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ACCOUNTING 471 FINANCIAL ACCOUNTING W INTER 2006 Quiz #1 Name: (Print) Student Number: Instructions 1. This quiz has 15 points and ends in 40 minutes. 2. Print your name on this cover sheet and initial each page in the upper right-hand corner. 3. Answer the multiple choice questions in Problem I by circling the letter of the best answer. 4. Answer Problem II in the appropriate spaces provided in the exam. Clearly label your work and show all calculations. You may unstaple the exam booklet, but please reattach all sheets in the correct order. 5. Use only a non-programmed calculator, pens, and/or pencils. No other materials are permitted. 6. The quiz consists of six pages (including this cover sheet). 7. Good luck. Business School Honor Policy We, the members of the Business School community – students, faculty, and staff – commit ourselves to do our work and perform our duties honestly. We understand that in striving for excellence in performance, our personal and institutional integrity is our most precious asset; and accordingly, we will not knowingly act in ways that erode our integrity. Because we are an academic community, honesty in our academic work is vital. Therefore, we pledge neither to cheat nor to tolerate cheating. I acknowledge that I have been directed to work individually on this examination. I certify that I have neither given nor received prohibited aid on this examination. Signature
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PROBLEM I – 10 MULTIPLE CHOICE (1 point each) 1. Bernatek Corporation has total assets of $46,550 and total liabilities of $12,900. What is the amount of its owners’ equity? a. $59,450 b. $46,550 c. $12,900 d. $33,650 e. 3.608 2. Stearns Corporation started July with assets of $400,000 and liabilities of $260,000. During the month of July, stockholders’ equity decreased by $48,000 and liabilities increased by $20,000. What is the amount of total assets at the end of July? a.
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