Midterm.W10 - CONCORDIA UNIVERSITY DEPARTMENT OF...

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CONCORDIA UNIVERSITY FINANCIAL ACCOUNTING DEPARTMENT OF ACCOUNTANCY COMM 217 ALL SECTIONS MID-TERM EXAMINATION Winter 2010 Duration: 3 hours Instructions : 1. This examination paper consists of 8 pages including this page. Please make sure your paper 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 Preparation of journal entries 8 3 Preparation of adjusting entries, income statement and balance sheet 34 4 Accounting for receivables and bad debts 18 5 Accounting for inventory and cost of sales 16 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. Which of the following statements about shareholders' equity is not correct? a. Shareholders' equity is the owners' residual interest in the company resulting from the difference in assets and liabilities. b. Shareholders' equity results only from contributions of the owners. c. Shareholders' equity accounts are increased with credits. d. The purchase of equipment for cash has no effect on shareholders' equity. 2. You have observed that the asset turnover ratio for a retail chain has increased steadily over the last three years. The most likely explanation is that:
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