KIC000090 - Accounting 284 Exam 1 Clem Spring 2009...

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Name (please printh Accounting 284 Exam 1.- Clem Spring 2009 J I )u±1"'- \-'0\ W\ Signatur~-1tJ",-- Go'?}') .0.1 ) Row # tv Please circle your class time: ection A) TR 11:00-12:20 (Section B) Exam Instructions: 1. Use a number 2 pencil to complete the answer sheet. 2. BE SURE YOUR NAME AND 9 NUMBER UNIVERSITY In are on the answer sheet. Only put your name on the exam. 3. There are 30 questions on the exam. Make sure you have 30 questions and that you answer them all. 4. You need to circle the answers ON YOUR EXAM as well as filling them out on the answer sheet. You will not get the answer sheet back. 5. When you finish the exam, please bring it to the front of the room with your answer sheet and your photo ro, along with rest of your personal belongings. Plan to leave the room without returning to your seat.
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, Acct 284 - Clem Exam 1- Spring 2009 Page 1 1. Which financial statement shows the financial position of a business as of a given date? ['At balancesheet. W incomestatement. (C), statementof cashflows. b) statementof retainedearnings. 2. The accounts payable account has a beginning balance of $1,000 and we purchased $3,000 of inventory on credit during the month. The ending balance was $800. How much did we pay our creditors during the month? A) $2,800 B) $3,000 (e)\ $3,200 D) $3,800 3. Adjusting entries NEVER include A) prepaid expenses. B) interest payable. C) unearned revenue. ® cash. 4. Anna Inc. had the following items reported on its most recent financial statements Total revenues $500,000 Dividends $ 10,000 Total assets $425,000 Total liabilities $125,000 Total contributedcapital.. $100,000 Beginningretainedearnings $140,000 5. IA =" [L -'j-'St E P.t. : 'DRt + N1 - fJ N"\::'~- 1::- t.t- '-\2S,I>OC> -- \ 'L'S ,f.>MJ -t- (\\Cfi'l't-f2,c.) !'::f::i) r;CO -:0. I co 100C>+G Whattotal expenses werereportedby Annafor the year? 'LOOPCO = Rc A) $155,000 CJ,~ L~'SE: ~N!= R-6 0 .,[[ 0 B) $275,000 RE = fit; -r '" - C) $310,000 , rm $430 000 ~z<,= \'t""" 'lu o ' ~ Nt= .1:X)-f I<JDr(9.iJ-t.)-/iJ So 2Do Rf ~ 1801-(5/.)1)"6) On January 1,2005, Thomas Company pai~I,OOO tor a two-yea9 insurance policy on the plant. The accounting period ends December 31. At the end of 2005, the financial statements should report: ~ C) D) Prepaid insurance Insurance expense t $500 $1,000 $0 $250 ZtX>poo-:. \'-\-O,coo +Nl- 1°,00 0 i4J lo:P T ID plfJ -::.
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