AFM-101-1101-Midterm_solutions

AFM-101-1101-Midterm_solutions - AFM 101: Introduction to...

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AFM 101: Introduction to Financial Accounting Student Name: _________________________ Midterm Exam – Winter 2010 Student Number: _________________________ AFM 101 Introduction to Financial Accounting Midterm Exam Winter 2010 Instructor: Robert Ducharme Date: Friday February 26, 2010 Time: 4:30pm – 6:30pm (2 hours) Student Number: Student Name: WatIAM/Quest ID: Class Lecture Section: 001 – Tu 4:00pm – 6:50pm Class Tutorial Section (check one): 101 – F 12:30pm-1:20pm 102 – F 1:30pm-2:20pm 103 – F 2:30pm-3:20pm Instructions 1. Identify your exam documents. Be sure to write your student number, name and WatIAM/Quest userid on this exam paper and the UW Multiple Choice Answer Card. Both this paper and the accompanying UW answer card must be handed in. One (1) mark will be deducted for each missing element of requested identification. 2. Cordless, non-programmable calculators may be used. The calculator must be “stand-alone” with no other communication or data storage features. Cell phones are not permitted. 3. Answers for the multiple choice questions must be recorded on the UW Answer Card (the UW Answer Card will not be returned, for your own reference you may want to make note of your selections on the exam paper which will be returned, however the multiple choice selections on the exam paper will not be graded). 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. 4. For maximum marks, show details of all your calculations. 5. Document any assumptions you consider relevant to the question. In making assumptions, it is inappropriate to assume away facts or change the nature of the question. Make the assumptions which allow you to demonstrate the most knowledge. However, keep the exam time limits in mind. 6. Please verify that this examination document is complete by checking for all appropriate pages, in total and in sequence. Marking Summary Q# Points Available Topic(s) Points Awarded 1 11 prepare basic financial statements 2 6 principles, assumptions, constraints 3 18 recording transactions 4 6 posting JE’s to T-accounts 5 8 corrected income statement 6 8 adjusting journal entries 7 10 closing entries / T-account 8 8 Accounts Receivable 9 25 (25 x 1) +3 bonus multiple choice Total 100 page 1 of 18
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AFM 101: Introduction to Financial Accounting Student Name: _________________________ Midterm Exam – Winter 2010 Student Number: _________________________ Question 1 (11 points) Prepare an income statement, a statement of shareholder's equity, and a balance sheet for the dental practice of Pamela Bell Dentistry Inc, from the items listed below for the month of September 2009. Retained earnings (Sept 1).
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AFM-101-1101-Midterm_solutions - AFM 101: Introduction to...

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