(acct101)[2009](f)quiz~mkwongab^_10003

(acct101[2009(f)qu - A ACCT101 Quiz One Section L15 16 17 29 September 2009 45 minutes Chinese Name English Name Please use non-erasable pen or

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1 | 7 ACCT101 Quiz One Section L15, 16, 17 29 September 2009 45 minutes Chinese Name: English Name: Please use non-erasable pen or ball pen ( pencil is forbidden ) for answering all questions A
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2 | 7 Problem 1 (20 marks; 10 minutes) (2 marks each question) Multiple choices: Please put your answer in the bracket. [ C ] 1. The operating cycle of a business is best defined as A. The period of time for which we prepare our financial statements. B. The period of time between borrowing money and repaying it. C. The time it takes for a company to purchase and pay for goods or services from suppliers, sell those goods or services to customers and collect cash from the customers. D. The length of time over which property, plant and equipment assets are expected to be used by the company in generating revenues. E. None of above. [ B ] 2. What financial statement would you look at to determine the dividends declared by a business? A. Income statement. B. Statement of retained earnings C. Balance sheet D. Statement of cash flows E. None of above. [ D ] 3. Which of the following transactions will cause both the left and right side of the accounting equation to decrease? A. We collect cash from a customer who owed us money. B. We borrow money from the bank. C. We purchase equipment for cash. D. We pay a supplier for inventory we previously bought on account. E. None of above. [ B ] 4. At the beginning of 2009, Buck Corporation had assets of $540,000 and liabilities of $320,000. During the year, assets increased by $50,000 and liabilities decreased by $10,000. What was the total amount of stockholders' equity at the end of 2009? A. $220,000 B. $280,000 C. $380,000 D. $500,000 E. None of above [ C ] 5. Which of the following transactions would cause retained earnings to increase? A. Collection of a customer's account. B. Loan from a bank. C. Sale of service to a customer. D. Wage costs owed to employees. E. None of above Mark: /60
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3 | 7 [ A ] 6. Which of the following liability accounts is usually not settled by payment of cash? A. Unearned revenues B. Accounts payable C. Taxes payable D. Accrued interest expense E. None of above. [ C
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This note was uploaded on 03/01/2012 for the course ACCT 101 taught by Professor Acbsadf during the Spring '12 term at Minnesota.

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(acct101[2009(f)qu - A ACCT101 Quiz One Section L15 16 17 29 September 2009 45 minutes Chinese Name English Name Please use non-erasable pen or

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