Midterm.W05 - CONCORDIA UNIVERSITY DEPARTMENT OF...

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CONCORDIA UNIVERSITY FINANCIAL ACCOUNTING DEPARTMENT OF ACCOUNTANCY COMM 217 ALL SECTIONS MID-TERM EXAMINATION WINTER 2005 Duration: 3 hours Instructions : 1. This examination paper consists of 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  calculators  and standard  language dictionaries are permitted. 5. Invigilators will not answer questions (unless you think there is an error in the question). Question Topic Total Marks 1 Multiple choice 15 2 Preparation of journal entries and financial statements 41 3 Recording of transactions in the general journal 19 4 Accounting for accounts receivable 11 5 Accounting for inventory and cost of goods sold 14 Total 100
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Question 1. Multiple Choice (15 marks; 25 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. Assets are usually reported on the balance sheet at: a. acquisition cost. b. market value on the balance sheet date. c. cost adjusted for inflation since the purchase date. d. expected selling price. 2. Expenses are reported on the income statement: a. in the period in which an order for goods or services is placed with a vendor or supplier. b. in the period in which goods or services provided by a vendor or supplier are used to generate revenues. c. in the period in which cash is paid to vendors or suppliers for goods or services that have been purchased. d. in any of the periods mentioned above. 3. A T-account is a simplified form of: a. balance sheet. b. customer invoice. c. journal entry. d. ledger account. 4. When a company makes a payment on a promissory note, which of the following effects is correct? a. decrease an asset and decrease a liability b. decrease an asset and increase a liability c. increase an asset and decrease a liability d. increase an asset and increase a liability 5. An example of a deferral would be: a. the payment of a premium on an insurance policy before the coverage period. 2
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b. interest owned on a loan. c. interest earned but not yet collected on a loan made to a franchisee. d.
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This note was uploaded on 08/19/2008 for the course COMM 217 taught by Professor Smroz during the Summer '07 term at Concordia Canada.

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Midterm.W05 - CONCORDIA UNIVERSITY DEPARTMENT OF...

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