Practice-Exam 1-Fall 09 (1)

Practice-Exam 1-Fall 09 (1) - Exam #: Fundamentals of...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Exam #: Fundamentals of Financial Accounting ACC 311 Spring 2009 Exam I, Form A Name Instructor Section Meeting Time DO NOT OPEN until given instructions to do so. Instructions 1. Assume that the accrual basis of accounting applies to all questions , unless a question specifically instructs otherwise. 2. Confirm that you have 11 numbered pages. There are also two blank sheets of paper at the end of the exam that you may use for scratch paper. 3. On your Scantron answer sheet, write and bubble in your name, section number, and the Test Form letter noted above. 4. Use a #2 pencil only to mark your responses on your Scantron answer sheet. Mark clearly and erase completely as needed. You should also mark your answers on your exam. However, only multiple choice answers marked on your Scantron answer sheet will be graded. 5. Multiple choice questions are 2 points each; all other questions have their point value noted with the problem. 6. Cell phones and PDA's are NOT allowed and must be turned off and put away during the exam. Calculators capable of storing text (programs) are not allowed. You may use a basic or financial calculator with numerical memory functions only. 7. Bring your entire exam, Scantron answer sheet and student ID to the front of the room when you have finished. 8. You are reminded of the University’s honor policy which requires you do your own work and not give or receive assistance on this exam.
Background image of page 1

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

View Full DocumentRight Arrow Icon
Acc 311 - Exam I Form A - Page 1 Spring 2009 SECTION I - MULTIPLE CHOICE (50 points - 2 points each) - Please choose the BEST answer for each question and record your answer on the Scantron answer sheet. 1. On January 1, 2010, Denmark Inc., started the year with a $200,000 credit balance in its retained earnings account. During 2010, the company earned net income of $70,000 and declared and paid dividends of $10,000. Also, the company received cash of $15,000 as an additional investment by its owners. Therefore, the balance in retained earnings on December 31, 2010, would be A. $200,000. B. $270,000. C. $245,000. D. $260,000. 2. Lab Industries, Inc., borrowed $50,000 under a non-current note payable, paid cash dividends of $8,000, sold long-term investments for $12,000, received $5,000 of dividend revenue, bought back stock from a shareholder for $15,000, paid interest on the note payable of $2,000, and purchased new equipment for $19,000. The net cash flow from financing activities would be A. $25,000. B. $27,000. C. $80,000. D. ($20,000). 3. The accounts payable account has a beginning balance of $12,000 and we purchased $50,000 of inventory on credit during the month. The ending balance was $10,000. How much did we pay our creditors during the month? A. $50,000
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 07/13/2010 for the course ACC 311 taught by Professor Charrier during the Fall '08 term at University of Texas at Austin.

Page1 / 12

Practice-Exam 1-Fall 09 (1) - Exam #: Fundamentals of...

This preview shows document pages 1 - 3. Sign up to view the full document.

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