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NAME: STUDENT No.: RECITATION SECTION: ACCOUNTING 101, EXAMINATION 1 Fall Semester, 2002 INSTRUCTIONS: 1. There are 15 numbered pages in this booklet. Make sure you have all of the pages. 2. Please print your name and student number in the space provided on top of this page AND on all subsequent pages . 3. This is a 120 point exam. You have 120 minutes to complete it. Budget your time to achieve maximum points. 4. Answer the problems in the space provided within this booklet. Present your work in an orderly fashion to facilitate the awarding of partial credit. For partial credit, you must show your work. Partial credit can only be given for work that is presented in a clear, legible and logical manner. 5. In the interest of fairness to all students, NO questions will be answered during the exam. If you think a question is ambiguous, state an appropriate assumption explicitly and continue. 6. The exam is closed book. You are allowed only ONE 8.5 x 11 inch single-sided page of paper for notes. Part Points Allocated Points Scored I 10 II 20 III 61 IV 17 V 12 Total 120
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PART I – 10 points (1 point each) 1. The terms “matching” or "matching process" in accounting refers to the matching of: a. Cash inflows and outflows. b. Assets and liabilities. c. Profit and drawings. d. Liabilities and owner's equity. e. Revenues and expenses. 2. Which of the following accounts is normally closed off at the end of an accounting period? 3. Assume that in one accounting period there were no contributions of capital, liabilities increased by $4,000, assets increased by $18,000, revenue was $34,000 expenses were $11,000 and net income was $23,000. The owner must therefore have withdrawn: 4. One would credit an account in order to:
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