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ExamView Pro%2 - Name Perm ID A Portions of this exam must be completed on the exam itself please remember to write your name on the exam and turn

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Name: ________________________ Perm # ID: A Portions of this exam must be completed on the exam itself-- please remember to write your name on the exam and turn in with your scantron. Complete the first 9 questions on your scantron. The matching should be completed in the space provided. The 1 ECON 3A SPRING 2006 MIDTERM #1 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. Financial statements seek to reflect information which is both: a. relevant and recordable c. collectible and conservative b. relevant and reliable d. none of the above ____ 2. Borrowing and repayment of debt and purchases of fixed assets, respectively, would be presentd in the statement of cash flows in the following sections: a. Operating and Investing, respectively c. Operating and trading, respectively b. Investing and Financing, respectively d. Financing and investing, respectively ____ 3. Which of the following types of entities is/ are not subject to “dual taxation”? a. S-corporations c. Partnerships b. Corporations d. Both partnerships and S-corporations ____ 4. Which of the following statements presents an entity’s financial position as of a specified date? a. Balance sheet c. Statement of cash flows b. Income statement d. Statement of innocence ____ 5. Various information is presented in annual reports to shareholders. Which of the following information is required under generally accepted accounting principles? a. Basic financial statements c. Management’s discussion and analysis b. Notes to the financial statements d. Both a and b ____ 6. Some critics of accrual accounting argue that it results in “paper income”. What ammunition does a basic set of GAAP financial statements have to counter this claim? a.
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This note was uploaded on 06/09/2009 for the course ECON 3A taught by Professor Loster during the Winter '07 term at UCSB.

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ExamView Pro%2 - Name Perm ID A Portions of this exam must be completed on the exam itself please remember to write your name on the exam and turn

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