Study Guides (238,471)
Canada (115,151)
Administration (1,171)
ADM1340 (89)
All (35)

Final Summer 2007 Sol.doc

14 Pages
Unlock Document

University of Ottawa

Facult cole de gestionFacultySchoolof ManagementFinal ExaminationADM 2340Financial AccountingSummer 2007Time3 hoursStudent Name StudentSectionX TASS Y TASSREAD CAREFULLYInstructions1This exam comprises 17 pages is 3 hours long and is out of 100 marksAllow an average of 18 minutes per mark2Follow instructions carefully for each question3Show all supporting calculations clearly where requiredAnswers will not be marked if they are written illegibly4Nonprogrammable calculators are permitted but you cannot share calculators5Books and notes are not permitted6Please do not ask the professor or the invigilator to explain or interpret questions State any assumptions you feel are necessary7There is one page at the back of this exam for additional space if requiredQ130Q27Q320Q414Q58Q66TOTAL85ADM 2340 FINAL EXAMINATION SUMMER 2007Page 1 of 14QUESTION NO 130 marksCircle the best answer for each of the following multiplechoice questions directly onto your examination sheetOnly one answer will be accepted for each questionThere is no penalty for guessingNo account will be taken of any explanations providedQuestions 1 to 8 are each worth one mark7Cost of goods sold should be related to the revenue generated on each years income statement because of theaRevenue recognition criteriabCash basis of accountingcActual basis of accountingdMatching concept4Under GAAP equipment is valued atahistorical costbmarket valueccurrent replacement costdinflation adjusted historical cost2Regency is a mail order clothing retailerAll items are shipped to customers FOB shipping point and must be prepaid by the customer before any items are shippedAt what point should Regency recognize revenueaAt the time of shippingbWhen the goods reach the customercWhen payment is receiveddWhen the goods are placed into inventory8Which of the following statements is true regarding a companys management of its debtaCompanies try to pay off all their debt as quickly as possiblebThere is no maximum amount of debt a company can borrowcA company will try to replace old debt with new debt to maintain an optimal level of debtdThe process of replacing old debt with new debt is called turnover6Temporary investments are accounted for using theaPurchasing power methodbLower of cost and market methodcHistorical cost methoddFair market value methodADM 2340 FINAL EXAMINATION SUMMER 2007Page 2 of 14
More Less

Related notes for ADM1340

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.