2006-Sum-test - University of Toronto Joseph L. Rotman...

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University of Toronto Joseph L. Rotman School of Management June 1, 2006 MGT120 H1F Financial Accounting I Duration: 1.5 hours Aids allowed: Non-programmable calculator Instructions: Please print your name and student number in the spaces provided below . There are nine multiple choice questions and three problems. Please use the space provided below for your answer to the multiple choice questions. You must use a pen. Do not use WHITEOUT . Clearly show all computations in order to obtain full marks for the problems. Tests written in pencil will not be considered for remarking. If you are requesting a remark, include a note telling specifically why you feel you deserve more marks. The entire paper will be remarked, marks may go up, down or remain the same. ------------------------------------------------ -------------------------------------------- - Student name (LAST NAME FIRST) Student number Marks: Answers to the Multiple Choice Questions Part A ( 9 marks) 1.______ 6.______ Part B (10 marks) 2.______ 7.______ Part C ( 4 marks) 3.______ 8.______ Part D (20 marks) 4.______ 9.______ Total (43 marks) 5.______
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Part A (9 marks) 1. Under the revenue principle, a business should record revenue when the business: a) receives an order from a customer for goods or services b) prepares the invoice (bill) for goods or services c) delivers goods or services to a customer d) receives payment from a customer for goods or services. 2. If a bank statement included an EFT payment of $670 for insurance, the journal entry to record this reconciling item would include a: a) debit to Cash for $670 b) debit to Accounts Payable for $670 c) credit to Cash for $670 d) credit to Prepaid Insurance for $670 3. If the debit amount of an entry to record the purchase of supplies on account was not posted: a) liabilities would be understated
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This note was uploaded on 04/17/2008 for the course MGT 120 taught by Professor Zuliani during the Spring '08 term at University of Toronto.

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2006-Sum-test - University of Toronto Joseph L. Rotman...

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