223_Prelim_1_Fall_06_Answer_Key_Solutions

223_Prelim_1_Fall_06_Answer_Key_Solutions - PRELIMINARY...

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Exam # ___________ PRELIMINARY EXAM 1 – October 3, 2006 Answer KEY – Financial Accounting Principles HA-223 Financial Accounting Principles Prof. A. Neal Geller PRELIMINARY EXAMINATION 1 October 3, 2006 In Class STUDENT NAME: _____ ANSWER KEY ______ CUID NUMBER: __________________________ Academic integrity is expected of all students of Cornell University at all times, whether in the presence or absence of member of the faculty. Understanding this, I declare I have not given, used, or received unauthorized aid on this preliminary examination . Signature: ____________________________ Directions: Mark your answers on the Answer Sheet. If you need to leave the room during this examination, ask for permission from the proctor. When you are finished turn your Answer Sheet and Test booklet in to the exam proctor. Make sure your name is on the Answer Sheet and the Test Booklet.
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Prof. A. Neal Geller Answer KEY – Financial Accounting Principles PRELIMINARY EXAM 1 – October 3, 2006 A nswer Sheet – Prelim 1 TRUE/FALSE QUESTIONS (Each question is worth 2 points .) Please X the one you believe to be correct. 1. T F 2. T F 3. T F 4. T F 5. T F 6. T F 7. T F 8. T F 9. T F 10. T F MULTIPLE CHOICE QUESTIONS (Each question is worth 2 points .) Please X the one you believe to be correct. 11. A B C D E 12. A B C D E 13. A B C D E 14. A B C D E 15. A B C D E 16. A B C D E 17. A B C D E 18. A B C D E 19. A B C D E 20. A B C D E 21. A B C D E 22. A B C D E 23. A B C D E 24. A B C D E 25. A B C D E 26. A B C D E 27. A B C D E 2
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Prof. A. Neal Geller Answer KEY – Financial Accounting Principles PRELIMINARY EXAM 1 – October 3, 2006 Problem 1: Total Points = 46 (plus 6 points Extra Credit) Requirement 1 point each = 9 points total General Journal Ref. Description Debit Credit Problem 1 Requirement 1: Entries to record the events of the year (these items are from Section A in the Problem) (a) cash 2,000,000 accounts receivable 500,000 room revenue 2,500,000 (b) cash 700,000 accounts receivable 700,000 (c) dividend payable 200,000 cash 200,000 (d) cash 30,000 unearned revenue 30,000 (e) prepaid insurance 36,000
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