ACCO 230 Final Fall 2009

ACCO 230 Final Fall 2009 - page 1 Note for current students...

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Unformatted text preview: page 1 Note for current students using this exam for practice purposes: exam is formatted for LEGAL SIZE paper . CONCORDIA UNIVERSITY John Molson School of Business Department of Accountancy Course: Introduction to Financial Accounting Number: ACCO 230.2 Sections: Sections A and B (S. Mroz); Section AA (S. Tamas) Examination: FINAL (3 hours) Date: December 19, 2009 No. of Pages: Ten (10) , including this page. Ensure your copy is complete. Materials Allowed: Non-programmable / non-graphical calculators, and one ordinary dictionary, i.e., not electronic. Pens, pencils, rulers, erasers. INSTRUCTIONS- Show all answers in the spaces provided. If space is insufficient, use the back of the page.- Show details of all calculations, except for multiple-choice.- Invigilators will not answer questions, unless you think there is actually an error in the exam. Student name (please print very clearly) ______________________________ ID number _____________________ Section _______ For grader's use only Problem 1 (MC) _____ Problem 2 _____ Problem 3 _____ Problem 4 _____ Problem 5 _____ Total ===== page 2 PROBLEM 1 (18 marks; 16 minutes) Multiple-choice Circle clearly (no overlap) the letter that corresponds to the best answer for each of the following. 1. Included in the balance sheet of J Ltd. on December 31, 2007 were total assets of $100,000 and total shareholders' equity of $65,000. During 2008 assets increased by $35,000 and the company reported net earnings of $15,000. Also during 2008 the company issued $3,000 of new shares, and declared dividends of $3,000. Which of the following statements is true? (a) Liabilities increased by $20,000 during 2008. (b) Liabilities increased by $35,000 during 2008. (c) Liabilities increased by $55,000 during 2008. (d) Liabilities increased by $29,000 during 2008. 2. It was discovered that the bookkeeper for U Ltd. had recorded a $200 deposit from a customer for service work to be performed in the future as follows: Dr. Unearned revenue $200; Cr. Cash $200. As a result of this entry (a) Cash is understated by $200 and Unearned revenue is understated by $200. (b) Cash is understated by $400 and Unearned revenue is overstated by $400. (c) Cash is understated by $400 and Unearned revenue is understated by $400 (d) Cash is understated by $200 and Unearned revenue is overstated by $200. 3. A Ltd. shows a balance in Salaries Payable of $45,000 at the end of November. The next payroll amounting to $50,000 is to be paid in early December, and includes $5,000 of wages earned in December. What will be the journal entry to record the payment of salaries? (a) Salaries Expense .................................................................. 50,000 Salaries Payable............................................................... 5,000 Cash. ................................................................................ 45,000 (b) Salaries Expense ................................................................... 50,000 Cash .................................................................................Cash ....
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ACCO 230 Final Fall 2009 - page 1 Note for current students...

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