F07 Midterm - CONCORDIA UNIVERSITY DEPARTMENT OF...

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CONCORDIA UNIVERSITY FINANCIAL ACCOUNTING DEPARTMENT OF ACCOUNTANCY COMM 217 ALL SECTIONS MID-TERM EXAMINATION Fall 2007 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 (not graphical) calculator and one standard language (not electronic) dictionary is permitted. 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 finished. Question Topic Total Marks 1 Multiple choice 15 2 Recording of transactions 14 3 Preparation of adjusting entries and financial statements 31 4 Accounting for receivables 15 5 Preparation of cash flow statement 25 Total 100
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Question 1 Multiple Choice (15 marks; 27 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. The effects on the basic accounting equation of performing services for cash are to: A. increase assets and decrease shareholders’ equity. B. increase assets and increase shareholders’ equity. C. increase assets and increase liabilities. D. increase liabilities and decrease shareholders’ equity. 2. The cost principle states that: A. assets should be recorded at cost and adjusted when the market value changes. B. activities of an entity should be kept separate and distinct from those of its owners. C. assets should be recorded at their original cost. D. only transaction effects capable of being expressed in terms of money should be included in the accounting methods. 3. Ivy Company buys a machine for $9,000 on credit. This transaction will affect the: A. balance sheet, income statement and statement of retained earnings. B. income statement and statement of retained earnings. C. income statement only. D. balance sheet only. 4. Which of the following statement is true regarding the balance sheet? A. One can determine the true fair market value of a company by reviewing its balance sheet. B. The balance sheet shows the changes in financial position for the period. C. A balance sheet shows only the balances of all asset, liability, equity, revenue, and expense accounts as of a particular date. D.
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This note was uploaded on 04/01/2010 for the course JMSB Comm 217 taught by Professor Byronsong during the Winter '09 term at Concordia Canada.

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F07 Midterm - CONCORDIA UNIVERSITY DEPARTMENT OF...

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