Reviewing Test MIDTERM NO. ONE_FINANCIAL ACCOUNTING I

Reviewing Test MIDTERM NO. ONE_FINANCIAL ACCOUNTING I -...

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Unformatted text preview: Obje Reviewing Test MIDTERM NO. ONE_FINANCIAL ACCOUNTING I Started: Jul 10, 2010 1:35 PM Finished: Jul 10, 2010 2:14 PM 1 of 1 MIDTERM NO. ONE_FINANCIAL ACCOUNTING I Total Grade: 80 (of possible 100 points) Chapters 1-3 Dr. Seyedin Select the one option that BEST answers each question. Then click on "Next" button to see the next question. Please respond to all FORTY questions directly on the screen. You have two hours, from the time you login to the " AT&S ", to complete and submit the test . Once the test is submitted, you must see “Your submission was received successfully” on the screen. IF you do not see this message, e-mail your answers to me at [email protected] . Answers E-mailed after 30 minutes from the time the link is closed will not be accepted. I strongly suggest that you keep track of your time . If you do not finish the exam within 120 minutes, there are no 'retakes'. Your submission was received successfully. Question 1 of 40 Score: 0 (of possible 2.5 points) A credit balance in which of the following accounts would indicate a likely error? A.Fees Earned B. Salary Expense C. Peter Penn, Capital D.Accounts Payable Answer Key: B Question 2 of 40 Score: 2.5 (of possible 2.5 points) A.Decrease accounts payable, increase cash Prev Next Return B. Increase cash, decrease accounts payable C. Increase accounts payable, increase cash D.Decrease accounts payable, decrease cash Answer Key: D Question 3 of 40 Score: 0 (of possible 2.5 points) Office supplies purchased by J's Appliance Repair on account were returned. Which of the following entries for J's Appliance Repair records this transaction? A.Cash, debit; Office Supplies, credit B. Office Supplies, debit; Accounts Receivable, credit C. Accounts Payable, debit; Office Supplies, credit D.Office Supplies, debit; Accounts Payable, credit Answer Key: C Question 4 of 40 Score: 2.5 (of possible 2.5 points) Prior to the adjusting process, accrued revenue has A.been earned and cash received B. been earned and not recorded as revenue C. not been earned but recorded as revenue D.not been recorded as revenue but cash has been received Answer Key: B Question 5 of 40 Score: 2.5 (of possible 2.5 points) Donner Company is selling a piece of land adjacent to their business. An appraisal reported the market value of the land to be $120,000. The Focus Company initially offered to buy the land for $107,000. The companies settled on a purchase price of $115,000. On the same day, another piece of land on the same block sold for $122,000. Under the cost concept, what is the amount that will be used to record this transaction in the accounting records? A.$107,000 B. $115,000 C. $120,000 D.$122,000 Answer Key: B Question 6 of 40 Score: 2.5 (of possible 2.5 points) John Williams owns and operates Indoor Advertising Company. Recently, John withdrew $18,000 from Indoor Advertising, and he contributed $10,000, in his name, to the Red Cross. The contribution of the Indoor Advertising, and he contributed $10,000, in his name, to the Red Cross....
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This note was uploaded on 08/11/2010 for the course ACCT 1A taught by Professor Seyedin during the Spring '10 term at Foothill College.

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Reviewing Test MIDTERM NO. ONE_FINANCIAL ACCOUNTING I -...

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