exam1 fall01 - ACG 2021 EXAM 1 FALL 2001 NAME SS...

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ACG2021MT1F01A Page 1 ACG 2021 EXAM 1 FALL 2001 NAME _____________________________________ SS# ____________________________ Instructions: NOW: Bubble in your section number on your Scan Sheet. Fill in your name and social security number on this examination and your scan sheet. 1. Listen carefully for any comments your proctor may have related to the exam. Read these instructions carefully. Failure to do so may result in your losing points. 2. This exam consists of 50 multiple-choice questions. Select the BEST answer and mark the appropriate space on the scan sheet with a #2 pencil only. You MUST keep your scan sheet face down on the desk when you are not filling it in. 3. You may use ONLY a non-programmable calculator during the exam. Use of any other calculator will be considered a violation of the honor code. Your exam will be taken from you and you will receive a grade of 0. 4. At the end of 2 hours, you will be told to stop. Put your pencils down IMMEDIATELY . Failure to do so will result in your receiving a zero for the exam. 5. The exam consists of 11 pages, including this cover, and a blank page at the end. Make sure you have all pages and all questions. 6. Have your University of Florida Identification card ready to be checked when you turn in your exam. 7. Assume the accounting entities use a calendar year unless otherwise noted. 8. Assume a 360-day year. 9. When you are finished, turn in your scan sheet, as well as your exam. Answers will be posted on the web after the exams are handed back in class. 10. The University of Florida policy on academic honesty will be strictly enforced. When you are told to open your exam , turn to the first page and find your exam code. Immediately bubble this in on your scantron.
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ACG2021MT1F01A Page 2 EXAM CODE = A 1. A major purpose of the classified balance sheet is to provide users with information about the A) liquidity of the company by separating current from noncurrent assets and liabilities B) solvency of the company by separating debt from equity C) the balance of the equation by showing total assets equal total liabilities plus stockholders' equity D) None of the above 2. A business's balance sheet cannot be used to accurately predict what the business might be sold for because A) it identifies all the revenues and expenses of the business. B) assets are generally listed on the balance sheet at their current value, not their original cost. C) it gives the results of operations for the current period. D) some of the assets and liabilities on the balance sheet may actually be those of another entity. E) None of the above is correct. 3. Rarro Corporation received $50,000 cash invested by its owners. The effect on the fundamental accounting model was A) assets and liabilities each increased by $50,000. B) assets and revenues each increased by $50,000.
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This note was uploaded on 09/18/2008 for the course ACG 2021C taught by Professor Mcdonald during the Fall '08 term at University of Florida.

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exam1 fall01 - ACG 2021 EXAM 1 FALL 2001 NAME SS...

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