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Midterm

MGT120H 2006 Winter Test and Test Solution.pdf

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Department
Management
Course
MGT120H5
Professor
Elisa Zuliani
Semester
Winter

Description
MGT120 H1F Financial Accounting I Part A 10 marks1 On December 1 2003 Blue Mountain Snow Removal Service Ltd receives 1800 in advance for an agreement to remove snow from a clients parking lot during the months of December January and February As of December 31 2003 Blue Mountain Snow Removal Service Ltda would have a 1200 liability to its client under accrual accounting and would have a 1800 liability to its client under cashbasis accounting b would have recognized 600 revenue under accrual accounting and would have recognized 1800 revenue under cashbasis accounting c would have a 0 liability to its client under accrual accounting and would have a 1200 liability to its client under cashbasis accounting d would have recognized 600 cash under accrual accounting and would have recognized 1800 cash under cashbasis accounting2 If a bookkeeper mistakenly recorded a disbursement of 48 instead of the correct amount of 84 the error would be shown on the bank reconciliation as aa 36 deduction to the books b 36 addition from the books c 48 addition to the books d 48 deduction from the books 3 On October 25 2003 JeffersonCole Corp prints a cheque for Novembers rent payment JeffersonCole Corp mails the cheque on October 27 to the landlord The landlord receives the cheque October 31 and cashes the cheque on November 2 When should JeffersonCole Corp record the rent expense associated with this transactiona October 25 2003 b October 27 2003 c November 30 2003 d November 2 20034 MitchellFrank Incorporated use the percentageofsales method to estimate uncollectible receivables Net credit sales for the current year amount to 1000000 and management estimates 3 will be uncollectible Allowance for Doubtful Accounts prior to adjustment has a debit balance of 1900 The amount of expense reported on the income statement will bea 31900 b 30000 c 28100
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