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Sample Final_sp08 - ACCT 2050/sec 08 Financial Accounting...

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ACCT 2050/sec 08 Financial Accounting Spring 2008 Sample Final Examination Monday, May 12, 10:30AM – 12:30PM Name (Print) : __________________________________________ Student ID : ____________________________________________ IN S TRUCTIONS 1. The honor code applies to the examination: Academic integrity requires that no student offer, give, request or accept unauthorized aid during this examination. 2. This is a closed-book exam. You may use calculators (but not computers) during the exam. 3. You have 2 hours for this exam. 4. This exam consists of 10 multiple choices and three long questions. The exam is out of 300 points. 5. The exam contains 10 pages (including the cover page). Make sure you have all pages. 6. Answer the questions in the space provided in the examination. To gain partial credit, show all supporting calculations. If you have made certain assumptions, state your assumptions. Spaces are provided for supporting calculations. If you require more space, you may use the reversed side of this document. Make sure your answers are legible. 7. Have fun! Examiners’ use only Question 1 2 3 Total Points 100 100 100 300 Received Page 1 of 10
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Question 1: MULTIPLE CHOICES 1. The accounting equation can be stated as: A) Assets = Liabilities - Stockholders' equity. B) Assets + Stockholders' equity = Liabilities. C) Assets + Liabilities = Stockholders' equity. D) Assets = Liabilities + Stockholders' equity. E) None of the above is correct. 2. If the effective (market) interest rate for a bond is higher than the stated interest rate, the bond will sell at
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