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

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University of Toronto Joseph L. Rotman School of Management February 13, 2007 MGT120 H1S Financial Accounting I Duration: 1.5 hours Aids allowed: Non-programmable calculator Instructions: Please print your name, student number day and time of class in the spaces provided below (please state the class you will be attending when the test is returned next class). There are fifteen 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 ----------------------------------------------- -------------------------------------------- - Day of class (Tuesday or Thursday) Time of class you will be attending Marks: Answers to the Multiple Choice Questions Part A (15 marks) 1.______ 9.______ Part B (16 marks) 2.______ 10.______ Part C ( 9 marks) 3.______ 11.______ Total ( 40 marks) 4.______ 12.______ 5.______ 13._____ 6.______ 14._____
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7.______ 15._____ 8._____ Part A ( 15 marks) 1. A company erroneously recorded a $459 cheque written in payment of an account as $495. The adjusting journal entry required to correct this would be: a) Accounts payable 36 Cash 36 b) Cash 36 Accounts payable 36 c) Cash 36 Accounts receivable 36 d) No journal entry is required 2. Assume the balance in Prepaid Insurance is $2,500 but it should be $1,500. The adjusting journal entry should include which of the following? a) debit to prepaid insurance for $1,000 b) credit to insurance expense for $1,000 c) debit to insurance expense for $1,000 d) debit to insurance expense for $1,500 3. Which of the following transactions will improve the debt ratio? a) the company issues shares to investors b) the company uses cash to buy land c) the company issues a note payable to buy machinery d) the company repays mortgage payable 4. How will the recording of amortization effect the current ratio and debt ratio? a)
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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- Toronto.

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

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