ACG 2021, Introduction to Financial Accounting, Fall 2000, Exam 1 :: UFL Florida Business Accounting

Adaptation A Page 1 ACG 2021C Test 1 FALL 2000 NAME _____________________________________ SS# ____________________________ Directions: Presently: Bubble in your segment number on your Scan Sheet. Fill in your name and government managed savings number on this assessment and your output sheet. 1. Listen cautiously for any remarks your delegate may have identified with the test. Peruse these directions cautiously. Inability to do so may bring about your losing focuses. 2. This test comprises of 50 various decision questions. Select the BEST answer and imprint the suitable space on the output sheet with a #2 pencil as it were. You MUST keep your sweep sheet face down on the work area at the point when you are not filling it in. 3. You may utilize ONLY a non-programmable number cruncher during the test. Utilization of some other adding machine will be considered an infringement of the respect code. Your test will be taken from you and you will get an evaluation of 0. 4. Toward the finish of 2 hours, you will be advised to stop. Put your pencils down IMMEDIATELY. Inability to do as such will bring about your getting a zero for the test. 5. The test comprises of 13 pages, including this spread, and a clear page toward the end. Ensure you have all pages and all inquiries. 6. Have your University of Florida Identification card fit to be checked when you turn in your test. 7. Accept the bookkeeping substances utilize a schedule year except if in any case noted. 8. Accept a 360-day year. 9. At the point when you are done, turn in your output sheet, just as your test. Answers will be posted on the web after the tests are given back in class. 10. The University of Florida strategy on scholastic trustworthiness will be carefully upheld. At the point when you are advised to open your test, go to the first page and discover your test code. Quickly bubble this in on your scantron. Variant A Page 2 1. As of December 31, Mesa Company has a parity of $5,000 in debt claims of which $500 is over 30 days past due. Plateau has a credit parity of $45 in the remittance for far fetched accounts. Plateau assesses its awful obligations misfortunes at 1% of current records and 10% of records more than thirty days. What change should Mesa offer to the leniency for far fetched accounts? A) $95 (credit). B) $55 (credit). C) $50 (credit). D) None, the current equalization is right. E) None of the above is right. 2. A business' asset report can't be utilized to precisely foresee what the business may be sold for since An) it distinguishes all the incomes and costs of the business. B) resources are commonly recorded on the asset report at their authentic cost, not their present worth.