KU ACCT 200 - Copies of Two Old Exams (28 pages)

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Copies of Two Old Exams



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Copies of Two Old Exams

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Pages:
28
School:
University of Kansas
Course:
Acct 200 - Financial I
Financial I Documents
Unformatted text preview:

Copies of Two Old Examinations Contents Location Examination One First 12 Pages in this section Examination Two Next 14 pages in this section Page 1of Exam 1 DO NOT OPEN THIS EXAM BOOKLET UNTIL TOLD TO BEGIN Accounting 200 Examination 1 Name TA Name ID Lab Time 1 All books notes and other items including scratch paper must be placed at the front of the room Work should be done on the front of these pages only Work done on the back of any page will not be graded You may use a standard non alphanumeric calculator 2 Fill in the above information 3 When you are instructed to begin check to make sure that you have pages 2 through 12 following this page If you are missing a page raise your hand to obtain another exam Put your initials in the space provided at the top of each page 4 The second page of this exam provides a space for you to mark your answers to the two multiple choice sections Please transcribe your answers to this page when you have completed each section Please sign one of the two statements regarding academic misconduct 5 Some partial credit will be given for the fourth section Problems of this test Please show all computations in order to maximize your score on this portion of the exam 6 The exam proctors cannot interpret the examination for you If you feel a question is unclear indicate any reasonable clarifying assumptions you have made and proceed to work the problem 7 The graded exam will be returned and discussed during Thursday s class The regrade policy for this course requires that you submit any request for a regrade by 4 00 PM on the same day Exams not picked up during class on the first return day will be returned during the following lab section no regrade will be available for exams returned at that time Good Luck Grade Section I of 30 points Section II of 25 Section III of 35 Section IV of 60 Total of 150 points Problem 1 Problem 2 Page 2 of Exam 1 Show all answers to Sections 1 and 2 on this page Please be careful Only this page will be graded for these sections Section I Multiple Choice Concepts and Definitions 1 2 3 Section I Grade 4 Number Correct X 3 5 Section I Score 6 7 8 9 10 Section II Multiple Choice Calculations 1 2 Section II Grade 3 Number Correct X 5 4 Section II Score 5 Credit for this exam will be given only if one of the two statements below is signed I have not received nor given unauthorized aid during this exam I have not observed any other students receiving or giving such aid Student s Signature I cannot in good faith sign the above statement Student s Signature Page 3of Exam 1 Section I Multiple Choice Concepts and Definitions Mark the best answer and write the letter of the answer in the margin When you have finished this section transcribe your answers to the proper location on the second page of this test Ambiguous or unclear answers will be marked incorrect There are ten questions in this section Each question in this part is worth 3 points 1 A business owner s investment in a personal residence using personal funds results in which of the following entries for the business A a decrease in cash and an increase in stockholders equity B a decrease in cash and an increase in liabilities C an increase in both cash and liabilities D none of these 2 What is the basis for the statement of cash flows under the direct method A net income B cash T account C retained earnings D none of these 3 Which of the following is not a type of business entity A proprietorship B partnership C corporation D trust 4 Which of the following is not true of investors A they get a share of the profits earned B they have a right to a say in how the entity operates C they must obtain a license D they make investments to receive some future gain 5 The Super Sales Company purchased inventory for 6 000 terms 5 10 n 30 How much should Super Sales send to the supplier if they pay 8 days after receiving the bill A 5 700 B 5 400 C 600 D 6 000 6 Which of the following accounts should be closed to income summary A unearned revenue B accumulated depreciation C salary expense D all of these Page 4 of Exam 1 7 For assets A a debit decreases the account B a credit increases the account C a debit increases the account D none of these 8 What is a chart of accounts A a picture of how accounts interact with each other B a list of accounts used by a company C a list of passwords to access account information on a company s computer system D another name for a ledger 9 What is posting A positioning yourself at one of the goal posts to defend a corner kick in a soccer game B the process of transferring the information in the journal to the appropriate ledger accounts C the process of recording the information from a transaction in the general journal D the process of transferring the information in the ledger accounts to the trial balance 10 What do merchandisers do A purchase already manufactured products and resell them at a mark up B put all products that customers may want in one convenient place at the same time C attempt to sell quality products which can be easily replaced repaired or returned if the customer so needs D all of these Page 5of Exam 1 Section II Multiple Choice Calculations Mark the best answer and write the letter of the answer in the margin When you have finished transcribe your answers to the proper location on the second page of this test Ambiguous or unclear answers will be marked incorrect There are five questions in this section Each question in this part is worth 5 points The following information applies to both questions 1 and 2 Certain amounts from Ryan s Raisin Company Balance Sheet as of December 31 19X1 are shown below Total Current Assets 50 000 Total Long Term Assets 100 000 Total Current Liabilities 25 000 Total Long Term Liabilities 60 000 1 What is Ryan s working capital A 40 000 B 25 000 C 10 000 D 40 000 2 What is Ryan s current ratio A 2 00 B 0 50 C 0 83 D 1 20 3 Taxes owed at the end of the year by a firm but not yet paid were 300 What journal entry should be made at the end of the year A debit tax expense for 300 credit cash for 300 B debit unpaid taxes for 300 credit taxes payable for 300 C debit tax expense for 300 credit taxes payable for 300 D debit income summary for 300 credit taxes payable for 300 4 Retained Earnings was 32 …


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