ExamsAcct284_05

ExamsAcct284_05 - Old Exam Packet Keys Exams from Spring...

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Unformatted text preview: Old Exam Packet Keys Exams from Spring 2005 - Clem Question Exam 1 Exam 2 Exam 3` Final Exam 1 A C C A 2 C C C C 3 D A A A 4 D C C D 5 A C B A 6 D B C C 7 C D B A 8 C D C D 9 B A A B 10 A D C B 11 B C D D 12 A D B A 13 C C D B 14 D B B A 15 B A D C 16 A A B C 17 D D D B 18 C B D A 19 B C A C 20 B A D D 21 D 22 C 23 A 24 B 25 A 26 B 27 B 28 B 29 A 30 A 31 A 32 B 33 D 34 C 35 A 36 D 37 B 38 B 39 B 40 C 41 C 42 A 43 C 44 C 45 B 46 D 47 C 48 A 49 B 50 B Exam 1 Clem Spring 2005 1.Which financial statement shows the financial position of a business as of a given date? A) balance sheet. B) income statement. C) statement of cash flows. D) statement of retained earnings. 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 C) $3,200 D) $3,800 3.The usefulness of the financial leverage ratio (Financial Leverage = Total Assets Total Stockholders Equity) is that it allows interested parties to assess A) how the company finances its assets B) the relative risk assumed by the company caused by the use of debt financing C) whether the company should expand its use of debt to finance assets D) all of the above are uses of the ratio 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 contributed capital...$100,000 Beginning retained earnings.$140,000 What total expenses were reported by Anna for the year? A) $155,000 B) $275,000 C) $310,000 D) $430,000 5.Increases in assets or decreases in liabilities resulting from peripheral transactions are defined as: A) gains B) losses C) revenues D) expenses 6.Which of the following accounts is increased by credit entries and decreased by debit entries A) Cash B) Advertising expense C) Equipment D) Accounts payable 7. The primary objective of financial information is to A) provide information to detect fraud in the preparation of financial statements. B) provide information about the taxable income of the company. C) provide useful economic information about a business to help external parties make sound financial decisions. D) provide managers with information about the efficiency and effectiveness of the production process. 8. The advantages of incorporation include all of the following EXCEPT: A) Ability to raise capital B) Ease of transfer of ownership C) Tax deductibility of dividends D) Limited liability of owners 9. Morrow Corp. makes a credit sale to a customer. The effect of this transaction on the accounting equation is that A) assets increase and liabilities increase B) assets increase and stockholders equity increases C) liabilities increase and stockholders equity decreases D) liabilities decrease and stockholders equity increases...
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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_05 - Old Exam Packet Keys Exams from Spring...

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