BMGT310_201002_mt1_past_exams

BMGT310_201002_mt1_past_exams - _ Name (Print ) University...

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____________________________ Name (Print) University of Maryland Robert H Smith School of Business BMGT310 Prof. S. Brown Spring 2010 Maximum Points: 60 Mid-Term 1 - version 1 Note: University of Maryland Honor Code is Applicable Please sign below to certify: I pledge on my honor that I have not given or received any unauthorized assistance on this exam/assignment." _____________________ Signature 1
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Section A 1 A trial balance may prove that debits and credits are equal, but A) an amount could be entered in the wrong account. B) a transaction could have been entered twice. C) a transaction could have been omitted. D) all of these. 2 A journal entry to record a payment on account to a supplier will include a A) debit to accounts receivable. B) credit to accounts receivable. C) debit to accounts payable. D) credit to accounts payable. 3 When a company uses a periodic inventory system, the year-end entry to adjust the inventory account will debit and credit inventory as follows: Beginning Inventory Amount Ending Inventory Amount A) Debited Credited B) Debited Debited C) Credited Debited D) Credited Credited 4 Carolina Mills purchased $270,000 in supplies this year. The supplies account increased by $10,000 during the year to an ending balance of $66,000. What was supplies expense for Carolina Mills during the year? A) $300,000. B) $280,000. C) $260,000 D) $240,000. 5 A correction of an error in prior periods' income will be reported In the income statement Net of tax A) Yes Yes B) No No C) Yes No D) No Yes 2
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Use the following information for the next two questions. At Hall Company, events and transactions during 2007 included the following. The tax rate for all items is 30%. (1) Depreciation for 2005 was found to be understated by $30,000. (2) A strike by the employees of a supplier resulted in a loss of $25,000. (3)
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BMGT310_201002_mt1_past_exams - _ Name (Print ) University...

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