ADMS2500S.MT04 - York University AK/ADMS 2500.03...

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1 York University AK/ADMS 2500.03 Introductory Financial Accounting Midterm Examination - Test Form A June 20, 2004 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 5:00 pm to 8:00 pm. Budget your time wisely. 5. It is prudent 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. 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. NOTE: 1. ANSWERS ARE PROVIDED AT THE END OF THE PAPER 2. OMISSIONS ARE NOTED NEXT TO THE AFFECTED QUESTION
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2 Use the following information for Questions 1 - 19 Remove this page and the blank pages provided at the back of the exam to simplify your work. Fun Up 'n Down began operations May 1, 2004, providing clown and kite entertainment to birthday parties, corporate picnics and other events. Fun Up 'n Down charges $100 per hour for the clown entertainment. Customers pay $250 in advance when they book a clown for an event. The business pays clowns $30 per hour. Clowns provide their own costumes and transportation and must enjoy helping others learn to fly a kite. When an event is over, clowns ask customers to sign and complete the Fun Up 'n Down time sheet with the number of hours worked. Fun Up 'n Down uses the timesheet to compute both the amount owing to the clown and the amount to invoice the customer. The invoice shows the total cost of the event (hours x $100) less the $250 advance payment plus $20 per kite for each kite used by the event. If customers wish to have kites for the event they order them in advance from Fun Up 'n Down. Kathy Caring, the owner of Fun Up 'n Down, purchases the kites from FlyHigh, a kite manufacturer. Kathy adds corporate logos, birthday wishes, and other special decoration to customize the kites for each event. Kathy delivers the kites at the start of the event and makes sure the clown arrives on time. Kathy will often check back and make sure the event is going well and the clown is entertaining the crowd. Kathy uses a very old, specially painted car to advertise Fun Up 'n Down, pick up the kites from FlyHigh, and drive between events. Kathy gave the car, along with a laptop computer and a cell phone to Fun Up 'n Down. She estimates
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This note was uploaded on 01/24/2011 for the course ADMS 2500 taught by Professor Warner during the Spring '08 term at York University.

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ADMS2500S.MT04 - York University AK/ADMS 2500.03...

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