Sample+test - ACCT 2101 Financial Accounting Sample Exam...

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ACCT 2101 Financial Accounting Sample Exam Part I: Multiple Choice Answers ( Please write your multiple choice answers here! ) 1. _____ 6. _____ 2. _____ 7. _____ 3. _____ 8. _____ 4. _____ 9. _____ 5. _____ 10. _____ 1
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I. Multiple choices Choose the one best answer for each of the following questions. Please write your answers in the space provided on the cover page. 1. Which of the following is a separate legal entity? a. Proprietorship b. Sole proprietorship c. Corporation d. Partnership 2. .A financial statement that reports accounting data at a specific date is the a. balance sheet. b. retained earnings statement. c. income statement. d. statement of cash flows. 3. Which is an indicator of profitability? a. Current ratio. b. Earnings per share. c. Free cash flow. d. Working capital. 4. If total liabilities decreased by $30,000 during a period of time and owners equity increased by $35,000 during the same period, the amount and direction (increase or decrease) of the period’s change in total assets is a: a. $65,000 increase. b. $5,000 increase. c. $5,000 decrease. d. $65,000 decrease. 5. Financial statements combining the operations of Kohls and Target would violate the a. monetary unit assumption. b.
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This note was uploaded on 11/16/2010 for the course ACCT 2101 taught by Professor Turner during the Spring '08 term at Georgia Institute of Technology.

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Sample+test - ACCT 2101 Financial Accounting Sample Exam...

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