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PASS MOCK EXAM – FOR PRACTICE ONLY Course: ___ BUSI 1001 __ Facilitator: ___ Michael Chong __ Dates and locations of mock exam take-up: _ Dec 10 Minto 5050 _ IMPORTANT: It is most beneficial to you to write this mock midterm UNDER EXAM CONDITIONS . This means: 1 • Complete the midterm in _3 _hour(s). 2 • Work on your own. 3 • Keep your notes and textbook closed. 4 • Attempt every question. After the time limit, go back over your work with a different colour or on a separate piece of paper and try to do the questions you are unsure of. Record your ideas in the margins to remind yourself of what you were thinking when you take it up at PASS. The purpose of this mock exam is to give you practice answering questions in a timed setting and to help you to gauge which aspects of the course content you know well and which are in need of further development and review. Use this mock exam as a learning tool in preparing for the actual exam. Please note: Come to the PASS session with your mock exam complete. There, you can work with other students to review your work. Often, there is not enough time to review the entire exam in the PASS session. Decide which questions you most want to review – the facilitator may ask students to vote on which questions they want to discuss. Facilitators do not bring copies of the mock exam to the session. Please print out and complete the exam before you attend. Facilitators do not produce or distribute an answer key for mock exams. Facilitators help students to work together to compare and assess the answers they have. If you are not able to attend the PASS session, you can work alone or with others in the class. GOOD LUCK! 1
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Part 1 –95 minutes-36 multiple choice 1 An accountant has debited an asset account for $1,000 and credited an expense account for $500. Which of the following would be an incorrect way to complete the recording of the transaction? a. Credit an asset account for $500. b. Credit another liability account for $500. c. Credit a shareholders’ equity account for $500. d. Debit a shareholders’ equity account for $500. 2 A company that receives money in advance of performing a service a. debits cash and credits prepaid fees. b. debits unearned fees and credits accounts payable. c. debits cash and credits unearned fees. d. debits cash and credits accounts receivable. 3 A dress shop makes a large sale for $1,000 on November 30. The customer is sent a statement on December 5 and a cheque is received on December 10. The dress shop follows GAAP and applies the revenue recognition principle. When is the $1,000 considered to be earned? a. December 5 b. December 10 c. November 30 d. December 1 4 A furniture factory's employees work overtime to finish an order that is sold on February 28. The office sends a statement to the customer in early March and payment is received by mid-March. The overtime salaries should be expensed in a. February. b.
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This note was uploaded on 04/13/2010 for the course CA 1001 taught by Professor James during the Spring '06 term at Buffalo State.

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