Exam3with_sols

Exam3with_sols - Name: _ Student Number: _ MEMORIAL...

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1. NO QUESTIONS WILL BE ANSWERED BY THE INVIGILATOR. Please include with your written answers any assumptions that you feel are necessary. Only logical assumptions will be considered. Name: __________________________ Student Number: __________________ MEMORIAL UNIVERSITY OF NEWFOUNDLAND FACULTY OF BUSINESS BUSINESS 1101 TERM TEST # 3 - Value - 25% of your final grade March 13, 2007 Question Marks Suggested Time 1 10 7 minutes 2 20 15 minutes 3 30 23 minutes 4 20 15 minutes 5 20 15 minutes 100 75 minutes Instructions: 2. This entire exam must be returned to the University. Please be neat and logical. 3. Budget your time. Please use a pen or dark pencil . DO NOT TEAR PAGES OUT OF THE EXAM. 4. As noted on your course outline, communication devices such as cell phones, Blackberries and English/foreign language translators may not be accessed during exams. Please turn off the ringer on your cell phone! Page 1 Penalty if exam is not passed in on time
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Question 1: 10 marks: suggested time – 7 minutes For each of the following statements, indicate TRUE (T) or FALSE(F) ****All answers should be written in your exam booklet**** 1. Under a perpetual inventory system, the cost of goods sold is determined each time a sale occurs. 2. If the ownership of merchandise passes to the buyer when the seller delivers the merchandise for shipment, the terms are stated FOB destination. 3. The terms 2/10, n/30 mean that a 2 percent discount is allowed on payments made over 10 days but within the discount period. 4. An inventory count should be done by the employees who are responsible for the inventory. 5. Goods in transit shipped FOB shipping point should be included in the buyer's ending inventory. 6. Under a periodic inventory system, both the sales amount and the cost of goods sold amount are recorded when each item of merchandise is sold. 7. Consigned goods are held for sale by one party although ownership of the goods is
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Exam3with_sols - Name: _ Student Number: _ MEMORIAL...

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