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2005 Fall Accounting_011_exam_1___Fall_2005

2005 Fall Accounting_011_exam_1___Fall_2005 - Name Temple...

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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
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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) 3. A change in the useful life used to depreciate an asset would be accounted for as a (an) 4. Extraordinary items are a. Unusual b. Infrequent c. Unusual and infrequent d. Unusual but not infrequent
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