X_2006spr311-exam1-KeY - The University of Texas at Austin Exam Grade Fundamentals of Financial Accounting ACC 311 Spring 2006 Exam#1 Form A(100 points

X_2006spr311-exam1-KeY - The University of Texas at Austin...

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The University of Texas at AustinFundamentals of Financial Accounting ACC 311 - Spring 2006Exam #1: Form A(100 points)Name: ___________KEY_________________________UT EID: _____________________________Instructor (check one): _____Prof. Florence Atiase (TTh 11:00)_____Dr. Patricia Libby (MWF 8:00)_____Dr. Patricia Libby (MWF 9:00)_____Dr. Patricia Libby (MWF 10:00) DO NOT OPENuntil given instructions to do soInstructions:1.Use a #2 pencil only; mark clearly and erase completely as needed.2.Remove your hat during the exam and have only pencils and calculatorsavailable at your seat (note that cell phones are not permissible as calculators).3.Silence all cell phones, pagers, and other electronic devices.4.In the space provided above, write your nameand UT EID, and check your instructor’s name/class time.5.On your Scantron answer sheet, write and bubble in your name, UT EID, and Test Form letter(noted above.)6.Confirm that you have 12 consecutively numbered pages(including this cover page and the two blank sheets at the end).7.Read all instructions carefully.8.All multiple-choice answers must be marked on your Scantron answer sheet to be graded. Each multiple-choice question is two (2) points; all other problems have their point values noted with the problem.9.Show allcomputations (and label them well) to receive partial credit on non-multiple choice questions.10.You are reminded of the University’s academic honesty policy requiring you to do your own work and not give or receive assistance on this examination. Keep your eyes on your own work and your own test covered.11.Bring your entire exam book (including the blank pages) and Scantron sheet to the front of the room when you have completed the exam.1Exam Grade:
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Part 1:Account Classifications (10 points)For each of the following accounts, complete the chart below by indicating (1) how the account is usually classified in the financial statements:CA = Current AssetCL = Current LiabilitySE = Stockholders’ EquityNCA = Noncurrent Asset NCL = Noncurrent Liability R = RevenueE = Expense(2) andwhether the account usually has a debit (Dr) or credit (Cr) balance.AccountClassification(CA, NCA, CL, NCL, SE, R, or E)Debit or Credit Balance(Dr or Cr)1.Contributed capitalSECr2.Merchandise inventoryCADr3.Income taxes payableCLCr4.BuildingsNCADr5.Interest expenseEDr6.Accounts receivableCADr7.Note payable (due in 3 years)NCLCr8.Unearned rent revenue CLCr9.Cost of goods soldEDr10.Prepaid insurance CADrPart 2: Cash Flow Effects (5 points)During 2005, the Niagara Steel Company, manufacturer of rolled steel, reported the following items that affected cash. Indicate whether each of these items is a cash flow from 1.)operating activities (O), investing activities (I), or financing activities (F) and2.)the directionand amountof the effect on cash flows (+ for increase or – for decrease). If the transactions has no effect on cash, write NE (for No Effect).
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