Financial Accounting Acct1530 Paper
THE UNIVERSITY OF NEW SOUTH WALES SCHOOL OF ACCOUNTING FINAL EXAMINATION, JUNE 2009
J
ACCT 5930 FINANCIAL ACCOUNTING
•
Time Allowed: Reading Time: This examination paper has
3 Hours 10 minutes 16 pages
Total Number of Questions: 6 Total Marks Available:
Answer ALL questions The questions are NOT of equal value All answers are to be written in the examination booklet provided Candidates are to supply their own calculators All answers must be written in ink. Except where they are expressly required, pencils may be used only for drawing, sketching or graphical work. This paper may be retained by the candidate
100
Please see over
,
•
This page is intentionally blank
2
Please see over
Question 1
Multiple Choice (20 marks)
On a separate page in your examination booklet, write the numbers 1 through 20 on separate lines down the page. For each of the 20 questions that follow, write the letter corresponding to the most correct answer (i.e. A, B, C, or D). Make sure you write the letter clearly. There is only one correct answer for each question. If you write more than one letter as your answer for a particular question, your answer will be marked incorrect.
1.
Which of the following statements about financial accounting is true? A . Financial statements are summaries of a large number of individual events. B. Managers are concerned with the reliability of financial reports, not with how well they will be interpreted. C. It keeps a record of all events affecting an organisation. D. The only aspects of a business enterprise of concern to management are financial position and financial performance.
2.
Which of the fo llowing is not an asset? A. Inventory. B. Provision for employee entitlements. C. Accounts receivable. D. Marketable securities.
3.
Which of the following statements about the accounting entity concept is false? A. The concept puts a boundary on the transactions that are to be recorded for any particular acco unting entity. B. Accounting
J
ACCT 5930 FINANCIAL ACCOUNTING
•
Time Allowed: Reading Time: This examination paper has
3 Hours 10 minutes 16 pages
Total Number of Questions: 6 Total Marks Available:
Answer ALL questions The questions are NOT of equal value All answers are to be written in the examination booklet provided Candidates are to supply their own calculators All answers must be written in ink. Except where they are expressly required, pencils may be used only for drawing, sketching or graphical work. This paper may be retained by the candidate
100
Please see over
,
•
This page is intentionally blank
2
Please see over
Question 1
Multiple Choice (20 marks)
On a separate page in your examination booklet, write the numbers 1 through 20 on separate lines down the page. For each of the 20 questions that follow, write the letter corresponding to the most correct answer (i.e. A, B, C, or D). Make sure you write the letter clearly. There is only one correct answer for each question. If you write more than one letter as your answer for a particular question, your answer will be marked incorrect.
1.
Which of the following statements about financial accounting is true? A . Financial statements are summaries of a large number of individual events. B. Managers are concerned with the reliability of financial reports, not with how well they will be interpreted. C. It keeps a record of all events affecting an organisation. D. The only aspects of a business enterprise of concern to management are financial position and financial performance.
2.
Which of the fo llowing is not an asset? A. Inventory. B. Provision for employee entitlements. C. Accounts receivable. D. Marketable securities.
3.
Which of the following statements about the accounting entity concept is false? A. The concept puts a boundary on the transactions that are to be recorded for any particular acco unting entity. B. Accounting