sample midterm acc

sample midterm acc - Carleton University Sprott School of...

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1 Carleton University Sprott School of Business Sample Mid-Term Examination Note: Non-programmable calculators are permitted. There are 2 parts to this exam. Part I - Multiple Choice (64 marks total) This question comprises 32 multiple choice questions worth 2 marks each. Part II – Three questions (36 marks total) These questions are to be answered in the examination booklet. Part I: Multiple Choice: This question is to be answered on the Scantron Sheet. The Scantron Sheet must be completed in PENCIL. The following information must be provided on the Scantron Sheet by filling in the appropriate bubbles: Last Name fill in from the left of the box First Name fill in from the left of the box Section (under letter S) (B, C or T) Course No. Date of Exam Student number fill in from the left of the box Exam Version No. and Sex Answers for your questions Choose the best answer for the following questions and enter your answer on the Scantron Sheet. At the end of the exam, insert the Scantron Sheet into your answer booklet. 1. Managerial accounting: A) has its primary emphasis on the future. B) is required by regulatory bodies such as the SEC. C) focuses on the organization as a whole, rather than on the organization's segments. D) Responses a, b, and c are all correct.
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2. Which of the following statements are true regarding financial and managerial accounting? I. Both are mandatory. II. Both rely on the same underlying financial data. III. Both emphasize the segments of an organization, rather than just looking at the organization as a whole. IV. Both are geared to the future, rather than to the past. A) I, II, III, and IV B) Only II, III and IV C) Only II and III D) Only II 3. Managerial accounting places considerable weight on: A) generally accepted accounting principles. B) the financial history of the entity. C) ensuring that all transactions are properly recorded. D) detailed segment reports about departments, products, and customers. 4. For internal uses, managers are more concerned with receiving information that is: A) completely objective and verifiable. B) completely accurate and precise. C) relevant, flexible, and immediately available. D) relevant, completely accurate, and precise. 5. The cost of fire insurance for a manufacturing plant is generally considered to be a: A) product cost. B) period cost. C) variable cost. D) all of the above. 6. The cost of rent for a manufacturing plant is generally considered to be a: Prime cost Product cost A) No Yes B) No No C) Yes No D) Yes Yes 7. Each of the following would be a period cost except: A) the salary of the company president's secretary. B)
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This note was uploaded on 10/12/2008 for the course BUSI 1002 taught by Professor Dontknow during the Spring '08 term at Carleton CA.

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sample midterm acc - Carleton University Sprott School of...

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