Exam_1_solutions (1)

Exam_1_solutions (1) - Practice Exam Name: PENN ID:...

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Practice Exam 1 Name: PENN ID: __________________________ Recitation Section: __________________________ ACCOUNTING 101, PRACTICE EXAM #1 Instructions: 1. There are 11 numbered pages in this booklet. Make sure you have all the pages before you begin. 2. Please print your name and student number at the top of this page AND on all subsequent pages. 3. This exam has 100 total points. You have 120 minutes to complete the exam so please budget your time accordingly. 4. Allocate time wisely and do not spend too much time on one question. 5. In the interest of fairness to all students, NO questions will be answered during the exam. If you think a question cannot be answered with the information provided, you can choose “none of the above”. 6. The exam is closed book and the use of a laptop computer is prohibited. You are permitted to use ONE double-sided 8 ½ x 11 inch reference sheet. You are also permitted to use a calculator. 7. Exams written in pencil will not be considered for a regrade. Use a pen if you think you might submit your exam for a regrade request. Question Points Allocated Points Earned 1 20 2 20 3 10 4 50
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Practice Exam 2 Question 1 – Multiple Choice (20 points) each question is worth 2 points. 1. The “accounting equation” can be rephrased as: a. Net Assets = Operating Assets + Financial Assets b. Net Assets = Common Stock + Addt’l Paid in Capital + Net Income - Dividends c. Net Assets = Liabilities + Shareholder’s Equity d. Net Assets = Assets - Liabilities e. None of the above 2. According to the articulation of financial statements, the balance sheet and the statement of cash flows are linked by: a. Cash balance b. Retained earnings c. Total shareholder equity d. Net income e. None of the above 3. Which of the following is an assets? a. Prepaid rent b. Taxes payable c. Unearned revenue d. Common stock e. None of the above 4. Which of the following assets on the balance sheet of a company are possibly undervalued? a. Land b. Inventories c. Equipment d. All of the Above e. None of the above
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Practice Exam 3 5. Which of the following accounts is usually not satisfied by payment of cash? a. Accounts payable b. Unearned revenue c. Taxes payable d. All of these are satisfied by paying cash e. None of the above 6. If you wanted to know what accounting rules a company follows related to its revenue recognition, where would you look? a. the balance sheet b. the auditor opinion c. the notes to the financial statements d. the management certification e. None of the above 7. The amount of revenue recognized in the income statement by a company that sells goods to customers would be a. the cash collected from customers during the current period. b.
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This note was uploaded on 11/16/2010 for the course ACCT 101 taught by Professor Armstrong during the Spring '09 term at UPenn.

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Exam_1_solutions (1) - Practice Exam Name: PENN ID:...

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