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BAM 110 BAM110 Unit 2 Exam Answers

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BAM 110 Unit 2 Exam Answers (CCU)

California Coast University

1. A form used to organize and check data before preparing financial reports is known as a(n):

2. Equipment with a cost of $150,000 has an accumulated depreciation of $100,000. What is    the historical cost of the equipment?

3. Bailey’s received its electric bill for December on December 31, but did not pay nor record it in     the general journal. This resulted in:

4. The adjusted trial balance columns:

5. The capital balance amount shown in the balance sheet column of the worksheet represents:

6. On a worksheet, the income statement debit column totals $10,200 and the credit column totals $10,000. Which of the following statements is correct?

7. Adjusting journal entries:

8. Accounts in which the balances are carried over from one accounting period to the next are called:

9. Closing entries:

10. The entry to close income summary (net loss) was entered in reverse—income summary was       debited and capital was credited. This error will cause:

11. In the normal accounting cycle, the:

12. Closing entries will:

13. The adjusting entry to record depreciation for the company automobile would be:

14. Internal control over a company’s assets should include the following policy:

15. Company policy for internal control should include all of the following except:

16. If the written amount on the check does not match the amount expressed in figures, the bank       may:

17. The bank would issue a credit memorandum to Maria’s Life Management when the bank:

18. How would outstanding checks be handled when reconciling the ending cash balance per the      bank statement to the correct adjusted cash balance?

19. A petty cash fund is set up:

20. A pay period is defined as:

21. Gross earnings are the same as:

22. Bob Hill’s hourly rate is $25.00, and he worked 38 hours during the week. What is his gross pay for the week?

23. Another name for the Fair Labor Standards Act is:

24. Which of the below allowances would have the least amount of taxes withheld for federal       income tax purposes?

25. Blue’s Tax Service has two types of employees: management and clerical support. The company estimates that it will pay the clerical support $300,000 next year and the managers $255,000. For every $100, the company pays $0.14 into the workers’ compensation insurance. Calculate the amount of workers’ compensation insurance.

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