2006 Fall Accounting_011_exam_1___Fall_2006__Answers

2006 Fall Accounting_011_exam_1___Fall_2006__Answers - Name...

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Name ____________________ Temple University Fox School of Business and Management Dr. Steven Balsam Accounting 011 Exam #1- Answers September 20, 2006 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 (2 points each – 50 points total – please include answers on answer sheet). 1.. The body that has the power to prescribe the accounting practices and standards to be employed by companies that fall under its jurisdiction is the a. FASB. b. AICPA. c . SEC. d. APB. 2. Companies that are listed on a stock exchange are required to submit their financial statements to the 3. In order to be classified as an extraordinary item in the income statement, an event or transaction should be 4. Comprehensive income includes all of the following except 5. Which of the following is a limitation of the balance sheet? a. Many items that are of financial value are omitted. b. Judgments and estimates are used. c. Current fair value is not reported. d. All of these 6. Investors and creditors can use the information in the income statement to 2
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Name ____________________
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