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RSM220-09F - Midterm - marking key

RSM220-09F - Midterm - marking key -...

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UNIVERSITY OF TORONTO - ROTMAN SCHOOL OF MANAGEMENT RSM220 Midterm Examination (110 minutes) -  October 23, 2009 FIRST NAME _______________________________________ LAST NAME ________________________________________ STUDENT NUMBER:_______ ___________________________ Section (please circle one): Tuesday 8-10 (B.Xin) Tuesday 10-12 (B.Xin) Tuesday 3-5 (B.Xin) Wed 10-12 (D.S.) Wed 12-2 (D.S.)  Wed 4-6 (D.S.) Wed 6-8 (D.S.) Wed 12-2 (E.Palancz) Wed 2-4 (E.Palancz) Thur 10-12 (M.Callen) Thur 2-4 (M.Callen) Instructions: 1. Write legibly.  Illegible answers will not be graded.    2. There are  X questions on  XX pages, including time value of money tables. Answer each question in the  space provided. If you need additional space, use the back of the page facing the question and clearly  identify the question being answered.  3. Pencil or pen may be used.  However , papers written in pencil or papers with white outs  will not be re- marked . 4. Your   invigilator   will   NOT   clarify   any  questions  for   you   during   the   test.  You   may   make   any  assumptions you believe are needed to answer a question. However, you only receive marks for  the answer if the assumptions you made are indeed needed for the question.  Question Marks Marks Awarded  1                          10    2 10    3 5    4 15    5 15  6                                   10  7  20 8 15 9 10 RSM220-09F Midterm Examination Page 1 of 17
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QUESTION 1 (10 marks) REQUIRED:  Please answer the following questions (1 mark each):  1. Which of the following types of organizations must report under Canadian GAAP? a) All private corporations b) All public corporations listed on Canadian stock exchanges c) All partnerships d) All not-for-profit organizations e) None of the above Solution: e. 2. On what date will most Canadian publicly accountable enterprises start reporting under International  Financial Reporting Standards?  3. The quality of information that gives assurance that it is reasonably free of error and bias and is a  faithful representation is
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