ACC231 - Fall 2010 Exam 1A KEY

# ACC231 - Fall 2010 Exam 1A KEY - ACC231-FALL 2010-Exam 1...

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

Yellow - Page 1 of 13 ACC231-FALL 2010-Exam 1 (Version A) NAME ____________________________________________ Breakout Instructor __________________________ Time ___________ Team #_________ READ THESE DIRECTIONS! 1. Write your Name and breakout information above. 2. On the Scantron, write your LAST NAME, FIRST NAME AND ASU ID NUMBER (All Left Justified). You must also write “ YELLOW ” above your last name. These MUST be on your scantron to get credit for multiple choice! 3. Make sure you have ELEVEN single-sided pages in this exam. 4. Don’t start the exam until instructed to do so. 5. We will ONLY count items marked on the Scantron. 6. Cheating on any part of this exam will result in a failing grade for the course. 7. You have approximately 90 minutes for the exam. Work quickly, but do not rush. Budget your time carefully . At the conclusion of the exam period, exams must be turned in promptly. Formulas are on the SEPARATE HANDOUT. Note that all interest percentages are ANNUAL percentages (e.g. 9% means 9% per year). YOU MUST RETURN THIS EXAM, THE SEPARATE HANDOUT AND THE SCANTRON. Each Multiple Choice Question is worth FIVE Points. Est. Time Topic Points Possible 75 min. 40 Multiple Choice Questions (plus 2 bonus questions) 200 points for the exam plus 10 extra Credit Points 90 min. TOTAL POSSIBLE 210 points G ood Luck!

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

View Full Document
Yellow - Page 2 of 13 __ D __ 1. The financial statement that is represented by the accounting equation is the: a. Retained Earnings Statement b. None of the financial statements are represented by the accounting equation c. Income Statement d. Balance Sheet __ B _ 2. Supplies has a balance of \$8,000 on January 1. On January 15, \$6,000 of additional supplies were purchased on account and the transaction was appropriately recorded. A count of actual supplies on hand at the end of January indicates a balance of \$5,000. As part of the AJE at January 31, the company will debit Supplies Expense for a. \$5,000 b. \$9,000 c. \$6,000 d. \$3,000 e. \$7,000 You can draw a “t-account”. Beginning debit balance is \$8,000. Add \$6,000 debit. This is \$14,000 debit. However, at month-end, we should only have \$5,000 in the account to match what we have on hand. Thus, we must have used \$9,000 to get the account to balance (use of supplies is debit to supplies expense; credit to supplies) __ D _ 3. On August 20, Donkey Kong, Inc. prepaid \$18,000 cash for 12 months of maintenance (for maintenance from September 1 through the following August 31). On August 20, when Donkey Kong records the \$18,000 payment, they will debit maintenance expense for: a. \$3,000 b. \$16,500 c. \$13,500 d. \$0 (they will not debit maintenance expense) e. \$1,500 When they pay, they will debit Prepaid Maintenance and credit cash for \$18,000. Note that NO Maintenance expense is recorded for this as they are pre-paying for September through the following August. Thus, it goes into a prepaid asset account. __
This is the end of the preview. Sign up to access the rest of the document.

## This note was uploaded on 06/16/2011 for the course ACC 241 taught by Professor Karengeiger during the Spring '08 term at ASU.

### Page1 / 13

ACC231 - Fall 2010 Exam 1A KEY - ACC231-FALL 2010-Exam 1...

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

View Full Document
Ask a homework question - tutors are online