BCOR 2000 practice exam 2

BCOR 2000 practice exam 2 - BCOR 2000 Practice Exam No. 2...

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BCOR 2000 Practice Exam No. 2 Name: (please print) (signature) Student Number: INSTRUCTIONS: 1. This exam will be returned during your recitation session. Please circle the section number of your recitation session. Section Teaching Assistant Day Time R101 Friday 8:00 a.m. R102 Friday 9:00 a.m. R103 Friday 10:00 a.m. R104 Friday 11:00 a.m. R105 Friday 12:00 noon R106 Friday 1:00 p.m. R107 Friday 2:00 p.m. R108 Friday 3:00 p.m. R109 Friday 4:00 p.m. R110 Friday 5:00 p.m. R201 Friday 8:00 a.m. R202 Friday 9:00 a.m. R203 Friday 10:00 a.m. R204 Friday 11:00 a.m. R205 Friday 12:00 p.m. R206 Friday 1:00 p.m. R207 Friday 2:00 p.m. R208 Friday 3:00 p.m. R209 Friday 4:00 p.m. R210 Friday 5:00 p.m. 2. Enter your name (last name, first name, and middle initial) and your student identification number (social security number) on the computer graded answer sheet and completely fill in the appropriate circles with a No. 2 pencil only. 3. Enter your recitation section number in the “ CODE ” field on the computer graded answer sheet and completely fill in the appropriate circles with a No. 2 pencil. 4. In the blank space below the double line on the computer graded answer sheet, enter your Recitation Section Number. 5. Check your exam to make certain that you have 10 pages . 6. There are 42 questions on this exam. 7. Please show your picture ID and your calculator when they are requested. 1
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PROBLEM NO. 1 : Multiple Choice (26 questions/2 points each) Select the best answer for each of the following multiple-choice questions. Record your answers on the computer graded answer sheet. 1. Which of the following statements is true ? A. In accounting, credits imply something positive has happened to the company. B. Investments such as commercial paper and Treasury bills cannot be included with cash on the balance sheet. C. A purchase order is used as the source document for recording a purchase and liability. D. The production method is the revenue recognition method by which revenues are recognized at the time a commodity such as wheat is harvested rather than when it is sold. 2. What are the effects on the accounting equation when inventory is written down because its market is less than its cost? A. Assets decrease and liabilities decrease. B. Assets decrease and owners’ equity decreases. C. Liabilities increase and owners’ equity decreases. D. There is no effect on the accounting equation. 3. If a company’s collection period for its accounts receivable is unacceptably long, which of the following statements is false ? A. The company may offer cash discounts to increase the collection period. B. The company may need to borrow to meet its accounts payable. C. The company may discount its notes receivable to increase cash flow. D. The company may charge interest on past due accounts to encourage customers to pay sooner.
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This note was uploaded on 03/16/2008 for the course BCOR 2000 taught by Professor Brush during the Fall '07 term at Colorado.

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BCOR 2000 practice exam 2 - BCOR 2000 Practice Exam No. 2...

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