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Final_2340W08 - Final Examination ADM 2340 Financial...

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Final Examination ADM 2340: Financial Accounting Winter 2008 Student Name: _________________________________ Student #: _____________________________________ Section: (check one) M (SÉGUIN) ___ N (TASSÉ)___ 1. All questions including multiple-choice questions must be answered in a separate booklet . 2. Please do not ask the professor or the invigilator to explain or interpret questions. State any assumptions you feel are necessary. Only questions concerning possible errors in the exam will be answered. 3. Books and notes are not permitted. 4. Programmable calculators are not allowed. Calculators must not be shared. 5. Show all supporting calculations clearly where required. Answers will not be marked if written illegibly. 6. Language dictionaries are allowed but will be checked. Electronic dictionaries are not allowed. I / 18 II / 15 III / 16 IV / 6 V / 20 TOTAL / 75 1
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QUESTION NO. 1 – 30 marks Circle the best answer for each of the following multiple-choice questions directly onto your examination sheet. Only one answer will be accepted for each question. There is no penalty for guessing. No account will be taken of any explanations provided. Questions 1 to 8 are each worth one mark. 1. Which of the following cost flow assumptions would be most appropriate when each inventory is unique or costly? a. LIFO b. Weighted average. c. FIFO d. Specific identification 2. Switch is a mail order clothing retailer. All items are shipped to customers FOB shipping point and must be prepaid by the customer before any items are shipped. At what point should Switch recognize revenue? a. When payment is received b. When the goods are placed into inventory c. At the time of shipping d. When the goods reach the customer 3. Which of the following is an example of an intangible asset with an indefinite life? 4. Under GAAP equipment is valued at 5. Which of the following is not a tangible capital asset?
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