ADM 2340 Final- F2007

ADM 2340 Final- F2007 - Final Examination ADM 2340...

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Unformatted text preview: Final Examination ADM 2340 Financial Accounting Summer 2007 Time: 3 hours Student Name: _________________________________ Student #: _____________________________________ Section: X(Thursday)____ (TASS) Y(Tuesday)____ (TASS) *READ CAREFULLY* Instructions 1. This exam comprises 17 pages, is 3 hours long, and is out of 100 marks. Allow an average of 1.8 minutes per mark. 2. Follow instructions carefully for each question. 3. Show all supporting calculations clearly where required. Answers will not be marked if they are written illegibly. 4. Non-programmable calculators are permitted, but you cannot share calculators. 5. Books and notes are not permitted. 6. Please do not ask the professor or the invigilator to explain or interpret questions. State any assumptions you feel are necessary. 7. There is one page at the back of this exam for additional space, if required. Q1 /30 Q2 /7 Q3 /20 Q4 /14 Q5 /8 Q6 /6 TOTAL /85 ADM 2340 FINAL EXAMINATION SUMMER 2007 Page 1 of 13 Facult / cole de gestion Faculty / School of Management 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. FIFO b. Specific identification c. LIFO d. Weighted average 2. Regency 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 Regency recognize revenue? a. At the time of shipping b. When the goods reach the customer c. When payment is received d. When the goods are placed into inventory 3. Which of the following is an example of an intangible asset with an indefinite life? a. A copyright on a song b. A patent on a new technology c. The development costs of a new drug d. The goodwill value assigned to the excess purchase price when purchasing a company 4.. Under GAAP equipment is valued at a. historical cost b. market value c. current replacement cost d. inflation adjusted historical cost 5. Which of the following is not a tangible capital asset? a. Buildings b. Land c. Copyright d. Equipment 6. Temporary investments are accounted for using the: a. Purchasing power method b. Lower of cost and market method c. Historical cost method d. Fair market value method 7. Cost of goods sold should be related to the revenue generated on each year's income statement because of the: a. Revenue recognition criteria b. Cash basis of accounting c. Actual basis of accounting d. Matching concept ADM 2340 FINAL EXAMINATION SUMMER 2007 Page 2 of 13 8. Which of the following statements is true regarding a companys management of its debt?...
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ADM 2340 Final- F2007 - Final Examination ADM 2340...

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