busi 1001 - pass mock midterm (1)

busi 1001 - pass mock midterm (1) - PASS MOCK EXAM(1 FOR...

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PASS MOCK EXAM (1) – FOR PRACTICE ONLY Course: BUSI 1001 Facilitator: John Gelowsky Dates and locations of mock exam take-up: 1) Monday, October 15 th , 2:30-4:00 LA D 580 2) Thursday, October 18 th , TB 11:30-10:00 TB 215 3) TBA – Check WebCT and carleton.ca/pass for updates! IMPORTANT: It is most beneficial to you to write this mock midterm UNDER EXAM CONDITIONS . This means: 1 • Complete the midterm in 2 hours. 2 • Work on your own. 3 • Keep your notes and textbook closed. 4 • Attempt every question. After the time limit, go back over your work with a different colour or on a separate piece of paper and try to do the questions you are unsure of. Record your ideas in the margins to remind yourself of what you were thinking when you take it up at PASS. The purpose of this mock exam is to give you practice answering questions in a timed setting and to help you to gauge which aspects of the course content you know well and which are in need of further development and review. Use this mock exam as a learning tool in preparing for the actual exam. Please note: Come to the PASS session with your mock exam complete. There, you can work with other students to review your work. Often, there is not enough time to review the entire exam in the PASS session. Decide which questions you most want to review – the facilitator may ask students to vote on which questions they want to discuss. Facilitators do not bring copies of the mock exam to the session. Please print out and complete the exam before you attend. Facilitators do not produce or distribute an answer key for mock exams. Facilitators help students to work together to compare and assess the answers they have. If you are not able to attend the PASS session, you can work alone or with others in the class. GOOD LUCK! 1
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Question 1 (54 marks) There are 27 multiple choice questions. 2 marks for each question 1. Which one of the following is not a qualitative characteristic of useful accounting information? a. Relevance b. Reliability c. Conservatism d. Comparability 2. In order for accounting information to be relevant, it must a. have very little cost. b. help predict future events or confirm prior expectations. c. not be reported to the public. d. be used by a lot of different firms. 3. Buying and selling products are examples of a. operating activities. b. investing activities. c. financing activities. d. delivering activities 4. Dividends are reported on the a. statement of earnings. b. statement of retained earnings. c. balance sheet. d. statement of earnings and balance sheet. 5. If the retained earnings account increases from the beginning of the year to the end of the year, then a. net earnings are less than dividends. b. a net loss is less than dividends.
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busi 1001 - pass mock midterm (1) - PASS MOCK EXAM(1 FOR...

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