plugin-A471f10 Practice Exam 1

plugin-A471f10 Practice Exam 1 - UNIVERSITY OF MICHIGAN...

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UNIVERSITY OF MICHIGAN ROSS SCHOOL OF BUSINESS ACCOUNTING 471 PRINCIPLES OF ACCOUNTING FALL 2010 Name: _____________________________ (Print) Practice First Exam This exam consists of 20 multiple choice questions worth 4 points each. Read each question carefully. Answer all questions on the scantron answer sheet, using only a No. 2 pencil to record your answers. Mark your answer on the scantron sheet by blackening the appropriate space. Make no extraneous marks on the answer sheet, and if you must change an answer, be sure that your erasure is complete. You have seventy-five minutes to complete this exam. At the conclusion of the seventy- five minutes, you will be instructed to read the Business School Honor Policy and sign below to indicate your compliance with the policy. Your exam will not be graded if the statement is not signed. Business School Honor Policy: We, the members of the Business School community – students, faculty, and staff – commit ourselves to do our work and perform our duties honestly. We understand that in striving for excellence in performance, our personal and institutional integrity is our most precious asset; and accordingly, we will not knowingly act in ways that erode our integrity. Because we are an academic community, honesty in our academic work is vital. Therefore, we pledge neither to cheat nor to tolerate cheating. I acknowledge that I have been directed to work individually on this examination. I certify that I have neither given nor received prohibited aid on this examination. Signed : _____________________________________________________
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1. A balance sheet is intended to help investors and creditors: a. assess the amount, timing, and uncertainty of prospective net cash inflows of a firm. b. evaluate the economic resources and obligations of a firm. c. evaluate the economic performance of a firm. d. assess the management’s efficiency and profitable use of the firm’s resources. e. None of the above. 2. CTU Company reported a cash balance of $419,600 on its balance sheet at December 31, 2005. Its statement of cash flows for the year ended December 31, 2005 showed that operating activities provided $1,688,300, investing activities used $1,180,500, and financing activities used $1,746,700. What did CTU report as its cash balance on its balance sheet at December 31, 2004? a. $ 819,300 b. $1,238,900 c. $1,448,700 d. $1,658,500 e. None of the above. 3. Chloe’s Computing Services Company reported total assets of $1,113,200 and total liabilities of $479,300 at December 31, 2004. During 2005, the company earned revenues of $505,900 and incurred expenses of $475,400. Also during 2005, the company issued $43,800 of its common stock, and it declared and paid dividends of $25,000. The company’s balance sheet at December 31, 2005, showed that total assets had increased $378,900 since the beginning of the year. What were total liabilities at December 31, 2005? a.
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This note was uploaded on 01/26/2011 for the course ACCT 471 taught by Professor Jeffwilliams during the Fall '10 term at University of Michigan.

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plugin-A471f10 Practice Exam 1 - UNIVERSITY OF MICHIGAN...

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