Study Guides (238,486)
Canada (115,176)
York University (9,816)
ADMS 2500 (57)

2500Fall 2011 2nd midterm.pdf

19 Pages
Unlock Document

York University
Administrative Studies
ADMS 2500
Brian Gaber

York University AP/Adms 2500.03 Introduction to Financial Accounting Midterm Examination #2 Test Form A Fall 2011 Time: 3 hours Questions: 50 Instructions: 1. Submit: Only the pink mark sense sheet will be collected: you may keep this midterm examination paper. Mark your answers on it for lat.rThere are time value of money tables appended to the end of this examination and also some blank pages to do calculations. 2. Mark Sense Sheet: Record your name and student number and answe r all questions on the computer mark sense sheet provided with an HB (soft lead) pencil. Bring several pencils in case one breaks. The computer will not recognize ink or hard lead .encils Test Form is 'A' and Code is your Section (in the.left column) Fill in the bubbles for your name and student number in pencil (your phone number is not required). Leave the last column of the student number.BLANK If you change an answer, use a high quality eraser to completely remove the previous mark. If the compute r senses two answers to a question, only the first scanned will be recognized. 3. Exam Aids: Only calculators without alphanumeric programmable memories are allowed. It is strongly suggested you bring a couple of cheap 4 function computers to the exam in case one fails. Be prepared to be challenged by invigilators if you bring a fancy calculator. You may not use a cell phone ap as a calculator. Compact foreign language/English dictionaries may be used. However, these will be examined by invigilators. If there are any loose pages or handwriting in the dictionary, it will be seized and you will be charged with academic dishonesty. Electronic dictionaries are banned. 4. Exam Strategy: Careful budgeting of time on an accounting exam is essential. Bring a wat ch and check your progress regularly. Poor time management is the most common reason for poor exam performance in accounting. It is always a good idea to attempt the questions you deem easiest first. In an interrupted exam that is not restarted, your exam will be scored based on questions attempted. It is essential to transfer your answers to the grading sheet after each question in case the exam is interrupted by fire alarm. The last ten minutes of an exam should be devoted to double checking your transfer s. What you submit is what is graded. If you have not transferred your answesense sheet at the end of the exam, the invigilator will not wait. Your answer sheet will be seized and it will be graded based on whatever questions have choices filled in. Remember there is no penalty for guessing on a multiple choice computer graded exam. Submit a choice for every question. Also note that in 2500, choice (E) None of the above does indeed represent a frequent correct choice to questions. 1 5. Exam room regulations: All personal belongings either on the floor or at the front of the exam room. All items on your desk will be examined by invigilators Bring appropriate ID as proof of registration. You will be required to sign in and show appropriate documentation. Students without ID will be allowed to write the exam, but will be photographed and asked to submit registration and photo ID to the School of Administthe next day.s No student may leave the exam in the first hour. No student ma y start the exam after an hour. Students requiring restroom visits must be accompanied by an invigilator. The proctors will announce when there are 15 minutes remaining and any answers not transferred should be recorded at this time. No one is to leave the ir seat in the last 10 minutes. When time is called, the proctors will go down the rows collecting your answer sheets and this exam paper. They will not wait and they will not accept your sheet once they have passed. Any violation of this protocol will result in a grade of zero recorded for the exam. 6. Fire Alarms A frequent occurrence in York exams. In the event of a fire alarm, you are to leave your exam and answer sheet face down on your desk and immediately proceed outside with coats and all personal belongings. Print your surname on the back of the exam so you know which seat to return to. An invigilator will lead the group outside to a place of safety. There is to be no talking during the evacuation or outside. Most rooms are cleared so that exams can recommence, within 30 minutes of the alarm. You will be told after this time whether to reenter the room and recommence the exam or to go home. 7. Academic Dishonesty You are reminded that cheating is a serious offense which can result in expulsion from university Exams at York are held in regular classrooms, which may involve tiered seating. Consequently, neck exercises are not allowed during exams. First instaneyes has theing student relocated to the front of the room. Second instance resu lts in seizure of paper. 8. Special Instructions: Asking questions of Invigilators IN 2500, INVIGILATORS ANSWER NO QUESTIONS OF INTERPRETATION. Your invigilator may not have even taken accounting. Accounting exams contain so many numbers that some times typos creep into the exam questions despite proofreading. If you notice what appears to be a typo ask the neaThey will pass along questions regarding possible errors/ typos/missing data to the head invigilator. Iisthere is a typo and it caught early during the exam, a correction will be announced and placed on the front board. Typos caught late in the exam will just result in that particular question not being scored by the computer. If you believe a question contains an error and do n ot receive a response during the exam then this is an issue for you to send an email to your instructor post exam. 2 QUESTION 1 The accounting records of ABC Ltd. show that the following adjusting journal entry was made in the general journal in the month of October. Dr Bank Service Charge Expense 500 Cr Cash 500 As a well educated and trained accounting student you would rightfully conclude that in the October bank reconciliation for ABC that the $500 shows as: A) An addition in the reconciliation (i.e., there is a plus sign in front of the number) B) A deduction in the reconciliation (minus sign in front of the number C) It shows both as a deduction and as an addition in the reconciliation D) It doesnt show in the reconciliation. It comes from some other source. QUESTION 2 In the same bank reconciliation there is reference to a cheque recorded in ABDs Cash Disbursements Journal as $154 when in fact the amount actually written on the cheque is $145. The latter number is correct. The appropriate reconciling amount in the reconciliation would show as: A) An addition in the reconciliation (i.e., there is a plus sign in front of the number) B) A deduction in the reconciliation (minus sign in front of the number) C) It shows both as a deduction and as an addition in the reconciliation D) It doesnt show in the reconciliation. It comes from some other source. QUESTION 3 In the same reconciliation there is reference to a deposit in transit of $1,000. It would show in the reconciliation as: A) An addition in the reconciliation (i.e., there is a plus sign in front of the number) B) A deduction in the reconciliation (minus sign in front of the number) C) It shows both as a deduction and as an addition in the reconciliation D) It doesnt show in the reconciliation. It comes from some other source. QUESTION 4 In the general journal for ABC in October the adjusting entry we would expect to see reflecting the $1,000 deposit in transit would be: A) dr cash 1,000 and cr cash receipts 1,000 B) dr cash 1,000 and cr sales 1,000 C) dr bank 1,000 and cr cash 1,000 D) dr cash but nor corresponding credit ( a one sided entry to correct the bank error) E) None of the above 3 QUESTION 5 CCD Co. has a petty cash account which was established at the amount of $100 and prepares a balance sheet. Before preparing the balance sheet, Joe, the accountant, looks in the petty cash box and sees only $10 in currency. He added the ten dollars to the General Ledger balance for Cash to get his appropriate number for Cash on the Balance Sheet. A) Joe has followed GAAP B) Joe has violated GAAP C) Joe has broken two GAAP rules here but they counteract each other so the ultimate effect is that cash on the balance sheet is correctly stated. D) We need more information to decide whether there has been a GAAP violation. ****The next four questions ( 6 to 10) all relate to data for GIGO Ltd.**** GIGO has the following trial balance for receivables at October 31 2011. Customer Invoice date Amount A Oct 16 $10,000 B Aug 31 $20,000 C Oct 25 $5,000 D Sept 5 $15,000 E Oct 10 $8,000 F Oct 12 $12,000 Total $70,000 Prior to pr
More Less

Related notes for ADMS 2500

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.