ACC231 - Fall 2010 Exam 1A

ACC231 - Fall 2010 Exam 1A - ACC231-FALL 2010-Exam 1...

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Yellow - Page 1 of 11 ACC231-FALL 2010-Exam 1 (Version A) NAME ____________________________________________ Breakout Instructor __________________________ Time ___________ Team #_________ READ THESE DIRECTIONS! 1. Write your Name and breakout information above. 2. On the Scantron, write your LAST NAME, FIRST NAME AND ASU ID NUMBER (All Left Justified). You must also write “ YELLOW ” above your last name. These MUST be on your scantron to get credit for multiple choice! 3. Make sure you have ELEVEN single-sided pages in this exam. 4. Don’t start the exam until instructed to do so. 5. We will ONLY count items marked on the Scantron. 6. Cheating on any part of this exam will result in a failing grade for the course. 7. You have approximately 90 minutes for the exam. Work quickly, but do not rush. Budget your time carefully . At the conclusion of the exam period, exams must be turned in promptly. Formulas are on the SEPARATE HANDOUT. Note that all interest percentages are ANNUAL percentages (e.g. 9% means 9% per year). YOU MUST RETURN THIS EXAM, THE SEPARATE HANDOUT AND THE SCANTRON. Each Multiple Choice Question is worth FIVE Points. Est. Time Topic Points Possible 75 min. 40 Multiple Choice Questions (plus 2 bonus questions) 200 points for the exam plus 10 extra Credit Points 90 min. TOTAL POSSIBLE 210 points G ood Luck!
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Yellow - Page 2 of 11 ____ 1. The financial statement that is represented by the accounting equation is the: a. Retained Earnings Statement b. None of the financial statements are represented by the accounting equation c. Income Statement d. Balance Sheet ____ 2. Supplies has a balance of $8,000 on January 1. On January 15, $6,000 of additional supplies were purchased on account and the transaction was appropriately recorded. A count of actual supplies on hand at the end of January indicates a balance of $5,000. As part of the AJE at January 31, the company will debit Supplies Expense for a. $5,000 b. $9,000 c. $6,000 d. $3,000 e. $7,000 ____ 3. On August 20, Donkey Kong, Inc. prepaid $18,000 cash for 12 months of maintenance (for maintenance from September 1 through the following August 31). On August 20, when Donkey Kong records the $18,000 payment, they will debit maintenance expense for: a. $3,000 b. $16,500 c. $13,500 d. $0 (they will not debit maintenance expense) e. $1,500 ____ 4. What accounting concept is the reason we don't record customer satisfaction in the accounting records? a. Historical Cost Concept b. Accrual Accounting Concept c. Entity Concept d. Going Concern Concept e. Monetary Unit Concept ____ 5. The Pied Piper provides pet sitting services. Based on accrual accounting, when should the Pied Piper recognize revenue from petting sitting services? a. At the date the customer requests that Pied Piper perform pet sitting
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ACC231 - Fall 2010 Exam 1A - ACC231-FALL 2010-Exam 1...

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