ACC/400 Final Exam Name: _____________ |Part |I |II |III |Total | |Points |20 |60 |20 |100 | |Score | | | | | Part I – 20pts Multiple Choice: (2 pt each) 1. The best definition of assets is the (D) a. cash owned by the company. b. collections of resources belonging to the company and the claims on these resources. c. Owners’ investment
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Parliament practise exam question – a) Explain the term life peers used in the extract (5 marks) * According to the extract‚ life peers sit in the House of Lords. They sit in the House of Lords for life and are appointed by the Prime Minister by recommendations from his/her party as well as the opposition. The Life peerages Act of 1958 set the conditions for Life peers to be appointed and examples include Lord Sugar and Lord Mandleson. Life peers make up the majority of the House of Lords
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answering multiple choice questions over the A201 material. These questions are not meant to be a substitute for a thorough review of the course material including reading the chapters‚ answering end of chapter exercises‚ and reviewing course notes. 1) Which one of the following groups of accounts contains only assets? a) Equipment‚ patents‚ accounts receivable b) Accounts receivable‚ building‚ retained earnings c) Accounts payable‚ notes payable‚ contributed capital d)
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1. Cash equivalents are short term investments that are converted into cash. Examples include money market funds‚ U.S. Treasury bills‚ and high-grade commercial paper. These items are combined with cash for the purpose of a balance sheet because cash equivalents are so similar to cash that they are combined. The cash equivalents are very safe‚ have a market value‚ and mature in 90 days of the date of acquisition. If they do not meet these requirements‚ they are to be listed as Marketable Securities
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Test 1 Review Use the following information to answer questions 1-3. Tee Times‚ Inc. produces and sells the finest quality golf clubs in all of Clay County. The company expects the following revenues and costs in 2004 for its Elite Quality golf club sets: Revenues (400 sets sold @ $600 per set) $240‚000 Variable costs 160‚000 Fixed costs 50‚000 1. How many sets of clubs must be sold for Tee Times‚ Inc. to reach their breakeven point? a. 400 b. 250 c. 200 d. 150 2. How many sets
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What should you know about Financial Accounting? 1. How to measure assets? How to present assets? *Assets are economic resources owned or controlled by the company and can be measured by dollars. *Measure assets by the Principle of Historical Cost. *The cost of asset includes all expenditures that make that asset in place and ready for use. * Present assets in the Balance Sheet by the rank of liquidity. 2. How to measure profits? How to present profits? * Operating
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Review of Accounting Fundamentals The Accounting Equation Assets = Liabilities + Equity Equity = Contributed Capital + Retained Earnings Retained Earnings = Beginning Retained Earnings + Net Income for the Period – Dividends Net Income = Revenues – Expenses + Gains – Losses Assets ( Probable future economic benefits obtained or controlled by a particular accounting entity as a result of past transactions or events Liabilities ( Probably future sacrifices of economic benefits
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Midterm 1 Essays 1) Describe the three basic types of music heard in original scores during the silent film era and cites specific examples from The Birth of a Nation. (10 points) The film Birth of a Nation used the three basic types of music heard during the silent film era‚ which were adaptations‚ arrangement‚ and newly composed. Adaptations borrow a complete passage from another source and usually accompany large action scene. The composer Breil used Wagner’s Ride of the Valkyrie to underscore
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MGT 301 Midterm Exam The Midterm Exam questions come from Modules 1-4. You should plan to take 2 hours to complete the exam. The exam is essay. Each answer is worth 20 points for a total of 100 points. Type your responses in this document and submit to the Dropbox by Sunday 11:59 PM EST/EDT. (This Dropbox basket is linked to Turnitin.) To see how your responses will be graded‚ review the “Midterm and Final Exam Grading Rubric” in Doc Sharing. 1. A re-organization will require that some employees
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On October 1‚ Keisha King organized Real Answers‚ a new consulting firm; on October 3‚ the owner contributed $84‚000 cash. On October 31‚ the company’s records show the following items and amounts. Cash $ 11‚360 Cash dividends $ 2‚000 Accounts receivable 14‚000 Consulting fees earned 14‚000 Office supplies 3‚250 Rent expense 3‚550 Land 46‚000 Salaries expense 7‚000 Office equipment 18‚000 Telephone expense 760 Accounts payable 8‚500
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