Test1AFall2007_MASTER

Financial Accounting

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ACG 201 TEST IA Fall 2007 NAME _______________ MASTER _____________ Class Time Circle one : 8:00 9:00 MULTIPLE CHOICE : There is only one BEST answer. 2 points each. 1. _______ B _______ 2. _______ A _______ 3. _______ C _______ 4. _______ D _______ 5. _______ B _______ 6. _______ C _______ 7. _______ C _______ 8. _______ A _______ 9. _______A_______ 10. _______ C _______ 11. ______ D ________ 12. ______ C ________ 13. ______ C ________ 14. ______ D ________ 15. ______ C ________ 16. ______ C ________ 17. ______ B ________ 18. ______ A ________ 19. ______ A ________ 20. ______ B ________ Multiple Choice 40 Problem I 30 Problem II 20 Problem III 10 ______ 100 1-A 1
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1-A 2 Multiple Choice – (2 points each) select the ONE best answer 1. Which of the following is true a. Corporate shareholders are personally liable for the liabilities of the corporation if the company is unable to pay them. b. Partners are personally liable for the liabilities of the partnership if the partnership is unable to pay. c. Normally, corporate shareholders can collect in cash from the corporation an amount equal to their ownership interest whenever they wish. . d. Partners can normally transfer their partnership interests with ease. 2. When comparing football to the world of business, the functions of a Board of Directors of a corporation is most like that of which of the following: a. Coach b. Quarterback c. Scorekeeper d. Owner 3. Which of the following regarding retained earnings is false? a. Retained earnings is an indication of total possible dividends. b. Retained earnings is a component of stockholders’ equity on the balance sheet. c. Retained earnings is a liability on the balance sheet. d. Retained earnings represents earnings not distributed to stockholders in the form of dividends. 4. If total assets increased by $14,000 during a period of time and stockholders’ equity increased by $6,000 during the same period, then the amount and direction (increase or decrease) of the period’s change in total liabilities is a(n) a. $14,000 increase. b. $20,000 increase. c. $8,000 decrease. d. $8,000 increase. 5. All of the following are qualitative characteristics of accounting information EXCEPT: a. Relevance. b. Predictability. c. Reliability. d. Comparability. 6. Which of the following describes how assets are listed on the balance sheet? a. in alphabetical order.
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Test1AFall2007_MASTER - ACG 201 TEST IA Fall 2007 NAME...

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