Fall+2007+Exam+1A

Fall+2007+Exam+1A - Name Student ID Number Discussion...

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Name Student ID Number Discussion Section TA MGT 11A – Exam 1 Version A MGT 11A Fall 2007 Professor John Hancock There are 40 questions in this exam. Each question is worth 2.5 points for a total of 100 points. Please use the blue 2000 version of the scantron. Be sure to bubble in your ID number on the scantron form, and indicate the Exam Code (Version A or B).
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MGT 11A - FALL 2007 EXAM 1A Student: ___________________________________________________________________________ 1. Accounting is an information and measurement system that: A. Identifies business activities. B. Records business activities. C. Communicates business activities. D. Helps people make better decisions. E. All of the above. 2. The accounting guideline prescribing that financial statement information be supported by independent, unbiased evidence other than someone's belief or opinion is the: A. Business entity principle. B. Monetary unit principle. C. Going-concern principle. D. Cost principle. E. Objectivity principle. 3. A parcel of land is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as being worth $140,000, and is purchased for $137,000. The land should be recorded in the purchaser's books at: A. $ 95,000. B. $137,000. C. $138,500. D. $140,000. E. $150,000. 4. Revenue is properly recognized: A. When the customer's order is received. B. Only if the transaction creates an account receivable. C. At the end of the accounting period. D. Upon completion of the sale or when services have been performed and the business obtains the right to collect the sales price. E. When cash from a sale is received.
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5. An example of an operating activity is: A. Paying wages. B. Purchasing office equipment. C. Borrowing money from a bank. D. Selling stock. E. Paying off a loan. 6. An example of an investing activity is: A. Paying wages of employees. B. Paying dividends. C. Purchasing land. D. Selling inventory. E. Contribution from owner. 7. If equity is $300,000 and liabilities are $192,000, then assets equal: A. $108,000. B. $192,000. C. $300,000. D. $492,000. E. $792,000. 8. Revenues are: A. The same as net income. B. The excess of expenses over assets. C. Resources owned or controlled by a company D. Increases in retained earnings from a company's earning activities. E. The costs of assets or services used. 9. The distribution of assets to stockholders is called a(n): A. Liability. B. Dividend. C. Expense. D. Contribution. E. Investment.
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10. Viscount Company collected $42,000 cash on its accounts receivable. The effects of this transaction as reflected in the accounting equation are: A. Total assets decrease and equity increases. B. Both total assets and total liabilities decrease. C. Total assets, total liabilities, and equity are unchanged.
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This note was uploaded on 01/22/2011 for the course MGT 11A taught by Professor Armstrong during the Fall '08 term at UC Davis.

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Fall+2007+Exam+1A - Name Student ID Number Discussion...

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