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adms 2500 exam questions.doc

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Department
Administrative Studies
Course
ADMS 2500
Professor
All Professors
Semester
Fall

Description
ADMS2500Final Exam Winter 2011Part 1 30 Questions6 Questions for each test formTopic Mid term 1Source Lab 2 question 1Courtland Corp had the following transactions in April aSold instruments to customers for 6000 received 1200 in cash and the rest on account bDetermined that the cost of the instruments sold was 4200 cPurchased 3000 of new instruments inventory paid 1200 in cash and the rest on account dPaid 300 in wages for the month eReceived a 300 bill for utilities that will be paid in May fReceived 2000 from customers as deposits on orders of new instruments to be sold to customers in May You may complete the following statements to help you answer the questionsCash Basis Income StatementAccrual Basis Income StatementRevenuesRevenues Cash SalesSales to customers Customer DepositsExpensesExpenses Cost of sales Inventory Purchases Wages expense Wages Paid Utilities expenseUtilities ExpenseNet IncomeNet IncomeSolutionCash Basis Income StatementAccrual Basis Income StatementRevenuesRevenues Cash Sales1200Sales to customers6000 Customer Deposits2000ExpensesExpenses Cost of sales 4200 Inventory Purchases 1200 Wages expense 300 Wages Paid300 Utilities expense 300Utilities Expense 0Net Income 1200Net Income17002 Questions for each test formTopic Mid term 1Source Lab 4 question 21 Choose the term that best matches the following description At yearend wages payable of 3600 had not been recorded or paidA Accrued ExpenseB Accrued RevenueC Deferred ExpenseD Deferred RevenueThe correct answer is A Accrued Expense2 Choose the term that best matches each of the following description Interest of 250 on a note receivable was earned at yearend although collection of the interest is not due until the following yearA Accrued ExpenseB Accrued RevenueC Deferred ExpenseD Deferred RevenueThe correct answer is B Accrued Revenue3 Choose the term that best matches the following description At yearend service revenue of 2000 was collected in cash but was not yet earnedA Accrued ExpenseB Accrued RevenueC Deferred ExpenseD Deferred RevenueThe correct answer is D Deferred Revenue4 Choose the term that best matches the following description Supplies for office use were purchased during the year for 500 and 100 of the office supplies remained on hand unused at yearend A Accrued ExpenseB Accrued RevenueC Deferred ExpenseD Deferred RevenueThe correct answer is C Deferred Expense2 Questions for each test formTopic Mid term 1Source DVD Module 14 Questions 1 3 8 11 16 and 17
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