Practice Final Exam

Practice Final Exam - York University Ak/Adms 2500.03...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
York University Ak/Adms 2500.03 Introductory Financial Accounting Practice Final Examination Name: _________________________________________ Student Number: _________________________________ Time: 3.0 hours Questions: 50 Instructions: 1. Record your name and student number and answer all questions on the computer mark sense sheet provided . The exam questions and booklets will be collected - - you may NOT keep this final examination paper . 2. Record your name and student number and answer all questions on the computer mark sense sheet provided. a) Use an HB pencil b) Fill in the bubbles for your name and student number (your phone number is not required). c) Test Form is as shown at the top of this examination paper d) Code is your Section e) Leave the last column of the student number blank. f) Calculators are the only aid allowed. g) The exam is three hours in length. Budget your time wisely. h) It is prudent practice to transfer your answers to the grading sheet after each question, and to proof your transfers. i) The proctors will announce when there are 10 minutes remaining and any answers not transferred should be recorded at this time. j) No one is to leave their seats in the last 10 minutes. k) When time is called, the proctors will direct collection of your answer sheet AND this exam paper. Failure to comply promptly with the proctors directions for collection will result in a zero grade being recorded for this examination. l) You are reminded that cheating is a serious offense which can result in expulsion from university.
Background image of page 1

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

View Full DocumentRight Arrow Icon
Choose the best answer to each of the following: 1. Which of the following accounts would be increased by a credit? a) Accounts Receivable b) Premium on Bonds Payable c) Loss on Disposition of Equipment d) Sales Returns and Allowances e) None of the above 2. Which of the following are contra accounts? a) Allowance for Uncollectible Accounts b) Accumulated Depreciation c) Discount on Bonds Payable d) All of the above 3. When ABC Corporation received cash from a supplier to pay for an account payable related to a defective merchandise purchase ABC corporation had returned; the bookkeeper debited Cash and credited Sales. As a result of this error a) Assets and Liabilities would be understated b) Cash and Sales would be overstated c) Sales and Liabilities would be overstated d) Assets and Sales would be understated e) None of the above Use the following information to answer questions 4 and 5: Toasters Only Company (TO) began business on March 1st. It sells toasters for a great price. On March 5th, TO recorded the receipt of 500 toasters, the second shipment it received from its supplier, by debiting Inventory and crediting Accounts Payable $5,000. This second shipment brought the total Inventory of toasters to 1000 units with a
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 19

Practice Final Exam - York University Ak/Adms 2500.03...

This preview shows document pages 1 - 3. Sign up to view the full document.

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