Sample+Exam+1+for+2009

Sample+Exam+1+for+2009 - Section A: Answer all Questions....

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Section A: Answer all Questions. Use the Multiple Choice Answer Sheet provided. 1 From the accounting equation, owners equity is : A Assets - Liabilities (Revenue Expenses) B Assets + Liabilities + (Revenue Expenses) C Revenue + Expenses - Drawings D Revenue + Expenses + Drawings 2 The balance date refers to the final date of : A lodging a tax return B payment to creditors C registration of the business D the accounting period 3 The entries to record Bought motor vehicle on credit are : A debit Purchases and credit Motor Vehicle B debit Motor Vehicle and credit Accounts Payable C debit Motor Vehicle and credit Cash at Bank D debit Purchases and credit Cash at Bank 4 A Sales Invoice does not contain the following information : A delivery instructions B customers order number C name of customer D reasons for goods returned 5 A telephone expense of $120 was wrongly debited to the Maintenance Expense account. The correction entry for this error should be : A dr Telephone Expense and cr Cash at Bank B dr Telephone Expense and cr Maintenance Expense C dr Maintenance Expense and cr Cash at Bank D dr Maintenance Expense and cr Telephone Expense UNSW Foundation Year Introductory Accounting Sample Final Exam 1 1 6 Sold motor vehicle for cash. What is the effect of this transaction on the accounting equation ? A no change in total assets B change in liabilities C increase in assets but decrease in liabilities D increase in liabilities but decrease in assets 7 The Profit and Loss Statement is a : A general ledger B general journal C voucher D report 8 Which of the following is not found in the balance sheet ? A drawings B overdrafts C bad debts D vehicle 9 P. Traders records show Opening inventory at $20,000, Purchases $105,000, Purchases Returns $2,000, Freight Costs $3,000 and the Closing inventory at $28,000. What is the Cost of Goods Sold ? A $98,000 B $79,000 C $56,000 D $85,000 10 The Discount Allowed Account is debited because : A revenues decrease B liabilities increase C expenses increase D assets decrease UNSW Foundation Year Introductory Accounting Sample Final Exam 1 2 11 According to the double entry rule, the receipt of cash from a debtor will be recorded as : A debit Cash at Bank as assets increase and credit Accounts Receivable as assets decrease B debit Accounts Payable as liabilities increase and credit Cash at Bank as assets increase C debit Accounts Payable as liabilities decrease and credit Cash at bank as assets decrease D debit Cash at Bank as assets increase and credit Purchases as expenses decrease 12 Purchased goods for cash is recorded in the : A cash receipts journal B cash payments journal C sales returns journal D purchases journal 13 Debts owing by P. Johnson are written off as bad debts and debited to : A Accounts receivable B Purchases account C Accounts payable D Bad debts account 14 Which of the following is not an equivalent of inventory ?...
View Full Document

Page1 / 18

Sample+Exam+1+for+2009 - Section A: Answer all Questions....

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online