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Past Exam for ACG 2021 - Prin of Financial Accounting with Rallis at Valencia Comm College (VCC)

Exam Information

Material Type:Exam 2
Professor:Rallis
Class:ACG 2021 - Prin of Financial Accounting
Subject:ACG: Accounting-General
University:Valencia Community College
Term:--
Keywords:
  • Outstanding Checks
  • Credit Terms
  • Service Charge
  • Cash Balance
  • Perpetual Inventory Method
  • Reconciliation
  • Bank Service Charge
  • Discount Period
  • Physical Count
  • Outstanding
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Sample Document Text

ACG 2021 MT#2 (30% of Your Overall Grade) Name: __________________________ Date: _____________ 1.Analyze the following T-account in the ledger of Moxy Pool Supply Company Mdse. Inventory 5,000 400 If $5,000 in the Inventory account represents merchandise purchased from a supplier, we can assume the company uses the A)periodic inventory method and $400 may represent the missing inventory at year end. B)periodic inventory method and $400 may represent cost of goods sold. C)perpetual method and $400 may represent a payment to a supplier D)perpetual inventory method and $400 may represent a purchase return. 2.The following T-accounts are from the ledger of Hall Company. Hall uses the periodic inventory system. Purchases Accounts Payable 6,000 6,000 Which of the following is true about Hall Company? A)When merchandise is sold, the purchases account will be credited for cost of goods sold. B)The accounts indicate that Hall returned $6,000 of merchandise to a supplier. C)The ...

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