ACG 2021, Introduction to Financial Accounting, Spring 2001, Exam 3 Final :: UFL Florida Business Accounting

2021FINALSP01 5/9/2001 FORM CODE: A Page 1 ACG 2021 – FINAL EXAM SPRING 2001 NAME _____________________________________ SS# ____________________________ Instructions: NOW: Bubble in your section number on your Scan Sheet. Fill in your name and social security number on this examination and your scan sheet. 1. Listen carefully for any comments your proctor may have related to the exam. Read these instructions carefully. Failure to do so may result in your losing points. 2. This exam consists of 60 multiple-choice questions. Select the BEST answer and mark the appropriate space on the scan sheet with a #2 pencil only. You MUST keep your scan sheet face down on the desk when you are not filling it in. 3. You may use ONLY a non-programmable calculator during the exam. Use of any other calculator will be considered a violation of the honor code. Your exam will be taken from you and you will receive a grade of 0. 4. At the end of 2 hours, you will be told to stop. Put your pencils down IMMEDIATELY. Failure to do so will result in your receiving a zero for the exam. 5. The exam consists of 16 pages, including this cover, present value tables and a blank page at the end. Make sure you have all pages and all questions. 6. Have your University of Florida Identification card ready to be checked when you turn in your exam. 7. Assume the accounting entities use a calendar year unless otherwise noted. 8. Unless otherwise specified, assume a 360-day year. 9. When you are finished, turn in your scan sheet, as well as your exam. Answers will be posted on the web after the exams are handed back in class. 10. The University of Florida policy on academic honesty will be strictly enforced. When you are told to open your exam, turn to the first page and find your exam form code. Immediately bubble this in on your scantron. 2021FINALSP01 5/9/2001 FORM CODE: A Page 2 1. Which of the following is usually NOT considered to be a long-term liability? A) Bonds payable. B) Mortgages payable. C) Accrued post-retirement benefits. D) FICA taxes payable. E) None of the above is correct. 2. The effect on total assets of the purchase of supplies for cash is A) an increase in total assets B) a decrease in total assets C) total assets remain unchanged D) an increase in total assets and total liabilities E) an increase in total assets and current ratio 3. Which of the following is not normally a condition that must be met for revenue to be recognized (recorded) under the revenue principle? A) The earnings process is complete or nearly complete