ADMS 2500 Study Guide - Midterm Guide: Accrual, Accounts Payable, Income Statement

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29 Mar 2014
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ADMS 2500 Full Course Notes
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ADMS 2500 Full Course Notes
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Instructions: only the mark sense sheet will be collected - - you may keep this midterm examination paper. Leave the last column of the student number blank: calculators are the only aid allowed, the exam is three hours in length and will run from approximately 6:00 pm to 9:00 pm. They will not wait and they will not accept your sheet once they have passed. Inventories: xyz corporation signs a contract with a customer for the construction of a new. At the signing on november 1st, xyz corporation receives a cheque for ,000 as a deposit on the future construction. If notes payable are , then owner"s equity will be: , , , *, none of the above, ztap inc. received a bill for utilities" usage in 2006 that will be paid in 2007. This utilities cost will be recognized a) b) In 2006 in the cash basis income statement and 2006 in the accrual basis.