AFM101_Midterm_Winter07

AFM101_Midterm_Winte - AFM 101 Core Concepts of Accounting Information University of Waterloo Midterm Examination Name Student Number Tutorial

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AFM 101 Core Concepts of Accounting Information University of Waterloo Midterm Examination February 16, 2006 Name: Student Number: Tutorial Number and Time Instructions: 1. This is a closed note, closed book examination. You may use pen/pencil and a calculator during the examination. Calculators with long term memory are not permitted. 2. Please ensure that your student ID number appears on the front of every page of the exam, in the space provided. 3. The examination includes [4] sections and [14] pages (not including the cover page). Please check immediately to ensure that your exam has all the pages. Two pages are blank, so that you may show work that does not fit near the question. If you detach pages, you must re-attach them before handing in your exam. 4. Answers for the multiple-choice questions must be recorded on the UW answer card. All other questions must be answered in the space provided on the examination paper. Answers written outside of the provided space will not be graded. You must submit both this examination paper and the UW answer card. 5. Show details of all calculations. 6. The final page of the examination contains a list of ratios. 7. Unless stated otherwise, assume that the fiscal year end is December 31. 8. When you have completed the exam, please leave your answers on your desk with the title page facing upwards. 9. Good Luck!
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Grading Part Maximum Marks Mark Awarded A – Multiple Choice 30 B – Bank Reconciliation 17 C – Cash Flows 18 D – Adjusting Entries 10 Total 75
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Student ID:___________________ Part A: Multiple Choice / True or False (30 Marks Total, 1 Mark each. No Partial Credit) 1. Which of the following direct effects on the fundamental accounting model is not possible as a result of transaction analysis? A) Increase a liability and increase an asset. B) Decrease shareholders' equity and increase an asset. C) Increase an asset and decrease an asset. D) Decrease shareholders' equity and decrease an asset. E) All of the above are possible. 2. Assume a company's January 1, 20A, financial position was: Assets, $40,000 and Liabilities, $15,000. During January 20A, the company completed the following transactions: (a) paid on a note payable, $4,000 (no interest); (b) collected accounts receivable, $4,000; (c) paid accounts payable, $2,000; and (d) purchased a truck, $1,000 cash, and $8,000 notes payable. The company's January 31, 20A, financial position is Assets Liabilities Stockholders' Equity A) $42,000 $ 9,000 $33,000 B) $44,000 $17,000 $27,000 C) $43,000 $18,000 $25,000 D) $42,000 $17,000 $25,000 A) Choice A B) Choice B C) Choice C D) Choice D E) None of the Above 3. During 20B, Blue Corporation incurred operating expenses amounting to $100,000 of which $75,000 were paid in cash; the balance will be paid in January 20C. Transaction analysis of operating expenses for 20B, should reflect only the following A) decrease stockholders' equity, $75,000; decrease assets, $75,000. B)
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This note was uploaded on 07/12/2010 for the course AFM 101 taught by Professor Kennedy during the Winter '08 term at Waterloo.

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AFM101_Midterm_Winte - AFM 101 Core Concepts of Accounting Information University of Waterloo Midterm Examination Name Student Number Tutorial

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