Old Midterm Exam

Old Midterm Exam - UNIVERSITY OF CALIFORNIA SAN DIEGO...

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Page 1 of 2 Name _____________________________ UNIVERSITY OF CALIFORNIA SAN DIEGO Economics 4 Old Midterm Exam Financial Accounting Prof. Willoughby 1. The basic accounting equation is: (a) A + L = Eq (b) A + Eq = L (c) A + L + Eq = 0 (d) both (b) & (c) 2. The answer to #1 above reflects the: (a) Entity concept (b) Duality concept (c) Money-measurement concept 3. Accrual accounting measures cash flow. T/F 4. The RHS of the Balance sheet lists sources of funds . T/F 5. Equity holders are also called Creditors. T/F 6. Some transactions affect only assets or only liabilities or both. T/F 7. Some transactions have no affect on equity. T/F 8. Prepaid expenses are Assets. T/F 9. Unearned Revenue is a Liability. T/F 10. The going concern concept necessitates a known market value for most assets. T/F 11. Book value reports what an asset is worth. T/F 12. Depreciation expense is an estimate of the cash required to replace a LLA. T/F 13. Retained Earnings represents the maximum amount of cash available for Investors. T/F
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Old Midterm Exam - UNIVERSITY OF CALIFORNIA SAN DIEGO...

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