MockMidtermExam

MockMidtermExam - Questions 5 and 6 are not related Question 5 should state"Goliath Inc received cash of $9,000 on June 1 2009 for one year's

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Unformatted text preview: - Questions 5 and 6 are not related. - Question 5 should state, "Goliath Inc. received cash of $9,000 on June 1, 2009 for one year's rent in advance and recorded the transaction with a credit to Unearned Rent Revenue. The December 31, 2009 adjusting entry is" PASS MOCK EXAM – FOR PRACTICE ONLY Course: ___ BUSI 1001 __ Facilitator: ___ Michael Chong __ Dates and locations of mock exam take-up: _ Oct 26 LA B249 _ _ Oct 30 SP 435 _ IMPORTANT: It is most beneficial to you to write this mock midterm UNDER EXAM CONDITIONS . This means: 1 • Complete the midterm in _1.5 _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. - Questions 5 and 6 are not related. - Question 5 should state, "Goliath Inc. received cash of $9,000 on June 1, 2009 for one year's rent in advance and recorded the transaction with a credit to Unearned Rent Revenue. The December 31, 2009 adjusting entry is" GOOD LUCK! Part 1 (20 minutes) The following is related to questions 1 to 3: *note: there are no contra accounts offsetting revenue. 1) What is the receivable turnover for 2009? a) 1.53 b) 1.42 c) 0.77 d) 0.71 2) What is the return on equity for 2008? a) 2.72 b) 2.50 c) 1.09 d) 1.00 3) What is the return on assets for 2009?...
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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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MockMidtermExam - Questions 5 and 6 are not related Question 5 should state"Goliath Inc received cash of $9,000 on June 1 2009 for one year's

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