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ACCT101 Spring 2010 - Midterm 1

ACCT101 Spring 2010 - Midterm 1 - Name PENN ID ACCOUNTING...

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1 Name: PENN ID: _________________________ ACCOUNTING 101 - 620, EXAM #1 Spring Semester, 2010 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. 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 After the 85 th minute, we will assume you have withdrawn from the test. 5.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. Mark with an x the box you select. Nothing outside that table will be graded by us. 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. 8. You can choose to withdraw from the midterm. If we do not have your test at the end of the scheduled exam time, then we will assume that you have withdrawn. a b c d 1 2 3 4 5 6 7 8 9 10 a b c d 11 12 13 14 15 16 17 18 19 20 a b c d 21 22 23 24 25 26 27 28 29 30
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ACCT101 & ACCT620 Fall2010 1 st MIDTERM Question Booklet 3 1. A calendar year reporting company preparing its annual financial statements should use the phrase "At December 31, 2009" in the heading of: a. All of the required financial statements it prepares. b. None of the required financial statements it prepares. c. The income statement and balance sheet, but not the statement of cash flows. d. The balance sheet only. e. None of the above reflects the financial statements on which the phrase mentioned should be used. 2. Consider the following statements referring to the accounting qualities as described by the FASB: I. Decision-usefulness of accounting information primarily requires relevance and reliability. II. For information to be reliable it should be accurate, unbiased, and verifiable. III. For information to be relevant it should be material, with benefits exceeding costs, and understandable.
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