MGMT 351 - M351 Student Chosen ID Section Midterm Exam 1 Tentative Solution Management 351 Spring 2009 1 This exam consists of 25 multiple choice

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M351 Student Chosen ID Section: Midterm Exam 1 Tentative Solution Management 351 Spring 2009 1. This exam consists of 25 multiple choice items and 3 problems (with several parts each). The exam is 17 pages plus this cover page. Please check to see that your exam document is complete. The point value for each type of problem is: A. MULTIPLE CHOICE 60 points B. NUMERICAL PROBLEMS 90 points TOTAL POINTS 150 points 2. You have 90 minutes to complete this exam. At the end of the 90 minutes, please give me your exam document. It is important that all students cooperate in promptly turning in the exams to insure that no student has any advantage over another. 3. This exam is closed book, closed notes, no laptop--you may use your own calculator. 4. Show all of your calculations when solving numerical and essay problems. Correct answers to numerical problems which are not accompanied by work indicating how the answer was derived will not receive any credit. Even if the answer can be computed in your head, indicate your thought process on paper. Partial credit will be given only where the logic and handwriting can be easily followed . 5. If you think that an additional assumption is necessary to complete a problem, clearly state your extra assumption and continue working the problem. As long as your assumption does not contradict information in the problem and is plausible/justifiable, your answer will be graded using that assumption. 6. If you have a question, please come and ask me Remember: Cash + ∆ Other Assets = L + PIC + R – X + G – L – D
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A. (75 points) MULTIPLE CHOICE ITEMS 1. Among the short-term obligations of Lance Company as of December 31, the balance sheet date, are notes payable totaling $250,000 with the Madison National Bank. These are 90-day notes, renewable for another 90-day period. These notes should be classified on the balance sheet of Lance Company as a. current liabilities. b. deferred charges. c. long-term liabilities. d. intermediate debt. A 2. Which of these is not included in an employer's payroll tax expense? a. F.I.C.A. (social security) taxes b. Federal income taxes c. Federal unemployment taxes d. State unemployment taxes B 3. A liability for compensated absences such as vacations, for which it is expected that employees will be paid, should a. be accrued during the period when the compensated time is expected to be used by employees. b. be accrued during the period following vesting. c. be accrued during the period when earned. d. not be accrued unless a written contractual obligation exists. C 4. A contingency can be accrued when a. it is certain that funds are available to settle the disputed amount. b. an asset may have been impaired. c.
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This note was uploaded on 02/06/2011 for the course MGMT 351 taught by Professor Staff during the Spring '08 term at Purdue University-West Lafayette.

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MGMT 351 - M351 Student Chosen ID Section Midterm Exam 1 Tentative Solution Management 351 Spring 2009 1 This exam consists of 25 multiple choice

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