Final+Exam+Fall+2007+V1 - MGT 11A Final Exam Fall 2007...

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MGT 11A Final Exam Fall 2007 Student: ___________________________________________________________________________ 1. An example of an operating activity is: A. Paying wages. B. Purchasing office equipment. C. Borrowing money from a bank. D. Selling stock. E. Paying off a loan. 2. An example of an investing activity is: A. Paying wages of employees. B. Paying dividends. C. Purchasing land. D. Selling inventory. E. Contribution from owner. 3. Creditors' claims on the assets of a company are called: A. Net losses. B. Expenses. C. Revenues. D. Equity. E. Liabilities. 4. Revenues are: A. The same as net income. B. The excess of expenses over assets. C. Resources owned or controlled by a company D. Increases in retained earnings from a company's earning activities. E. The costs of assets or services used. 5. Management Services, Inc. provides services to clients. On May 1, a client prepaid Management Services $60,000 for 6-months services in advance. Management Services' general journal entry to record this transaction will include a A. Debit to Unearned Management Fees for $60,000. B. Credit to Management Fees Earned for $60,000. C. Credit to Cash for $60,000. D. Credit to Unearned Management Fees for $60,000. E. Debit to Management Fees Earned for $60,000. 6. On September 30, the Cash account of Value Company had a normal balance of $5,000. During September, the account was debited for a total of $12,200 and credited for a total of $11,500. What was the balance in the Cash account at the beginning of September? A. A $0 balance. B. A $4,300 debit balance. C. A $4,300 credit balance. D. A $5,700 debit balance. E. A $5,700 credit balance. 1
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7. Which of the following groups of accounts are not balance sheet accounts? A. Assets. B. Liabilities. C. Revenues. D. Equity accounts. E. All of the above are balance sheet accounts. 8. An adjusting entry could be made for each of the following except: A. Prepaid expenses. B. Depreciation. C. Dividends. D. Unearned revenues. E. Accrued revenues. 9. Another name for temporary accounts is: A. Real accounts. B. Contra accounts. C. Accrued accounts. D. Balance column accounts. E. Nominal accounts. 10. Due to an oversight, a company made no adjusting entry for accrued and unpaid employee wages of $24,000 on December 31. This oversight would: A. Understate net income by $24,000. B. Overstate net income by $24,000. C. Have no effect on net income. D. Overstate assets by $24,000. E. Understate assets by $24,000. 11. A company had expenses other than cost of goods sold of $250,000. Determine sales and gross profit given cost of goods sold was $100,000 and net income was $150,000. A. Sales: $350,000; Gross Profit: $150,000. B. Sales: $350,000; Gross Profit: $50,000. C. Sales: $500,000; Gross Profit: $400,000.
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Final+Exam+Fall+2007+V1 - MGT 11A Final Exam Fall 2007...

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