adm 3360
ADM 2342X
MID TERM EXAM
Intermediate Financial Accounting 1
Spring/Summer 2014
SOLUTIONS
Instructions:
1. This examination comprises 6 questions over 19 pages. The last two pages (pages 18 and 19) contain present value tables. Page 17 is a page for rough work. Answer all questions directly in this booklet. The booklet is not to be removed from the examination room. You may separate the pages but ensure that you put them back together in the correct sequence and that you staple them before handing in.
2. Limit your answer to the space provided. Blank sheets for rough work and supporting calculations are given at the end of each question. You must show, where appropriate, supporting calculations.
3. This exam is out of 80 marks and is 2½ hours long. You should budget your allotted time carefully at approximately 1.8 minutes per mark.
4. Please do not ask the invigilator or the professor any questions, as they will not be answered. State reasonable assumptions, if you feel they are necessary.
5. Language dictionaries (non-electronic) are allowed if approved by the professor.
6. The use of electronic communication devices such as cell phones is strictly prohibited during the exam. Exam regulations prohibit you from having a cell phone or any recording or communication devices in your possession during the exam.
7. You must sign the Statement of Academic integrity on page 2 of this exam.
Question
Marks
1
Cash Flow Statement
/12
2
Statement of Financial Position
/20
3
Statement of Changes in Equity
/14
4
Revenue Recognition
/14
5
Accounts Receivables
/12
5
Notes Receivables
/8
TOTAL
/80
1
Statement of Academic Integrity
The Telfer 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
MID TERM EXAM
Intermediate Financial Accounting 1
Spring/Summer 2014
SOLUTIONS
Instructions:
1. This examination comprises 6 questions over 19 pages. The last two pages (pages 18 and 19) contain present value tables. Page 17 is a page for rough work. Answer all questions directly in this booklet. The booklet is not to be removed from the examination room. You may separate the pages but ensure that you put them back together in the correct sequence and that you staple them before handing in.
2. Limit your answer to the space provided. Blank sheets for rough work and supporting calculations are given at the end of each question. You must show, where appropriate, supporting calculations.
3. This exam is out of 80 marks and is 2½ hours long. You should budget your allotted time carefully at approximately 1.8 minutes per mark.
4. Please do not ask the invigilator or the professor any questions, as they will not be answered. State reasonable assumptions, if you feel they are necessary.
5. Language dictionaries (non-electronic) are allowed if approved by the professor.
6. The use of electronic communication devices such as cell phones is strictly prohibited during the exam. Exam regulations prohibit you from having a cell phone or any recording or communication devices in your possession during the exam.
7. You must sign the Statement of Academic integrity on page 2 of this exam.
Question
Marks
1
Cash Flow Statement
/12
2
Statement of Financial Position
/20
3
Statement of Changes in Equity
/14
4
Revenue Recognition
/14
5
Accounts Receivables
/12
5
Notes Receivables
/8
TOTAL
/80
1
Statement of Academic Integrity
The Telfer 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