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Exam 1 2008 Solutions

Exam 1 2008 Solutions - Accounting 101 Fall 2008 Name PENN...

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Accounting 101, Fall 2008 1 Name: PENN ID: _________________________ _ Recitation Section: __________________________ ACCOUNTING 101, EXAM #1 Fall Semester, 2008 Instructions: 1. There are 17 numbered pages in this booklet. Make sure you have all the pages before you begin. 2. Please print your name and student number at the top of this page AND on all subsequent pages. 3. This exam has 100 total points. You have 120 minutes to complete the exam so please budget your time accordingly. 4. Answer the problems in the space provided within this booklet. Present your work in an orderly fashion to facilitate the awarding of partial credit for certain questions. In order to receive partial credit, you must show your work. Partial credit can only be awarded for work that is presented in a clear, legible, and logical manner. 5. In the interest of fairness to all students, NO questions will be answered during the exam. If you think a question is ambiguous, explicitly state an appropriate assumption and continue with the question. 6. 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. 7. Exams written in pencil will not be considered for a regrade. Use a pen if you think you might submit your exam for a regrade request. Question Points Allocated Points Earned 1 30 2 25 3 20 4 25
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Accounting 101, Fall 2008 2 Question 1 – Multiple Choice (30 points) each question is worth 2 points. 1. Morgan Company owes Regan Company $1,000, Morgan would reflect this on its A) statement of cash flows. B) income statement. C) balance sheet. D) statement of stockholders' equity. E) both A and C. 2. We would report changes in stockholders' equity caused by operating activities 3. Which of the following liability accounts is usually not satisfied by payment of cash? 4. Which of the following direct effects on the fundamental accounting model is not possible as a result of transaction analysis?
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