Test_1_Fall_2010_V1 - TEST 1 2010 Fall Version 1 Diane...

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TEST 1 2010 Fall Version 1 Diane Wright 10/06/2010 Do not write the answers next to the question, circle letter only. No graphing calculators, no cell phones, pencils only There are 35 multiple choice questions and one 30 point problem Put the version of the test on your scantron Put your name on this document and return the test and the scantron Section 21 – 9:05 am Section 22 – 10:10 NAME_______________________________________ This test and any scrap paper* must be returned along with the scantron sheet. *you must ask for additional scrap paper if needed – you may not use your own. No social security numbers on the scantron or points will be deducted. I will keep confidential the form and content of this exam and will not discuss it in any manner with other students. I realize that violating this rule will result in prosecution through judicial affairs. _____________________________________________signature_____________date
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1) A business organized as a separate legal entity is a a. corporation. b. proprietor. c. government unit. d. partnership. 2) Which of the following statements is not true regarding the Sarbanes-Oxley Act (SOX) of 2002? a. The Act calls for increased oversight responsibilities for boards of directors. b. The Act has resulted in increased penalties for financial fraud by top management. c. The Act calls for decreased independence of outside auditors reviewing corporate financial statements. d. The Act is meant to decrease the likelihood of unethical corporate behavior. 3) The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a) account payable. b) account receivable. c) revenue. d) expense. 4) Borrowing money is an example of a(n) a) delivering activity. b) financing activity. c) investing activity. d) operating activity. 5) The common characteristic possessed by all assets is a) long life. b) great monetary value. c) tangible nature. d) future economic benefit.
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6) The cost of assets consumed or services used is also known as a) a revenue. b) an expense. c) a liability. d) an asset. 7) If the retained earnings account increases from the beginning of the year to the end of the year, then a) net income is less than dividends. b) a net loss is less than dividends. c) additional investments are less than net losses. d)
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This note was uploaded on 12/05/2011 for the course ACCT 207 taught by Professor Hudchinson during the Fall '08 term at University of Delaware.

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Test_1_Fall_2010_V1 - TEST 1 2010 Fall Version 1 Diane...

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