410 midterm 2008 sol v2

410 midterm 2008 sol v2 - ACCT 410 MIDTERM EXAM - Spring,...

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1 ACCT 410 MIDTERM EXAM - Spring, 2008 Last 4 Digits of your Student ID: ______ ______ ______ ______ Exam Rules: This exam is an individual effort. You will have 100 minutes to complete the exam. It is closed book exam – you may NOT use notes, books, computers, etc. You may, however, use a simple calculator. Write your answers in the space provided. Any work on the back of exam pages WILL NOT BE GRADED. You may use the back of the exam pages as scratch paper. Write legibly – we can’t grade what we can’t read. Illegible answers will receive a zero. If a question is unclear, make an appropriate assumption that does not contradict any information given in the question. You are NOT allowed to ask the instructor questions during the exam unless you believe that there is a mistake in your exam. Hand in all 11 pages at the end of the exam. Good Luck!
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2 I have read and understand the exam rules from the preceding page. I understand that my conduct on this exam is governed by the University’s Student Conduct Code. x ________________________________________ Sign your name x ________________________________________ PRINT your name Section Possible Points Points Earned I. Multiple Choice 80 II. Bookkeeping Challenge 70 III. Financial Statement Impact 70 VI. Job order costing 30 V. CVP analysis 30 Total 280
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3 Section I: Multiple-choices, Choose and circle the Single Best Answer (80 points, 5 points each) 1.________ Which one of the following items is considered a liability in the balance sheet? a. Prepaid expenses b. Unearned revenue c. Valuable employees d. Common stock e. Cost of goods sold 2. ______ Superluck Inc. receives $10,000 from customers for orders placed (the goods has not been delivered). What is this event’s effect on Superluck’s Net Income and Cash Flows from Operation? Net Income Cash Flows from Operating Activities a. Increase by $10,000 Increase by $10,000 b. No net effects No net effects c. Increase by $10,000 No net effects d. No net effect Increase by $10,000 3.________ Ka-Shing Company declares and pays dividends $2,000 (in cash). The entry to record this transaction on Ka-Shing’s books would normally include: a. a debit to cash of $2,000 b. a debit to retained earnings of $2,000 c. a debit to expense of 2,000 d. a debit to paid-in-capital of $2,000 4. ______ In January, Liz Company contracted to paint Eric’s house. The housed was painted in February, and Eric paid Liz Company in March. How would the transaction in February affect Liz Company’s Balance Sheet? Total Assets Total Liabilities Total Equity a. Increase Increase No net effects b. Increase No net effects Increase c. No net effects Increase Decrease d. No net effects Decrease Increase e. No net effects No net effects No net effects
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4 5._______ A firm performed services for a client in June for $200. It collected $70 in June and $130 in October. Based on this information, for the month of October the firm should recognize a. no sales revenue. b.
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410 midterm 2008 sol v2 - ACCT 410 MIDTERM EXAM - Spring,...

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