Prelim_1___Ver_2___Fall_2006_1_ - TEST NUMBER AEM 221...

Info icon This preview shows pages 1–3. Sign up to view the full content.

TEST NUMBER_______ AEM 221 Financial Accounting Prelim #1 Fall 2006 Name ________________________________ TA’s Name ____________________________ Section # ___________ 1. This exam consists of 20 multiple choice questions and 4 problems. There are 14 pages in this packet, including the cover page; please ensure that you have all the pages. 2. Your answers to Part I should be transposed on to an optical sheet. Failure to do so will result in zero credit for Part I. 3. Your written work for Part II should be completed in the space provided. 4. You will lose points for arithmetic errors; please be careful. 5. This exam is not to leave the testing room. The exam questions and answers will be posted to Blackboard in due course. Your grades will be posted to Blackboard when complete and you may review your test during next section. 6. Read carefully and good luck! I hereby certify that I have not given or received assistance while taking this exam and have at all times abided by Cornell University’s Code of Academic Integrity. Signature: ______________________________________ Date: _____________ Points Scored Points Available Part I Multiple Choice 40 Part II Problem 1 20 Problem 2 10 Problem 3 – Part1 19 Problem 3 – Part2 9 Problem 4 2 TOTAL 100 1
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Part I: Multiple Choice (40 Points) 1. Select the statement which best describes the primary purpose of closing entries. A. To allow preparation of the financial statements. B. To facilitate preparing adjusting entries. C. None of the other answers are correct. D. To determine the amount of net income or net loss for the period. E. To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period. 2. Identify the potential economic consequences of not following generally accepted accounting principles (GAAP). 3. According to the readings posted on Blackboard, the SEC's “Report Pursuant to Section 704 of the Sarbanes- Oxley Act of 2002,” issued in January of 2003, divided investigations into 3 categories. Which of the following was not one of those categories?
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.
  • Fall '07
  • Balance Sheet, Net Income, Generally Accepted Accounting Principles, white shaded bar

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern