ACTG 500 Midterm Spring 2009 Answer Key

ACTG 500 Midterm Spring 2009 Answer Key - Print Name_Answer...

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

View Full Document Right Arrow Icon
Print Name____Answer Key________________________________________ ACTG 500: Introduction to Financial Accounting Spring 2009: Midterm Examination Part 1: Matching (1 point each, total = 10 points) Listed below are ten terms followed by a list of phrases that describe or characterize these terms. Match each phrase with the correct term by placing the letter designating the best term in the space provided by the phrase. Terms: A. Assets B. Matching principle C. Distributions to owners D. Equity E. Expenses F. Form 10-K G. Investments by owners H. Liabilities I. Form 10-Q J. Revenues Letter Code Description D Net assets E Outflows of resources to generate revenues C Cash dividends H Claims of creditors against the assets of a business G Transfers of resources in exchange for common and preferred stock I A public firm’s quarterly filing to the SEC J Increases in equity from the sale of goods and/or services F A public firm’s annual filing to the SEC B Guide to expense recognition. A Probable future economic benefits controlled by an entity
Background image of page 1

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

View Full DocumentRight Arrow Icon
2 Part 2 (A): Multiple Choice (1 point each, total = 10 points) For each question, place an ‘X’ in the box next to the correct answer. 1. Incurring an expense for advertising on account (i.e., payment not made yet) would be recorded by: Debiting liabilities Crediting assets X Debiting an expense Debiting assets 2. A sale on account (i.e., credit sale) would be recorded by: Debiting revenue Crediting assets Crediting liabilities X Debiting assets 3. Which of the following accounts has a debit balance? Accounts payable Accrued taxes Accumulated depreciation X Bad debt expense 4. An example of a contra account is: X Accumulated depreciation Depreciation expense Accounts receivable
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 7

ACTG 500 Midterm Spring 2009 Answer Key - Print Name_Answer...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online