Exam 1 - Practice 2

Exam 1 - Practice 2 - ACCT 2103 Exam #1 Fall, 2010 Name _...

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ACCT 2103 Exam #1 Fall, 2010 Name ____________________________________ (1 point for correctly identifying your M/W seat!) M/W Section (Left, Center, or Right) __________ M/W Row __________ M/W Seat __________ Do not complete your green scantron until you are completely finished with the exam. You only need to record your name, class time (period) and version (test no.) on the scantron. The version number is provided on the last page of the exam. Do not open or turn over your exam until your instructor has handed out all of the exams. It is a violation of the ethical code of conduct to (1) provide any information regarding this exam to a student in a later exam section or receive information from a student in an earlier exam; (2) use a programmable calculator with memory. A violation of this code of conduct may result in an F! for the course.
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Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. “Recording revenues when they are earned” relates to which accounting principle? a. Matching b. Revenue recognition c. Conservatism d. Materiality ____ 2. On July 1, 2009, Charlie Co. paid $18,000 to Rent-An-Office for rent covering 18 months from July 2009 through December 2010. What adjusting entry should Charlie Co. record on December 31, 2009? a. Rent expense 18,000 Cash 18,000 b. Rent expense 18,000 Prepaid rent 18,000 c. Prepaid rent 6,000 Cash 6,000 d. Rent expense 6,000 Prepaid rent 6,000 ____ 3. Which of the following is a balance sheet item? a. Wages expense b. Unearned revenue c. Service revenue d. None of the above are balance sheet items ____ 4. The following events pertain to Julie Corp.: May 1, Julie purchased office supplies of $3,000 on account; May 5, the office supplies were shipped to Julie; May 8, Julie used these office supplies for a one-time event; May 9, Julie paid $3,000 cash for the office supplies she purchased on May 1 on account. Using accrual-basis accounting, on which date should Julie record office supplies expense? a. May 1. b. May 5. c. May 8. d. May 9. ____ 5. The ending balance of retained earnings of Mark Inc. increased by $1.9 million from the beginning of the year. Mark Inc. paid cash dividends of $1.5 million at the end of the year. What is the net income Mark Inc. earned during the year? a. $0.4 million. b. $1.9 million. c.
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This note was uploaded on 11/23/2011 for the course ACCT 2103 taught by Professor Burnett during the Fall '08 term at Oklahoma State.

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Exam 1 - Practice 2 - ACCT 2103 Exam #1 Fall, 2010 Name _...

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