ACCT 2001 Practice Exam 1 Fall 2008

ACCT 2001 Practice Exam 1 Fall 2008 - ACCT 2101 Practice...

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ACCT 2101: Practice Exam I: Fall 2008 Name Class Section (circle one) M/W 8:00 M/W 9:30 Instructions 1. Use a #2 pencil only; mark your responses on your Scantron answer sheet as well as your exam book; mark clearly and erase completely as needed. 2. On your Scantron answer sheet, write and bubble in your name and Test Form letter noted above. 3. All multiple-choice answers must be marked on your Scantron answer sheet to be graded. 4. Confirm that you have seven (7) numbered pages. 5. Multiple-choice questions are three (3) points each; all other questions have their point value noted with the problem. 6. Bring your entire exam book, and Scantron answer sheet to the front of the room when you have finished the exam. 7. You are reminded of the University’s honor policy which requires you do your own work and not give or receive assistance on this exam. DO NOT OPEN until given instructions to do so
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Page 2 1. Which of the following liability accounts is reduced by the payment of cash? A) Unearned revenues B) Accounts payable C) Salaries payable D) All of the above are reduced by paying cash. E) Two of the above are reduced by paying cash. 2. Mark Co. purchased $6,600 of inventory on account. This transaction would 3. Which of the following statements about stockholders' equity is correct? 4. Adjusting journal entries are required
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