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2005 Final Exam Sol.doc

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Facult cole de gestionFacultySchoolof ManagementFinal ExaminationIntermediate AccountingSpringSummer 2005SOLUTIONSTime3 hoursStudent Name StudentSection Prof CollierREAD CAREFULLYInstructions1This exam comprises 7 questions and is 3 hours long2Nonprogrammable calculators are permitted but you cannot share calculators3Books and notes are not permitted 4Please do not ask the professor or the invigilator to explain or interpret questions5Show your calculations clearly where necessaryAnswers will not be marked if they are illegibleQ112Q215Q316Q415Q512Q618Q712TOTAL100QUESTION NO 112 marksBelow are twelve multiplechoice questions each worth 1 markCircle the best answer for each multiplechoice questionOnly one answer will be accepted for each questionThere is no penalty for guessingNo account will be taken of any explanations or calculations provided1Under a consignment sales arrangementathe consignor receives the merchandise to sellbthe consignor retains legal titlecthe consignee ships the merchandise to the consignordthe consignee retains legal title2Which of the following is not a reason why revenue is recognized at time of saleathe earning process is substantially completebthe amount is reasonably measuredctitle legally passes from seller to buyerd all of these are reasons to recognize revenue at time of sale3Under the cost recovery method of revenue recognitionaincome is recognized on a proportionate basis as the cash is received on the sale of the product b income is recognized when the cash received from the sale of the product is greater than the cost of the productcincome is recognized immediatelyd none of these4When preparing a bank reconciliation bank credits areaadded to the bank statement balancebdeducted from the bank statement balancec added to the balance per booksd deducted from the balance per books5Which of the following methods of determining annual bad debts expense best achieves the matching conceptapercentage of salesbpercentage of ending accounts receivablecpercentage of average accounts receivableddirect writeoff6Bank overdrafts if material shouldabe reported as a deduction from the current assets sectionbbe reported as a deduction from cashcbe netted against cash and a net cash amount reportedd none of the above7Which of the following items should be included in a companys inventory at the balance sheet dateagoods in transit that were purchased fob destinationbgoods received from another company for sale on consignmentc1goods received from a vendor but rejected and awaiting returnd none of these2
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