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

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

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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: Difficulty: Hard Learning Objective: C6 Wild - Chapter 01 #143 3. Creditors' claims on the assets of a company are called: Difficulty: Easy Learning Objective: A1 Wild - Chapter 01 #150 4. Revenues are: Difficulty: Medium Learning Objective: A1 Wild - Chapter 01 #156 1
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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? Difficulty: Hard Learning Objective: A1 Wild - Chapter 02 #97 7. Which of the following groups of accounts are not 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: 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
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