mock exam 1

mock exam 1 - The University of Texas at Dallas AIM 6305...

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The University of Texas at Dallas AIM 6305 Mock Exam #1 Basic Accounting Principles PLEASE NOTICE: The purpose of this exam is to help you review the material and PRACTICE. There is NO guarantee ( NO GUARANTEE AT ALL!!) the real exam will be similar to this one. This exam does NOT necessarily cover all the material. The real exam will NOT be a multiple-choices exam. Mock exam – First Exam - page 1
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1. What is the name of the branch of accounting concerned with providing managers and administrators with information to facilitate the planning and control of business operations? a. Management accounting b. Auditing c. Financial accounting d. Bookkeeping 2. You are a potential stockholder and are concerned that a particular company you are ready to invest in might have too much debt. Which financial statement would provide you information needed in order to evaluate your concern? a. Balance sheet b. Income statement c. Statement of retained earnings d. Statement of public accounting 3. Which financial statement would you analyze to determine if a company distributed any of its profits to its shareholders? a. Balance sheet b. Statement of retained earnings c. Income statement d. Both the balance sheet and income statement 4. Which one of the following events involves a liability for a business? a. Loans to be repaid to banks b. Inventories purchased for cash c. Amounts invested by owners d. Stock sold to the general public 5. Which of the following best describes the term “Retained earnings”? a. The amount of total profits earned by a business since it began operations. b. The amount of interest or claim that the owners have on the assets of the business. c. The future economic resources of a business entity. d. The cumulative profits earned less all dividends distributed. 6. From the following list, select the best description of the term “Expenses.” a. The amount of total profits earned by a business since it began operations. b. The amount of interest or claim that the owners have in the business. c.
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mock exam 1 - The University of Texas at Dallas AIM 6305...

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