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(acct101)[2009](f)quiz~htchanaa^_10006.pdf
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ACCT101: Introduction to Accounting for Business Majors
Quiz I, Fall 2009

Version A

Name:
StudentID:
SectionNo:


Instructions:
. This.is.a.closed.book.quiz.It.consists.of.22.questions.
. Please.writeyour.name,.student.ID,.lecture.section.number.on.this.page..
. For.each.subsequent.page,.please.writeyour.student.IDat.the.top.of.the.pagein.the
space.provided.
. Please.sign.the.honor.code.statement.on.page.1..
. Answer.allthe.questionswithin.thespaceprovidedon.the.examination.paper,i.e.
answerquestion1to.20on.page.6,question21onpage8and9, and.question.22.on
page.11..Only.answers.on.those.pages.will.be.graded..
. You.may.use.the.back.of.the.pages.as.scrap.paper..
. You.need.to.hand.in.allpagesof.the.quiz..You.will.get.zero.score.if.any.pageof.your.
quiz.ismissing.
. Please do not discuss with anyone else about the quiz before 3pm, October 6th, 2009.
Questions Part I: 1-20 Part II: 21 Part II: 22 Total
Points. 40. 40 20. 100
Score.

As.partofHKUSTs.introductionofan.honor.code,theHKUSTSenatehas.recommendedth
atallstudents.beaskedtosignabrief.declaration.printedonexamination.answer.bookst attheiranswersaretheirownwork,andthattheyareawareof.the.regulations.relatingto.academic.integrity.Followingthis,.pleaseread.and.signthedeclaration.below.
I declare that the answers submitted for this examination are my own work. I understand that sanctions will be imposed, if I am found to have violated the University regulations governing academic integrity.
Students Name:


Students Signature:
Part I: Multiple-choice questions. Please write your answers in the answer sheet on page 6 (40 points)
1.Theprimary.purposeof.the.balance.sheetis.to
A.measurethenet.incomeofa.business.uptoaparticularpointintime.
B.report.the.differencebetween.cash.inflows.and.cashoutflowsfor.the.period.
C.reportthe.financialpositionofthe.reporting.entityat.aparticular.point.in.time.
D.report.thecurrent.valueofthebusiness.
2.Atlantic.Corporationreportedthefollowing.amountsattheendof.thefirstyearofoperations:contributedcapital$100,000;salesrevenue$400,000;totalassets$300,000;$20,000.dividends;andtotalliabilities$160,000..Retainedearningsandtotalexpenses
would.beA..retainedearnings.$40,000.and.expenses.$340,000.
B.
retainedearnings.$160,000andexpenses$340,000.

C..retainedearning
s$40,000.and.expenses$360,000.


D.retained.s$160,000andexpenses$360,000.
3.Assetsforaparticularbusiness.mightinclud
A.cash,.accounts.payable,andnotespayable.
B.cash,.retained.earnings,and.accounts.recei
C.cash,accounts.receivable,.and.inventory..vable.
D.inventories,.propertyandequipment,.andcontributed.capital.
4.A.business's.balancesheet.cannotbeused.toaccuratelypredictwhatthe.business.mightbe.sold.forbecause
A.it.identifies.alltherevenues.and.expenses.ofthe.business.
B.assetsaregenerallylistedonthe.balance.sheet.attheir.historicalcost,nottheircurrent.value.
C.itgives.theresults.ofoperations.for.the.current.period
D.some.of.the.assetsa