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Exam 1-Form A S2010 - Exam Fundamentals of Financial...

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Exam #: Fundamentals of Financial Accounting ACC 311 Spring 2010 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 9 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 1 Form A Page 1 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 For the year 2009, Tally Corporation reported $120,000 pretax income (average annual income tax rate of 30%). Net income was A. $36,000. B. $56,000. C. $70,000. D. $84,000. 2 Burger Palace Corporation reports net cash used for investing activities of $3.4 million and a net cash provided by financing activities of $1.6 million. If cash increased by $1.1 million during the year, what was the net cash flow provided from operating activities? A. $0.7 million B. $2.9 million C. $3.9 million D. $6.1 million 3 Closing entries A. are required to reduce the balances in the real accounts to zero at the end of each period. B. transfer the components of net income to a revenue account each period. C. establish a zero balance in all revenue and expense accounts at the end of each period. D. are optional. 4 Which of the following would be a financing cash outflow? A. Cash dividends declared. B. Interest paid. C. Payment of a portion of a loan. D. Purchase of a building on credit. 5 Thomas Company reported sales revenue of $500,000 and total expenses of $450,000 (including depreciation) for the year ended December 31, 2009. During 2009, accounts receivable decreased by $5,000, merchandise inventory increased by $4,000, accounts payable increased by $6,000, and depreciation expense of $10,000 was recorded. Assuming no other data is needed, the net cash inflow from operating activities for 2009 was A. $44,000.
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