Mid-term%20B_final0 - Do NOT open your exam until you are...

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1 Do NOT open your exam until you are told to do so! While you are waiting please do the following: 1) Keep your exam closed but pull out your bubble-sheet 2) Using your pencil, fill in x your last name & first initial x your net id (this is the same as your Enterprise ID & is the first part of your University email address) x Your section number TA Section Number Jeff Bubble Sheet Input AD1- 8 am 001 Jeff AD2- 9 am 002 Antoinette AD3- 10 am 003 Antoinette AD4-11 am 004 Jimmy AD5-12 pm 005 Jimmy AD6- 1 pm 006
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2 1. Smith Company recorded the purchase of office equipment on account. Which of the following is the correct journal entry? A. DEBIT CREDIT Depreciation Expense 7,500 Accumulated Depreciation 7,500 B. DEBIT CREDIT Office Equipment 7,500 Accounts Payable 7,500 C. DEBIT CREDIT Office Equipment 7,500 Cash 7,500 D. DEBIT CREDIT Accounts Payable 7,500 Office Equipment 7,500 2. The accounting equation can be stated as: A. A - L - OE = 0. B. A - L + OE = 0. C. -A + L - OE = 0. D. A + L - OE = 0. 3. Failure to make a necessary adjusting entry for accrued interest on a note payable would cause A. an overstatement of net income and stockholders' equity and an understatement of liabilities B. an understatement of net income, assets & stockholders' equity C. an understatement of net income, liabilities and stockholders' equity D. an overstatement of net income, assets & stockholders' equity E. None of the above descriptions explain the effect of omitting the entry
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3 4. Seamore's Seafood Grill is an upscale yet casual restaurant on the Atlantic coast of North Carolina. Seamore's recognized that the risk of property damage and lost revenues due to hurricanes is significant because of its coastal location. To mitigate these risks, Seamore's purchased a sizable hurricane insurance policy. This control is best described as A. Primarily preventive B. Primarily detective C. Primarily corrective D. Equally preventive and corrective E. Equally preventive and detective 5. After performing an inventory count, Faltron Corporation determined that it had $50,000 of inventory physically on hand as of the end of the year. Given the following items and costs, determine the total value of merchandise inventory that should be reported by Faltron as of the balance sheet date: - $1,000 goods sold by Faltron to another company. As of 12/31 st , the goods are in transit and shipping terms are FOB shipping point - $2,000 goods sold by another company to Faltron. As of 12/31 st , the goods are in transit and shipping terms are FOB destination A. $50,000 B. $49,000 C. $51,000. D. $52,000. E. $53,000 6. Please identify which of the following statements are true: A. Corrective controls focus on preventing an error or irregularity. B. The attitudes and actions of top management typically do affect the climate of an enterprise, even
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Mid-term%20B_final0 - Do NOT open your exam until you are...

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