2006_-_winter-test2 - University of Toronto Joseph L....

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University of Toronto Joseph L. Rotman School of Management March 30, 2006 MGT120 H1S Financial Accounting I Duration: 1 hour 50 minutes Aids allowed: Non-programmable calculator Instructions: Please print your name, student number, day and time of class you attend in the spaces provided below. There are fifteen multiple choice questions and three problems. Please use the space provided below for your answer to the multiple choice questions. You must use a pen. WHITEOUT is not allowed. Clearly show all computations in order to obtain full marks for the problems. Tests written in pencil will not be considered for remarking. If you are requesting a remark, include a note telling specifically why you feel you deserve more marks. The entire paper will be remarked, marks may go up, down or remain the same. ------------------------------------------------ -------------------------------------------- - Student name (LAST NAME FIRST) Student number ----------------------------------------------- -------------------------------------------- - Day of class (Tuesday or Thursday) Time of class Marks: Answers to the Multiple Choice Questions Part A (15 marks) 1.______ 9.______ Part B (7 marks) 2.______ 10.______ Part C (11 marks) 3.______ 11.______ Part D (7 marks) 4.______ 12.______ Total (40 marks) 5.______ 13._____ 6.______ 14._____
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7.______ 15._____ 8.______ 2
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PART A ( 15 marks – 1 mark each) 1. If a company is using a perpetual inventory system, the balance in its inventory account three-quarters of the way through an accounting period would be equal to: a. the inventory on hand at the beginning of the period b. the inventory on hand at the beginning of the period plus goods purchased during the accounting period minus goods sold during the period c. the total of the beginning inventory plus goods purchased during the accounting period d. the amount of goods purchased during the period 2. On January 2, 2004, Kansas Corporation acquired equipment for $120,000. The estimated life of the equipment is 5 years or 20,000 hours. The estimated residual value is $20,000. What is the balance in Accumulated Amortization on December 31, 2005, if Kansas Corporation uses the double-declining-balance method of amortization? a. $23,200 b. $36,000 c. $43,200 d. $76,800 3. If year-end inventory is reduced from cost to a lower replacement cost, which of the following accurately depicts the results? a. Year-end inventory is reduced and cost of goods sold is reduced by the same amount. b.
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This note was uploaded on 07/18/2010 for the course ACCOUNTING rsm100 taught by Professor Yuta during the Summer '10 term at University of Toronto- Toronto.

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2006_-_winter-test2 - University of Toronto Joseph L....

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