Acc 200 Aptitude Exam Answers
FACULTY OF BUSINESS ACC100 ACCOUNTING 1 Sample examination
TIME: 9.20 - 12.30 Hours WRITING TIME: Three (3) hours READING TIME: Ten (10) minutes
MATERIALS SUPPLIED BY UNIVERSITY:
Answer Booklets (4 x 6 page) General Purpose Answer Sheet GPAS-200R
MATERIALS PERMITTED IN EXAMINATION: Writing implements, including a 2B pencil and an eraser Battery operated, hand held, no print facility calculator NUMBER OF QUESTIONS: Part A: Thirty Part B: Four (30) multiple choice (4) questions
INSTRUCTIONS TO CANDIDATES: 1. Enter your name and student number and sign in the space provided at the bottom of this page. You must also enter your name and number in pencil on the multiple choice answer sheet, and upon the answer booklet. This examination …show more content…
During the first month of operation Terri performed the following transactions: i ii iii iv v vi invested $2,000 in the business prepaid rent of $1000 purchased $1,500 of furniture on credit purchased $100 of supplies for cash paid $300 on the furniture purchased in iii purchased an antique mirror for $1,000, paying cash of $500 and putting $500 on credit.
Using the accounting equation, the final balance on both sides is: A B C D 7 3,900 3,700 4,300 4,400
Use the following information to calculate the balance in John's Capital account. Balance of accounts for John's Cleaning on 31 March Accounts Payable Accounts Receivable Cash at bank Equipment Supplies Bill Payable John, Capital A B C D $20,000 $17,500 $18,000 $15,000 $ 1,000 $ 1,500 $ 500 $20,000 $ 1,000 $ 4,000 ?
8
Under the cash basis of accounting: A B C D Net profit is the excess of cash inflows from revenue over cash outflows for expenses Revenue is recognized when goods are sold Expenses are recognized when costs are consumed B and C
3
9
Judy's Hairdressing Salon uses cash accounting. During 2005 the salon reported $41,000 in wages paid on the income statement. At year-end 2005 wages owing but unpaid were $2,400. If the salon changed to accrual accounting, how much would be reported as wages expense for 2005? A B C D $38,600 $41,000 $43,400
TIME: 9.20 - 12.30 Hours WRITING TIME: Three (3) hours READING TIME: Ten (10) minutes
MATERIALS SUPPLIED BY UNIVERSITY:
Answer Booklets (4 x 6 page) General Purpose Answer Sheet GPAS-200R
MATERIALS PERMITTED IN EXAMINATION: Writing implements, including a 2B pencil and an eraser Battery operated, hand held, no print facility calculator NUMBER OF QUESTIONS: Part A: Thirty Part B: Four (30) multiple choice (4) questions
INSTRUCTIONS TO CANDIDATES: 1. Enter your name and student number and sign in the space provided at the bottom of this page. You must also enter your name and number in pencil on the multiple choice answer sheet, and upon the answer booklet. This examination …show more content…
During the first month of operation Terri performed the following transactions: i ii iii iv v vi invested $2,000 in the business prepaid rent of $1000 purchased $1,500 of furniture on credit purchased $100 of supplies for cash paid $300 on the furniture purchased in iii purchased an antique mirror for $1,000, paying cash of $500 and putting $500 on credit.
Using the accounting equation, the final balance on both sides is: A B C D 7 3,900 3,700 4,300 4,400
Use the following information to calculate the balance in John's Capital account. Balance of accounts for John's Cleaning on 31 March Accounts Payable Accounts Receivable Cash at bank Equipment Supplies Bill Payable John, Capital A B C D $20,000 $17,500 $18,000 $15,000 $ 1,000 $ 1,500 $ 500 $20,000 $ 1,000 $ 4,000 ?
8
Under the cash basis of accounting: A B C D Net profit is the excess of cash inflows from revenue over cash outflows for expenses Revenue is recognized when goods are sold Expenses are recognized when costs are consumed B and C
3
9
Judy's Hairdressing Salon uses cash accounting. During 2005 the salon reported $41,000 in wages paid on the income statement. At year-end 2005 wages owing but unpaid were $2,400. If the salon changed to accrual accounting, how much would be reported as wages expense for 2005? A B C D $38,600 $41,000 $43,400