Sample Quiz 1

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Department
Accounting
Course
ACC 201
Professor
B O K E M I E R
Semester
Fall

Description
Name:__________________________ Student ID #________________ Section No.:___________ ACC201- Sample Quiz 1 Questions Form 1 DO NOT OPEN THIS BOOKLET UNTIL TOLD TO DO SO Instructions: 1. Show your student ID when requested in order to receive the quiz. 2. Complete the bubble sheet with your printed name, PID number, Section Number, and Form Number. Then bubble in this information too. Be careful to clearly and cleanly complete this information. 3. Choose the best answer for each question from the choices given and bubble in your answer to the corresponding question number. Only answers filled in on the bubble sheet will be used for grading purposes. 4. The quiz contains ten multiple choice questions worth 4 points each, for a total of 40 points. It is your responsibility to make sure your exam booklet has all ten questions. 5. Turn in the bubble sheet and this exam booklet to YOUR SA and make sure they check your name off of their class list. 1. Which of the following users will be most interested in a firm’s ability to repay its debts or obligations? A. present and potential investors B. the Internal Revenue Service C. the firm’s accountants and auditors D. present and potential creditors 2. A firm pays an account payable. This transaction A. increases both assets and liabilities. B. decreases both assets and liabilities. C. increases assets and decreases liabilities. D. decreases assets and increases liabilities. 3. The balance sheet shows the reader A. the financial position of a firm at a point in time. B. the financial position of a firm over time. C. a detailed report of the results of operations at a point in time. D. a detailed report of the results of operations over time. E. the resale values of all assets owned by the firm. 4. The Best Corporation began the current year with assets of $250,000 and liabilities of $170,000. During the year stockholders’ equity increased by $50,000 and liabilities decreased by $20,000. Total assets A. increased by $50,000 B. increased by $30,000 C. increased by $70,000 D. decreased by $30,000 E. decreased by $70,000 5. According to the auditor’s report, financial statements are the responsibility of A. the certified public accountants who audit the financial statements B. the accounta
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