2004 Spring Accounting_011_exam_1___Spring_2004

2004 Spring Accounting_011_exam_1___Spring_2004 - Temple...

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Unformatted text preview: Temple University Fox School of Business and Management Dr. Steven Balsam Accounting 011 Exam #1 February 12, 2004 Instructions: You have 150 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! Name ________________________________ Answer Sheet for Multiple Choice 1. ________________ 2. ________________ 3. ________________ 4. ________________ 5. ________________ 6. ________________ 7. ________________ 8. ________________ 9. ________________ 10. ________________ 11. ________________ 12. ________________ 13. ________________ 14. ________________ 15. ________________ 16. ________________ 17. ________________ 18. ________________ 19. ________________ 20. ________________ Multiple Choice (2.5 points each – 50 points total – please include answers on answer sheet). 1. Companies that are listed on a stock exchange are required to submit their financial statements to the a. AICPA. b. APB c. FASB. d. SEC. 2. Posting is the process of transferring items entered in a general journal to the a. Worksheet b. Trial balance c. General ledger d. Financial Statements 3. Investors and creditors can use the information in the income statement to a. Evaluate the past performance of the enterprise. b. Provide a basis for predicting future performance c. Help assess the risk or uncertainty of achieving future cash flows d. All of these. 4. A change in depreciation from the double-declining to the straight-line method would be accounted for as a (an) a. Part of discontinued operations b. Extraordinary item c. Change in accounting principle d. Change in estimate 5. Earnings per share is computed as net income a. Divided by the weighted average of common shares outstanding. b. Minus preferred dividends divided by the weighted average of common shares outstanding. c. Divided by the ending common shares outstanding. d. Minus preferred dividends divided by the ending common shares outstanding. 6. The FASB decided that the components of other comprehensive income must be displayed a. In a second separate income statement. b. In a combine income statement of comprehensive income. c. As a part of the statement of stockholders’ equity. d. Any of these options is permissible.. 7. Which of the following is an important advantage of using cost over other possible valuations? a. Reliability b. Objectivity c. Verifiability d. All of the above 8. Unearned revenues are classified as: a. Assets b. Liabilities c. Revenues d. Stockholders’ equity 9. Which of the following is a limitation of the balance sheet? a. Many items that are of financial value are omitted....
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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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2004 Spring Accounting_011_exam_1___Spring_2004 - Temple...

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