Acct_2311_-_Mid-Term_Exam_woa

Acct_2311_-_Mid-Term_Exam_woa - Answer Sheet-Mid-Term,...

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Answer Sheet-Mid-Term, Summer 1, 2010 Name_______________________________ Multiple Choice (75%) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22
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23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45
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Essay/Problems (25%) 46 47 48 49
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Acct 2311 - Mid-Term Exam Student: ___________________________________________________________________________ Multiple Choice (75%0 1. Which of the following is not a transaction to be recorded in the accounting records of an entity? A. Investment of cash by the owners. B. Sale of product to customers. C. Receipt of a plaque recognizing the firm's encouragement of employee participation in the United Way fund drive. D. Receipt of services from a "quick-print" shop in exchange for the promise to provide advertising design services of equivalent value. 2. A fiscal year: A. is always the same as the calendar year. B. is frequently seleted based on the firm's operating cycle. C. must always end on the same date each year. D. must end on the last day of a month. 3. The time frame associated with a balance sheet is: A. a point in time in the past. B. a one-year past period of time. C. a single date in the future. D. a function of the information included in it. 4. The balance sheet equation can be represented by: A. A = L + OE B. Assets Liabilities = Owners' Equity C. Net Assets = Owners' Equity D. All of these
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5. Accumulated depreciation on a balance sheet: A. Is part of owners' equity. B. Represents the portion of the cost of an asset that is assumed to have been "used up" in the process of operating the business. C. Represents cash that will be used to replace worn out equipment. D. Recognizes the economic loss in value of an asset because of its age or use. 6. Expenses are: A. cash disbursements. B. decreases in net assets from uninsured accidents. C. decreases in net assets from dividends to stockholders. D. decreases in net assets resulting from usual operating activities. 7. On January 31, an entity's balance sheet showed total assets of $750 and liabilities of $250. Owners' equity at January 31 was: A. $ 500 B. $1,000 C. $ 750 D. $ 250 At the beginning of the fiscal year, the balance sheet showed assets of $1,364 and owners' equity of $836. During the year, assets increased $74 and liabilities decreased $38. 8. Owners' equity at the end of the year totaled: A. $836 B. $872 C. $948 D. $1,438 9. Liabilities at the end of the year totaled: A. $490 B. $528 C. $836 D. $910
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10. Matching revenues and expenses refers to: A. having revenues equal expenses. B. recording revenues when cash is received. C. accurately reflecting the results of operations for a fiscal period. D. recording revenues when a product is sold or a service is rendered. 11. An expanded version of the accounting equation could be:
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Acct_2311_-_Mid-Term_Exam_woa - Answer Sheet-Mid-Term,...

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