EXAM 1- 2004

EXAM 1- 2004 - NAME _ SECTION _013_ ACC 210 SPRING 2004...

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NAME _________________________ SECTION _________013__________ ACC 210 – SPRING 2004 EXAM 0NE 1. Fill in the information requested at the top of this page. Fill in your name on the answer sheet provided. 2. Enter all answers on the answer sheet provided but do NOT make extraneous marks on the answer sheet. Use the test paper for scratch work. The answer sheet will be machine graded; please handle it in a careful manner. Answers must be on the front side , i.e. the side with space for your name and identification. 3. Each question should be answered in the appropriately numbered space on the front side of answer sheet (1-25). Only one answer is acceptable for any question. If you must erase, erase completely . Fill in the chosen circle completely with a soft (#1 or #2) pencil. Remember, with multiple choice questions, there might appear to be several good answers. You need to select the best answer. 4. When you complete the exam, turn in your exam and answer sheet at the front of the room. HONOR PLEDGE I have neither given nor received unauthorized aid on this exam. SIGNED: ____________________________________________
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ACC 210-013, Spring 2004, Exam 1 Page 2 1. Which of the following financial statements are required to be prepared using the accrual basis of accounting under generally accepted accounting principles (GAAP)? A) Statement of cash flows and statement of retained earnings. B) Statement of cash flows and statement of financial position (balance sheet). C) Statement of cash flows and statement of income. D) Statement of income and statement of financial position (balance sheet). 2. In the book MoviesDoorToDoor.com, Courtney, John, and Brad had a celebration dinner with Brad’s father. The profitability of Movies was discussed during this meeting. The net income discussed during the dinner celebration was based on: A) The accrual basis of accounting. B) The cash basis of accounting. C) The regulatory basis of accounting. D) The statutory basis of accounting. E) The tax basis of accounting. Use the following information to answer the next two questions: The financial statements of HalCar Corporation reported the following information as of December 31, 2002, and 2003: December 31 2002 December 31 2003 Assets $20,000 $28,000 Liabilities $8,000 $9,000 Contributed Capital ? $13,000 Retained Earnings $1,000 ? Revenues ? $120,000 Expenses $100,000 ? Dividends 1,000 1,000 3. HalCar Corporation’s contributed capital as of December 31, 2002 is A) $29,000. B)
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EXAM 1- 2004 - NAME _ SECTION _013_ ACC 210 SPRING 2004...

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