Financial Accouting Mid Term Paper
NATIONAL UNIVERSITY OF SINGAPORE
NUS BUSINESS SCHOOL
ACC1002 FINANCIAL ACCOUNTING
MOCK MID-TERM TEST
September 2011
Time Allowed: 1 Hour
Question Booklet
_____________________________________________________________________
INSTRUCTIONS TO CANDIDATES
1.
This test paper contains THIRTY (30) multiple-choice questions and comprises NINE
(9) printed pages.
2.
Answer ALL questions by shading the letter that represents the best answer on the computer scoring sheet using pencils.
3.
This is a CLOSED BOOK test. You are not to bring in any material other than your matriculation card, pens, pencils, erasers and University-approved calculators.
4.
Write your name and student matriculation number on both this question paper and the computer scoring sheet. Also write your tutorial group number on the top righthand corner of both papers.
5.
Submit both this paper and the computer scoring sheet at the end of the test.
Name:
Matriculation Number:
-2ACC1002
__________________________________________________________________________
30 Multiple-Choice Questions (1 mark per question)
1.
What is the basic purpose of an external audit of financial statements?
A)
B)
C)
D)
2.
Before the balance sheet is prepared, this statement should be prepared:
A)
B)
C)
D)
3.
Statement of changes in equity
Cash flow statement
Statement of financial position
Both A and B
Which event represents revenue or expense recognized in the current period's income statement? A)
B)
C)
D)
4.
Provide the reporting company with assurance that all assets are protected from theft or embezzlement
Prepare financial statements for companies that do not have their own accounting departments Provide users of the financial statements with assurance that the statements are reliable and are presented in conformity with generally accepted accounting principles Provide both the reporting company and the users of the statements with
NUS BUSINESS SCHOOL
ACC1002 FINANCIAL ACCOUNTING
MOCK MID-TERM TEST
September 2011
Time Allowed: 1 Hour
Question Booklet
_____________________________________________________________________
INSTRUCTIONS TO CANDIDATES
1.
This test paper contains THIRTY (30) multiple-choice questions and comprises NINE
(9) printed pages.
2.
Answer ALL questions by shading the letter that represents the best answer on the computer scoring sheet using pencils.
3.
This is a CLOSED BOOK test. You are not to bring in any material other than your matriculation card, pens, pencils, erasers and University-approved calculators.
4.
Write your name and student matriculation number on both this question paper and the computer scoring sheet. Also write your tutorial group number on the top righthand corner of both papers.
5.
Submit both this paper and the computer scoring sheet at the end of the test.
Name:
Matriculation Number:
-2ACC1002
__________________________________________________________________________
30 Multiple-Choice Questions (1 mark per question)
1.
What is the basic purpose of an external audit of financial statements?
A)
B)
C)
D)
2.
Before the balance sheet is prepared, this statement should be prepared:
A)
B)
C)
D)
3.
Statement of changes in equity
Cash flow statement
Statement of financial position
Both A and B
Which event represents revenue or expense recognized in the current period's income statement? A)
B)
C)
D)
4.
Provide the reporting company with assurance that all assets are protected from theft or embezzlement
Prepare financial statements for companies that do not have their own accounting departments Provide users of the financial statements with assurance that the statements are reliable and are presented in conformity with generally accepted accounting principles Provide both the reporting company and the users of the statements with