Acct7101 Past Exam Paper

Topics: Balance sheet, Depreciation, Generally Accepted Accounting Principles Pages: 21 (4400 words) Published: August 25, 2013
VENUE: SEAT NUMBER: STUDENT NUMBER:

STUDENT NAME:

Family Name

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FINAL EXAMINATION St Lucia Campus
Semester Two 2011

ACCT7101 ACCOUNTING
PERUSAL TIME WRITING TIME EXAMINER 10 mins. During perusal, write on the blank paper provided 3:00 Hours Mark Russell

This examination paper has

18 pages (not including the title page) and

is printed Double-Sided

THIS EXAMINATION PAPER MUST NOT BE REMOVED FROM THE EXAMINATION ROOM

Exam Type:

Closed Book - Specified materials permitted

Examiner's use ONLY

Question

Mark

Permitted Materials:

Calculator Yes- Any calculator permitted- unrestricted Dictionary Yes- Any unmarked paper dictionary is permitted Other- No electronic aids are permitted (e.g. laptops, phones)

Answer: (Where
students should write answers)

Part A on True/False Multiple Choice Answer: Sheet Part B on Examination paper in spaces provided

Other Instructions:

Total Number of Questions: (for the
whole examination)

17

Total Number of Marks

75 total marks

TOTAL

I

Students must comply w1th the General Award Rules 1A.5 and 1A.7 which outline the responsibilities of students during an examination.

ACCT 7101: Accounting- Final Examination, Second Semester, 2011

PART A Multiple Choice Questions

(10 marks)

Each multiple choice question is worth 1 mark. All questions to be answered. Choose only one (the most appropriate) answer for each question.

1.

The net effect of a share dividend on total shareholders' equity: a. Is an increase in total shareholders' equity. b. Is a decrease in total shareholders' equity. c. May either be an increase or a decrease in total shareholders' equity. d. There is insufficient information to answer this question. e. Has no effect on total shareholders' equity.

2.

For the financial year ending on 30 June 2010 Mouse Ltd had a total of $120,000 in revenue and $75,000 expenses, and paid $15,000 in dividends. It had $200,000 in share capital, $340,000 net assets and $60,000 reserves at the end of the financial year. What was the company's Retained Profit on 30 June 2009? a. $70,000. b. $50,000.

c. $25,000.
d. $80,000.

e. $90,000.

3.

Haddock Ltd took out a bank loan of $600,000 on 1 January 2009 at an interest rate of 10% per year. Equal principal payments, together with interest payments, will be made every 12 months over the next 6 years. The current liability section of the company's Balance Sheet on 30 June 2011 should show: a. Bank Loan $100,000. b. Bank Loan $500,000. c. Bank Loan $500,000, Interest Payable $50,000. d. Bank Loan $1 00,000; Interest Payable $50,000. e. Bank Loan $1 00,000; Interest Payable $20,000.

4.

Ham Ltd is about to issue $30 Million of debentures with a 7% coupon rate in the public debt market. On the date of issue the market rate of interest is 6%. How much should Ham expect to receive for the issue of debentures (excluding any transaction cost). a. $30 million b. More than $30 million c. Less than $30 million d. $31 million e. The answer cannot be determined from the information given

Page 1 of 18

ACCT 7101: Accounting- Final Examination, Second Semester, 2011

5.

Segregation of duties involves: a. Ensuring that only employees with appropriate accounting qualifications work in the accounting department. b. Physically protecting sensitive assets. c. Providing each staff member with an individual password. d. Ensuring payments are only made when accompanied by appropriate authorized documentation. e. Separating record-keeping from handling of assets.

6.

When performing bank reconciliation, the ending balance on the Bank Statement should be adjusted for which of the following items to obtain the correct Cash at Bank balance? a. Dishonoured (NSF) cheques. b. Unpresented cheques. c. Errors made by the accountant. d. Interest received by the bank. e. All of the above.

7.

Truckie Ltd uses the perpetual inventory system. inventory? b....
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