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RSM220-14S - Midterm - marking guideline (for posting).pdf

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Rotman Commerce
Xin Baohua

UNIVERSITY OF TORONTOROTMAN SCHOOL OF MANAGEMENTRSM220 Midterm 110 minutesThursday February 13 2014SOLUTION GUIDELINES FIRST NAMELAST NAMESTUDENT NUMBERCIRCLE YOUR LECTURE SECTIONL0101T 810WO 20Dragan Stojanovic L0201T 1012WO 20Dragan Stojanovic L0301T 35WO 20Dragan StojanovicL0401W 24WO 20Baohua Xin L0501W 46WO 20Baohua Xin Aids allowed Nonprogrammable calculator onlyInstructions 1 Write legibly Illegible answers will not be graded 2 There are 5 questions onpages Answer each question in the space provided If you need additional space use the back of the page facing the question and clearly identify the question being answered3 Pencil or pen may be used However papers written in pencil or papers with white outs will not be remarked 4 Your invigilator will NOT clarify any questions for you during the test You may make any assumptions you believe are needed to answer a question However you only receive marks for the answer if the assumptions you made are indeed needed for the question Make sure you show all calculations for full marksQuestionMarksMarks Awarded1 202 213 354 235 11 Total 110Page 1 of 12QUESTION 1 20 marks REQUIRED Please answer the following questions by choosing clearly circling the best answer 2 marks each1The information provided by financial reporting pertains to A individual business enterprises rather than to industries or an economy as a whole or to members of society as consumers B business industries rather than to individual enterprises or an economy as a whole or to members of society as consumers C individual business enterprises industries and an economy as a whole rather than to members of society as consumers D an economy as a whole and to members of society as consumers rather than to individual enterprises or industries 2 Under IFRS in a statement of cash flows interest payments to lenders and other creditors should be classified as cash outflows for 1 operating activities2 investing activities 3 financing activitiesA 1 onlyB 1 or 3 C 1 or 2 D 2 only 3 With regard to the authority of AcSB over IFRS which of the following statements is NOT true A IFRSs are part of Canadian GAAP only after they are approved by the AcSB B The AcSB may decide not to adopt an IFRS when adopting it into Canadian GAAP C To keep accounting standards comparable across countries when adopting an IFRS into Canadian GAAP the AcSB cannot modify it D At present CPA Canada Handbook includes all effective IFRSs as issued by the International Accounting Standards Board 4 In establishing financial accounting standards due process refers to A the process of giving interested parties ample opportunity to express their views B the practice of researching creating a task force issuing an exposure draft and establishing the new GAAP C the researching of the legal implications of proposed new accounting standards D the requirement that all accountants must receive a copy of financial standards 5Information is neutral if it A provides benefits which are at least equal to the costs of its preparation B can be compared with similar information about an enterprise at other points in time C would have no impact on a decision maker D cannot be selected to favour one set of stakeholders over another 6Working capital is A capital which has been reinvested in the business B unappropriated retained earnings C cash and receivables less current liabilities D none of these Page 2 of 12
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