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ACCOUNTING 471 FINANCIAL ACCOUNTING W INTER 2006 Quiz #5 Name: (Print) Student Number: Instructions 1. This quiz has 15 points and ends in 45 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. 5. Use only a non-programmed calculator, pens, and/or pencils. No other materials are permitted. 6. The quiz consists of seven pages (including this cover sheet and tables). 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 – 8 MULTIPLE CHOICE 1. On March 1st, Titleist Worldwide purchases $100,000 of steel from True Temper Sports. The terms of the contract are 2/10; net 30. Titleist pays True Temper on March 2nd.
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This note was uploaded on 06/11/2008 for the course ACC 471 taught by Professor Winkle during the Winter '08 term at University of Michigan.

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