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Adms-2500-Final EXAMPLE 1.pdf

20 Pages

Administrative Studies
Course Code
ADMS 2500

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York UniversityAkAdms 250003Introductory Financial AccountingFinal Examination Name Student Number Time 30 hours Questions 50Instructions1Record your name and student number and answer all questions on the computer mark sense sheet provided The exam questions and booklets will be collected you may NOT keep this final examination paper2 Record your name and student number and answer all questions on the computer mark sense sheet providedaUse an HB pencil bFill in the bubbles for your name and student number your phone number is notrequiredcTest Form is as shown at the top of this examination paperdCode is your Section eLeave the last column of the student number blankfCalculators are the only aid allowedgThe exam is three hours in length Budget your time wiselyhIt is prudent practice to transfer your answers to the grading sheet after each question and to proof your transfersiThe proctors will announce when there are 10 minutes remaining and any answers not transferred should be recorded at this timejNo one is to leave their seats in the last 10 minuteskWhen time is called the proctors will direct collection of your answer sheet AND this exam paperFailure to comply promptly with the proctors directions for collection will result in a zero grade being recorded for this examinationlYou are reminded that cheating is a serious offense which can result in expulsion from university Choose the best answer to each of the following1 Which of the following accounts would be increased by a creditaAccounts ReceivablebPremium on Bonds PayablecLoss on Disposition of EquipmentdSales Returns and AllowanceseNone of the above2 Which of the following are contra accountsaAllowance for Uncollectible AccountsbAccumulated DepreciationcDiscount on Bonds PayabledAll of the above3 When ABC Corporation received cash from a supplier to pay for an account payable related to a defective merchandise purchase ABC corporation had returned the bookkeeper debited Cash and credited SalesAs a result of this error aAssets and Liabilities would be understatedbCash and Sales would be overstatedcSales and Liabilities would be overstateddAssets and Sales would be understatedeNone of the aboveUse the following information to answer questions 4 and 5Toasters Only Company TO began business on March 1stIt sells toasters for a great priceOn March 5th TO recorded the receipt of 500 toasters the second shipment it received from its supplier by debiting Inventory and crediting Accounts Payable 5000 This second shipment brought the total Inventory of toasters to 1000 units with a thweighted average cost of 9 eachOn March 8 TO made its very first sale shipped 400 toasters to a customer a restaurant chain and recorded the sale with a journal entry that included a debit to Accounts Receivable of 9000 ignore sales taxes
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