Midterm.W09 - 1 CONCORDIA UNIVERSITY FINANCIAL ACCOUNTING...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
1 CONCORDIA UNIVERSITY   FINANCIAL ACCOUNTING DEPARTMENT OF ACCOUNTANCY             COMM 217 ALL SECTIONS MID-TERM EXAMINATION Winter 2009 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. You must answer the multiple choice questions by using the  computer input sheet ; darken  the letter you choose in pencil  on the computer input sheet. Write all your answers to the  other questions in the  examination answer booklet . You may answer the questions in any  order you prefer.  Only the answers on the computer input sheet and 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, a silent hand-held (not graphical) calculator  and one standard language (not electronic) dictionary are permitted.  5. Invigilators will not answer questions  (unless you think there is an  error  in the question). 6.   Return the exam along with the computer input sheet and answer booklets when you have  finished. Question Topic Total Marks 1 Multiple choice 24
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2 2 Preparation of journal entries  18 3 Preparation of adjusting entries, income statement  and balance sheet 31 4 Accounting for receivables  12 5 Accounting for inventory 15 Total 100
Background image of page 2
3 Question 1 (24 marks; 43 minutes)       Multiple choice   For each of the following, choose the letter that corresponds to the   best  answer, and   show  your answer on the computer input sheet .  Each correct answer is worth 1.5 marks. 1. If liabilities increase by $115,000 during a given period and shareholders' equity decreases  by $25,000 during the same period, then assets must a. decrease by $140,000. b. increase by $140,000. c. decrease by $90,000. d.     increase by $90,000. 2. Which of the following statements does  NOT  refer to an objective of financial reporting? a. Accounting provides information that is useful in investment and credit decisions. b. Accounting provides information about enterprise resources, claims to those resources,  and changes to them. c. Accounting provides information on the liquidation value of an enterprise. d. Accounting provides information that is useful in assessing cash flow prospects. 3. A company sold inventory costing $450 for $650 on account. What will be the effect of this  transaction on the company’s shareholders’ equity? a.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 16

Midterm.W09 - 1 CONCORDIA UNIVERSITY FINANCIAL ACCOUNTING...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online