2293 Midterm 1 292 solution[1]

2293 Midterm 1 292 solution[1] - Langara College May August...

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1 Langara College May – August 2009 Financial Accounting Overview: Financial Management 2293 Student Name __________Solution__________ Student # _______________ Sect #________ Date : June 2009 Time Allotted : 90 min Total # of Pages : 4 Instructor : Ellen Hamer Total # of Marks : 50 INSTRUCTIONS TO STUDENTS : Answer all questions in the exam booklet. Programmable and cell phone calculators are not permitted Show calculations for part marks Explanations are not required for journal entries. Question # Marks Marks Allocated Obtained # 1 .......................................................................................... 10 . ......................... ______ # 2 . ............................................................................................. 8 . ......................... ______ # 3 . ........................................................................................... 16 . ......................... ______ #4 . ............................................................................................ 16 . ......................... ______ 50 20% of Final Grade Good Luck !
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2 Question 1 (10 Marks) a. Explain why we use the Accumulated Amortization account instead of just crediting a Long Term Asset account. (1 Mark) Better for full disclosure to show the Long term Asset at its original value and the accumulated amortization separately. Shows how much has been amortized to date. b. Give the formula to calculate revenue under the Percentage of Completion method. (1
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This note was uploaded on 09/25/2010 for the course FMGT FMGT 2293 taught by Professor Hamere. during the Summer '09 term at Langara.

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2293 Midterm 1 292 solution[1] - Langara College May August...

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