final compta

final compta - MGCR-211 LAST NAME:_ FIRST NAME:_ STUDENT...

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MGCR-211 ©McGill University, 2010, All rights reserved. 1 LAST NAME:_____________________________ FIRST NAME:_____________________________ STUDENT #:______________________________ SECTION:________________________________ McGill University Desautels Faculty of Management Introduction to Financial Accounting MGCR 211 Version 1 SOLUTION Final Examination (Circle your lecturer’s name) Lecturer: Ralph Cecere Date: December 10, 2010 Catherine Fortin Time: 2pm to 5pm Karen Zajdman-Borden Steve Fortin Pietro Martucci Instructions: This is a closed book exam. You are allowed translation dictionaries. Only non-text storing calculators are allowed This exam consists of 5 questions and a total of 15 pages. All questions are to be answered on this examination paper. Answer the question in the space provided. Do not exceed the space allowed. Show your calculations and explain your reasoning. You must return this examination. Question Marks available Grade 1 30 2 20 3 20 4 10 5 20 Total 100 ________________________ ______________________ Steve Fortin, Examiner Catherine Fortin, Associate Examiner
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MGCR-211 ©McGill University, 2010, All rights reserved. 2 Question 1 (30 marks – 54 minutes) For each of the next 15 multiple choice questions, circle your answer directly on the questionnaire. 1. Which one of the following is not a justification for adjusting entries? a. Adjusting entries are necessary to ensure that revenue recognition principles are followed. b. Adjusting entries are necessary to ensure that the matching principle is followed. c. Adjusting entries are necessary to enable financial statements to be in conformity with GAAP. d. Adjusting entries are necessary to bring the general ledger accounts in line with the budget. 2. If a company fails to adjust an Unearned Rent account for rent that has been earned, what effect will this have on that month's financial statements? a. Assets will be understated and revenues will be understated. b. Liabilities will be understated and revenues will be understated. c. Liabilities will be overstated and revenues will be understated. d. Assets will be overstated and revenues will be understated. 3. Westcoe Company's goods in transit at December 31 include: sales made (1) FOB destination (2) FOB shipping point and purchases made (3) FOB destination (4) FOB shipping point. Which items should be included in Westcoe's inventory at December 31? a. (2) and (3) b. (1) and (4) c. (1) and (3) d. (2) and (4) 4. The accounting principle that requires that the inventory costing method (FIFO, LIFO, Average cost) be consistent with the physical movement of goods is a. called the matching principle. b.
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This note was uploaded on 11/23/2011 for the course MGCR 2049 taught by Professor Edwardbierbrier during the Fall '10 term at McGill.

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final compta - MGCR-211 LAST NAME:_ FIRST NAME:_ STUDENT...

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