exam1 sum01 - ACG 2021C EXAM 1 SUMMER 2001 NAME _ SS# _...

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2021EX1SM01A 6/13/01 1 ACG 2021C EXAM 1 SUMMER 2001 NAME _____________________________________ SS# ____________________________ Instructions: NOW: Bubble in your section number on your Scan Sheet. Fill in your name and social security number on this examination and your scan sheet. 1. Listen carefully for any comments your proctor may have related to the exam. Read these instructions carefully. Failure to do so may result in your losing points. 2. This exam consists of 50 multiple-choice questions. Select the BEST answer and mark the appropriate space on the scan sheet with a #2 pencil only. You MUST keep your scan sheet face down on the desk when you are not filling it in. 3. You may use ONLY a non-programmable calculator during the exam. Use of any other calculator will be considered a violation of the honor code. Your exam will be taken from you and you will receive a grade of 0. 4. At the end of 2 hours, you will be told to stop. Put your pencils down IMMEDIATELY . Failure to do so will result in your receiving a zero for the exam. 5. The exam consists of 14 pages, including this cover, and a blank page at the end. Make sure you have all pages and all questions. 6. Have your University of Florida Identification card ready to be checked when you turn in your exam. 7. Assume the accounting entities use a calendar year unless otherwise noted. 8. Assume a 360-day year. 9. When you are finished, turn in your scan sheet, as well as your exam. Answers will be posted on the web after the exams are handed back in class. 10. The University of Florida policy on academic honesty will be strictly enforced. When you are told to open your exam , turn to the first page and find your exam code. Immediately bubble this in on your scantron.
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2021EX1SM01A 6/13/01 2 EXAM CODE = A 1. The following amounts are reported in the ledger of Kuffuor Company: Assets $ 25,000 Liabilities 15,000 Retained earnings 3,000 What is the balance in the contributed capital account? A) $ 7,000. B) $ 8,000. C) $12,000. D) $13,000. E) None of the above is correct. 2. Select the statement which best describes the primary purpose of closing entries. A) To facilitate adjusting entries. B) To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period. C) To complete the recording of various transactions which are begun in one period and concluded in a later period. D) To determine the amount of net income or net loss for the period. E) None of the above is correct. 3. When using the allowance method for accounting for bad debts, accounts receivable is reported on the balance sheet at the expected net realizable value. When a particular receivable from a customer ultimately is determined to be uncollectible, the recording of this event will A) decrease the net realizable value of the accounts receivable. B)
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This note was uploaded on 09/18/2008 for the course ACG 2021C taught by Professor Mcdonald during the Fall '08 term at University of Florida.

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exam1 sum01 - ACG 2021C EXAM 1 SUMMER 2001 NAME _ SS# _...

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