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

VERSION APage 1ACG 2021CEXAM 1FALL 2000NAME _____________________________________ SS ____________________________InstructionsNOW Bubble in your section number on your Scan Sheet.Fill in your name and social pledge number on this examination and your skitter sheet.1. Listen carefully for any comments your proctor may beat related to the exam. Read these instructionscarefully. Failure to do so may result in your losing points.2. This exam consists of 50 multiple-choice questions. Select the BEST answer and mark the appropriatespace on the scan sheet with a 2 pencil only. You MUST keep your scan sheet face down on the deskwhen you are not filling it in.3. You may use ONLY a non-programmable calculator during the exam. Use of any other calculator pull up stakes beconsidered a violation of the honor code. Your exam will be taken from you and you will receive a gradeof 0.4. At the end of 2 hours, you will be told to stop. Put your pencils down IMMEDIATELY. Failure to do sowill result in your receiving a zero for the exam.5. The exam consists of 13 pages, including this cover, and a blank page at the end. Make sure you have allpages and all questions.6. Have your University of Florida Identification card ready to be checked when you turn in your exam.7. Assume the accounting entities use a schedule year unless otherwise noted.8. Assume a 360-day year.9. When you are finished, turn in your scan sheet, as well as your exam. Answers will be posted on the webafter the exams are handed back in class.10. The University of Florida policy on academic honesty will be strictly enforced.When you are told to blossom forth your exam, turn to the firstpage and find your exam code. Immediately bubble thisin on your scantron.VERSION APage 21. As of declination 31, Mesa Company has a balance of $5,000 in accounts receivable of which $500 ismore than 30 days overdue. Mesa has a credit balance of $45 in the allowance for doubtful accounts.Mesa estimates its bad debts losses at 1 % of modern accounts and 10% of accounts over thirty days.What adjustment should Mesa define to the allowance for doubtful accounts?A) $95 (credit).B) $55 (credit).C) $50 (credit).D) None, the current balance is correct.E) None of the above is correct.2. A businesss balance sheet cannot be used to accurately predict what the business might be sold forbecauseA) it identifies all the revenues and expenses of the business.B) assets are generally listed on the balance sheet at their historical cost, not their current value.