exam 3 2007

exam 3 2007 - NAME _ SECTION _002_ ACC 200 - SPRING 2007...

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1 NAME _________________________ SECTION _________002__________ ACC 200 - SPRING 2007 EXAM THREE 1. Fill in the information requested at the top of this page. Fill in your name on the answer sheet provided. 2. Enter all answers on the answer sheet provided but do NOT make extraneous marks on the answer sheet. Use the test paper for scratch work. The answer sheet will be machine graded; please handle it in a careful manner. Answers must be on the front side , i.e., the side with space for your name and identification. 3. Each question should be answered in the appropriately numbered space on the front side of answer sheet (1-20). Only one answer is acceptable for any question. If you must erase, erase completely . Fill in the chosen circle completely with a soft (#1 or #2) pencil. Remember, with multiple choice questions, there might appear to be several good answers. You need to select the best answer. 4. When you complete the exam, turn in your exam and answer sheet at the front of the room. HONOR PLEDGE I have neither given nor received unauthorized aid on this exam. SIGNED: ____________________________________________
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2 1. Dividends paid during the year would be reported on which financial statement? A. Statement of changes in working capital. B. Statement of financial position (balance sheet). C. Statement of income. D. Statement of retained earnings. 2. Which of the following is a true statement about the U.S. income tax system? A. Tax credits are deducted from income taxes payable to determine the income taxes owed by an individual. B. Dividends paid by a C-corporation are deductible from the C-corporations taxable income. C. A sole proprietorship is treated as a separate taxable entity. D. The income earned by a limited liability corporation (LLC) is subject to regular corporate income tax rates. 3. Companies that have a production process with a relatively large proportion of overhead costs compared to direct materials and direct labor would benefit most by using an: A. Activity-based costing system. B. Job order costing system. C.
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This note was uploaded on 04/21/2009 for the course ACC 200 taught by Professor Buckless during the Spring '08 term at N.C. State.

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exam 3 2007 - NAME _ SECTION _002_ ACC 200 - SPRING 2007...

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