BMGT 220 Fall 2008 Final Exam

BMGT 220 Fall 2008 Final Exam - BMGT 220 Final Examination...

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

View Full Document Right Arrow Icon
BMGT 220 Final Examination (Comprehensive) December 17, 2008 This is only a Practice Examination, and is meant to give you a general idea of the type of questions you should expect on Examination 1. The actual questions in your examination will be different (and may test different concepts), and you should not use this Practice Examination as your only study guide. The actual exam will have 24 Multiple Choice questions. You will benefit the most if you treat this as a true "Practice" Exam. Find a place where you will not be disturbed, and simulate an exam environment. This means no books, no notes, no friends to help you (and, definitely no TV!). Only after you are completely done, grade your test using the Answer Key. Use your grade as a diagnostic to help identify the concepts you need to study further. WISH YOU THE BEST OF LUCK!! For the following Multiple Choice Questions, identify the letter of the choice (A,B,C,D) that best completes the statement or answers the question. There are a total of 32 questions, each worth 10 points. ____ 1. The Maximum Experience Company acquired a building for $500,000. Maximum Experience had an appraisal done, and found that the building was worth $575,000. The seller had paid $300,000 for the building 6 years ago. At what amount should the company record the building on its records? A. $500,000 B. $575,000. C. $300,000. D. Some value other than the above three ____ 2. The transaction of receipt of cash from customers in payment for products or services that have not yet been delivered to the customers is: A. Recorded as a debit to an unearned revenue account. B. Recorded as a debit to a prepaid expense account. C. Recorded as a credit to an unearned revenue account. D. Recorded as a credit to a prepaid expense account. ____ 3. Randomly listed below are the steps in the accounting cycle: (1) prepare the financial statements (2) post the journal entries to the ledger (3) record closing entries (4) prepare adjusted trial balance What is the proper order of these steps? A. (3), (2), (4), (1) B. (2), (3), (4), (1) C. (2), (4), (1), (3) D. (2), (4), (3), (1) ____ 4. When merchandise that was sold on account is returned, using the perpetual inventory system which accounts are affected? A. Cash, accounts receivable, cost of goods sold, and sales returns B. Sales returns, accounts receivable, merchandise inventory, and cost of goods sold. C. Sales returns, accounts receivable, purchases, and cost of goods sold. D. Sales returns, accounts receivable, purchases, and merchandise inventory
Background image of page 1

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

View Full DocumentRight Arrow Icon
____ 5. Which inventory cost flow assumption would report the highest net income (after taxes) sold under periods of inflation? A. FIFO B. LIFO C. Average Cost
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.

This note was uploaded on 10/16/2011 for the course BMGT 220 taught by Professor Bulmash during the Spring '08 term at Maryland.

Page1 / 7

BMGT 220 Fall 2008 Final Exam - BMGT 220 Final Examination...

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