Extra_credit-2 - Exam 2 Extra credit question(25 points This take-home question consists of 100 multiple choice questions and is worth 25

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Exam 2 – Extra credit question (25 points) This take-home question consists of 100 multiple choice questions, and is worth 25 additional points towards your second exam grade (0.25 additional points per each correct multiple choice question). The question is designed for students who want to increase their second exam grades and who are willing to extensively review the course material (Chapters 1 to 8). Participation (answering the question) is voluntary. If you choose to participate, you pledge that you will attempt ALL the questions by yourself only. You can only discuss general topics—not your answers—with others. In order to submit your answers, fill out a green Scantron form and return to me by 7:00 p.m. on Wednesday, April 15 (the best way would be to return the Scantron forms in class on Wednesday). Good luck… Chapter 1 1. What is the name of the branch of accounting concerned with providing managers and administrators with information to facilitate the planning and control of business operations? a. Management accounting b. Auditing c. Financial accounting d. Bookkeeping 2. Which of the following would be classified as external users of financial statements? a. Stockholders and management of the company b. The controller of the company and a company's stockholders c. The company's marketing managers d. The creditors and stockholders of the company 3. Which of the following invests funds into a business and is considered an owner? a. A stockholder b. A creditor c. A bank d. A lender e. More than one of these 4. Which of the following statements would be true if you own stock in a company? a. You are an owner of retained earnings and capital stock. b. You have a claim to the assets of the business. 1
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c. You have the right to receive interest on an annual basis. d. You are entitled to a portion of the company's revenues every accounting period. 5. Which financial statement would you analyze to determine if a company distributed any of its profits to its shareholders? a. Balance sheet b. Statement of retained earnings c. Income statement d. Both the balance sheet and income statement 6. Which financial statement would you refer to in order to determine whether a company owed funds to creditors? a. Balance sheet b. Statement of retained earnings c. Income statement d. Both the balance sheet and income statement 7. Which one of the following is the correct date format for the financial statement heading? a. Balance sheet - Year ended December 31, 2005 b. Income statement - December 31, 2005 c. Balance sheet - December 31, 2005 d. Statement of retained earnings - December 31, 2005 8. On January 1, 2005, Clay Company's balance in retained earnings was $70,000. During 2005, the company earned net income of $43,000 and paid $15,000 in dividends. Calculate the retained earnings balance at December 31, 2005. a.
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This note was uploaded on 07/06/2009 for the course AIM intro taught by Professor Staff during the Spring '09 term at University of Texas at Dallas, Richardson.

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Extra_credit-2 - Exam 2 Extra credit question(25 points This take-home question consists of 100 multiple choice questions and is worth 25

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