Accounting2113exam1 - Title of Test QQM I(ex Exam 1 or Final Exam Department 1 I x MKT MATH or C S Course 1 i I I 5(ex 2303 or 4315 Professor Name

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Unformatted text preview: Title of Test: QQM I (ex. Exam 1 or Final Exam) Department: 1 I x. MKT, MATH, or C S) Course #: 1 i I I 5 (ex. 2303 or 4315) Professor . Name: | (ex. Lee or Marnn) Semester: 8 I ‘ l (ex. Fall 2000 or Spnng 2001) r... ACCT 2H3 see 0078:. 0]] Fall 2001 Test 1 N 30 MC @ 3.3 pts each 1. Which of the following is a contra account? /a./ Accounts Receivable Jar Notes Payable c. Depreciation Expense @ Accumulated Depreciation 2. The accounting equation can be stated as: F L +0 /a./' Liabilities = Assets + Owners' Equity R“ 13.” Owners' Equity = Assets + Liabilities @ Assets - Owners' Equity = Liabilities d. Assets = Liabilities - Owners' Equity 3. If information is stated to be timely and have feedback and/or predictive value, then that information is said to be: (Q Relevant b. Reliable c. Understandable (1. Neutral 4. "A component of internal control that refers to the dig-ml consciousness within an organization" is the definiti n o a company's: a. Control Activities b. Accounting Cycle ontrol Environment D I GUM 4: (MW . Account' S stem mg y Wet/mg 2m win 5. 'ch of the following is n_ot true: fl Revenues are increased by debits, decreased by credits, and have normal credit balances , Assets are increased by debits, decreased by credits, and have normal debit lances . Liabilities are increased by credits, decreased by debits, and have normal edit balances . Expenses are increaSed by debits, decreased by credits, and have normal debit balances HLEHL. H‘5L - 000 ACCTZIIB sec. 007mm W 9' [00' n02 a, A'L: , 6 . Boomer Sooner, Inc, has assets equal to three times the amount of its liabilities. Assuming that total owners' equity is $100,000, find Boomer Sooner's total assets and liabilities. 1- t f , Assets Liabilities , s 0 Q, 007) a. $100,000 $50,000 51- L, [w 0 Us ,0.’ $75,000 $25,000 1e" t, I 00 Q $150,000 $50,000 L- .2010 $50,000 $150,000 H: 3 (60.0%, 7. The following are a list of transactions for Pets are Fun, Inc. for the month of January: Jan I: Bought $500 of inventory for cash. Jan 3: Sold 3200 of dog food for cash Jan 7: Sold Parrot to customer for $300 on Credit. Jan 15: Paid salaries of $200 to employees. Jan 20: Collected $100 cash fi'om a credit sale made in Dec. Jan 3]: Paid $300 for Jan rent. Assume that the cash account had a beginning balance of $800. Find the balance for the cash account as of the end of January. a. $0 1,01) 330 $100 :90 00,1 c. $250 “V” "W d. $1,100 8. Which of the following is a permanent account: a Retained Earnings . Sales Revenue flent Expense ,d./ Dividends 9. For The Great Donut Company, at the beginning of June, the balanceiuRetained Emu/assume During June, the company had revenues o'f$20,000, expenses of $10,000, and paid deendiQfiLQflO. What is the balance in the company's Retained Earnings W of June? a. $39,000 (a, (1:? $49,000 w ' a w c. $59 000 “0‘00. (a; u “u ’ 3 0 ,7" d. $60,000 )/ was .Jb A ACCT2113sec007&0ll f ' Falizooi ’30 ‘ Test 1 _m 10. At the beginning of the year, ABC Company bought land for 1360300. e 1 entry made to recard the purchase was a Debit to land (£31,650, and a Credit L" 6‘0 0 U to Cash of $1,650,000. Later, it was discovered that a transposition error had been made. What is the correcting entry that would be needed to correct this error? 4‘0 0 00 a. A Debit to land ois90,000 and a Credit to cash of $90,000 Cf M a ,1 0 u 0 b. ADebit to cash 0f$9,000andaCredit to land «$9,000 1) CW" A Debit to cash of $90,000 and a Credit to land of $90,000 . A Debit to land of $9,000 and a Credit to cash of $9,000 I . The basic formula for We can be expressed as: . Net Income = Liabilities + Owners' Equity 0 Net Income = Revenues - Expenses nyom P461) ‘9 Net Income = Assets - Liabilities ,dr Net Income = Revenues + Expenses 12. "An Account that is treated as an offset or reduction to its related account for financial statement purposes" is a(an): a. Accrued Liability b. Current Asset c. Dividend @Contra Account 13. "An Account used only during the journalizing and posting of closing entries" is: @mome Summary b. Inventory c. Common Stock d. Depreciation Expense C ~ CW5 in fluid» 14. At the beginning of the year, XYZ Corp. paid $36,000 for the year's rent. 1 3 a U 0 At the end of January, ad'ust' en ' required to recordthe amount of this rent that was used during nth. Wappropfiate I 6, V adjusting entry: 9" man ‘ ' f ,arDebit Rent Expense for $3,000 and Credit Cash for $3,000 Cup for I’W‘ b. Debit