Spring 2011 Midterm 1 - Name PENN ID ACCOUNTING 101 620...

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1 Name: _________________________ PENN ID: _________________________ ACCOUNTING 101 - 620, MIDTERM 1 Spring Semester, 2011 Instructions: 1. Detach this page from the booklet as this will be the only page you will hand in. 2. Make sure you have a booklet containing 30 questions and one additional page with numeric tables. 3. Please print your name and student number at the top of this page. 4. This exam has 150 total points. You have 75 minutes to complete the exam so please budget your time accordingly. Keep in mind all questions are worth the same! If you choose to use additional time on top of the 75 minutes (up to 10 minutes), we will multiply your final grade with a 0.65 coefficient. After the 85 th minute, we will assume you have withdrawn from the test. 5. Fill in the table on this page to answer the questions. WRITE DOWN THE LETTER OF YOUR CHOICE. 6. In the interest of fairness to all students, NO questions will be answered during the exam. 7. The exam is closed book and the use of a laptop computer is prohibited. You are permitted to use ONE double- sided 8 ½ x 11 inch reference sheet. You are also permitted to use a calculator with no third party communication capacities. (For example, you cannot use your smartphone as a calculator.) 8. Turn off your cellphone! The cellphone ringing during the exam constitutes proof of non-compliance with this rule and is reason enough for us to cancel your exam. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
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ACCT101 & ACCT620 Spring 2011 Midterm 1 Question Booklet 3 1. In the equation, assets + expenses + dividends = liabilities + revenues + contributed capital + beginning retained earnings, the expenses and revenues are A. Contra asset and contra liability accounts, respectively, that assist analysis of the financial progress of the firm. B. Adjustments to assets and liabilities, respectively, which explains why expenses are on the left side of the equation and revenues are on the right. C. Adjustments to equity that are postponed until the end of a specific accounting period to determine their net effect on equity for that period. D. Incorrectly included in the formula because assets = liabilities + equity. E. None of the above. 2. According to the FASB conceptual framework, the objectives of financial reporting for businesses are based on
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