bbus 361 - University of Washington Bothell Intermediate...

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University of Washington Bothell Intermediate Accounting BBUS 361 Valerie Li Autumn, 2011 MIDTERM Version B-Solutions Tuesday, November 1, 2011 Your Name _________ Class Time: _________ Instructions: 1) Write your name and class time at the top of the page. 2) Sign the honor pledge on the next page. 3) This is a closed-book, closed notes exam. 4) The exam is 14 pages long. Be sure you have all pages. You may take the exam apart but be sure to staple the pages together in the proper order at the end of the exam. 5) Show all your work or partial credit will not be given; if no work is shown full credit may not be given. 6) If you feel an assumption is necessary, please document your assumption. 7) You have two hours to complete the exam. You may leave sooner if you are finished but please do so quietly to avoid disturbing your neighbors. 8) Point distributions are as follows: Question 1 (20) __________ Question 2 (53) __________ Question 3 (16) __________ Question 4 (11) __________ TOTAL (100)
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I acknowledge that I am a member of a learning community in the University of Washington Bothell that is committed to the highest academic standards and that I adhered to these standards while completing this exam. I further pledge that I have not received any information regarding the contents of this exam, that all work shown on this exam is my own, and that I understand that this is a closed book, closed note exam and have prepared my exam accordingly. ____________________________ signature _____________________________ date
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MULTIPLE CHOICE (Write the letter of the statement that you believe best answers the question in the table provided (2 pts. each) Question 1 2 3 4 5 6 7 8 9 10 Answer 1. Reporting comprehensive income in the United States can be accomplished by which of the following methods: A. In the statement of shareholders' equity. B. A combined statement of income and comprehensive income. C. A separate statement of comprehensive income. D. All of the above are acceptable methods. 2 . International Financial Reporting Standards (IFRS) a) are set by the FASB’s international division b) require the reporting of extraordinary items as a separate line item below income from continuing operations c) are the required standards for preparing financial statements in the U.S. d) are the required standards for preparing financial statements in all countries other than the U.S. e) None of the above 3. Fundamental qualitative characteristics of accounting information are: A. Relevance and comparability. B. Comparability and consistency. C. Faithful representation and relevance. D. Neutrality and consistency. 4. Accounting standard setting has been characterized as: A. Using the scientific method. B.
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bbus 361 - University of Washington Bothell Intermediate...

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