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311-F08-Exam-I-Form-A - Exam Fundamentals of Financial...

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Exam #: Fundamentals of Financial Accounting ACC 311 Fall 2008 Exam I, Form A Name Instructor Section Meeting Time DO NOT OPEN until given instructions to do so. Instructions 1. Assume that the accrual basis of accounting applies to all questions , unless a question specifically instructs otherwise. 2. Confirm that you have 13 numbered pages. There are also two blank sheets of paper at the end of the exam that you may use for scratch paper. 3. On your Scantron answer sheet, write and bubble in your name, section number, and the Test Form letter noted above. 4. Use a #2 pencil only to mark your responses on your Scantron answer sheet. Mark clearly and erase completely as needed. You should also mark your answers on your exam. However, only multiple choice answers marked on your Scantron answer sheet will be graded. 5. Multiple choice questions are 2 points each; all other questions have their point value noted with the problem. 6. Cell phones, PDA's and calculators capable of storing text are NOT allowed at your desk during the exam. Please silence all cell phones and do not access them during the exam. 7. Bring your entire exam, Scantron answer sheet and student ID to the front of the room when you have finished. 8. 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.
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Acc 311 - Exam I Form A - Page 1 Fall 2008 SECTION I - MULTIPLE CHOICE (50 points - 2 points each) - Please choose the BEST answer for each question and record your answer on the Scantron answer sheet. 1. Grand Corporation had a beginning balance in its Prepaid Rent account of $100,000. The ending balance in the account was zero. During the year, the company paid $400,000 in cash to it’s landlord for rent. At the end of the year, the balance in its Rent Payable account was $100,000 (the beginning balance had been zero). How much should the company recognize as Rent Expense for the year. A. $400,000 B. $500,000 C. $550,000 D. $600,000 E. $700,000 2. Which of the following statements about stockholders' equity is not correct? A. Stockholders’ equity is the shareholders’ residual interest in the company resulting from the difference in assets and liabilities. B. Stockholders’ equity accounts are increased with credits. C. Stockholders’ equity results only from contributions of the owners. D. The purchase of land for cash has no effect on stockholders’ equity. 3. On January 1, 2007, the ledger of Global Corporation correctly showed supplies inventory of $1,000. During 2007, supplies purchases amounted to $5,000. A physical count of inventory on hand at December 31, 2007, showed $1,200. The 2007 income statement should report supplies expense amounting to A. $ 6,000. B.
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311-F08-Exam-I-Form-A - Exam Fundamentals of Financial...

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