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? a. The development costs of a new drug b. The goodwill value assigned to the excess purchase price when purchasing a company c. A copyright on a song d. A patent on a new technology 4. Under GAAP equipment is valued at a. current replacement cost b. inflation adjusted historical cost c. historical cost d. market value 5. Which of the following is not a tangible capital asset? a. Copyright b. Equipment c. Buildings d. Land 6. Temporary investments are accounted for using the: a. Historical cost method b. Fair market value method c. Purchasing power method d. Lower of cost and market method 2
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7. Cost of goods sold should be related to the revenue generated on each year's income statement because of the: a. Actual basis of accounting b. Matching concept c. Revenue recognition criteria d. Cash basis of accounting 8. Which of the following statements is true regarding a company’s management of its debt? a.
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This note was uploaded on 04/12/2011 for the course ADM 2340 taught by Professor Perper during the Spring '07 term at University of Ottawa.

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Final_2340W08 - Final Examination ADM 2340: Financial...

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