ACC 201 Test_1-form_1

ACC 201 Test_1-form_1 - ACC201Test 1 Form 1 _ _ Name _...

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ACC201- Test 1 Form 1 ___________________ ___ Name __________ Section Number DO NOT OPEN THIS BOOKLET UNTIL TOLD TO DO SO Instructions: 1. Complete the bubble sheet with your printed name, PID number, Section Number, and Form Number . Then bubble in this information too . Be careful to clearly and cleanly complete this information . Also put your name and section number on this booklet. 2. Choose the best answer for each question from the choices given and bubble in your answer to the corresponding question number. Only answers filled in on the bubble sheet will be used for grading purposes. 3. The test contains 20 multiple choice questions worth 4 points each, for a total of 80 points. It is your responsibility to make sure your exam booklet has all 20 questions . 4. Turn in the bubble sheet and this exam booklet to YOUR SA and make sure they check your name off of their class list. 5. Unless told otherwise in a question, assume Accrual Basis of Accounting and a fiscal year-end of December 31 . CHEATING WILL RESULT IN TEST TAKEN AND A ZERO SCORE.
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Melanie’s Party Corporation should generally list its assets on the balance sheet in the order of their: a. current fair market value b. historical cost c. date of acquisition d. liquidity e. importance of the operation of the business 2 Adam’s Travel Corporation had total assets of $200,000 and stockholder’s equity of $104,000 at the beginning of the year. During the year, assets increased by $26,000 and liabilities decreased by $41,000. Adam’s Stockholder’s equity at year’s end totaled: a. $185,000 b. $171,000 c. $169,000 d. $ 89,000 e. $ 67,000 3. Kari’s Pageant Corporate stockholder’s equity is decreased when : a. revenues exceed expenses b. assets exceed liabilities c. assets exceed revenues d. expenses exceed liabilities e. expenses exceed revenues. Net Income Decreases…. 4. Unearned rent revenue would be found under which of the following categories on Jon B., Inc.’s balance sheet? a.
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ACC 201 Test_1-form_1 - ACC201Test 1 Form 1 _ _ Name _...

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