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Acg 2021, Introduction To Financial Accounting, Spring 2001, Exam 2

3706 words - 15 pages

MT2SPR01 5/9/2001 Page 1 FORM CODE: A
ACG 2021 – EXAM 2
NAME _____________________________________ SS# ____________________________
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 50 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 15 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. 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.
MT2SPR01 5/9/2001 Page 2 FORM CODE: A
Use the following to answer question 1:
On 1/1/2001 Deltaair acquired an aircraft from Boeing and gave a note in return. The note promised $1,000,000
payable at the end of eight years (12/31/2008). The fair market value of the aircraft on 1/1/2001 is $540,300.
1. The book value of the note payable on Deltaair's financial statements as at 1/1/2001 is?
A) $1,000,000
B) $ 540,300
C) $ 459,700
D) $ 125,000
E) $ 665,300
2. Holiday Inn has established a pension plan for its employees that operates as follows: Each year, the
Company places a dollar amount in a pension fund for each employee. The funds are then invested.
Upon retirement, each employee is entitled to an annual retirement income that is based on a pension
formula. The formula is n x .016 x highest salary attained by the employee. The "n" in the formula is the
number of years that the employee worked for the company. This arrangement is an example of a
A) defined benefit program.
B) defined contribution program.
C) contingent program.
D) deferred timing program.
E) Lock Box system of funding social security.
3. The following information was...

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