2011 FA- Mid+final Practice

2011 FA- Mid+final Practice - Exam...

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Unformatted text preview: Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Footnotes are: 1) _______ A) at the bottom of the report of the independent auditors B) explanatory information in the statement of management's responsibility for preparation of financial statements C) an appendix to the letter from corporate management D) an integral part of financial statement information E) included in the audit report 2) A liability that results from a purchase of goods or services on open account is referred to as a(n): 2) ______ _ A ) a c c o u n ts re ce iv ab le notes receivable D) notes payable E) accounts payable 3) Which of the following statement s is true? 3) ______ _ A ) O w n e r s ' e q u i t i e s ha ve pr io rit y ov er lia bil iti es fo r as se ts. Assets are always the sum of liabilities and owners' equities. D) Owners' equities are economic sacrifices after deducting liabilities. E) Liabilities are future cash inflows. 4) Which of the following describes a liability? 4) ______ _ A ) i n v e s t m en t by o w ne rs present value of customer future payments D) economic obligations to creditors E) paid-in capital 5) Income taxes owed to the federal governme nt would be classified as a(n): 5) ______ _ A ) l i a b i l i t y o n t he st at e m en t of ca sh fl o w s would not appear on a financial statement D) asset on the balance sheet E) equity on the balance sheet 6) An entity: 6) ______ _ A ) a l l o w s a s e c t i o n o f a n or ga ni za tio n to be a se pa rat e ec on o mi c un it helps accountants relate events to a defined area of accounting D) all of the above E) none of the above 7) If liabilities increase $8,000 during a given period and stockhold ers' equity decreases $4,000 during the same period, assets must have: 7) ______ _ A ) d e c r e as ed $4 ,0 00 increased $12,000 D) decreased $12,000 E) cannot be determined with the given information 8) Which of the following statement s is false? 8) ______ _ A ) I f y o u i n c r e a s e a n a s s et ac co un t, yo u m ay de cr ea se an as se t ac co un t. If you decrease an asset account, you may decrease owners' equity account. D) If you decrease an asset account, you may increase an owners' equity account. 9) Stone Company sold inventory costing $700 for $850 on account. If Stone Company operates under the accrual...
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This note was uploaded on 02/28/2012 for the course ECO 211 taught by Professor Arafat during the Summer '08 term at Anne Arundel CC.

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2011 FA- Mid+final Practice - Exam...

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