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Winter07 Midterm paper


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CONCORDIA UNIVERSITY FINANCIAL ACCOUNTING DEPARTMENT OF ACCOUNTANCY COMM 217 ALL SECTIONS MID-TERM EXAMINATION WINTER 2007 Duration: 3 hours Instructions : 1. This examination paper consists of 5 Questions and 8 pages including this page. Please make sure your paper has all pages before commencing to write. 2. Write all your answers (including answers to multiple choice statements) in the examination answer booklet. You may answer the questions in any order you prefer. Only the answers in the examination booklet will be graded. 3. Read the questions carefully and budget your time wisely. Show all calculations. 4. This is a closed book examination. However, silent hand-held, NON-PROGRAMMABLE, calculators and one standard (NOT ELECTRONIC) language dictionary are permitted. The exam should be answered in INK. 5. Invigilators will not answer questions (unless you think there is an error in the question). 6. At the end of the exam hand in the examination booklet AND this questionnaire. Question Topic Total Marks 1 Multiple choice 18 2 Preparation of journal entries and financial statements 34 3 Accounting for accounts receivable 10 4 Preparation of adjusting entries 18 5 Preparation of cash flow statement 20 Total 100
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Question 1 Multiple Choice (18 marks; 30 minutes) For each of the following, choose the letter that corresponds to the best answer, and write the letter in your examination booklet, not on this examination paper . Each correct answer is worth 1.5 marks. 1. The periodicity assumption (also known as time period assumption) is the basis for A) the cutoff of revenue recognition only. B) dividing the activities of a business into a series of time periods for accounting and reporting purposes. C) keeping the company's transactions separate from the owners' transactions. D) the cutoff of expense recognition only. 2. Which of the following statements is not true about earnings per share? 3. During 2006, Thomas Company recorded bad debt expense of $15,000 and wrote off an uncollectible account receivable amounting to $5,000. Assuming a January 1, 2006, balance in the allowance for doubtful accounts of $10,000, the December 31, 2006, balance in the allowance account would be
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