Web Exam 2 - Exam #2 Once you have completed the exam...

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Once you have completed the exam below, you must enter your answers on the answer sheet provided in the Assignments section of Blackboard. Fill in the blank answers should be entered using numeric characters without a dollar sign, comma or decimal point unless specified otherwise. Although you can “Save” your answers while working, you must “Submit” them to get credit for the exam. Once submitted, your answers cannot be changed. Your answer sheet is due by 9pm on Thursday, April 9, 2009; print or save your conformation page to verify that your exam was successfully submitted. 01. Mega-Mart, a large department store chain, employs Jack to maintain the accounting records for the company’s inventory at one of its distribution centers. To maintain proper internal controls, Jack should A. not have access to the accounting records for inventory. B. be employed by an outside company. C. have physical access to the inventory. D. not have physical access to the inventory. E. perform regular reviews of the accounting records related to inventory. 02. Refer to the Griffith Company financial statements on the last page of the exam and perform a horizontal analysis on inventory. The change in inventory to 2008 is A. 4.4% B. 4.6% C. 9.3% D. 24.9% E. 44.8% 03. If an employee at a grocery store steals a package of cookies while stocking the shelves, which financial statement would be affected? A. balance sheet and the income statement B. the balance sheet C. the income statement D. only the inventory account E. none of the above 04. The purpose of the journal is to A. record chronologically the day’s transactions. B. keep a record of documentation to support each transaction. C. keep in one place all information about changes in specific account balances. D. make sure that all assets, liabilities, etc., have normal balances at all times. 05. Speedy Delivery just purchased the new delivery vehicle. Which of the following would not be considered an out-of-pocket cost? A. Fuel B. Insurance C. Maintenace D. Purhcase cost E. All of the above would be considered out-of-pocket costs 06. The accounting records of the Tsay Corporation showed the following: Balance of the inventory account on Jan. 1 600 Balance of the inventory account on Dec. 31 400 Balance of the cost of goods sold account on Dec. 31 700 What amount of inventory was purchased during the year? Answer: 500
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This note was uploaded on 04/22/2009 for the course ACC 310F taught by Professor Verduzco during the Spring '07 term at University of Texas.

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Web Exam 2 - Exam #2 Once you have completed the exam...

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