Spring_2008_Prelim_2__V1 - Test Number:_ AEM 221: Financial...

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Test Number:______ AEM 221: Financial Accounting Prelim #2 Spring 2008  Full Name:__________________________________________________________ TA:________________________________ Section Number:_______________ 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 Multiple Choice 30 Part II Problem 1 12 Problem 2 17 Problem 3 18 Problem 4 6 Problem 5 14 Problem 6 3 Part II Subtotal 70 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. 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. 3. Your written work for Part II should be completed in the spaces provided. You will lose  points for arithmetic errors; please be careful. 4. This exam consists of 12 multiple choice questions, 6 matching questions, and 6 problems.  There are 15 pages in this packet, including this cover page; it is your responsibility to  ensure that you have all 15 pages. 5. This exam is not to leave the testing room.  6. Your cell phone should already be stowed away! 7. Read carefully and good luck! Page 3 of 17
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Part I: Multiple Choice 1. Which of the following statements is false? A. Typically, intangible assets are amortized using a straight-line method. B. Credit card discounts, sales discounts, sales returns and allowance, and allowance for bad debt, are all contra-revenue accounts C Acquiring and disposing of long-lived assets are investing activities. D. Land is not depreciable. E. None of the above. 2. Cashiers at Alison's Boutique follow the following procedures when closing the store at the end of each day: count money in the cash drawer, compare the cash count with recorded daily sales, and make notations of any differences on a preprinted form that is forwarded, along with the cash, to the accounting department. These procedures: A. Do not follow good internal control practices. B. Provide adequate internal control over cash.
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This note was uploaded on 11/17/2008 for the course AEM 2210 taught by Professor Little,j. during the Fall '07 term at Cornell University (Engineering School).

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Spring_2008_Prelim_2__V1 - Test Number:_ AEM 221: Financial...

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