mid1-2008 Fall - UGBA102A EXAM 1 Fall 2008 Multiple choice...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
UGBA102A EXAM 1 Fall 2008 Multiple choice (30) NAME: Problem 1 (33) GSI: Problem 2 (25) Problem 3 (12) Section TOTAL MULTIPLE CHOICE (3 points each) – Put the correct answer on the scantron sheet: 1. Which of the following best describes a liability? a. Liabilities are a form of contributed capital. b. Liabilities are future economic benefits to which a company is entitled. c. Liabilities are accounts receivable of a company. d. Liabilities are legal obligations to creditors to be paid at some future date by a company. e. Liabilities are only those obligations to banks and other lending institutions. 2. The General Ledger (t-accounts) for the notes receivable account showed a debit entry for $1,000 and the cash account showed a corresponding credit entry for $1,000. What is the likely explanation for this entry? a. Loaned $1,000 cash to a borrower who signed a note. b. Sold $1,000 merchandise to a customer on account. c. Paid $1,000 on a note payable to the bank. d. Received a $1,000 payment from a tenant on a rent receivable. e. Paid $1,000 to a supplier for the purchase of merchandise. 3. The primary responsibility for preparing the financial statements rests with: a. independent outside auditors. b. the Financial Accounting Standards Board (FASB). c. management of the company. d. the Public Company Accounting Oversight Board (PCAOB). e. the Securities and Exchange Commission. 4.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/04/2010 for the course PHYSICS 7B taught by Professor Packard during the Spring '08 term at University of California, Berkeley.

Page1 / 6

mid1-2008 Fall - UGBA102A EXAM 1 Fall 2008 Multiple choice...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online