Exam A - Name Student Number Section ACCT 2220 Financial...

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Name:______________________________ Student Number:______________________ Section:______________________ ACCT 2220 Financial Accounting Term Exam 1A WINTER 2012 Instructions: Answer all questions in the exam booklet. You must hand in the exam (with your name on it) with your exam booklet. Short Answer (4 questions) ______/10 Problem 1 ______/20 Problem 2 ______/16 TOTAL 46 marks Exam time: 75 Minutes Number of Pages: 4
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Short Answer Question 1 (2 marks) In accounting, what is meant by “faithful representation”? Information should reflect economic reality (.5 mark); verifiable (.5), neutral (.5) and complete (.5) Question 2 (1 marks) ABC Inc. is a used truck dealership. On June 30, 2010 they borrowed $119,000 from the bank. What type of business activity is this? Financing. Question 3 (5 marks) You have been provided with the following information for 123 Incorporated: 2011 2010 Current Assets $ 14,000 $ 17,000 Property, Plant, and Equipment 105,000 110,000 Intangible Assets 50,000 50,000 Current Liabilities 10,000 11,000 Long-term Liabilities 40,000 80,000 Net Earnings (common shareholders) 15,000 25,000 Cash from Operating Activities 12,000 15,000 Net capital expenditures 0 0 Dividends 2,000 2,000 Average Number of Common Shares
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