Exam 2 - Extra credit question (2008)

Exam 2 - Extra credit question (2008) - Exam 2 Extra credit...

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Exam 2 – Extra credit question (25 points) This take-home question consists of 100 multiple choice questions, and is worth 25 additional points towards your second exam grade (0.25 additional points per each correct multiple choice question). The question is designed for students who want to increase their second exam grades and who are willing to extensively review the course material (Chapters 1 to 8). Participation (answering the question) is voluntary. If you choose to participate, you agree that you will attempt ALL the questions by yourself. Discussing your answers with others may only be the OPTIONAL FINAL step before submitting your answers. In order to submit your answers, fill out a green Scantron form and return to me by 7:00 p.m. on Wednesday, April 2 (the best way would be to return the Scantron forms in class on Wednesday). Good luck… Several items from the financial statements of Firestone Tires are listed below. Use the following answer choices to identify the type of account for each item listed. Place your answers in the space provided. a. Asset b. Liability c. Revenue d. Expense e. Owners’ Equity 1. Plant warehouse and equipment 2. Sales of tires 3. Accounts payable 4. Interest income 5. Selling expenses 6. Accounts receivable 7. Capital stock 8. Long-term debt 9. Cash 10. Retained earnings 11. Inventories For each account listed, select the section of the balance sheet in which the account would be reported. a. Current Assets b. Property, Plant, and Equipment c. Current Liabilities d. Long-term Liabilities e. Stockholders' Equity 12. Cash 13. Accounts Payable 14. Accumulated Depreciation 15. Retained Earnings 16. Accounts Receivable 17. Capital stock 18. Equipment 19. Notes Payable, due in one year 20. Interest Payable 21. Bonds Payable 22. Computer used by the business 23. Computer available for resale 24. A company’s paying off its accounts payable is recorded as: a. Debit to cash, credit to accounts payable b. Debit to cash, credit to accounts payable expense c. Credit to cash, debit to accounts payable d. Credit to cash, debit to general expenses 1
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25. Which set of items below are current assets? a. Accounts receivable, net income, inventory, and dividends b. Cash, accounts receivable, capital stock, and sales c. Net income, cash, office supplies, and inventory d. Cash, accounts receivable, inventory, and office supplies 26. Which formula below is accurate? a. Ending Retained earnings=Current assets/Current liabilities b. Ending Retained Earnings= Total Assets-Total Liabilities c. Ending Retained Earnings=Beginning Retained Earnings +Net income + Dividends d. Ending Retained Earnings= Beginning Retained Earnings + Net income – Dividends 27. Which one of the following is considered a financing activity? a.
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This note was uploaded on 04/30/2008 for the course AIM 2301 taught by Professor Muslu during the Spring '08 term at University of Texas at Dallas, Richardson.

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Exam 2 - Extra credit question (2008) - Exam 2 Extra credit...

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