ACC231 - Fall 2010 Exam 2A

ACC231 - Fall 2010 Exam 2A - ACC231-FALL 2010-Exam...

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
PINK - Page 1 of 11 ACC231-FALL 2010-Exam 2 (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 “ PINK ” 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 and accompanying Financial Statements 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!
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
PINK - Page 2 of 11 ____ 1. If a company’s gross profit ratio changed from 42% in 2009 to 47% in 2010, which of the statements below would best describe the trend? a. Trends cannot be determined unless the dollar amount of the change is provided b. It would depend on whether net sales increased or decreased during the period c. A positive trend d. A negative trend ____ 2. Pfizer spends $10,000 for research and development expenditures on a new drug. They will credit cash and debit: ____ 3. A Company purchases goods and is responsible for paying the freight (shipping charges). They pay the shipping company directly (credit to cash). The debit for this transaction is a debit to: ____ 4. On January 1, 2010, Gusteau's Restaurant purchased equipment at a cost of $10,000. The equipment had an estimated useful life of 4 years at 2,000 hours per year or a total of 8,000 hours. The equipment’s estimated salvage value was $2,000. The equipment was used 2,100 hours in 2010. Using the units-of-production method, the depreciation expense for the year ending December 31, 2010, would be
Image of page 2
PINK - Page 3 of 11 ____
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern