Exam I-Spring-2007

Exam I-Spring-2007 - ACCOUNTANCY 321 Spring, 2007 EXAM I I....

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ACCOUNTANCY 321 Spring, 2007 EXAM I I. The Committee of Sponsoring Organizations (COSO) issued its Internal Control – Integrated Framework in 1992. In 2001, it issued its Enterprise Risk Management – Integrated Framework (ERM). The ERM has eight components. You are to select four and only four of the components and briefly EXPLAIN what that component is and what its role is in the framework for each of the four components you select to discuss . (4 Pts. each) COMPONENT #1: Name and explanation ____________________________________________ COMPONENT #2: Name and explanation ____________________________________________ COMPONENT #3: Name and explanation ____________________________________________ COMPONENT #4: Name and explanation ____________________________________________ II. A. On September 1, 2005, Tsuji Company received $9,600 from the Darr Company for one year's rent on the property which Darr was renting from Tsuji Company. Tsuji Company's fiscal year ends December 31. On January 1, 2006, Tsuji Company made the following reversing entry: Unearned Rent 6,400 Rental Income 6,400 1. What was the journal entry which Tsuji Company made on September 1, 2005? (2 Pts.) 2. If the entry on September 1, 2005 had been recorded the alternative way, (a) What would the adjusting entry have been on December 31, 2005? (2 Pts.) (b) Would a reversing entry have been needed on January 1, 2006? Why or why not? (3 Pts.) ____________________________________________________________________________ 1
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B. On April 1, 2005, Hofiani Company purchased a one year insurance policy for $3,600. Hofiani Company's fiscal year ends December 31.
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This note was uploaded on 09/09/2009 for the course ACCTG 321 taught by Professor Will during the Spring '08 term at San Diego State.

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Exam I-Spring-2007 - ACCOUNTANCY 321 Spring, 2007 EXAM I I....

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