Spring2009- Exam 1

Spring2009- Exam 1 - ACCOUNTANCY 321 Spring, 2009 EXAM I...

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ACCOUNTANCY 321 Spring, 2009 EXAM I circle one: 9:00 a.m. class 1:00 p.m. class Name ________________________________ Internal Group # ___________ Professors Bob Capettini and Will Snyder 1. There are 16 pages and 5 questions (each with several subparts) on the exam. Question I 29 points Question II 10 points Question III 12 points Question IV 19 points Question V 30 points 2. For the essay questions, make your answers clear and specific. BE SURE TO ANSWER THE QUESTION WHICH IS ASKED (not some other question on the same topic). 3. Questions will be graded for PARTIAL CREDIT. You may receive partial credit ONLY FOR WRITTEN WORK we can follow. 4. DO NOT remove any pages from your test. 5. DO all of your work on this exam. DO NOT use any other sheets for scrap paper (other than your notes, WHICH MUST BE TURNED IN WITH YOUR EXAM). 6. You are expected to do your own work. 7. You will have two hours to take the exam. 1
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I. A. You have been hired by the Bunning Company to assist Jesse Darcy in designing an accounting system for Bunning. Jesse Darcy has already developed a list of the journals, ledgers, reports, and documents that he thinks Bunning will need. He asks you to complete the following tasks: (1) Specify what data should be collected on a Sales Invoice. List SIX. If you list more than six items, only the first six items will be graded. (6 points) ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ (2) Specify what data should be collected on a receiving report. List SIX. If you list more than six items, only the first six items will be graded. (6 points) ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ 2
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B. Dagbovie, Inc., A small but growing firm, has recently hired you to investigate a potential fraud. Dagbovie heard through its hot line that the purchases journal clerk periodically enters fictitious acquisitions. The nonexistent supplier’s address is given as a post office box, which the clerk rents. He forwards notification of the fictitious purchases for recording in the accounts payable ledger. Payment is ultimately mailed to the post office box. He then deposits the check in an account established in the name of the nonexistent
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This note was uploaded on 01/06/2010 for the course ACCTG 321 taught by Professor Will during the Spring '08 term at San Diego State.

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Spring2009- Exam 1 - ACCOUNTANCY 321 Spring, 2009 EXAM I...

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