NATIONAL UNIVERSITY OF SINGAPORE NUS BUSINESS SCHOOL DEPARTMENT OF ACCOUNTING ACC1002 FINANCIAL ACCOUNTING MOCK MID-TERM TEST Thursday, 10 March 2011 Time Allowed: 1 hour 15 minutes ________________________________________________________________________ INSTRUCTIONS TO CANDIDATES 1. This test paper consists of TEN (10) multiple-choice questions and ONE question requiring written answers. For the multiple-choice questions, answer ALL questions by shading the letter representing the best answer on the computer scoring sheet using pencils. If you just mark on this question paper, your answers will not be marked. For the question requiring written answers, please write in the spaces provided. This is a closed-book test. You are not allowed to bring in any materials other than pen, pencils, erasers and calculators. Make sure you write your name and your matriculation number on both this question paper and the computer scoring sheet which must be submitted at the end of the test. If you provide us with a wrong matriculation number, you will receive zero for this test.
Name: Matriculation Number:
For Examiners’ Use Only: Marks Q1 MCQ Q2 Total / 20 / 40 / 60
-2ACC1002 __________________________________________________________________________ QUESTION 1: 10 MCQ (2 marks per question, total 20 marks)
1. The seller of a piece of land originally asked for $2 million. The company representative was a good negotiator and bought the land for the company at $1.8 million. Which general accounting principle requires the land be recorded at $1.8 million in the accounting records of the company? A. Matching B. Going-concern C. Cost D. Time period
HDisk Inc. received an order for a disk drive on 1 May. The company finished manufacturing the drive on 8 May and delivered it to the customer on 10 May, along with a bill. Under HDisk's credit terms, the customer is required to pay by 10 June. HDisk received payment from the customer on 5 June....