2005 Fall Accounting_011_exam_1___Fall_2005___answers

2005 Fall Accounting_011_exam_1___Fall_2005___answers -...

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Name ____________________ Temple University Fox School of Business and Management Dr. Steven Balsam Accounting 011 Exam #1- Answers 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) 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
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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 company’s management b. The company’s independent auditor c. The company’s owners d. None of the above
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2005 Fall Accounting_011_exam_1___Fall_2005___answers -...

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