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2007_-_Winter_Test__2

# 2007_-_Winter_Test__2 - University of Toronto Joseph L...

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University of Toronto Joseph L. Rotman School of Management March 27, 2007 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 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 (12 marks) 2.______ 7.______ Part C (10 marks) 3.______ 8.______

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Part D (8 marks) 4.______ 9.______ Total (40 marks) 5.______ 10._____ Part A (10 marks) 1. Olvy Ltd. sold equipment for \$10,000 cash. At the time of disposition, the equipment had a cost of \$45,000 and accumulated amortization of \$30,000. Olvy should record a: a) \$5,000 loss on disposal b) \$5,000 gain on disposal c) \$15,000 loss on disposal d) \$15,000 gain on disposal 2. Which of these is not a major advantage of a corporation?
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2007_-_Winter_Test__2 - University of Toronto Joseph L...

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