final_exam_s03 - Name Section ACCOUNTING 15.501 SPRING 2003...

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Name Section A CCOUNTING 15.501 S PRING 2003 F INAL E XAM E XAM G UIDELINES 1. This exam contains 12 pages. Please make sure your copy is not missing any pages. 2. The exam must be completed within 3 hours. Please budget your time accordingly. Question Topic Points 1 Multiple Choice 17 2 Long-Term Liabilities 15 3 Inventory 15 4 Cost Accounting 10 5 Cash Flows from Operations, Free Cash Flows 15 6 Operating versus Capital Leases 10 7 Comparison of cost and equity methods 18 3. Please work the problems in a clear, readable manner and show all computations. A well written answer is more likely to receive partial credit. 4. One may need to make assumptions to solve problems or answer questions. If assumptions are necessary, please state your assumption and why it was necessary. 5. Calculators may be used for computations on this exam. 6. Good luck. 1
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I. Multiple Choice (17 points) 1. Intangible assets make up 40 percent of the total assets of a particular firm. This firm is most likely to be: a. a pharmaceutical firm that invests in research and development to create new drugs b. a consumer products company that invests in advertising to create brand recognition c. an information processing company that develops computer software to use in its business d. a restaurant business that has grown by acquiring other restaurant chains 2. The difference between common stock and preferred stock is that preferred stock usually has preferential status with respect to 3. You have been asked to analyze the financial statements of the Cara Corp. with regards to liquidity and financial flexibility. Which financial statement would you find most use? 4 . The amount of revenue recognized may need to be adjusted to recognize Delayed receipt of Sales discounts Uncollectible Sales payments and allowances accounts returns a. Yes Yes Yes Yes b. Yes No No No c. No Yes No Yes d. No No Yes No 5. Ames Corp. purchased new equipment during the year but neglected to record depreciation. What is the effect of this omission on each of the named accounts? Accumulated Retained Depreciation Depreciation Earnings Expense 2
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