Spring01Test1

Spring01Test1 - SPRING 01 BA 71 TEST#1 1 NAME SECTION Ch 1...

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SPRING 01 BA 71 TEST #1 NAME_________________ SECTION_____ 1. The father of double entry bookkeeping is A. Jason Capel B. Ron Curry C. Joe Forte D. Kris Lang E. Luca Pacioli 2. Which of the following firms is not one of the Big Five? A. Andersen Worldwide B. Deloitte and Touche C. Ernst and Young D. Packer and Vitale E. PricewaterhouseCoopers 3. Cash from operating activities increased 78. Cash from investing activities decreased 62. Cash from financing activities decreased 54. Beginning cash is 200. What was ending cash? A. 130 B. 162 C. 238 D. 270 E. 394 4. If assets increased $40,000 during a given period and liabilities decreased $8,000 during the same period, stockholders’ equity must have A. decreased $32,000 B. decreased $48,000 C. increased $32,000 D. increased $40,000 E. increased $48,000 5. Total assets and liabilities are $120,000 and $91,000 at the end of the period. Assets decreased 40% and liabilities increased 30% during the period. What are total liabilities at the beginning of the period? 1. $ 63,700 2. $ 70,000 3. $130,000 4. $168,000 E. $200,000 6. Total assets and owners’ equity were $79,000 and $32,000 at the beginning of the period. Assets increased 50% and liabilities decreased 60% during the period. What is owners’ equity at the end of the period? 1. $99,700 2. $67,300 3. $49,600 4. $47,000 E. $43,300 1 Ch 1 n/a 1 1 1 1
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7. In which section of the ledger does unearned interest income appear? A. asset B. liability C. stockholders' equity D. revenue E. expense 8. A credit decreases the balances of A. assets and liabilities B. assets and stockholders’ equity C. liabilities and revenues D. revenues and dividends E. expenses and dividends 9. Which of the following is not an example of a nominal or temporary account? 1. Rent Expense B. Royalty Revenue C. Loss on Sale of Land D. Accumulated Depreciation E. Dividends 10. Which of the following is not an example of a real or permanent account? A. Accrued Interest Receivable B. Supplies C. Interest Expense D. Unearned Rent Revenue E. Prepaid Rent Expense 11. Which of the following is not an example of an accrual? A.
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This note was uploaded on 03/30/2008 for the course BA 71 taught by Professor Staff during the Summer '07 term at UNC.

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Spring01Test1 - SPRING 01 BA 71 TEST#1 1 NAME SECTION Ch 1...

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