Name: _______________________ Section: 501 at Mid-Term 2 Acct 3311- Fall 2012 THIS EXAM IS 90 MINUTES LONG. This exam consists of 28 multiple choice questions and 2 problems. Please use your Scantron sheet for the first section. Answer the remaining problem in the space provided in this exam. Please make sure that you have eleven (11) pages including this cover page. There are 100 total possible points. Allocate an appropriate amount of time to each question. The only materials you are permitted to use on this exam are (1) a calculator, (2) a pencil with eraser or pen. Be sure to note the relevant dates referred to in each question. Point Allocation Multiple Choice (max 40 minutes) ………………………….56 Problem 2 20 (max 15 minutes) …………………………… Problem 3 24 (max 20 minutes) …………………………… Total Possible points 100 GOOD LUCK! Problem 1 Multiple Choice (2 points each x 26=52 points) Identify the letter of the choice that best completes the statement or answers the question. 1. The income statement information would help in which of the following tasks? a. Evaluate the liquidity of a company. b. Evaluate the solvency of a company c. Estimate future cash flows d. Estimate future financial flexibility 2. The accountant for the Lintz Sales Company is preparing the income statement for 2012 and the balance sheet at December 31, 2012. The January 1, 2012 merchandise inventory balance will appear a. only as an asset on the balance sheet. b. only in the cost of goods sold section of the income statement.
Name: _______________________ Section: 501 at Mid-Term 2 Acct 3311- Fall 2012 THIS EXAM IS 90 MINUTES LONG. This exam consists of 28 multiple choice questions and 2 problems. Please use your Scantron sheet for the first section. Answer the remaining problem in the space provided in this exam. Please make sure that you have eleven (11) pages including this cover page. There are 100 total possible points. Allocate an appropriate amount of time to each question. The only materials you are permitted to use on this exam are (1) a calculator, (2) a pencil with eraser or pen. Be sure to note the relevant dates referred to in each question. Point Allocation Multiple Choice ………………………….56 (max 40 minutes) Problem 2 …………………………… 20 (max 15 minutes) Problem 3 …………………………… 24 (max 20 minutes) Total Possible points 100 GOOD LUCK! Problem 1 Multiple Choice (2 points each x 26=52 points) Identify the letter of the choice that best completes the statement or answers the question. 1. The income statement information would help in which of the following tasks? a. Evaluate the liquidity of a company. b. Evaluate the solvency of a company c. Estimate future cash flows d. Estimate future financial flexibility 2. The accountant for the Lintz Sales Company is preparing the income statement for 2012 and the balance sheet at December 31, 2012. The January 1, 2012 merchandise inventory balance will appear a. only as an asset on the balance sheet. b. only in the cost of goods sold section of the income statement.