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ACCOUNTING 4711 FINANCIAL ACCOUNTING W INTER 2006 Quiz #3 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 by circling the letter of the best answer. 4. Use only a non-programmed calculator, pens, and/or pencils. No other materials are permitted. 5. The quiz consists of ten pages (including this cover sheet). 6. 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 – 12 MULTIPLE CHOICE (1.25 points each) 1. Acme Corp. beginning balance in Account Receivable was $375,000. During the year Acme made $1,200,000 of credit sales and wrote off $200,000 of Accounts Receivable. Acme corp estimates that 2%
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