FBLA ACCOUNTING II MIDTERM EXAM WITH
COMPLETE SOLUTIONS | 2025 A+ GRADED
Professor's Name:
Date:
INSTRUCTIONS: Information in BOLD should be added to every exam cover sheet.
1. The length of the examination: If your exam is a take home, please specify the
amount of time (in hours) needed to complete this exam during the stated range of
dates.
2. The number of pages of the examination: Please write how many pages are in the
exam and number each page. For example, "1 of 10, 2 of 10," etc. This is very important
to ensure that exams are duplicated correctly.
3. Indicate what materials may be brought into the examination room (textbook, notes,
casebooks, supplemental materials, etc.) Indicate if no materials are allowed. Usage of
computers should be stated clearly. If your exam will be completed using Exam4
(secure) or MyWCL (non-secure), indicate it here. You do not need to provide
instructions about using Exam4 or MyWCL. The students have already received this
information. You may allow the students the option of handwriting their exams in
bluebooks which will be provided in the exam room.
4. You will receive "0" credit for any unanswered question.
5. If scantron answer sheets are used, give detailed instructions. Only anonymous grading
numbers should be written in the space marked identification number and the
corresponding bubbles should be filled in. If using scantron answer sheets for True and
False questions, please indicate which letter should be used for True and which letter
should be used for False (for example, A=True, B=False). If your exam contains
multiple-choice questions and you do not want to use Scantron answer sheets, describe
how your students should mark their answers (Circle correct answer on the question
sheet, write in a blue book, type them in their document, etc.)
6. No corrections will be made once the exam is distributed. If there is a typo or
ambiguity in a question, state your assumption and answer accordingly.
7. Only your anonymous-grading number should appear on your blue book and
examination copy. DO NOT USE EITHER YOUR NAME OR SOCIAL SECURITY
NUMBER.
8. If you are graduating at the end of the semester, please write "GRADUATING" on
the outside of your exam envelope and on each Blue Book.
9. All materials, including the questions, handwritten answers (if applicable) and
scratch materials at the end of the exam, inserted into your self-sealing exam
envelope and handed to the proctor.
10. The use of electronic devices (iPods, cell phones, mp3 players, etc.) is prohibited
during the exam. This policy is at your discretion, however we recommend this
language to prevent cheating and honor code violations.
, A proof of the equality of debits and credits in a general ledger is a(n): - B.trial balance
Expenses paid in one fiscal period but not reported as expenses until a later fiscal
period
are initially recorded as: - B.prepaid expenses on the Balance Sheet
A written application requesting permission to form a corporation is called the: -
D.articles of incorporation
What effect would a two for one stock split have? - C.The stock price will drop by half
and the number of shares of stock outstanding will
double.
Cole and Madison are partners who decided to liquidate the partnership. Before the
liquidation, the partnership's balance sheet showed Cash $10,000, total "other assets",
$106,000; total liabilities, $88,000; Cole Capital, $15,100; and Madison, Capital,
$12,900.
The "other assets" were sold for $118,000. After liabilities are paid, what is total
distribution
to Cole? - D.$21,100
Wilson invests cash of $30,000 in the partnership. Jones invests the assets of an
existing
business. Jones's balance sheet shows $8,000 in cash, $10,000 in accounts receivable,
$500 in allowance for uncollectible accounts, $7,000 for other current assets, $15,000
for
equipment, $5,000 for accumulated depreciation minus equipment, and $1,000 for
accounts
payable. The total capital of the partnership will be: - C.$63,500
Marsh Corporation has a current assets valued at $15 million, inventory at $12 million,
and
current liabilities valued at $6 million. The cost of goods sold was $60 million. Based on
this
information, its current ratio is: - B.2.5
Use horizontal analysis to compute the percentage increase in sales: In 2009 sales
were
$200,000 and in 2010 sales were $250,000. The result is: - D.sales increased by 25
percent
The entry to record the receipt of a note from a charge customer in settlement of the
account is: - C.debit Notes Receivable; credit Accounts Receivable
Using the aging method, Marsh Corporation estimates that uncollectible accounts will
total
COMPLETE SOLUTIONS | 2025 A+ GRADED
Professor's Name:
Date:
INSTRUCTIONS: Information in BOLD should be added to every exam cover sheet.
