FINAL REVIEW

FINAL REVIEW - NOTE: The following old exam is for review...

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1 NOTE: The following old exam is for review purposes only. Specific topics/questions on this semester’s exam may differ. MGA 201 Introduction to Accounting I Final Exam – Wednesday, May 9, 2007 PRINT Name__________________________________ Check off your recitation section: Section Time TA Section Time TA A1 9:00 am Danielle Higgins A5 12:00 pm Tom Wojcik A2 9:00 am Tom Wojcik A6 1:00 pm Tom Wojcik A3 10:00 am Tom Wojcik A7 2:00 pm Danielle Higgins A4 10:00 am Danielle Higgins A8 3:00 pm Danielle Higgins **PLEASE READ INSTRUCTIONS BELOW** 1) Fill in SCANTRON SHEET SIDE 2 with #2 pencil: -- Name: Last Name first -- ID Number: Your 8-digit Person #, start from left -- Grade or Education: Your Exam Version Number from lower left corner of exam cover page. For example, code in “1” if you have ; code in “2” if you have 2) Please make sure you have all 9 pages. 3) Do not take pages apart. 4) Please show your student ID card when you turn in your test. Score Multiple Choice (54 pts) ________ Taxes (26 pts) ________ Trial Balance (18 pts) ________ Correct Recitation Section checked above (2 pts) ________ TOTAL (out of 100) =======
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2 MULTIPLE CHOICE: Please circle the best answer on your exam AND fill out the scantron sheet. 1. The accumulated depreciation account is credited when: a. An asset is traded for a similar asset b. A new asset is purchased c. The depreciation expense for the year is recorded d. An asset is traded for a different asset 2. Which of the following is not usually depreciated, depleted, or amortized? a. Furniture b. Timber c. Land d. Patents 3. On January 1, 2006 Della Enterprises purchased equipment at a cost of $6,300. The equipment had an estimated useful life of three years or 15,000 hours. The equipment will have a $600 salvage value at the end of its life. The depreciation expense for the year ending December 31, 2006, using the straight-line method would be: a. $1,900 b. $1,883 c. $475 d. $471 4. On January 1, 2005, Cyber Manufacturing purchased drilling equipment for $11,500. The equipment has an estimated useful life of four years and a salvage value of $200. Given this information, if the company uses the double-declining balance method of depreciation and sells the equipment on December 31, 2006, for $3,000, it will have a(n): a. $2,750 loss b. $1,800 loss c. $1,562 gain d. $125 gain 5. The book value of an asset is the: a. Original cost of the asset b. Market value of the asset c. Total of all expenses associated with the asset d. Acquisition cost of the asset less any accumulated depreciation on the asset to date 6. What is the gain or loss on the sale of an asset that originally cost $6,000, has accumulated depreciation of $2,500, and is sold for $3,000? a. $500 loss b. $1,500 loss c. $500 gain d. $3,000 loss
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3 7. A truck that cost $8,000 and was expected to last five years was scrapped after three years. If the truck was being depreciated on a straight-line basis with no salvage value, the loss recognized on disposal would be: a. $8,000 b. $3,200 c. $4,000 d. $4,800 8. A company leases an asset for a seven-year period under a capital lease and agrees to pay an annual rental of $15,000. The initial entry to record this transaction, assuming the present value of the lease payments of $84,000, would include a: a. Debit to Lease Expense for $15,000 b.
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FINAL REVIEW - NOTE: The following old exam is for review...

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