plugin-A471f10 Practice Exam 2

plugin-A471f10 Practice Exam 2 - 1 UNIVERSITY OF MICHIGAN...

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1 UNIVERSITY OF MICHIGAN ROSS SCHOOL OF BUSINESS ACCOUNTING 471 PRINCIPLES OF ACCOUNTING FALL 2010 Name: _____________________________ (Print) Practice Second Exam This exam consists of 20 multiple choice questions worth 4 points each. Read each question carefully. Answer all questions on the scantron answer sheet, using only a No. 2 pencil to record your answers. Mark your answer on the scantron sheet by blackening the appropriate space. Make no extraneous marks on the answer sheet, and if you must change an answer, be sure that your erasure is complete. You have seventy-five minutes to complete this exam. At the conclusion of the seventy- five minutes, you will be instructed to read the Business School Honor Policy and sign below to indicate your compliance with the policy. Your exam will not be graded if the statement is not signed. Business School Honor Policy: We, the members of the Business School community – students, faculty, and staff – commit ourselves to do our work and perform our duties honestly. We understand that in striving for excellence in performance, our personal and institutional integrity is our most precious asset; and accordingly, we will not knowingly act in ways that erode our integrity. Because we are an academic community, honesty in our academic work is vital. Therefore, we pledge neither to cheat nor to tolerate cheating. I acknowledge that I have been directed to work individually on this examination. I certify that I have neither given nor received prohibited aid on this examination. Signed : _____________________________________________________
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Multiple Choice. For each question, circle the most correct answer. (5 points each) 1. Winston Engineering Services had a balance of $8,600 in the Allowance for Uncollectible Accounts at the beginning of its 2003 fiscal year. The firm did not make any adjusting entries to record uncollectible accounts expense during the year. At the end of the year, the firm recorded $3,680 of Uncollectible Accounts Expense based upon the following aging analysis: Age Amount % Uncollectible 0-30 days $80,000 3% 31-60 days $12,000 20% over 60 days $ 400 75% What were total write-offs for the year? a. $7,180 b. $6,180 c. $5,120 d. $5,100 e. None of the above. 2. The beginning balances in Accounts Receivable and the Allowance for Uncollectible Accounts were $250,000 and $15,000, respectively. The ending balance in Accounts Receivable is $ 270,000, and an aging analysis estimates that $16,000 of that amount will not be collected. For the year, credit sales were $1,000,000, and bad debt expense was $40,000. What were the amount of accounts receivable written off and the amount of cash collected from customers, respectively, during the year? a.
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plugin-A471f10 Practice Exam 2 - 1 UNIVERSITY OF MICHIGAN...

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