2006-Win-test-printed - University of Toronto Joseph L...

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University of Toronto Joseph L. Rotman School of Management February 15, 2006 MGT120 H1F Financial Accounting I Duration: 1.5 hours Aids allowed: Non-programmable calculator Instructions: Please print your name, student number day and time of class in the spaces provided below (please state the class you will be attending when the test is returned next class). There are ten 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. Do not use WHITEOUT . 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 you will be attending Marks: Answers to the Multiple Choice Questions Part A (10 marks) 1.______ 6.______ Part B (15 marks) 2.______ 7.______ Part C ( 5 marks) 3.______ 8.______ Part D (6 marks) 4.______ 9.______ Total (36 marks) 5.______ 10._____
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Part A (10 marks) 1. On December 1, 2003, Blue Mountain Snow Removal Service Ltd. receives $1,800 in advance for an agreement to remove snow from a client’s parking lot during the months of December, January, and February. As of December 31, 2003, Blue Mountain Snow Removal Service Ltd: a. would have a $1,200 liability to its client under accrual accounting, and would have a $1,800 liability to its client under cash-basis accounting b. would have recognized $600 revenue under accrual accounting, and would have recognized $1,800 revenue under cash-basis accounting c. would have a $0 liability to its client under accrual accounting, and would have a $1,200 liability to its client under cash-basis accounting d. would have recognized $600 cash under accrual accounting, and would have recognized 1,800 cash
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2006-Win-test-printed - University of Toronto Joseph L...

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