ACCT 200 Midterm: EXAM 1 STUDY GUIDE ~ HI-LITED ANSWERS
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Exam 1 is on tuesday, september 29th from 6:30-8:30pm. See blackboard or your instructor for exam room location. Note: these questions are intended as exam study aids. Do not expect to see questions on the exam that look exactly like these. If you prepare for the exam by memorizing these questions without understanding the concepts, you will probably not be well prepared for the exam. Which of the following is not a correct statement of the accounting equation: assets = liabilities + owners" equity, assets - owners" equity = liabilities, assets = liabilities - owners" equity, owners" equity = assets liabilities. Armo company reports the following selected account balances at the end of 2009: What will armo report as total expense on its 2009 income statement: ,000, ,000, ,000, ,000. In 2009, thorne company reports revenues of ,000; expenses of ,000; and dividends of ,000.
