2005 Fall Accounting_011_exam_1___Fall_2005

2005 Fall Accounting_011_exam_1___Fall_2005 - Name...

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Unformatted text preview: Name ____________________ Temple University Fox School of Business and Management Dr. Steven Balsam Accounting 011 Exam #1 September 21, 2005 Instructions: You have 100 minutes. Answer the questions on the pages provided and please remember to show all work so that you may receive partial credit. Also please put your name on each page in case the pages get separated. Good luck! 1 Name ____________________ Multiple Choice/Short Answer (3 points each 45 points total please include answers on answer sheet). 1. The income or loss from the operations of a discontinued segment of a company is shown as a. part of operating income b. part of discontinued operations c. an extraordinary item d. any of the above 2. A change in the inventory methods used for inventory from average cost to FIFO would be accounted for as a (an) a. prior period adjustment b. change in estimate c. change in accounting principle d. none of the above. 3. A change in the useful life used to depreciate an asset would be accounted for as a (an) a. prior period adjustment b. change in estimate c. change in accounting principle d. none of the above. 4. Extraordinary items are a. Unusual b. Infrequent c. Unusual and infrequent d. Unusual but not infrequent 5. Comprehensive Income can appear either on the a. Income Statement b. Statement of Owners Equity c. A Separate Statement, i.e., one that starts with net income and reconciles to comprehensive income. d. Any of the above 2 Name ____________________ 6. Adjusting entries are needed for: a. Recognizing revenue for the period. b. Matching expenses with revenues they helped generate. c. Adjusting entries are required every time financial statements are prepared. d. All of the above. 7. Closing entries are made to close all a. revenue and expense accounts b. asset and liability accounts c. real or permanent accounts d. equity accounts 8. The party responsible for the preparation of financial statements is a. The companys management b. The companys independent auditor c. The companys owners d. None of the above 9. Contingent liabilities must be reported in the financial statements if a. the loss if probable b. the loss can be estimated c. A & B d. A or B 10. Which of the following does not need to be reported separately on the income statement: a. Extraordinary income b. Expenses associated with Hurricane Katrina c. Cumulative effect of change in accounting principle d. All are required to be reported separately on income statement 3 Name ____________________ Attached please find the 2004 financial statements for the Walt Disney Company. Please identify the following and fill them in on the answer sheet. 11. Comprehensive Income for 2004....
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This note was uploaded on 05/19/2008 for the course ACCT 3511 taught by Professor Balsam during the Spring '07 term at Temple.

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2005 Fall Accounting_011_exam_1___Fall_2005 - Name...

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