exam 2 2008

exam 2 2008 - NAME _ SECTION _001_ ACC 200 - SPRING 2008...

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NAME _________________________ SECTION _________001__________ ACC 200 - SPRING 2008 EXAM TWO 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 make sure your answers are not visible and hold on to the answer sheet until requested to do otherwise. When you leave you can take the main text of the exam but need to make sure you turnin the cover page with the honor statement and the answer sheet. HONOR PLEDGE I have neither given nor received unauthorized aid on this exam. SIGNED: ____________________________________________
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ACC 200-001 -- Exam Two -- Spring 2008 2 1. Which of the following statements would provide the most useful information on determining whether a company competes in the market place using a low-cost strategy or differentiation strategy? A. Statement of cash flows. B. Statement of financial position (balance sheet). C. Statement of income. D. Statement of retained earnings. 2. Port Company reported the following information: Description Amount Cash $ 5,000 Sales Revenue 292,000 Income Tax Expense 4,000 Prepaid Insurance 1,000 Accounts Payable 8,000 Capital Stock 10,000 Salary and Wage Expense 33,000 Accounts Receivable 10,000 Notes Payable 25,000 Cost of Goods Sold 147,000 Income Taxes Payable 1,000 Dividends 5,000 Inventory 21,000 Research and Development Expenses 8,000 Property, Plant and Equipment 40,000 Assuming the accrual basis of accounting, Port Company had total retained earnings of: A. $28,000 B. $33,000 C. $38,000 D. $95,000 E. $100,000
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exam 2 2008 - NAME _ SECTION _001_ ACC 200 - SPRING 2008...

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