Practice-Exam 1-KEY-Fall 09

Practice-Exam 1-KEY-Fall 09 - Exam #: Fundamentals of...

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Exam #: Fundamentals of Financial Accounting ACC 311 Spring 2009 Exam I KEY 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 XX 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.
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Acc 311 - Exam I Form Working Draft - Page 1 Spring 2009 Multiple Choice: Question Answer 1 D 2 B 3 B 4 C 5 B 6 C 7 C 8 C 9 D 10 B 11 A 12 B 13 C 14 D 15 C 16 A 17 B 18 C 19 B 20 B 21 A 22 C 23 D 24 A 25 B
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Acc 311 - Exam I Form Working Draft - Page 2 Spring 2009 SECTION II (50 points) You MUST show your work to receive credit for your answers and to receive partial credit. Please try to be as neat and organized as possible. PROBLEM 1 (14 points) Given just the transactions below, calculate total revenues and total expenses for the Garofalo Company for the month of January, assuming financial statements are prepared monthly. Show all calculations for partial credit where appropriate. Jan. 1 Collected $9,000 cash in advance from customers for services to be performed equally each month, January through March. Jan. 5 Paid dividends of $10,000. Jan. 10 Performed $50,000 of services for customers; received $25,000 in cash with the rest on account. Jan. 12 Paid $10,000 owed suppliers. Jan. 20 Paid wages to employees totaling $6,000 for work performed in January.
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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.

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Practice-Exam 1-KEY-Fall 09 - Exam #: Fundamentals of...

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