1. The length of the examination: If your exam is a take home, please specify the
amount of time (in hours) needed to complete this exam during the stated range of
dates.
2. The number of pages of the examination: Please write how many pages are in the
exam and number each page. For example, "1 of 10, 2 of 10," etc. This is very important
to ensure that exams are duplicated correctly.
3. Indicate what materials may be brought into the examination room (textbook, notes,
casebooks, supplemental materials, etc.) Indicate if no materials are allowed. Usage of
computers should be stated clearly. If your exam will be completed using Exam4
(secure) or MyWCL (non-secure), indicate it here. You do not need to provide
instructions about using Exam4 or MyWCL. The students have already received this
information. You may allow the students the option of handwriting their exams in
bluebooks which will be provided in the exam room.
4. You will receive "0" credit for any unanswered question.
5. If scantron answer sheets are used, give detailed instructions. Only anonymous grading
numbers should be written in the space marked identification number and the
corresponding bubbles should be filled in. If using scantron answer sheets for True and
False questions, please indicate which letter should be used for True and which letter
should be used for False (for example, A=True, B=False). If your exam contains
multiple-choice questions and you do not want to use Scantron answer sheets, describe
how your students should mark their answers (Circle correct answer on the question
sheet, write in a blue book, type them in their document, etc.)
6. No corrections will be made once the exam is distributed. If there is a typo or
ambiguity in a question, state your assumption and answer accordingly.
7. Only your anonymous-grading number should appear on your blue book and
examination copy. DO NOT USE EITHER YOUR NAME OR SOCIAL SECURITY
NUMBER.
8. If you are graduating at the end of the semester, please write "GRADUATING" on
the outside of your exam envelope and on each Blue Book.
9. All materials, including the questions, handwritten answers (if applicable) and
scratch materials at the end of the exam, inserted into your self-sealing exam
envelope and handed to the proctor.
10. The use of electronic devices (iPods, cell phones, mp3 players, etc.) is prohibited
during the exam. This policy is at your discretion, however we recommend this
language to prevent cheating and honor code violations.
, A proof of the equality of debits and credits in a general ledger is a(n): - B.trial balance
Expenses paid in one fiscal period but not reported as expenses until a later fiscal
period
are initially recorded as: - B.prepaid expenses on the Balance Sheet
A written application requesting permission to form a corporation is called the: -
D.articles of incorporation
What effect would a two for one stock split have? - C.The stock price will drop by half
and the number of shares of stock outstanding will
double.
Cole and Madison are partners who decided to liquidate the partnership. Before the
liquidation, the partnership's balance sheet showed Cash $10,000, total "other assets",
$106,000; total liabilities, $88,000; Cole Capital, $15,100; and Madison, Capital,
$12,900.
The "other assets" were sold for $118,000. After liabilities are paid, what is total
distribution
to Cole? - D.$21,100
Wilson invests cash of $30,000 in the partnership. Jones invests the assets of an
existing
business. Jones's balance sheet shows $8,000 in cash, $10,000 in accounts receivable,
$500 in allowance for uncollectible accounts, $7,000 for other current assets, $15,000
for
equipment, $5,000 for accumulated depreciation minus equipment, and $1,000 for
accounts
payable. The total capital of the partnership will be: - C.$63,500
Marsh Corporation has a current assets valued at $15 million, inventory at $12 million,
and
current liabilities valued at $6 million. The cost of goods sold was $60 million. Based on
this
information, its current ratio is: - B.2.5
Use horizontal analysis to compute the percentage increase in sales: In 2009 sales
were
$200,000 and in 2010 sales were $250,000. The result is: - D.sales increased by 25
percent
The entry to record the receipt of a note from a charge customer in settlement of the
account is: - C.debit Notes Receivable; credit Accounts Receivable
Using the aging method, Marsh Corporation estimates that uncollectible accounts will
total
