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Lecture 3

MHR 405 Lecture 3: Final Exam Review In Class Demo Questions - Student Copy - 2016 11 25Exam


Department
Human Resources
Course Code
MHR 405
Professor
Bamidele Adekunle
Lecture
3

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Final Exam Review
DISCLAIMER:
This review package is intended to test your understanding of SOME
of the concepts in the chapters covered by the Final Exam (Chapter 1
to 10). In NO WAY is this package intended as a comprehensive
review. This review package DOES NOT cover every concept from
every chapter. There are concepts that will be tested which have not
been reflected in this review package. This package is intended as
additional practice ONLY and you should make no assumptions about
the final exam based on the questions included in this Final Exam
Review.
You should review the contents of every chapter and the end of
chapter Practice Questions for a more comprehensive review of all
concepts in the course to date.
SOLUTIONS:
Solutions to the Final Exam Review package will not be released. You
are expected to attend class in order to check your solutions to this
review package.
IMPORTANT:
You are encouraged to print off this review package and work on
PAPER. That is because the final exam is a PAPER BASED TEST. Typing
answers into a computer DOES NOT DUPLICATE final exam conditions.
You are strongly recommended to print off this review package and

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2
answer the questions in conditions that are similar to the final exam
(such as timing yourself, no aids at all except a calculator, write in a
quiet place, one sitting of 3 hours long).
You should be able to write this review package in approximately 2
hours (since it does not include as many multiple choice questions as
the final exam will). The Final Exam will be 3 hours long.

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3
Multiple Choice Questions:
Q1:
Gross profit is calculated as
A. Sales less cost of goods sold.
B. Sales less operating expenses.
C. Net sales less cost of goods sold.
D. Net sales less operating expenses.
E. Net sales less cost of goods sold and operating expenses.
Q2:
Cooper Inc. sells inventory to Greene Ltd. For $3,000, credit terms of 2/10, n/30, on May 12,
FOB shipping point. The shipping costs are $120, paid in cash by the appropriate party. Greene
returns $600 of inventory on May 14 and pays the outstanding balance on May 22. What
would be the amount that Greene Ltd. paid Cooper?
A. $2,469.60
B. $2,400.00
C. $3,057.60
D. $2,352.00
E. $3,645.60
Q3:
What of the following statements is TRUE about the difference between the single step and
multiple step income statement?
A. Sales returns & allowance and sales discounts are only on the multiple step.
B. Cost of goods sold is only on the multiple step.
C. Profit from operations is only on the single step.
D. Gross profit is only on the multiple step.
E. Other revenues and other expenses is only on the single step.
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