Final.F09 - 1 CONCORDIA UNIVERSITY DEPARTMENT OF...

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1 CONCORDIA UNIVERSITY FINANCIAL ACCOUNTING DEPARTMENT OF ACCOUNTANCY COMM 217/2 ALL SECTIONS FINAL EXAMINATION Fall 2009 Duration: 3 hours Instructions (very important) : 1. This examination paper consists of 9 pages including this page. Please make sure your copy has all pages before commencing to write. 2. You must answer the multiple choice questions by using the computer input sheet ; darken the letter you choose in pencil on the computer input sheet. Write all your answers to the other questions in the examination answer booklet . You may answer the questions in any order you prefer. Only the answers on the computer input sheet and in the examination booklet will be graded. 3. Read the questions carefully and budget your time wisely. Show all calculations. 4. This is a closed book examination. However, a silent hand-held (not graphical) calculator and one standard language (not electronic) dictionary are permitted. 5. Invigilators will not answer questions (unless you think there is an error in the question). 6. Return the exam along with the computer input sheet and answer booklets when you have finished. Question Topic Total Marks 1 Multiple Choice 21 2 Accounting for Long-term Assets 16 3 Preparation of Cash Flow Statement 21 4 Accounting for Liabilities 22 5 Analysis of Financial Statements 20 Total 100
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2 Question 1 (21 marks; 38 minutes) Multiple Choice For each of the following, choose the letter that corresponds to the best answer, and show the answer on the computer input sheet only , not on this examination paper . Each correct answer is worth 1.5 marks. 1. Straight-line amortization is used for reporting purposes by many companies because: a. It is always the best measure of the assets used up in the production process during the period. b. It represents a systematic allocation of the cost of assets over their expected economic lives. c. Tax laws require the use of straight-line amortization for most tangible assets. d. Noncurrent assets are used up so quickly that it makes little difference which amortization method is used. 2. Goodwill is valued at: a. The difference between the price paid for an ongoing business and the fair value of the identifiable assets acquired less liabilities assumed. b. The difference between the fair value of the identifiable assets acquired and the liabilities assumed. c. The total amount of cash paid out to acquire another company. d. The total amount of cash paid out to acquire another company, less the value of the identifiable assets required. 3. When an asset is acquired, its recorded cost: a. Includes interest whenever the purchase price is borrowed. b. Is the list price, ignoring all discounts and price reductions. c.
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This note was uploaded on 12/03/2010 for the course JMSB 212 taught by Professor Michael during the Fall '10 term at Concordia Canada.

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Final.F09 - 1 CONCORDIA UNIVERSITY DEPARTMENT OF...

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