Exam 1 - Practice 1

Exam 1 - Practice 1 - ACCT 2103 Exam#1 Spring 2010 Name(1...

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ACCT 2103 Exam #1 Spring, 2010 Name ____________________________________ (1 point for correctly identifying your M/W seat!) M/W Section (Left, Center, or Right) __________ M/W Row (A,B,C,D,E,F,G,H,J,K,L) __________ M/W Seat (1-12) __________ 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 # 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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1. Clement Company paid an account payable related to a previous utility bill of $1,000. This transaction should be recorded as follows on the payment date: A. Debit cash $1,000, credit accounts payable $1,000. B. Debit cash $1,000, credit utilities expense $1,000. C. Debit accounts payable $1,000, credit cash $1,000. D. Debit utilities expense $1,000, credit cash $1,000. 2. At the beginning of December, Global Corporation had $1,000 in supplies on hand. During the month, supplies purchased amounted to $2,000, but by the end of the month the supplies balance was only $1,200. What is the appropriate month-end adjusting entry? A. Debit supplies expense $1,800, credit supplies $1,800 B. Debit cash $1,800, credit supplies $1,800 C. Debit cash $1,200, credit supplies $1,200 D. Debit supplies $1,800, credit supplies expense $1,800 3. Receiving cash from an account receivable: A. Increases one asset and decreases another asset. B. Increases a revenue and decreases an asset. C. Increases an asset and increases a revenue. D. Decreases a liability and increases an asset. 4. What key piece of legislation was passed in response to corporate accounting scandals by Enron, Worldcom, and others? A. 1934 Securities Exchange Act. B. Sarbanes-Oxley Act. C. Regulation Fair Disclosure. D. 1933 Securities Act. 5. Which of the following statements is correct?
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Exam 1 - Practice 1 - ACCT 2103 Exam#1 Spring 2010 Name(1...

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