ADMS2500F.MT05 - York University AK/ADMS 2500.03...

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1 York University AK/ADMS 2500.03 Introduction to Financial Accounting Midterm Examination – Test Form B November 5, 2006 Answers Provided at End of Exam Paper Time: 3 hours Questions: 45 Instructions: 1. Only the mark sense sheet will be collected - - you may keep this midterm examination paper. Mark your answers on it for later reference. 2. Record your name and student number and answer all questions on the computer mark sense sheet provided. Use an HB pencil Test Form is 'B' Bubble in BOTH columns of ‘Code’ with your Section Fill in the bubbles for your name and student number in pencil (your phone number is not required). Leave the last column of the student number BLANK. 3. Calculators are the only aid allowed. 4. The exam is three hours in length and will run from approximately 6:00 pm to 9:00 pm. Budget your time wisely. 5. It is prudent practice to transfer your answers to the grading sheet after each question, and to proof your transfers. The proctors will announce when there are 10 minutes remaining and any answers not transferred should be recorded at this time. No one is to leave their seats in the last 10 minutes. When time is called, the proctors will go down the rows collecting your answer sheets and this exam paper. They will not wait and they will not accept your sheet once they have passed. Any violation of this protocol will result in a grade of zero recorded for the exam. 6. Academic honesty requires that persons do not cheat (attempt to gain an improper advantage in an academic evaluation), Suspected breaches of academic honesty will be investigated and charges shall be laid if reasonable and probable grounds exist.
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2 Choose the BEST answer to the following questions: 1. A credit entry will a) increase an expense b) increase a revenue c) decrease a liability d) decrease Owner's Equity e) none of the above 2. Which of the following accounts usually has a credit balance? a) Prepaid Expense b) Supplies c) Allowance for Uncollectible Accounts d) Inventories e) None of the above 3. XYZ Corporation signs a contract with a customer for the construction of a new $350,000 warehouse. At the signing on November 1st, XYZ Corporation receives a cheque for $35,000 as a deposit on the future construction. XYZ Corporation would recognize this transaction in its November Income Statement as a) Revenue of $350,000 b) Revenue of $35,000 c) Construction Cost of $35,000 d) Deferred Revenue of $350,000 e) None of the above 4. Ziebart Accounting has the following account balances at Dec. 31, 2005: Accounts payable 180 Cash 200 Owner's Equity ??? Accounts Receivable 100 Land 140 Supplies 70 Notes Payable ??? Equipment 124 If Notes Payable are $70, then Owner's Equity will be a) $634 b) $454 c) $250 d) $384 e) none of the above
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3 5. Ztap Inc. received a $300 bill for utilities’ usage in 2006 that will be paid in 2007. This utilities cost will be recognized
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ADMS2500F.MT05 - York University AK/ADMS 2500.03...

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