Acct1501 past quiz questions ! (1 Viewer)

[@lbert3269]

Exactly as the title suggests..

Anyone have Acct1501 past quiz questions ? *Looks at Minai*

If it's not too much of a problem could you find Mark1012 past quiz questions as well ? Cheers~! =)

 

[hk31]

there's some trial questions on webct...
like 10 questions...with the answers highlighted in yellow for you

they're pretty straight forward...

 

[redslert]

yeh there's 10questions on webCT

but they are dead easy...

the quiz next week can't seriously be that simple?! can it?

 

[Minai]

Originally posted by redslert
yeh there's 10questions on webCT

but they are dead easy...

the quiz next week can't seriously be that simple?! can it?

it can be!
micro quizzes are dead easy too

anyway, FYI, we didnt have quizzes when I did ACCT1501 last year
it was 20% practice set, 20% journal, 60% final

 

[redslert]

Originally posted by Minai
it can be!
micro quizzes are dead easy too

anyway, FYI, we didnt have quizzes when I did ACCT1501 last year
it was 20% practice set, 20% journal, 60% final

dam i wish it was still like that!
i hate the stress of dam tests and exams....
lol having to cram everything in the night before the test

 

[hk31]

my micro test was NOT easy!...

 

[Eeko]

i don't see the 10 questions

 

[redslert]

webCT
announcements
last link on page

 

[Eeko]

7. The receipt of revenue results in an increase in:

a. assets
b. liabilities
c. both assets and liabilities
d. both assets and owners equity
e. owners equity


sif it isn't D....y is it E

 

[fitz33]

because an increase in revenue (which increases owner's equity) doesn't necessarily mean assets increase. the accounting equation can still balance if liabilities decrease

 

[crazylilmonkee]

fuck man.. i didnt like that quiz today

 

[redslert]

Originally posted by crazylilmonkee
fuck man.. i didnt like that quiz today

huh?
nearly everyone i know who did the test today said it was dead easy

 

[crazylilmonkee]

im jus the dumb one

 

[Golani]

remember the characteristics of revenue, if you recieve economic benefits upon the delievery of goods/services its an asset as it satisfies all the requirements.

When you sell a product, even if you didn't get cash it may have been on credit, it may have been a promise to do some job ("other methods of payment"), at any case its an asset. And i assume that there's no argument about whether its also an OE account (which it is...).

edit: in my exam there was a similar question but it said something like "immediately following the delievery of a good" or someething like that...

The provision of a good or service is in fact the condition for the existence of an asset, so the question as you quoted it sohuld be only owner's equity...

 

[twinshadow]

Please help me! i am stuck!
V Ltd's records at year end showed that there were 60 units on hand at cost of $50 each. A stock count at year end found there were only 52 units of inventory on hand. V Ltd had sold 100 units of inventory in the last month of the year realising a net price of $45 after selling costs. Which of the following statements is true?

Select one:
a. Sales in the last month of the year $4 500
b. Loss of inventory $660
c. Inventory on hand at year end $2 600
d. Inventory on hand at year end $2 340


Design Ltd has $200 000 in current assets and $150 000 current liabilities. What would have been the impact on current ratio if the company borrows $50 000 from the bank as a long term loan, repayable in five years?
Select one:
a. Increase
b. Decrease
c. No change
d. Increase and decrease