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Past Exam for ACCT 201 - FIN ACCT CONCEPTS with Schleifer at Clemson (Clemson)

Exam Information

Material Type:Exam 2
Professor:Schleifer
Class:ACCT 201 - FIN ACCT CONCEPTS
Subject:ACCOUNTING
University:Clemson University
Term:Fall 2007
Keywords:
  • Allowance for Bad Debts
  • Assets Ratio
  • Debt-to-Assets Ratio
  • Perpetual System
  • Credit Terms
  • Cash Purchase
  • Service Company
  • Cash Account
  • Reconciliation
  • Total Stockholders
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Sample Document Text

Accounting 201 Practice Test (Exam 2) 1. What type of audit report does a company hope to include with its annual report? A.  Conservative report B.  Qualified report C.  Comparable report D. Unqualified report Use the following financial information to calculate the ratios below   12/31/2008                         12/31/2009   Total Assets $25,000 $30,000 Total Liabilities $12,500 $10,000 Total Stockholders’ Equity $12,500 $20,000 Total Sales Revenue $50,000 $55,000 Net Income $10,000 $12,500 2. Calculate Debt­to­Assets Ratio for the year 2009 A. 0.500 B. 2.000 C. 0.333 D. 3.000 3. Calculate Asset turnover for 2009 A. 0.50 B. 2.00 C. 1.83 D. 0.40 4. Calculate Net Profit Margin Ratio for 2009 A. 0.23 B. 0.50 C. 0.33 D. 2.27 5. A company has the following sales and purchases records: Date Units Beginning Inventory Sale Purchase Purchase Sale 1/1/2009 1/3/2009 1/8/2009 1/10/2009 1/12/2009 100 70 150 50 90 ...

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