Lu Old Quizzes - Reminders Exam 1 Review Questions Dr. Ron...

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Exam 1 – Review Questions Dr. Ron Lazer Source: Dr. Lu’s Old Quizzes 1. Sat., Sep 26, 1:00 pm, Rooms 150, 170 & 180, length: 75 minutes, or 2. Fri., Sep. 25, 1:00 pm, Room 160, 75 minutes (sign at the lab – 133MH) 3. Alternate seating!!!!!! 4. Be sure to bring: A. Picture ID B. No. 2 pencil and a good eraser C. 4 function calculator 5. Properly complete the Exam Answer Sheet 6. Know your people soft number Ron Lazer, Ph.D. Reminders 1. Which of the following would not appear on a balance sheet? a. Merchandise inventory b. Accounts payable c. Common stock d. Dividends 2. Which of the following is not a current asset? a. Patent b. Inventory c. Accounts receivable d. Cash
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3. Kim Corporation sold inventory that had a historical cost of $1,500 for $4,600 to a customer on account. This transaction is an example of which of the following? a. An investing activity b. A financing activity c. An operating activity d. None of the above 4. “Claims on the resources that result from benefits previously received by the company, which require that a specified amount be paid on a specified date.” This statement describes which of the following? a. Assets b. Contributed capital c. Liabilities d. Retained earnings 5. Which of the following financial statements provides information about resources and claims on those resources? a.
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This note was uploaded on 01/09/2010 for the course ACCT 2331 taught by Professor Staff during the Fall '08 term at University of Houston.

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Lu Old Quizzes - Reminders Exam 1 Review Questions Dr. Ron...

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