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Final

COMMERCE 1AA3 Study Guide - Final Guide: Brewery, No Entry, Capital AssetExam


Department
Commerce
Course Code
COMMERCE 1AA3
Professor
All
Study Guide
Final

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Version 1 Page 1
Last Name: _________________________
First Name: _________________________
STUDENT ID #: ___________________
COMM 2AA3
Version 1
Duration of Examination: 3 hours Emad Mohammad
McMaster University Final Examination December 8, 2009
Question Marks Points Earned
1 15 _________
2 10 _________
3 10 _________
35 _________
INSTRUCTIONS:
. This examination paper comprises 21 pages (including cover page), 15 true/false questions
each worth 1 point, 40 multiple-choice questions each worth 1.25 points, and 4 problems
totaling 35 points. You are responsible for ensuring that your copy of the question paper is
complete. Bring any discrepancy to the attention of the invigilator.

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Version 1 Page 2
. The true/false and multiple-choice questions are to be answered on the computer answer
sheet provided, and the problem questions are to be answered on the examination paper and
in the designated spaces.
. Each question has only one correct answer. No correction factor will be applied to
incorrect answers.
. On the question paper remember to fill in your name, student number and section number.
. Only the McMaster Standard Calculator (Casio FX 991) may be used.
The special scanner, which scans the sheets, senses the shaded areas by their non-reflection of
light. A heavy mark must be made, completely filling the circular bubble, with an HB pencil.
Marks made with a pen or felt-tip marker will NOT be sensed. Erasures must be thorough or the
scanner may still sense a mark. Do NOT use correction fluid on sheets. DO NOT PUT ANY
OTHER MARKS OR WRITING ON THE SHEET, INCLUDING THE MARGINS.
. Print your name, student number, course name, section number, and the date in the space
provided at the top of side 1 of the form. Then the sheet must be signed in the space marked
SIGNATURE.
. Mark your student number in the space provided on sheet Side 1 and fill in the
corresponding bubbles underneath.
. Mark only ONE choice from the alternatives (A, B, C, and D) provided for each question.
The question number is to the left of the bubbles. Make sure that the number of the question
on the scan sheet is the same as the question number on the test paper.
. Pay particular attention to the Marking Directions on the form
. Begin answering questions using the first set of bubbles, marked “1”.

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Version 1 Page 3
Part I: True or False (15 questions x 1 point each = 15 points)
1.
For a liability to be classified as current, it must be expected that it will be paid during the
next year by using current assets or that it will be extinguished through the incurrence of
other current liabilities.
A)
True
B)
False
2.
Goodwill is measured as the price paid for an entity in excess of total market value of the
identifiable net assets of the purchased entity.
A)
True
B)
False
3.
One of the objectives of financial reporting is to help users assess the amounts, timing and
uncertainty of prospective cash flows of the enterprise.
A)
True
B)
False
4.
The term "revenue expenditures" refers to those amounts paid out which are expected to
provide revenue in the current period or a future period.
A)
True
B)
False
5.
Omitting the adjusting entry required to record accrued rent revenue results in an
understatement of both assets and retained earnings.
A)
True
B)
False
6.
Research expenditures are usually expensed while development expenditures may be
capitalized if certain conditions are met.
A)
True
B)
False
7.
An adjusting entry would never include a cash account.
A)
True
B)
False
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