T1_371_F09_TypeA_Sol

T1_371_F09_TypeA_Sol - ActSc 371 Midterm Test (Morning...

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Unformatted text preview: ActSc 371 Midterm Test (Morning session) Aids: non-programmable Calculator This examination contains: Multiple Choice (MC) Written Answer (WA) Total Morning session Grade: 6 questions (2 points for each) 3 questions (31 points in total) 43 points Last page is the formula sheet. Instruction: * Circle your answer for MC type questions. 0.5 points will deducted for the wrong answer. * For WA type questions, answer all questions in the space provided. Show all work. ID#: _____________________ Last Name: ____________________ First Name: ____________________ Type A The balance sheet is made up of what five key components: A) fixed assets, current liabilities, long term debt, tangible current assets and shareholders equity B) intangible fixed assets, current liabilities, long term debt, net income and current assets C) fixed assets, long term debt, current assets, current liabilities and shareholders equity D) current assets, fixed assets, long term debt, shareholders equity and retained earnings E) none of the above. Answer: C Depreciation item appears both on the balance sheet and the income statement A) True B) False Answer: Not very clear what exactly depreciation is. (Could be accumulated one). So everyone gets a full mark. Capital structure is defined as the major financing of the firm. The capital structure is divided: A) between debt holders and creditors D) all of the above B) creditors and equityholders E) none of the above. C) assets and liabilities Answer: B The balance sheet is made up of what five key components: A) fixed assets, current liabilities, long term debt, tangible current assets and shareholders equity B) intangible fixed assets, current liabilities, long term debt, net income and current assets C) fixed assets, long term debt, current assets, current liabilities and shareholders equity D) current assets, fixed assets, long term debt, shareholders equity and retained earnings E) none of the above. Answer: C Depreciation item appears both on the balance sheet and the income statement A) True B) False Answer: Not very clear what exactly depreciation is. (Could be accumulated one). So everyone gets a full mark....
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This note was uploaded on 05/23/2010 for the course ACTSC 371 taught by Professor Wood during the Winter '08 term at Waterloo.

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T1_371_F09_TypeA_Sol - ActSc 371 Midterm Test (Morning...

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