A3595E1_W09_white

A3595E1_W09_white - YORK UNIVERSITY SCHOOL OF ADMINSTRATIVE...

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YORK UNIVERSITY SCHOOL OF ADMINSTRATIVE STUDIES ADMS 3595 Intermediate Financial Accounting II Winter 2009 Student Name: _______________________ , _________________ (Last) (First) ADMS 3595 I.D. # ______________________________ Intermediate Financial Accounting II Winter 2009 (White Version) Section _____________________________ Type Points Available Points Earned I. Multiple Choice 35 @ 2 = 70 _____________ II. Premiums 15 _____________ III. Income Tax Accounting 15 _____________ ___ Total 100 ______________ INSTRUCTIONS 1. Check exam carefully to be sure you have all fourteen pages. 2. When you are instructed to begin the exam, put your name and student I.D. number on this cover sheet and indicate your section number. 3. You have 120 minutes to complete the exam. 4. Please fill in a scantron form with a pencil only. 5. Show your calculations and work to support your answers for problem questions. 6. Write in pen or pencil neatly because if we cannot understand what you have written, we cannot give you marks. 7. The exam is closed-book, and you can use only nonprogrammable calculators (i.e., no laptop/pocket computers are allowed) into the exam room. 8. When the end of the exam is announced, stop writing and turn your exam over immediately. Page Number 1 of 14 Student Number: _________________
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YORK UNIVERSITY SCHOOL OF ADMINSTRATIVE STUDIES ADMS 3595 Intermediate Financial Accounting II Winter 2009 I. Multiple Choice Questions: (35 @ 2 points). Circle the best answer and copy it to your SCANTRON form. Only your answers on the SCANTRON form will be graded. MULTIPLE CHOICE SECTION 1. Which of the following is true about accounts payable? a. Accounts payable should not be reported at their present value. b. When accounts payable are recorded at the net amount, a Purchase Discounts account will be used. c. When accounts payable are recorded at the gross amount, a Purchase Discounts Lost account will be used. d. Both b and c are true. 2. Which of the following statements is correct? a. A company may exclude a short-term obligation from current liabilities if the firm intends to refinance the obligation on a long-term basis. b. A company may exclude a short-term obligation from current liabilities if the firm can demonstrate an ability to consummate a refinancing. c. A company may exclude a short-term obligation from current liabilities if it is paid off after the balance sheet date and subsequently replaced by long-term debt before the balance sheet is issued. d. None of these. 3. Among the short-term obligations of Lance Company as of December 31, the balance sheet date, are notes payable totalling $250,000 with the Provincial Bank. These are 90-day notes, renewable for another 90-day period. These notes should be classified on the balance sheet of Lance Company as a. current liabilities. b.
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This note was uploaded on 04/17/2011 for the course ADMS 3595 taught by Professor Sungs.kwon during the Winter '09 term at York University.

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A3595E1_W09_white - YORK UNIVERSITY SCHOOL OF ADMINSTRATIVE...

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