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CONCORDIA UNIVERSITY FINANCIAL ACCOUNTING DEPARTMENT OF ACCOUNTANCY COMM 217 ALL SECTIONS FINAL EXAMINATION Winter 2008 Duration: 3 hours Instructions : 1. This examination paper consists of 9 pages including this page. Please make sure your copy 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 (not graphical) calculator and one standard language (not electronic) dictionary is permitted. The examination may be answered either in pencil or ink. 5. Invigilators will not answer questions (unless you think there is an error in the question). 6. Return the exam along with the answer booklets when you have finished . Question Topic Total Marks 1 Multiple choice 24 2 Accounting for long-term assets 18 3 Accounting for inventory 18 4 Accounting for bonds 20 5 Calculating and interpreting financial ratios 20 Total 100
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Question 1 (24 marks; 43 minutes) Multiple choice 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 primary purpose of hiring a public accounting firm to examine the financial statements of the company is A. to assure no fraud has been committed by the company's management. B. to provide credibility that the financial information conforms with generally accepted accounting principles in all material respects. C. to detect all accounting errors made by the accounting system and employees. D. none of the above responses. 2. Which of the following is not an indicator of profitability? A. profit margin ratio B. net earnings C. current ratio D. return on assets ratio 3. Jake Company is involved in a lawsuit. The liability which could arise as a result of this lawsuit should be recorded on the books if the probability of Jake owing money as a result of the lawsuit is A. remote and the amount can be reasonably estimated. B. probable and the amount cannot be reasonably estimated. C. reasonably possible and the amount can be reasonably estimated. D. probable and the amount can be reasonably estimated. 4. Accrued liabilities can best be described as A. long-term liabilities. B. current amounts owed to trade suppliers. C. current liabilities to be recognized as revenue in a future period. D. current amounts owed to various parties excluding trade suppliers. 5.
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This note was uploaded on 12/09/2009 for the course ACCO comm 217 taught by Professor Mroz during the Fall '09 term at Concordia Canada.

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