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Sample Midterm1 answer key

Sample Midterm1 answer key - ACCT 410 Sample Midterm#1 Fall...

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ACCT 410 Sample Midterm #1 - Fall 2008 Exam Rules: This exam is an individual effort. You have 100 minutes to complete the exam. It is closed book exam – you may NOT use notes, books, computers, etc. You may, however, use a simple calculator. Write your answers in the space provided. Any work on the back of exam pages MAY NOT BE NOTICED BY THE GRADER. You may use the back of the exam pages as scratch paper. Write legibly – we can’t grade what we can’t read. Illegible answers will receive no credit. If a question is unclear, make an appropriate assumption that does not contradict any information given in the question. I have read and understand the exam rules from the preceding page. I understand that my conduct on this exam is governed by the University’s Student Conduct Code. I will not discuss the exam with students in other sessions who have not taken the exam yet. x ________________________________________ Sign your name x ________________________________________ PRINT your name Section Possible Points Points Earned A. Multiple choices 24 B. Bookkeeping Challenge 30 C. Financial Statement Impact 25 D. Use of Financial Statements 21 Total 100 1
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Section A: Multiple choices [24 points, 3 points each] Choose the single best answer from the available choices. a) ___c_____ ARC Corp. recognizes depreciation expense $3,000. What is this event’s effect on each of the following? Total Assets Total Liabilities Total Equity a. Decrease Decrease No net effects b. No net effects No net effects No net effects c. Decrease No net effects Decrease d. No net effect Increase Decrease b) ___d_____ Which of the following activity will increase cash flows from financing activities: a. Selling investments in equity securities. b. Making a cash payment for a building. c. Paying back an existing long-term bank loan.
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