MGT+11A+Final+Exam+Fall+2007+V1+KEY

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

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
MGT 11A Final Exam Fall 2007 Key 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. Difficulty: Medium Learning Objective: C6 Wild - Chapter 01 #139 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. Difficulty: Hard Learning Objective: C6 Wild - Chapter 01 #143 3. Creditors' claims on the assets of a company are called: A. Net losses. B. Expenses. C. Revenues. D. Equity. E. Liabilities. Difficulty: Easy Learning Objective: A1 Wild - Chapter 01 #150 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. Difficulty: Medium Learning Objective: A1 Wild - Chapter 01 #156 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
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. Difficulty: Easy Learning Objective: A1 Wild - Chapter 02 #92 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. Difficulty: Hard Learning Objective: A1 Wild - Chapter 02 #97 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. Difficulty: Medium Learning Objective: P3 Wild - Chapter 02 #130 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. Difficulty: Medium Learning Objective: C3 Wild - Chapter 03 #148 9. Another name for temporary accounts is: A. Real accounts. B. Contra accounts. C. Accrued accounts. D. Balance column accounts. E. Nominal accounts. Difficulty: Easy Learning Objective: C4 Wild - Chapter 03 #150 2
Background image of page 2
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.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/22/2011 for the course MGT 11A taught by Professor Armstrong during the Fall '08 term at UC Davis.

Page1 / 13

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

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online