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Past Exam for COB 241 - FINANCIAL ACCOUNTING with Briggs at James Madison (JMU)

Exam Information

Material Type:Practice Exam 1
Professor:Briggs
Class:COB 241 - FINANCIAL ACCOUNTING
Subject:College of Business
University:James Madison University
Term:Fall 2008
Keywords:
  • Provided That
  • Decrease Cash
  • Reconciliation
  • Owners Equity
  • Owners' Equity
  • Overstatement
  • Accounting Period
  • Accounting Entry
  • Account Receivable
  • Receivable Account
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Sample Document Text

COB 241 Practice Multiple Choice Questions 1. An account’s “normal” balance is a. The debit side b. The credit side c. The side on which decreases are recorded d. The side on which increases are recorded 2. Which of the following accounts normally has a debit balance? a. Accumulated depreciation b. Depreciation expense c. Unearned revenue d. Retained earnings 3. Beginning and ending Cash balances were $7,500 and $11,000, respectively. If total cash paid out during the period was $47,000, what amount of cash was received during the period? a. $43,500 b. $50,500 c. $58,000 d. $54,500 4. A trial balance will not balance if a. a transaction is recorded twice b. a transaction is never recorded c. a credit is incorrectly entered as a debit d. an amount is recorded in the wrong account e. None of the above. 5. KMR Company began the accounting period with a $6,000 debit balance in its accounts receivable account. During the accounting period KMR recorded revenue on account amounting to $19,000. The accounts rec...

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