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Final

COMMERCE 1AA3 Study Guide - Final Guide: Intangible Asset, Brewery, PencilExam


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 12, 2008
Question Marks Points Earned
1 20 _________
2 15 _________
3 4 _________
4 7 _________
46 _________
INSTRUCTIONS:
1. This examination paper comprises 20 pages (including cover page), 15 true/false
questions, and 45 multiple-choice questions, each worth 0.90 points totalling 54 points,

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

Version 1 Page 2
and 4 problems totalling 46 points. You are responsible for ensuring that your copy of the
question paper is complete. Bring any discrepancy to the attention of the invigilator.
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.
3. Each question has only one correct answer. No correction factor will be applied to
incorrect answers.
4. On the question paper remember to fill in your name, student number and section number.
5. 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.
(i) 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.
(ii) Mark your student number in the space provided on sheet Side 1 and fill in the
corresponding bubbles underneath.
(iii) 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.
(iv) Pay particular attention to the Marking Directions on the form
(v) 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 0.90 each = 13.50 points)
1.
The "adjusted or correct cash balance" in a bank reconciliation is always equal to the bank
balance plus all deposits in transit.
A)
True
B)
False
2.
Goods held on consignment for sale on commission should not be included in the
inventory at year end.
A)
True
B)
False
3.
The discount on bonds payable represents an additional cost of borrowing, and the
premium represents a reduction in the cost of borrowing.
A)
True
B)
False
4.
Accumulated amortization represents the cash set aside for the replacement of assets.
A)
True
B)
False
5.
Warranties that come with the product are recognized as estimated liabilities, and
warranties that are sold separately are recognized as either revenue or unearned revenues.
A)
True
B)
False
6.
Separation of responsibilities is essential in the control procedures for both cash inflows
and cash outflows.
A)
True
B)
False
7.
Shareholders will increase the return on their equity investment at the expense of creditors
when the company finances new projects with debts that charge interest lower than the
return on the new projects.
A)
True
B)
False
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