BAM 110 Unit 2 Exam Answers (CCU)
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<strong>BAM</strong> <strong>110</strong> <strong>Unit</strong> 2 <strong>Exam</strong> <strong>Answers</strong><br />
(<strong>CCU</strong>)<br />
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<strong>BAM</strong> <strong>110</strong> <strong>Unit</strong> 2 <strong>Exam</strong> <strong>Answers</strong> (<strong>CCU</strong>)<br />
California Coast University<br />
1. A form used to organize and check data before preparing financial reports is known as a(n):<br />
2. Equipment with a cost of $150,000 has an accumulated depreciation of $100,000. What is the historical<br />
cost of the equipment?<br />
3. Bailey’s received its electric bill for December on December 31, but did not pay nor record it in the general<br />
journal. This resulted in:<br />
4. The adjusted trial balance columns:<br />
5. The capital balance amount shown in the balance sheet column of the worksheet represents:<br />
6. On a worksheet, the income statement debit column totals $10,200 and the credit column totals $10,000.<br />
Which of the following statements is correct?<br />
7. Adjusting journal entries:<br />
8. Accounts in which the balances are carried over from one accounting period to the next are called:<br />
9. Closing entries:<br />
10. The entry to close income summary (net loss) was entered in reverse—income summary was debited<br />
and capital was credited. This error will cause:<br />
11. In the normal accounting cycle, the:<br />
12. Closing entries will:<br />
13. The adjusting entry to record depreciation for the company automobile would be:<br />
14. Internal control over a company’s assets should include the following policy:<br />
15. Company policy for internal control should include all of the following except:<br />
16. If the written amount on the check does not match the amount expressed in figures, the bank may:<br />
17. The bank would issue a credit memorandum to Maria’s Life Management when the bank:<br />
18. How would outstanding checks be handled when reconciling the ending cash balance per the bank<br />
statement to the correct adjusted cash balance?<br />
19. A petty cash fund is set up:<br />
20. A pay period is defined as:<br />
21. Gross earnings are the same as:<br />
22. Bob Hill’s hourly rate is $25.00, and he worked 38 hours during the week. What is his gross pay for the<br />
week?<br />
23. Another name for the Fair Labor Standards Act is:<br />
24. Which of the below allowances would have the least amount of taxes withheld for federal income tax<br />
purposes?<br />
25. Blue’s Tax Service has two types of employees: management and clerical support. The company estimates<br />
that it will pay the clerical support $300,000 next year and the managers $255,000. For every $100, the<br />
company pays $0.14 into the workers’ compensation insurance. Calculate the amount of workers’<br />
compensation insurance.