midterm_f2004

midterm_f2004 - UNIVERSITY OF WATERLOO School of...

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Unformatted text preview: UNIVERSITY OF WATERLOO School of Accountancy AFM 101 Professor Duane Kennedy Mid-Term Examination Fall 2004 Date and Time: October 22, 2004, 4:30 6:00pm Pages: 16, including cover Name: ________________________________ Student Number: __________ Instructions: 1) Cordless calculators may be used. The calculator must be standalone with no other communication or data storage features. 2) The examination consists of 65 multiple-choice questions. Choose the correct response from the answers provided. Mark the correct responses by completing the University of Waterloo answer card, using a black lead HB pencil only. 3) There is no mark penalty for incorrect responses. 4) Write your name and student number on the answer card and mark your student number in the appropriate ovals. You do not need to complete the section number and card number. 5) Hand in the answer card only. Do not hand in the examination paper. 6) Please verify that this examination paper has the appropriate number of pages. Page 1 1 Ratios Price- Earnings Ratio _Market Price_ Net Income Financial Leverage Ratio ___Average Total Assets___ Average Shareholders Equity Total Asset Turnover Ratio _____Net Sales_____ Average Total Assets Earnings per Share __Net Income Available to Common Shareholders__ Weighted-Average Number of Common Shares Outstanding during the Period Net Profit Margin _Net Income_ Net Sales Quality of Income Ratio __Cash Flow from Operating Activities__ Net Income Capital Acquisition Ratio ____Cash Flow from Operating Activities____ Cash Paid for Property, Plant, and Equipment Return on Equity ________Net Income________ Average Shareholders Equity Page 2 1. On December 31, 20A, Wren Company owed employees $1,750 for wages that were earned by them during December and were not recorded. Give the adjusting entry required on December 31. A) Wages expense $1,750 Cash $1,750 B) Wages payable $1,750 Cash $1,750 C) Wages expense $1,750 Wages payable $1,750 D) Wages payable $1,750 Wages expense $1,750 2. The criteria for extraordinary items are A) unusual in nature, occur frequently, not within management's control. B) unusual in nature, occur infrequently, not within management's control. C) unusual in nature or occur infrequently. D) infrequent in occurrence only. E) unusual in nature only. 3. On January 1, 20A, Thomas Company paid $1,000 for a two-year insurance policy on the building. The accounting period ends December 31. At the end of 20A, the financial statements should report On the Balance Sheet On the Income Statement A) Prepaid insurance, $1,000 Insurance expense, $0. B) Prepaid insurance, $0 Insurance expense, $1,000. C) Prepaid insurance, $500 Insurance expense, $500....
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midterm_f2004 - UNIVERSITY OF WATERLOO School of...

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