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Unformatted text preview: Obje Reviewing Test FINAL EXAM PART TWO Started: Aug 7, 2010 1:40 PM Finished: Aug 7, 2010 2:26 PM 1 of 1 FINAL EXAM PART TWO Total Grade: 55 (of possible 62.5 points) You are now in Part Two of the final exam. This part includes 25 questions. Select the one option which BEST answers each question. Then click on the "Next" button to see the next question. Please respond to all TWENTY-FIVE questions directly on the screen. After you submit the test, you must see “Your submission was received successfully” on the screen. You have two hours to respond to both parts of the final exam. I strongly suggest that you keep track of your time. If you do not finish both parts of the exam within 120 minutes, there are no 'retakes'. Your submission was received successfully Question 1 of 25 Score: 2.5 (of possible 2.5 points) Which one of the accounts below would likely be included in an accrual adjusting entry? A.Insurance Expense B. Prepaid Rent C. Interest Expense D.Unearned Rent Answer Key: C Question 2 of 25 Score: 2.5 (of possible 2.5 points) A check drawn by a depositor for $180 in payment of a liability was recorded in the journal as $810. This item would be included on the bank reconciliation as a(n) A.addition to the balance per the depositor's records B. addition to the balance per the bank statement C. deduction from the balance per the bank statement Prev Next Return D. deduction from the balance per the depositor's records Answer Key: A Question 3 of 25 Score: 0 (of possible 2.5 points) A.$8,065 B. $10,565 C. $15,065 D.$6,435 Answer Key: D Question 4 of 25 Score: 2.5 (of possible 2.5 points) Which of the following is not true about closing entries? A.There are four closing entries that update the owner’s equity account. B. After the second closing entry, the income summary account is equal to the net income or (loss) for the period. C. All real accounts are closed at the end of the period. D. By closing nominal accounts at the end of the period to zero, it is possible to isolate next period’s information correctly....
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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.
- Spring '10