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

transformation APage 1ACG 2021C runination 1FALL 2000NAME _____________________________________ SS ____________________________InstructionsNOW Bubble in your section number on your Scan Sheet.Fill in your place and social security number on this examination and your scan sheet.1. heed c arefully for any comments your proctor may have related to the exam. prove 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 contain the appropriatespace on the scan sheet with a 2 pencil only. You MUST keep your scan sheet face pass on the deskwhen you are not filling it in.3. You may affair lone(prenominal) a non-programmable calculator during the exam. Use of any other calculator pull up stakes beconsidered a violation of the honor code. Your exam go out be taken from you and you will receive a gradeof 0.4. At the expiry of 2 hours, you will be told to stop. Put your pencils dow n IMMEDIATELY. Failure to do sowill result in your receiving a zero for the exam.5. The exam consists of 13 rapsc every last(predicate)ions, including this cover, and a blank page at the end. Make for certain you have allpages and all questions.6. Have your University of Florida Identification card restless to be checked when you turn in your exam.7. Assume the accounting entities use a calendar 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 pass on back in class.10. The University of Florida policy on academic honesty will be strictly enforced.When you are told to open your exam, turn to the firstpage and find your exam code. Immediately bubble thisin on your scantron.VERSION APage 21. As of December 31, Mesa club has a vestibular sense 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 current accounts and 10% of accounts over thirty days.What adjustment should Mesa deal 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 apply 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 diachronic cost, not their current value.