ADMS2500W.MT05 - York University AK/ADMS 2500.03 Introduction to Financial Accounting Midterm Examination Test Form B Time Questions Instructions 1

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1 York University AK/ADMS 2500.03 Introduction to Financial Accounting Midterm Examination – Test Form B February 27, 2005 Time: 3.0 hours Questions: 50 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 answer all questions on the computer mark sense sheet provided. Use an HB pencil Bubble in BOTH Code columns with the letter designation of your Section Fill in the bubbles for your name and student number too, 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 2:00 pm to 5:00 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 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. NOTE: ANSWERS ARE PROVIDED AT THE END OF THE EXAM PAPER.
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2 1. The financial statement that provides the results of operating activities for a period of time on an accrual basis is the a) Statement of Owner’s Equity b) Balance Sheet c) Income Statement d) Cash Flow Statement e) None of the above 2. Which of the following is a liability? a) Advances from customers b) Warranty Expense c) Accumulated Depreciation d) Both (b) and (c) above e) None of the above 3. Which of the following account types are increased by credits and decreased by debits? a) Assets b) Expenses c) Liabilities d) Credit Accumulations e) None of the above 4. Which of these statements about debits and credits is correct? a) Credits always mean decreases b) Debits are always recorded on the left of a T-account c) Debits increase shareholders’ equity d) Both (a) and (b) above e) None of the above
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3 Use the following information for Questions 5 – 8 According to its website (www.smuckers.com), the J.M. Smucker Company was founded in 1897 when the Company's namesake and founder sold his first product -- apple butter -- from the back of a horse-drawn wagon. Today, over a century later, the Company is the market leader in fruit spreads, peanut butter, shortening and oils, ice cream toppings, and health and natural foods beverages in North America under such icon brands as Smucker’s®, Jif® and Crisco®. The Report on Business in the Globe and Mail, February 22, 2005 reported the
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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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ADMS2500W.MT05 - York University AK/ADMS 2500.03 Introduction to Financial Accounting Midterm Examination Test Form B Time Questions Instructions 1

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