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Past Exam for BMGT 220 - PRIN ACCOUNTING I with Rymer at Maryland (UMD)

Exam Information

Material Type:Exam 2
Professor:Rymer
Class:BMGT 220 - PRIN ACCOUNTING I
Subject:Business and Management
University:University of Maryland
Term:Fall 2001
Keywords:
  • Consistency Principle
  • Personal Expenses
  • Disclosure Principle
  • Nominal Accounts
  • Full Disclosure Principle
  • Unadjusted Trial Balance
  • Real Accounts
  • Permanent Accounts
  • Physical Count
  • Understatement
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Sample Document Text

Answer Key -- 220EX2AlFOl 1. B 2. D 3. C 4. D 5. A 6. A 7. C 8. D 9. D 10. D 11. C 12. A l3. D 14. C 15. D 16. D 17. A 18. A 19. A 20. A 21. A 22. D 23. B 24. A 25. C Page 8 GM~T ~20 t~A~IWO ~ \--~I lao I \j .~yYLQ/\ 1. When closing entries are made: A) All ledger accounts are closed to start the new fiscal period. B) All temporary accounts are closed but not the permanent accounts. C) All real accounts are closed but not the nominal accounts. D) All permanent accounts are closed but not the nominal accounts. 2. The current ratio: A) Is used to measure a company's profitability. B) Is used to measure the relation between assets and long-term debt. C) Measures the effect of operating income on profit. D) Is used to help evaluate a company's ability to pay its short-term obligations. 3. A compnay's ledger accounts and their end-of-period balances before closing entries are posted are shown below, what amount will be posted to ...

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