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1 CONCORDIA UNIVERSITY FINANCIAL ACCOUNTING DEPARTMENT OF ACCOUNTANCY COMM 217 ALL SECTIONS MID-TERM EXAMINATION Winter 2011 Duration: 3 hours Instructions : 1. This examination paper consists of 8 pages including this page. Please make sure your paper has all pages before commencing to write. 2. You must answer the multiple choice questions by using the computer input sheet ; darken the letter you choose in pencil on the computer input sheet. Write all your answers to the other questions in the examination answer booklet . You may answer the questions in any order you prefer. Only the answers on the computer input sheet and in the examination booklet will be graded. 3. Read the questions carefully and budget your time wisely. Show all calculations. 4. This is a closed book examination. However, a silent hand-held (not graphical) calculator and one standard language (not electronic) dictionary are permitted. 5. Invigilators will not answer questions (unless you think there is an error in the question). 6. Return the exam along with the computer input sheet and answer booklets when you have finished. Question Topic Total Marks 1 Multiple choice 24 2 Preparation of journal entries 12 3 Preparation of adjusting entries, income statement and statement of financial position 34 4 Accounting for receivables and bad debts 16 5 Accounting for inventory and cost of sales 14 Total 100
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2 Question 1 (24 marks; 43 minutes) Multiple choice For each of the following, choose the letter that corresponds to the best answer, and show your answer on the computer input sheet . Each correct answer is worth 1.5 marks. 1. Pacific Corporation reported the following amounts at the end of its first year of operations, December 31, 2010: contributed capital $100,000; sales revenue $380,000; total assets $300,000; dividends $20,000; and total liabilities $180,000. Its retained earnings at December 31, 2010 and its total expenses for 2010 would be Retained earnings Total expenses A) $20,000 $340,000 B) 20,000 320,000 C) 40,000 340,000 D) 40,000 360,000 2. At January 1, 2010, Fungo Corporation had assets of $560,000 and liabilities of $360,000. During the year, assets increased by $50,000 and liabilities decreased by $20,000. What was the total amount of shareholders' equity at December 31, 2010? A) $870,000 B) $270,000 C) $850,000 D) $170,000 3. Niko Corporation purchased factory equipment for $42,000 cash. Which of the following statements regarding this purchase is incorrect ? A) The profit for Niko will be reduced by the factory equipment expense of $42,000. B) Total assets on Niko's statement of financial position will not change. C) Total liabilities will not change. D) Total shareholders' equity on Niko's statement of financial position will not change. 4.
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