Midterm Exam Part 1 Solutions

Please answer all questions in this exam. Answers to the multiple choice questions need to be filled in on the scantron sheets (remember to use pencil to fill in the circles) and also circled on the exam itself. Answers to the short answer questions should go in the exam booklet provided. All three components (scantron sheets, exam booklets, paper copy of exam) should be turned in at the conclusion of the exam.

investors, auditors, executives of the business, etc.) an overview of the financial results and condition of the company. The major financial statements that come out of the accounting cycle are income statements, balance sheets, Statement of cash flows and Statement of retained earnings. Income statements are considered the most important of all the financial statements since it presents the operating results of an entity , e.g. revenues, expenses, and profits/losses generated during the reporting period (Bragg, 2017). Balance sheets provide reports of assets, liabilities, and equity of the entity as of the reporting date and can be considered the second most important statement because it provides information/figures about the liquidity, as well as the capitalization of a company (Bragg, 2017). Statement of cash flows exhibits the cash inflows and outflows that occur during a reporting period, which provides a useful comparison to the income statement, particularly when the amount of profit or loss reported does not reflect cash flows encountered by the businesses (Bragg, 2017). Statement of retained earnings is the least used financial statement that provides information regarding changes in equity during the reporting period and can include information such as: sale or repurchase of stock, dividend payments, and changes caused by reported profits or losses. Statements of retained earnings are often

*If you go through each item on this study guide and read about it on the REFerenced page and corresponding TOPic in your text, you should have an excellent study guide for the Final Exam. If you do not do this, you will likely fail this exam miserably!

Directions: Use your graded tests and Unit 4 & 5 notes to answer the following questions. You can find the answers for #’s 1 – 62 on Exam 1 (3rd Nine Weeks Exam) and #’s 63 – 100 on your unit notes. Write your answers in the space provided, below each question.

This quiz consist of 40 multiple choice questions. The first 10 questions cover the material in Chapter 9. The second 10 questions cover the material in Chapter 10. The third 10 questions cover the material in Chapter 12. The last 10 questions cover the material in Chapter 13. Be sure you are in the correct Chapter when you take the quiz.

DQ 1:   What are the differences between the direct and indirect presentation of cash flows?  What are the advantages and disadvantages of the direct and indirect methods and which does the Financial Accounting Standards Board (FASB) favor and why?

Review the sample syllabus and sample rubric under the questions below. Then, provide answers underneath the following questions:

and types of questions) will be presented at the start of the class prior to the exam. The

Three of the four questions below will appear on the exam and you will be asked to address all three. Maximum: Three sentences for each question.

This study guide prepares you for the Final Examination you complete in the last week of the course. It contains practice questions, which are related to each week’s objectives. Highlight the correct response, and then refer to the answer key at the end of this Study Guide to check your answers.

All questions on the examination will come from the lectures (Topics I – X) and the assigned chapters and parts of chapters in the textbook. To help frame the questions for you, they will be organized under the same main headings and subheadings used in the Lecture Notes. The only exceptions will be a few subheadings that pertain to material covered only in the text. Under each heading will be a mix of true-false and multiple-choice questions, and possibly a few analogies, with all answers to be recorded on a scantron sheet. Along with

You have a choice of five appetizers, ten entrees, three beverages, and six desserts. How many possible complete dinners are possible? Place your answer, as a whole number—no decimal places—in the blank. For example 176 would be a legitimate entry 900

Why is it necessary to use comparative balance sheets, a current income statement, and certain transaction data in preparing a statement of cash flows?

This quiz consist of 20 multiple choice questions and covers the material in chapters 1 through 4. There are five questions from each chapter. Be sure you are in the correct Chapter when you take the quiz.

      The Statement of Cash flows is a very useful financial statement that can benefit investors, managers and even auditors. The statement of cash flows has not been around as long as the other financial statements such as the balance sheet or income statement. It basically “illustrates the way accounting evolves to meet the requirements of users of financial statements.” (Marshall, 2003) The statement of cash flows is designed to provide important information about the cash that a company has received or has paid out during a certain time period. It provides a reason for the changes of cash received and paid by a company by taking into