Exam IFA Summer Semester 2016 - Student ID No Student ID...

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Student ID No.Student ID No. (words)THE UNIVERSITY OF MELBOURNEDEPARTMENT OF ACCOUNTINGFinal Examination – Summer Semester 2016Examiners use onlyQuestion Marks ScoreSubject Code:ACCT 10002110210Subject Name:Introductory Financial Accounting36Exam Duration:3 hours413510613Reading Time:15 minutes78810This paper haspages: 269101010Total100This exam contains 10 questions (100 marks)Authorized Materials:Candidates may have in their possession non-programmable calculators.Non-electronic dictionaries are permitted to be used.Candidates should nothave any other books, notes or other materials in their possession.Instructions to Invigilators:No writing or highlightingis permitted during reading time.The Exam Book is to be retained after the exam by the Invigilators. Instructions to Students:Clearly label the Exam Book with your student number.All questions in the Exam Book should be attempted.Answer all questions in the spaces provided in the Exam Book or refer .Write clearly and legibly. Answers may be in point form where appropriate.Narrations are notrequired for journal entries unless specifically requestedThe Exam Book is to remain in the exam room at the conclusion of the exam.Copies of this paper areNOT TO BE RELEASED to the Baillieu Library.1
QUESTION ONE10 MARKSIDENTIFYthe most appropriate answerand draw a circle around the letterwhich corresponds to that answer. (1)Many times a financial analyst may decide to make adjustments to the financial statements in order to make the statements more useful. Which of the following would not require an adjustment to the financial statement?
(2)Beginning and ending accounts receivable are $76,000 and $42,000, respectively. Sales for the period total $384,000, of which $40,000 was directly for cash. How much cash was collected from making sales and collecting accounts receivable?
(3) The main difference between a periodic and perpetual inventory system is that a periodic system:

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