BMGT 220 Final Exam - Spring 2011

BMGT 220 Final Exam - Spring 2011 - BMGT 220 FINAL...

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BMGT 220 FINAL EXAMINATION May 14, 2011 PRINT YOUR NAME:_____________________________________________________ Important: Bubble in your responses in the spaces provided next to each question on the Scantron sheet. MULTIPLE CHOICE QUESTIONS: Identify the letter of the choice (A,B,C or D) that best completes the statement or answers the question, and darken the corresponding bubble on the Scantron sheet. ____ 1. Which one of the following is not a key linkage among the four primary financial statements? A. The expenses in the income statement link to the total liabilities in the balance sheet. B. The statement of cash flows links to ending cash balance in the balance sheet. C. The income statement links to the ending retained earnings balance. D. The statement of retained earnings links to the balance sheet. ____ 2. Which of the following types of journal entries would NOT be made? A. A credit to an asset account, a debit to a liability account B. A debit to an asset account, a credit to a liability account C. A debit to an asset account, a credit to an owners’ equity account. D. A debit to an asset account, a debit to a liability account ____ 3. What effect does an unearned revenue adjustment have on a company’s net income? A. The adjustment increases net income for the period. B. The adjustment decreases net income for the period. C. The adjustment has no effect on net income. D. The effect of the adjustment cannot be determined with the information given. ____ 4. A retail Store uses a perpetual inventory system. At year-end, the Inventory account had a balance of $58,000, but a complete year-end physical inventory indicated goods on hand costing only $52,000. The company should: A. Increase the Inventory account by $52,000 B. Record $6,000 as a current liability C. Increase the Cost of Goods Sold by $6,000 D. Increase the Inventory account by $6,000 ____ 5. Which inventory costing method most closely approximates current cost for each of the following? Ending Inventory Cost of Goods Sold A. FIFO LIFO B. LIFO LIFO C. LIFO FIFO D. FIFO FIFO ____ 6. When a petty cash fund is in use: A. Petty Cash is credited when funds are replenished. B. Cash is debited when funds are replenished. C. Expenses paid with petty cash are recorded when the fund is replenished. D. Petty Cash is debited when funds are replenished. ____ 7. When an uncollectible account is written off using the allowance method, accounts receivable A. is unchanged and the allowance for doubtful accounts increases.
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B. increases and the allowance for doubtful accounts increases. C. decreases and the allowance for doubtful accounts increases. D. decreases and the allowance for doubtful accounts decreases. ____
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BMGT 220 Final Exam - Spring 2011 - BMGT 220 FINAL...

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