Prepaid Rent for $3,000 and Credit Cash for $3,000 W Debit Cash for $3,000 and Credit Prepaid Rent for $3,000 Debit Rent Expense ibr $3,000 and Credit Prepaid Rent for $3,000 15. In which order would Current Assets normally be listed on a Balance Sheet: ,ar‘ Cash, Prepaid Expenses, Inventory, Short-term Investments 55., Short-term Investments, Cash, Prepaid Expenses, Inventory 63 Cash, Short-term Investments, Inventory, Prepaid Expenses /d./ Prepaid Expenses, Inventory, Short-term Investments, Cash ACCT2113 sec. 007& 01] Fall 2001 T stl yd“, The Balance Sheet of ABC Co. shows a,Lor_1gotenn Liability of§100,0005 This type debt W11] be repaid :11 equal amounts over the next Qur years starting next year. For the curr mm and $33 wig. what amountshouliberecordedasalongztemliability: V M l Current Long-term m m m) ,6} $0 $100,000 A—o ‘ NM 0“ m i \ $25,000 $75,000 w*,~tl/\m ‘ $50,000 $50,000 UP” :1. $75,000 $25,000 1/ Furniture @ Current Asset ,b.’ Liability Property, Plant, and Equipment MW? it \B Wrettm . Expense 18. Accounts Receivable @7 Current Asset b. Liability c. Property, Plant, and Equipment d. Expense 19. Rent Expense a. Current Asset b. Liability c. Property, Plant, and Equipment @ Expense 20. Note Payable ,a.’ Current Asset fl? Liability c. Property, Plant, and Equipment 01. Expense 21. Unearned Revenue a. Current Asset (6) Liability c. Property, Plant, and Equipment d. Expense “I {It -I‘—lI-! ACCT2113 sec 007 & 011 Fall 200! Test 1 22. Following is a listing of certain accounts from XYZ's Maia] balance: Cash $5,000 _ Sales Revenue $2,000 (-6 U (7, 0 Rent Expense $500 1/0/50 3 0 Utilities Expense $400 ,L‘PI’O Salaries Expense $100 '0 0 Accounts Receivable $3,000 Note Payable $2,500 Assume each account has a normal balance and that all Revenues and Expenses are listed. What is XYZ's NWHIB?“? (CU ‘ 3"? $6,000 “‘— 23. Following is some information taken fi'om ABC Manufacturing Co's Income Statement: Net Sales $100,000 Cost of Goods Sold $56,000 Operating Expenses $15,000 Interest Revenue $2,000 What is ABC Manufacturing's Gross Profit: 9a 043 ~ C 0&6 a. $29,000 b. $31,000 (a $44,000 d. $46,000 24. Salarg' sggble is an example of which of the following: a. e erred Expenswm‘vtwCl NU“ rb./ Deferred Revenue @Accmed Liability A? Accrued Revenue 25. "An Asset that represents a pmnt or an expense item" is a(an): ,ar Accrued Revenue b. Accrued Liability c. Deferred Revenue Deferred Expense E; ACCT 21 13 sec 007& 011 .M Fall 2001 T 1 iron t ~ beginning of the year, Boomer Sooner Co., bought a piece of equipment for w “not” This Equipment is expected to have a useful life 0W and IPA a“? sa vag e value. What is the appropriate Wadjusting entry 1g Egg 1 O o o _ M 61-? de ' ' for this equipment: w l i b . Mm Wepreciation Expense for $12,000 and Credit Accumulated Depreciation a; w for $12,000 (5212 a- We . Debit Depreciation Expense for $12,000 and Credit Cash for $12,000 D- N p . a v p Vi 6i cbit Depreciation Expense for $12,000 and Credit Equipment for $12,000 T MK) \P . Debit Cash for $12,000 and Credit Depreciation Expense for $12,000 a, - car 9 d - Pd: t. 0* 1° '0 \‘i entity independent of its owners" is the: “3M @ istorical Cost Principle {0i . oing Concern Assumption Jib {M ‘ @Entity Concept fig d. Conservatism Principle \1 (Lou/q [M21 "An accounting principle dictating that a business enterprise be treated as a distinct 6 28. Which of the following is not one of the four basic financial statements: a. Balance Sheet Depreciation Statement c. Income Statement (1. Statement of Cash Flows 29. "An accounting principle that dictates that uncertainty regarding the valuation of an asset or magnitude of a revenue should generally be resolved in favor of understating the asset or revenue; applies as well to liabilities and expenses, except that uncertainty should be resolved in favor of overstating these items" is the : Conservatism Principle . Entity Concept ,c/Unit-of-measurement Concept d. Historical Cost Principle 30. Which of the following are duties that you would want to separate under segregation of duties: a. Authorization b. Recordkeeping c. Custodianship d. Two of the above All ofthe above ...
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This homework help was uploaded on 04/19/2008 for the course MATH 1743 taught by Professor Davidson-rossier during the Spring '08 term at The University of Oklahoma.

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Accounting2113exam1 - Title of Test QQM I(ex Exam 1 or Final Exam Department 1 I x MKT MATH or C S Course 1 i I I 5(ex 2303 or 4315 Professor Name

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