Final.W10 - CONCORDIA UNIVERSITY DEPARTMENT OF ACCOUNTANCY...

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CONCORDIA UNIVERSITY FINANCIAL ACCOUNTING DEPARTMENT OF ACCOUNTANCY COMM 217 ALL SECTIONS FINAL EXAMINATION Winter 2010 Duration: 3 hours Instructions (very important) : 1. This examination paper consists of 10 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 24 2 Accounting for Long-term Assets 20 3 Accounting for Bonds 17 4 Reporting cash flows 20 5 Analysis of Financial Statements 19 Total 100
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QUESTION 1 (24 marks; 43 minutes) Multiple Choice For each of the following, choose the letter that corresponds to the best answer, and show your answer on the computer input sheet . Each correct answer is worth 1.5 marks. 1. Brooks Company had the following cash transactions: sold equipment for $100,000, purchased a building for $80,000, sold long-term investments for $20,000 and repaid a note payable for $25,000 plus $1,500 of interest. What was the net cash flow from investing activities (parentheses indicate an outflow)? A) ($45,000). B) $13,500. C) $15,000. D) $40,000. 2. Intangible assets include which of the following? 3. On March 1, Chapine Company purchased a new stamping machine for $5,000. Chapine paid cash for the machine. Other costs associated with the machine were: transportation costs, $300; sales tax paid, $200; and installation cost, $100. What cost was recorded for the machine? 4. Residual value can be defined as: 2
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