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Accouting Exam Answers.doc

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Midterm ExaminationADM 1340All SectionsFinancial AccountingWinter 2013ndSaturday March 2 2013 900 am1100 amLast NameFirst Name StudentSection MNPQR S TCircle your sectionStatement of Academic IntegrityThe School of Management does not condone academic fraud an act by a student that may result in a false academic evaluation of that student or of another student Without limiting the generality of this definition academic fraud occurs when a student commits any of the following offences plagiarism or cheating of any kinduse of books notes mathematical tables dictionaries or other study aid unless an explicit written note to the contrary appears on the exam to have in hisher possession cameras radios radios with headsets tape recorders pagers cell phones or any other communication device which has not been previously authorized in writing Statement to be signed by the studentI have read the text on academic integrity and I pledge not to have committed or attempted to commit academic fraud in this examinationSignedNote An examination copy or booklet without a signed statement will not be graded and will receive a final exam grade of zero Multiple Choice Q1Q2030Question 219Question 228Question 238Question 411TOTAL661PART 1 Multiple Choice 30 marks54 minutes Select the best answer for each of the following multiplechoice questions and enter your answer on the Scantron SheetFailure to use the Scranton Sheet will result in zero marks for Part 1Only one answer will be accepted for each questionThere is no penalty for guessingNo account will be taken of any explanations providedQuestion Nos 1 to 10 are each worth 1 markQuestion Nos 11 to 20 are each worth 2 marks1Recording an asset at what you paid for it instead of what you hope to be able to sell it for is an example of which characteristic of accounting informationaRelevancebTimelinesscNeutralitydConsistency2Which of the following is a revenue recognition criterionaRecorded revenues and expenses are reliablebRecorded revenues and expenses are probablecThere is reasonable assurance that recorded revenues and expenses will ultimately be received or paiddThere is a high probability that recorded revenues and expenses will result in related cash flows3Which of the following sequences concerning the accounting cycle is correctaJournalize post adjusting entries financial statementsbTransaction analysis trial balance post adjusted trial balancecPost adjusting entries closing entries financial statementsdAdjusting entries closing entries adjusted trial balance financial statements4Which of the following accounts normally has a credit balanceaAccumulated amortizationbAccounts receivablecDividends declareddRent expense5The sale of merchandise to a customer partly for cash and partly on account would require which of the following entriesaDr Accounts receivable Dr Cash Cr Sales revenuebDr Cash Dr Accounts payable Cr Sales revenuecDr Cash Cr Sales revenuedDr Accounts payable Dr Accounts receivable Cr Sales revenue6The purchase of land for a combination of cash and a 15year note would require which of the following entriesaDr Land Dr Cash Cr Longterm note payablebDr Land Cr Cash Cr Longterm note payablecDr Cash Cr Longterm note payable Cr LanddDr Land Dr Longterm note payable Cr Cash7Normal operating activities are divided into which two main groupsaRevenues and expensesbOperating and NonOperating RevenuescAssets and LiabilitiesdDebits and Credits2
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