500.00 A. G. Allen, Drawing 140.00 Mdse. Sales 6245.00 sales Returns and Allowances 186.00 Mdse. Discount on Purchases 60.00 Interest Income 15.00 Purchases Returns and Allowances 175.00 Freight In 115.00 Rent Expense 160.00 Salaries 620.00 Delivery Expense 197.00 Sundry General Expenses 35.00 Mdse. Discount on Sales 30.00 Interest Expense 10.00 Notations: Inventories: Merchandise, $3602.75; Fuel, $48.50; Office Supplies, $30.00; Unexpired Insurance, $118.00. TestII]1 MULTIPLE-CHOICE TEST (CONTINUED) check ma A ser Lane gave George Marsh a note with interest at 5% for 60 days. To compute the interest at False. Cfe of maturity the bookkeeper should find the interest for 60 days at 6% and (l) subtract . Fuel 4 again-copra e sixth (2) multiply by 5 (3) divide by 5 (4) divide by sixty and multiply by 5 (5) add e sixth. Winthrop transferred title to a note by writing across the back “Pay to the order of C. M. EXDeIlsh” and signing his name. Such an indorsement is: (l) a blank indorsement (2)11 quali- . The rd indorsement (3) a special indorsement (4) a restrictive indorsement (5) a firm signature. . Fuel 4 Lking a trial balance of the ledger at the end of the period the bookkeeper Overstated the bal- erIce of the account of M. A. Taylor, a customer, by $100. As a result: (I) the expenses for - Mercl, period will be overstated (2) the Proprietors Investment account will be understated "‘9’. the debit total of the trial balance will be $100 greater than the credit total (4) the trial bal- - A claSce totals will not be affected (5) the credit total or the trial balance will be $100 greater than ace, debit total. 8. A pro 9. An in 10. 11. 12. 13. 14. A 15. 16. 17. 1s. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. inventory of fuel at the end of a period is found by: (l) subtracting the fuel purchased from dse. Purchases (2) closing the Fuel on Hand account into Profit and Loss (3) dividing If the} amount in the Fuel on Hand account by the number of months in the year (4) valuing the 11:11:31 actually on hand (5) adding the Proprietor’s Drawing account to the Fuel on Hand account. 6 v A 504'. Wilson signed his name on the back of a note to transfer the title. His action constituted: ) negotiable instrument (2) an indorsement (3) an operating expense (4) a value received 1 a withdrawal of cash. Cl‘ét Real Exper Total Score A crei A pro: Profit A wor Store . The t1 I ntere: The t1 A corr. The t( A deb mor Nomii and Aneri In the men The p1 a 28. WORKING SHEET TEST -- III From this Trial Balance prepare a working sheet, profit and loss statement, and a balance sheet for A. C. Allen. Trial Balance for A. C. Allen, May 51, 1940 Cash $1680.00 Notes Receivable 1845.00 Accounts Receivable 1565.00 Mdse. Inventory 4750.00 Store Equipment 315.00 Auto Trucks 875.00 Fuel on Hand 210.00 Office Supplies on Hand 80.00 Unexpired Insurance 127.00 Notes Payable 3 850.00 Accounts Payable 1095.00 A. C. Allen, Investment 4500.00 A. C. Allen, Drawing 140.00 Mdse. Sales 6245.00 Sales Returns and Allowances 186.00 Mdse. Discount on Purchases 60.00 Interest Income 15.00 Purchases Returns and Allowances 175.00 Freight In 115.00 Rent Expense 160.00 Salaries 620.00 Delivery Expense 197.00 Sundry General Expenses 35.00 Mdse. Discount on Sales 30.00 Interest Expense 10.00 Notations: Inventories: Merchandise, $3602.75; Fuel, $48.50; Office Supplies, $30.00; Unexpired Insurance, $118.00. 29. TEST IV Insert: the word in the blank spaces to make true statements of the following: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 13. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. We owe Smith $200. He is our When we deposit money in the bank, the amount is recorded in . Interest paidfby us is called Our note of September 10th forfi90 days 18 due on We give our cash customers a 2% for cash payment. The slip we give to the person paying money to us is a We‘buy an article marked $6 at a 25% discount. Our cash price is The order we write upon a bank for payment of money to us is a We wish to send money to a.leu'York firm, and we secure from the post office a When we deposit money at the bank, we make out a A 90-day note for $500 with interest at 5% yields Cost price plus gross profit on an article equals When we cash a check, we are required to . Selling price minus expense equalsr . The price marked on an article is called its . Brown owes money to us. He is our . Salary paid by us is an The written promise given by one person to pay another is called Bank deposits are guaranteed by the Our assets are 82000, and our liabilities are $1000. Our present worth is 8 Money paid for the use of a.buildlng is . Money paid for the use of money is We can have a 2% discount if we pay for an article in 10 days. The latest day for payment on an article purchased today will be . The account of Blue, who owes us money, shows a _:;_ balance. Interest on $300 for 10 days at 6% is . _ 30. TEST v PART I. In the right-hand column below are state- ments that correspond to the words in the left- hand column. Place the number of the word that most nearly corresponds to the statement in the blank space of the left-hand column. Column One l. Creditor. ’ Money spent for use of a building. 