Test practise upload - NATIONAL UNIVERSITY OF SINGAPORE NUS...

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NATIONAL UNIVERSITY OF SINGAPORE NUS BUSINESS SCHOOL DEPARTMENT OF ACCOUNTING ACC1002X FINANCIAL ACCOUNTING MID-TERM TEST Saturday 2 October 2010 Time Allowed: 1 hour 15 minutes ________________________________________________________________________ INSTRUCTIONS TO CANDIDATES 1. This test paper consists of TWENTY-FIVE (25) multiple-choice questions . 2. Answer ALL questions by shading the letter representing the best answer on the computer scoring sheet using pencils . If you just mark on this question paper, your answers will not be marked. 3. This is a close-book test. You are not allowed to bring in any materials other than pens, pencils, erasers and calculators. 4. Make sure you write your name and your matriculation number below on both this question paper and the computer scoring sheet which must be submitted at the end of the test. If you provide us with a wrong matriculation number, you will receive zero for this test. Name: Matriculation Number: For Examiners’ Use Only: Marks Total / 25
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- 2 - ACC1002X __________________________________________________________________________ MCQ (1 mark per question, total 25 marks) 1. During the current year, liabilities of Hayden Travel decreased by $50,000, and owners' equity increased by $75,000 then. A. Assets at the end of the year total $125,000. B. Assets at the end of the year total $25,000. C. Assets increased during the year by $25,000. D. Assets decreased during the year by $125,000. 2. An allowance of receivables of 2% is required. The Accounts Receivables balances for the period ended are $200,000. The beginning allowance of receivables brought forward from the previous period is $2,000. The movement in allowance is carried to the Income Statement as A. Expense of $4,000 B. Other income of $4,000 C. Other income of $2,000 D. Expense of $2,000 3. A customer paid a deposit in advance for goods to be supplied at a later date. How should this be recorded in the seller's books? DR CR A. Cash Unearned Revenue B. Cash Sales C. Unearned Revenue Prepayment D. Unearned Revenue Sales …/
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- 3 - ACC1002X __________________________________________________________________________ 4. Which statement is correct? A. Assets – Liabilities = Owners' Equity B. Assets + Owners' Equity = Liabilities C. Liabilities + Assets = Owners' Equity D. Liabilities – Owners' Equity = Assets 5. Which of the following is not a liability of a business? A. Bank overdraft
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Test practise upload - NATIONAL UNIVERSITY OF SINGAPORE NUS...

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