Fall_2006_Midterm_Solution

Fall_2006_Midterm_Solution - Financial Accounting Fall 2006...

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Financial Accounting Fall 2006 The midterm exam is closed book, however the cheat sheet is allowed. Calculators are permitted, however computers are not allowed. The test consists of 5 independent problems, most of which have multiple parts. The total points for the entire exam is 100. Please use the space provided on the exam for your answers. If you need extra space, please use the reverse sides of any page. If there is something written on the reverse sides of any page that you feel we need to see in order to grade your exam, please mention this in the space provided for each answer. You have 2 hours and 50 minute in which to complete the exam. Be sure to print your name on the cover sheet. It is also important that you print legibly. Anything we cannot read we cannot grade. If you have any questions during the test you may ask either your TA or professor. Talking to any other individual is not allowed and could subject you to a zero score. Good luck! Name (please print) 1. Multiple Choice 26 2. Abercrombie and Fitch 12 3. Hewlett Packard 22 4. Small World Day Care 18 5. The Missing Link Company 22 100 Page 1 of 14
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Question 1: Multiple choice. Choose the one best answer . 1. The independent auditor is employed by the a. creditors. b. shareholders. c. Governmental Accounting Office. d. board of directors. 2. Which of the following financial statements is measured at a point of time? a. Balance sheet b. Income statement c. Cash flows statement d. Both b and c are correct responses. 3. Which of the following decreases retained earnings? a. Dividends b. Supplies expense c. Rent expense d. Cost of goods sold e. All of the above decrease retained earnings. 4. Which of the following is NOT a characteristic of financial statements prepared under GAAP? a. Influenced by subjective judgments and incentives of management. b. Based upon historical and conservative information. c. Does not generally reflect market values. d. All of the above are characteristics of accounting information. 5. Which of the following changes describes the collection of $1,000 from accounts receivable? a. Assets and owners' equity increase by $1,000. b. Assets and owners' equity decrease by $1,000. c. Assets and liabilities increase by $1,000. d. Assets and liabilities decrease by $1,000. e. No changes in total assets, liabilities, or owners' equity. 6. If a firm with a current ratio of 2.0 pays $1,000 of accounts
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This note was uploaded on 04/20/2011 for the course ACC 101 taught by Professor Xyz during the Spring '11 term at Ohio State.

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Fall_2006_Midterm_Solution - Financial Accounting Fall 2006...

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