Prelim_1_V1_AnswerKey_FINAL - Test Number:_ AEM 221:...

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Test Number:______ AEM 221: Financial Accounting Prelim #1 Fall 2007  ANSWER KEY V1 Full Name:__________________________________________________________ Netid:______________________  TA:________________________ I hereby certify that I have not given or received assistance while taking this exam and have  at all times abided by Cornell University’s Code of Academic Integrity. Signature: ______________________________________ Date: ___________ Failure to sign the above Academic Integrity statement will result  in a grade of zero  on this exam. See next page for test instructions. Points Scored Points Available Part I True/False 40 Part II Problem 1 14 Problem 2 12 Problem 3 10 Problem 4 11 Problem 5 13 Part II Subtotal 40 Total 100
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Test Instructions Failure to follow any of the below instructions may result in a grade of zero on the  exam, without question. 1. Bubble your three digit test number in boxes NOP of your scantron; if you have a  single digit test number such as “1” bubble in 001, if you have a double digit test  number such as “20” bubble in 020. Again, add zeros to the beginning of your test  number if your test number is less than 3 digits. 2. Write your name and test number in the space provided on the bottom of each page. 3. Your answers to Part I should be transposed to an optical sheet in pencil . Failure to  do so will result in zero credit for this section. 4. Your written work for Part II should be completed in the spaces provided. You will  lose points for arithmetic errors; please be careful. 5. The answer spaces for Part II provide more space than may be necessary to complete  the problem.  6. There are 14 pages in this packet, including this cover page; it is your responsibility  to ensure that you have all 14 pages. 7. This exam is not to leave the testing room.  8. Read carefully and good luck! Page 14 is intentionally left blank. You can use it to do work. ANSWER KEY V1 Page 2 of 14
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Part I: Multiple Choice (2 pts. each) & True/False(1 pt. each) All answers for Part I must be transcribed on the scantron sheet, only scantron answers will be graded. Choose the answer choices [#’s 1 and 2] which most accurately complete the sentence below: When preparing the financial statements [1] from the income statement is recorded on the [2]. 1. [1] A. Retained Earnings B. Net Income C. Revenues D. Expenses 2. [2] A. Balance Sheet B. Income Statement C. Statement of Cash Flows D. Statement of Retained Earnings 3. The SEC charged Computer Associates International, Inc. with the following: A. Overstating the value of its long-term assets B. Overstating cash flows. C. Understating expenses.
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This note was uploaded on 10/05/2008 for the course AEM 2210 taught by Professor Little,j. during the Fall '07 term at Cornell University (Engineering School).

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Prelim_1_V1_AnswerKey_FINAL - Test Number:_ AEM 221:...

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