ISU ACCT 284 - Exam 1 Review Sheet (5 pages)

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Exam 1 Review Sheet



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Exam 1 Review Sheet

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Problems/Exams


Pages:
5
School:
Iowa State University
Course:
Acct 284 - Financial Accountng

Unformatted text preview:

Accounting 284 SI Exam 1 Review Sheet 1 What is the main objective of accounting a To calculate financial information to maximize profit b Collect financial information about an organization for its external decision makers c Collect financial information about an organization for its internal and external decision makers d Collect financial information to fulfill government regulations 2 Which of the following financial statements fulfill the purpose of reporting the financial position of an accounting entity at a point of time a Statement of Cash Flows b Balance Sheet c Income Statement d Statement of Retained Earnings 3 The purpose of the statement of Retained Earnings is to a Report revenues minus expenses for the accounting period b Report the financial position of the firm c Report how net income and distribution of dividends affected the financial position of the firm d Report inflows and outflows of cash during the accounting period 4 Jason paid rent expense with cash Which of the financial statements would be affect from the transaction a Income Statement b Statement of Retained Earnings c Balance Sheet d Statement of Cash Flow e All of the above would be affected 5 Amy just started her business in 2009 During that year she made net income of 1 000 and paid no dividends In 2010 she had revenue of 6 000 expenses of 2 000 and she paid dividends of 500 What was her ending Retained Earnings in 2010 a 3 000 b 4 000 c 4 500 d 5 500 6 At the end of last year James Corporation had assets of 4 000 000 and liabilities of 2 000 000 This year James assets increased by 2 000 000 and liabilities remained unchanged What would James stockholder s equity be at the end of this year a b c d 3 000 000 4 000 000 5 000 000 6 000 000 7 Which of the following entities are the rule setting body for GAAP a SEC b FASB c PCAOB d GOV 8 Which of the following parties are responsible for the accuracy in the financial statements a Government b Management c External auditors d Internal



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