2. Pass Book. A written promise to pay us. 5. Receipt. One who owes us money. 4. Imposit ticket. Assets minus liabilities. 5. Present worth. A written statement ack- nowledging the receipt of money. 6. Liability. An exchange of values. 7. Proprietor. An order on a bank to pay a sum to a certain indi- vidual. 8. Debtor. The book given the deposi- tor by a bank in which' his deposits are record- 9. Business Transaction. - ed. 10. Contract Accounts owed.by the busi- 11. Check. ness. 12. Net profit. Currency, checks, drafts, 15. Cash etc. Anything worth money to us. 14. Notes payable. A list of all cpen accounts. 15. Asset. Money paid.for the use of money. 16. Salary. Our written promise to pay. An agreement between two 17. Entry. parties to exchange 18. Gross Profit. values. 19. Due date. Money paid for service 20. Trial balance. rendered. 21. Interest income. Gross profit less expenses. 22. Rent expense. Sales less cost of goods 23. Notes receivable. sold. 24. Pr0prietory interest. Present value of the busi- 118880 PART II. The due dates of the following notes dated today are: 1. A 50-day note. 2. A six-month note. 5. A 60-day note. 4. A 90-day note. __ 31. TEST VI Write in the blank checks below, your checks drawn on the Main Bank, as follows: 1. A check, No. 20, to B. B. Blue for $20 in payment of invoice 213 of May 2nd, 1940. Fill in stub prcperly. Your opening balance is $320, and you have today made a deposit of $50. 2. A check, No. 21, to B. E. Coe for $31.50 in full of account. 3. A check, No. 22, to A. A. Mann for $30 to apply on account. _ For Bal Brc't For'd Amt. Deposited I I Total Amt. this check Bal. Car'd Fcr'd TEST VI (continued) 32. Brc't Fcr'd Deposited a Total this check Gar'd For'd To For Bal. Amt. I Bro't For'd Deposited I Total this check Car'd For'd 33. TEST VI (continued) 4. Write out your own signature card for the opening of an account at the Main Bank, assuming that you have been introduced by A. X. Black. Consider that the student at your left or right is an officer of the bank who approves. Ask him to approve, Main Bank of Grand Rapids Name Address Telephone Introduced by Approved by 5. Fill in this signature card at the Fifth Bank. Fifth Bank of Grand Rapids Name Address Telephone Introduced_by Approved.by 6. Today you make a.deposit at the Main Bank. Prepare in the blank below your deposit slip, depositing the following items: Currency, 25; Silver, $47; local checks on the First Bank, 7 and 12; a check on the Large Bank of Detroit for 80- and a check on the Second Bank of Cleveland for S30. TEST VI (continued) Main Bank of Grand Rapids Deposited for the account of Grand Rapids, Michigan 1940 List each check separately Checks Currency Silver 35 . TEST VII In the space below prepare a reconciliation of bank statement from this information: Our check book balance on May 31st is $520. The balance as per the bank statement is 3817. These checks are outstanding: No. 39 - 10.50, No. 42, 35.00, No. 44 — 17.20, NO. 45 - 18.40, NO. 46, 78.00, NO. 47 " 25060, No. 48 - 19.25, No. 49, 7.30, No. 50 - 3.75, No. 51 78.00, No. 52 - 10.00. APPENDICES -- APPENDIX B Trial Balance Central High School, May 31, 1940 Cash Athletic Association School Store General Fund Helios , Locker Fund Class of 1940 Band and.0rchestra Music Department Agona Club Biology Club '0' Club Classical Club Conservation Club Domecon Club English Department G.A.A. History Department Hi "Y" Class of 1941 National Honor Society Sock and Buskin Current Events Club LeCircle Francais Hath Department Art Club Curtain Fund Math Club Charity Fund Ellen Dean Fund Phy-Chem Jr. Red Cross Sr. Girl Reserves Bars and Chevrons Treble Clef Club Jr. Hi “Y” Student Council Pen and Pencil Club 3361.08 M 298.90 614.42 231.94 737.88 89.40 319.77 67.29 102.96 14.90 24.06 31.64 54.65 1.74 34.67 55.68 54.36 5.23 12.44 3.05 19.00 171.13 2.08 17.80 13.33 20.85 287.77 6.37 15.71 10.20 5.04 36. 37. Reconciliation of bank statement, May 31, 1940. Deduct checks outstanding: 2205 2263 2400 2452 2462 2486 2488 2493 2505 2508 2513 2514 2516 2517 2518 2520 2522 2523 2524 2526 2527 2528 2529 2530 Balance as per check book: Balance as per bank statement 1.50 1.80 5.40 2.25 7.69 5.00 1.03 5.00 10.00 2.80 11.50 7.21 2.50 20.50 50.00 2.30 10.00 20.00 1.80 1.95 2.00 5.00 2.55 3541.36 180,28 3361.08 __ ._ J 38. 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W.nvt..I.-.\.t ..351k4fl93fl340. ...c . . h. ...; a . . ....ravs .... a I i..- . 1r. MICHIGAN STATE UNIVERSITY LIBRARIES llli Ilium Hill 3 1293 3196 J825 1|