ExamsAcct284_04

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

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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
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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 a. assets should be recorded at their initial acquisition cost. b. each business is considered to be part of its owners. c. The monetary unit should be U.S. dollars. d. for measurement purposes, the resources, debts, and activities of a business should be kept separate from those of the owners. 3. On the statement of cash flows, a company would report the purchase of machinery as cash used in a. operating activities. b. financing activities. c. purchasing activities. d. investing activities. 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 a. contributed capital and long-term liabilities. b. contributed capital and property, plant, and equipment. c. retained earnings and notes payable. d. contributed capital and retained earnings. 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 7. Most businesses earn revenues a. when they collect accounts receivable. b. through sales of goods or services to customers. c. by borrowing money from a bank. d. by selling shares of stock to shareholders.
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Acct 284 Old Exams – Spring 2004 Page 3 8. What are the categories of cash flows that appear on a statement of cash flows? a.
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This note was uploaded on 09/05/2011 for the course ACCT 285 taught by Professor Carver during the Spring '08 term at Iowa State.

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

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