Prelim1ver2fall2005 - TEST NUMBER AEM 221 Financial...

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TEST NUMBER_______ AEM 221 Financial Accounting Prelim #1 Fall 2005 Version 2 Name ________________________________ TA’s Name ____________________________ Section # ___________ 1. This exam consists of 20 multiple choice questions and 2 problems. There are 13 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 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 a small amount of 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- Part 1 22 Problem 1- Part 2 10 Problem 2- Part 1 19 Problem 2- Part 2 9 TOTAL 100 1
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Part I: Multiple Choice (40 Points) 1. Which of the following are profit measures reported on a multiple step income statement? A) Income from operations B) Pretax income C) Gross profit D) Only A and B are reported. E) All of the above are reported. 2. What are the categories of cash flows that appear on a statement of cash flows? A) Cash flows from investing, financing, and service activities. B) Cash flows from investing, financing, and saving activities. C) Cash flows from operating, investing, and financing activities. D) Cash flows from operating, production, and investing activities. E) None of the above is correct. 3. Abrahams Corporation reported the following amounts at the end of the first year of operations, December 31, 20A: contributed capital $50,000; sales revenue $200,000; total assets $150,000; $10,000 dividends; and total liabilities $80,000. Retained earnings and total expenses would be A) retained earnings $20,000 and expenses $170,000 B) retained earnings $30,000 and expenses $160,000. C) retained earnings $70,000 and expenses $120,000. D) retained earnings $80,000 and expenses $110,000 E) None of the above. 4. Assets for a particular business might include A) cash, accounts payable, and notes payable. B) cash, retained earnings, and accounts receivable. C) cash, accounts receivable, and inventory. D) inventories, property and equipment, and contributed capital. 5.
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Prelim1ver2fall2005 - TEST NUMBER AEM 221 Financial...

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