ExamsAcct284_04 - Old Exam Packet Spring 2004 Answer Keys...

Old Exam Packet – Spring 2004
Answer Keys
Question # Exam 1 Exam 2 Final Exam
1 C C A
2 D C C
3 D D A
4 B B A
5 D B C
6 A A A
7 B D D
8 D D C
9 C D B
10 C A B
11 A C D
12 A C A
13 C D A
14 B C C
15 C D C
16 C A B
17 D D D
18 B B B
19 D D B
20 B B A
21 D B B
22 D B D
23 A C B
24 C C A
25 B A B
26 C C B
27 A A A
28 C A C
29 A C C
30 C A B
31 B
32 D
33 D
34 C
35 A
36 B
37 B
38 C
39 D
40 A
41 B
42 D
43 C
44 D
45 A
46 D
47 A
48 C
49 B
50 D

Acct 284 Old Exams – Spring 2004 Page 2
Exam 1
1. On a balance sheet, assets are listed in the order of
a. dollar amount (largest first).
b. date of acquisition (earliest first).
c. ease of conversion to cash.
d. importance to the operation of the business.
2. The separate entity assumption states that
3. On the statement of cash flows, a company would report the purchase of machinery as cash used
in
4. a. business's balance sheet cannot be used to accurately predict what the business might be sold for
because
a. it identifies all the revenues and expenses of the business.
b. assets are generally listed on the balance sheet at their historical cost, not their current value.
c. it gives the results of operations for the current period.
d. some of the assets and liabilities on the balance sheet may actually be those of another entity.
5. The two categories of stockholders' equity usually found on the balance sheet of a corporation are
6. The primary difference between revenues and gains is
a. gains are increases in net assets from peripheral activities while revenues are increases from
ongoing activities
b. generally accepted accounting principles makes no distinction between them since they both
increase income
c. revenues cause increases in net assets as a result of peripheral activities and gains cause
increases through ongoing activities
d. both revenues and gains cause a decrease in net assets from ongoing and peripheral
transactions respectively