Class Notes (1,100,000)
CA (640,000)
Ryerson (30,000)
MHR (1,000)
MHR 405 (300)
Lecture 1

MHR 405 Lecture 1: Chapter 11 - Final Exam Review - Student Copy - 2016 11 26Exam


Department
Human Resources
Course Code
MHR 405
Professor
Bamidele Adekunle
Lecture
1

This preview shows pages 1-3. to view the full 36 pages of the document.
1 | P a g e
Chapter 11 - Final Exam Review
The following questions are adapted from Financial Accounting: Tools for Business Decision-
Making, by Kimmel, Weygandt, Kieso, Trenholm, & Irvine, 5th Canadian Edition.
Copyright notification: All right reserved. No part of this publication may be reproduced,
distributed, or transmitted in any form or by any means, including photocopying, recording, or
other electronic or mechanical methods, except for educational purposes (of an amount less
than 10%). This is for non-commercial use, permitted by Canadian Copyright Law.
Disclaimer:
These questions are for review purposes only. These questions do
not, in any way, indicate the type, content, or style of questions that
will be on the final exam. This package is for additional practice so
you can determine what you know…and what you do not know.
NOTE that these questions do not include concepts prior to Chapter 6.
The final exam WILL be cumulative (include all chapters from 1 to 10).
For a review of the first 5 chapters see the Midterm Review Package
and the end of chapter Practice Questions for Chapters 1 - 5.
NOTE: many of the charts have account names
included. Note that account names will NOT be
provided for the final exam.

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

2 | P a g e
FER2-1
On January 6, Compton Limited sold merchandise on account to Singh Inc. for $24,000, terms
2/10, n/30. The merchandise originally cost Compton $16,000. On January 15, Singh paid the
amount due. Both Compton and Singh use a perpetual inventory system.
Instructions
(a)
Record the business activities on Compton Limited's accounting equation using account
names to record the sale and related collection.
Owner's
Capital
Cash
Accounts Receivable
Inventory
Accounts payable
Owner's Capital
Sales Revenue
Sales returns and allowances
Sales discounts
Cost of goods sold
Date
Revenue
Expenses
Assets
Liabilities
Equity
Retained Earnings
Profit

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

3 | P a g e
(b)
Owner's
Capital
Cash
Accounts Receivable
Inventory
Accounts payable
Owner's Capital
Sales Revenue
Sales returns and allowances
Sales discounts
Cost of goods sold
Date
Revenue
Expenses
Assets
Liabilities
Equity
Retained Earnings
Profit
You're Reading a Preview

Unlock to view full version