ADMS 2500 Study Guide - Midterm Guide: Bank Reconciliation, List Of The Shield Episodes, Petty Cash

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Published on 18 Sep 2012
School
York University
Department
Administrative Studies
Course
ADMS 2500
Professor
1
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 later reference. There 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 answer 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 pencils.
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 computer
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 watch 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 transfers. What you submit is
what is graded. If you have not transferred your answers to the mark sense 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.
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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 Administrative Studies the next day.
No student may leave the exam in the first hour. No student may 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 their 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 instance of wandering eyes has the
student relocated to the front of the room. Second instance results 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 nearest invigilator. They will pass along
questions regarding possible errors/ typos/missing data to the head invigilator. If there is a typo and it is
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 not receive a response during the exam then this is an issue for you to
send an email to your instructor post exam.
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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 doesn’t 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 ABD’s 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 doesn’t 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 doesn’t 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
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Document Summary

Only the pink mark sense sheet will be collected: you may keep this midterm examination paper. Mark your answers on it for later reference. There are time value of money tables appended to the end of this examination and also some blank pages to do calculations. Record your name and student number and answer all questions on the computer mark sense sheet provided with an hb (soft lead) pencil. The computer will not recognize ink or hard lead pencils. 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 computer senses two answers to a question, only the first scanned will be recognized: exam aids, exam strategy:

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