2007-Sum-test - University of Toronto Joseph L Rotman...

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University of Toronto Joseph L. Rotman School of Management May 31, 2007 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 ten multiple choice questions and two 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 ( 10 marks) 1.______ 6.______ Part B ( 20 marks) 2.______ 7.______ Part C (15 marks) 3.______ 8.______ Total ( 45 marks) 4.______ 9.______ 5.______ 10.______ 1
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Part A (10 marks) 1. A trial balance will not balance if: a) A journal entry to record a cash sale is posted twice b) The purchase of supplies on account is debited to Supplies and credited to cash c) A $100 cash dividend is debited to Dividends for $1,000 and credited to Cash for $100 d) A $450 payment on account is debited to Accounts Payable for $45 and credited to Cash for $45 2. Which of these statements about a general journal is false? a) It contains only revenue and expenses accounts b) It provides a chronological record of transactions c) It helps to locate errors because the debit and credit amounts for each entry can be readily compared d) It discloses the complete effect of a transaction in one place. 3. Kathy Krosby earned a salary of $400 for the last week of September. She will be paid on October 1. The adjusting entry for Kathy’s employer at September 30 is: a) No entry is required b) Salaries expense 400 Salaries Payable 400 c) Salaries expense 400 Cash 400 d) Salaries Payable 400 Cash 400 4. Sanderson Corporation has a credit balance of $5,000 in its Allowance for Doubtful accounts before any adjustments are made. Based on an aging of its accounts receivable at the end of the period, the company estimates that $60,000 of its receivable are uncollectible. The amount of bad debts expense which should be reported for this accounting period is: a) $5,000 b) $55,000 c) $60,000 d) $65,000 2
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5. Assume a company receives a bill for $10,000 for advertising done during the current
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2007-Sum-test - University of Toronto Joseph L Rotman...

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