ADMS2500F.MT02 - AK/ADMS 2500.03 INTRODUCTION TO FINANCIAL...

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1 Time: 3.0 hours Questions: 45 Instructions: 1. Only the mark sense sheet will be collected - you may keep this midterm examination paper. Mark your answers on it for later reference. 2. Record your name and student number and single choice answer to all questions on the computer mark sense sheet provided. Use an HB pencil Code is your Section (in the left column) Fill in the bubbles for your name and student number in pencil (your phone number is not required). Leave the last column of the student number BLANK. 3. Calculators are the only aid allowed. 4. The exam is three hours in length and will run from approximately 7:00 p.m. to 10:00 p.m. Budget your time wisely. 5. It is prudent to practice to transfer your answers to the grading sheet after each question, and to proof your transfers. The proctors will announce when there are 10 minutes remaining and any answers not transferred should be recorded at this time. No one is to leave their seats in the last 10 minutes. When time is called, the proctors will go down the rows collecting your answer sheets and this exam paper. They will not wait and they will not accept your sheet once they have passed. Any violation of this protocol will result in a grade of zero recorded for the exam. 6. You are reminded that cheating is a serious offense which can result in expulsion from university. AK/ADMS 2500.03 INTRODUCTION TO FINANCIAL ACCOUNTING MIDTERM EXAMINATION – TEST FORM B OCTOBER 20, 2002
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2 QUESTIONS 1, 8, 11, 14, 17, 21, 26, 29, 36, 39, AND 42 ARE INCOMPLETE. 1. a) Liabilities b) Assets c) Revenues d) Owner’s Equity e) Expenses 2. Which of the following account types are increased by credits and decreased by debits? a) Assets b) Expenses c) Liabilities d) None of the above 3. An expense which measures of the cost of inventories sold to customers is a) Accounts payable b) Selling expense c) Gross profit d) Cost of Goods Sold e) Equity 4. The Chart of Accounts is a) a list of the account titles and account balances b) a list of the account titles of all the accounts in the general ledger c) a graph of the profit picture in recent periods d) a classified balance sheet with the current assets and liabilities ordered alphabetically e) none of the above 5. A payment from a proprietorship to its owner is called a(n): a) Withdrawal b) Dividend c) Expense d) Capital investment e) None of the above
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3 Sally Bookman is a recently retired librarian with an apartment in a densely populated area of Toronto. She was looking to earn a little extra money so on June 1, 2002, she put her librarian skills to work, and began Fast Facts, a business that charges customers a $25 fee for researching a question on the internet. Fast Facts researches questions ranging from 'what is the cheapest air fare for a two week trip to Bangkok leaving late November?' to 'which medical condition may manifest with this combination of symptom?' Ms. Bookman opened a bank account for Fast Facts and deposited $10,000 of
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ADMS2500F.MT02 - AK/ADMS 2500.03 INTRODUCTION TO FINANCIAL...

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