ADMS2500W.MT02 - York University AK/ADMS 2500.03...

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1 York University AK/ADMS 2500.03 Introduction to Financial Accounting Midterm Examination - Version A February 24, 2002 Time: 2.5 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 'A' Code is your Section (in the left column) 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 two hours in length and will run from approximately 2:00 pm to 4:30 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. NOTES: 1. Omissions are noted next to the affect questions. 2. Answers are provided at the end of the exam paper.
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2 1. The financial statement that provides information about economic resources and claims on those resources is the a) Income Statement b) Statement of Owner's Equity c) Balance Sheet d) Economic Resource Reconciliation e) None of the above 2. Which of the following would appear on an income statement? a) Cost of goods sold b) Retained earnings c) Advances from customers d) Accounts receivable e) None of the above 3. Which of the following account types are increased by debits and decreased by credits? a) Liabilities b) Owner's equity c) Expenses d) Revenues e) None of the above 4. Which of these statements about the rules of debit and credit is incorrect? a) Credits always mean decreases b) Debits are always recorded on the left c) Debits reduce shareholders' equity d) Assets have debit balances e) None of the above 5. Which of the following transactions would be recorded with a journal entry that does NOT change the Revenue account balance? a) Sold merchandise for cash to a customer b) Sold merchandise on account to a customer c) Collected the amount owed by a customer for merchandise delivered in the previous year d) Delivered weekly magazines to a subscriber, who had paid previously for a one- year's subscription e) The entries to record all of the above would change the Revenue account balance
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3 6. Question text and options a) and b) missing. c)
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This note was uploaded on 01/24/2011 for the course ADMS 2500 taught by Professor Warner during the Spring '08 term at York University.

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ADMS2500W.MT02 - York University AK/ADMS 2500.03...

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