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Practice Final exam.pdf

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York University
Administrative Studies
ADMS 2500
Brian Gaber

York University AP/ADMS2500.03 Introduction to Financial Accounting Practice Final Examination Test Form A Time: 3.0 hours Questions: 50 Instructions: 1. Submit: Both the pink mark sense sheet and the exam will be collected. Ensure your name is on both. Marks will be deducted if you do not turn in your question paper. Record your name and ID# here NAME ______________________________________________ ID# ______________________________________________ 2. Mark Sense Sheet: Record your name and student number and answer all questions on the computer mark sense sheet provided with an HB (soft lead) pencil. Bring several pencils in case one breaks. The computer will not recognize ink or hard lead pencils . Test Form is 'A' and Code is your Section (in the left column) . Fill in the bubbles for your name and student number in pencil (your phone number is not required). Leave the last column of the student number BLANK . If you change an answer, use a high quality eraser to completely remove the previous mark. If the computer senses two answers to a question, only the first scanned will be recognized. 3. Exam Aids: Only calculators without alphanumeric progra mmable memories are allowed. It is strongly suggested you bring a couple of cheap 4 function computers to the exam in case one fails. Be prepared to be challenged by invigilators if you bring a fancy calculator. Compact foreign language/English dictionaries may be use d. However, these will be examined by invigilators. If there are any loose pages or handwriting in the dictionary, it will be seized and you will be charged with academic dishonesty. In 2500, invigilators answer no questions of interpretation. They will pa ss along questions regarding possible errors/ typos/missing data to the head invigilator. If you believe a question contains an error and do not receive a response, make a detailed note on the back of your pink Scantron sheet and submit it with your paper. 4. Exam Strategy Careful budgeting of time on an accounting exam is essential. Bring a watch and check your progress regularly. Poor time management is the most common reason for poor exam performance in accounting. It is always a good idea to attempt th e questions you deem easiest first . In an interrupted exam that is not restarted, your exam will be scored based on questions attempted. It is essential to transfer your answers to the grading sheet after each question in case the exam is interrupted by fire alarm. The last ten minutes of an exam should be devoted to double checking your transfers. What you submit is what is graded. If you have not transferred your answers to the mark sense sheet at the end of the exam, the invigilator will not wait. Your a nswer sheet will be seized and it will be graded based on whatever questions have choices filled in. Remember there is no penalty for guessing on a multiple choice computer graded exam. Submit a choice for every question. Also note that in 2500, None of the above does indeed represent a frequent correct choice to questions. 5. Exam room regulations: All personal belongings either on the floor or at the front of the exam room. All items on your desk will be examined by invigilators Bring appropriate ID a s proof of registration. You will be required to sign in and show appropriate documentation. Students without ID will be allowed to write the exam, but will be photographed and asked to submit registration and photo ID to the School of Administrative Studi es the next day. No student may leave the exam in the first hour. No student may start the exam after an hour. Students requiring restroom visits must be accompanied by an invigilator. The proctors will announce when there are 15 minutes remaining and any answers not transferred should be recorded at this time. No one is to leave their seat in the last 15 minutes. When time is called, the proctors will go down the rows collecting your answer sheets and this exam paper. They will not wait and they will not accept your sheet once they have passed. Any violation of this protocol will result in a grade of zero recorded for the exam. 6. Fire Alarms A frequent occurrence in York exams. In the event of a fire alarm, you are to leave your exam and answer sheet face down on your desk and immediately proceed outside with coats and all personal belongings. Print your surname on the back of the exam so you know which seat to return to. An invigilator will lead the group outside to a place of safety. There is to be no talking during the evacuation or outside. Most rooms are cleared so that exams can recommence, within 30 minutes of the alarm. You will be told after this time whether to reenter the room and recommence the exam or to go home. 7. Academic Dishonesty You are reminded that cheating is a serious offense which can result in expulsion from university. Exams at York are held in regular classrooms, which may involve tiered seating. Consequently, neck exercises are not allowed during exams. First instance of wandering eyes has the student relocated to the front of the room. Second instance results in seizure of paper. 8. Special Instructions Double check your transfers to the pink scantron sheet . This exam is divided into two parts (part 1: 30 questions and Part 2: 20 questions). Part 2 is a case, which is related to a series of questions based on that case. While an attempt has been to minimize the impact of carry forward errors in question design, some questions of necessity are related to multiple computations or previous questions, so an error potentially can have multi -mark impact. Part 1 contains questions based on different and independent scenarios unrelated to the case of Part 2. The exam clearly indicates when a group of questions are related to a si ngle data set. Otherwise, assume each question is independent of the others . There are four present value tables and a cheat -sheet of ratios for financial statement analysis appended to this exam in case you need to use them . With 180 minutes to do 50 ques tions, you should budget your time carefully and not spend more than 3 minutes on a question. If you do, you risk not finishing the exam. A time honoured exam strategy is to attempt the easiest questions first. This builds confidence, creates a bank of cor rect answers if the exam is terminated by fire alarm and also builds a time cushion to spend extra time on difficult questions. ADMS2500 Winter 2011 Page 2 Part 1 30 Questions Use the following data to answer Questions 1 to 6 Courtland Corp. had the following transactions in April: a. Sold instruments to customers for $6,000; received $1,200 in cash and the rest on account. b. Determined that the cost of the instruments sold was $4,200. c. Purchased $3,000 of new instruments inventory; paid $1,200 in cash and the rest on account. d. Paid $300 in wages for the month. e. Received a $300 bill for utilities that will be paid in May. f. Received $2,000 from customers as deposits on orders of new instruments to be sold to customers in May. You may complete the following statements to help you answer the questions: Cash Basis Income Statement Accrual Basis Income Statement Revenues Revenues Cash Sales Sales to customers Customer Deposits Expenses Expenses Cost of sales Inventory Purchases Wages expense Wages Paid Utilities expense Utilities Expense Net Income Net Income ADMS2500 Winter 2011 Page 3 1) The cash sales should be: A. $6,000 B. $1,200 C. $2,000 D. $3,200 2) The inventory purchases should be: A. $1,200 B. $3,000 C. $4,200 D. Not enough data to answer 3) The utilities expense paid should be: A. $0 B. $150 C. $300 D. Not enough data to answer 4) The sales to customers should be: A. $6,000 B. $1,200 C. $2,000 D. $3,200 5) The net income reported in the accrual basis income statement should be: A. $1,200 B. $1,400 C. $1,700 D. $2,000 6) Will the cash basis net income always be greater than the accrual basis net income? A. Yes only if using Canadian GAAP B. No regardless of standards used, Canadian GAAP or IFRS C. Yes only if using IFRS D. Not enough data to answer **************************************** END OF EXERCISE ***************************** ADMS2500 Winter 2011 Page 4
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