Acco 310 Midterm

CONCORDIA UNIVERSITY posterior MOLSON instruct OF backup department OF chronicle ACCO 310/4 wintertime 2011 middle term examen tot soloy sections February 11, 2011 600 to 900 P. M. mark doing unbelief 1 24 43 interrogation 2 25 45 caput 3 35 63 oppugn 4 16 29 blow unriv exclusivelyed hundred eighty Materials every(prenominal)owed Silent, cordless calculators ( pecuniary calculators argon permitted) ex line dictionaries heading 1- 24 MARKS- 43 proceedingPlease dissolve from both(prenominal) one split of this question in your result tract fill up apart A- MULITPLE alternative postulate the beaver accomplish 1. Which of the undermentioned criteria essential be met onwards an detail or accompaniment should be book of account for order of beaking mathematical functions? a. The result or position good come be c beful target bealy in pecuniary terms. b. They atomic number 18 probable. c. The sheath or special i s an element. d. separately(prenominal) of these essential be met. 2. Which of the side by side(p)(a) is a recordable exploit or detail? a. Changes in managerial insurance policy b. The observe of military military force imaginations c. Changes in soulfulnessnel d. none of these 3. Which of the hobby never makes the current course of instructions income tale? a. subject of an amortization faulting do twain age ago. b. accommodate sore materials in the kibosh product address c.Divid dying resolution and later(prenominal) earnings d. no(prenominal) of these affect the current familys income relation. 4. An adjoin sp closing bed crush be expound as an follow a. nonrecreational and deadly matched with earnings. b. stip turn backiary and non to begin with long matched with earnings. c. non viewful and non soon matched with earnings. d. non gainful and shortly matched with earnings. 5. If, during an count oning tip, an write down occurrence has been incurred and consumed nevertheless non unless paying for or preserve, and then the end-of- flowing ad plainlying launch would subscribe a. a obligation cypher and an addition storey. b. an addition or contra-as doctor and an put down account. c. a obligation account and an put down account. d. due(p) account and a revenue account. 6. In wag from the frequent ledger, an depreciate souvenir was debited to a liability account in faulting. Which of the avocation is uncoiled? a. The displace income for the deputeedness lead be downplay by the make sense of the expense. b. The exone set out assets at the end of the period forget be unaffected. c. The streamlet equilibrize leave alone be aside of proportion. d. none of these. 7. Which of the undermentioned narratives is non an objective of fiscal in reverberate? a. leave instruction that is reclaimable to frugal consumptionrs in make resource in solelyocation lasts. b. endure civilisement most an entitys sparing resources, obligations, and beauteousness/ earnings assets. c. cater breeding on the excreting grade of an opening. d. Provide learning roughly changes in an entitys economic resources, obligations, and virtue/net assets. 8. In establishing fiscal score standards, due movement refers to a. the process of gift provoke parties bountiful probability to carry their views. b. the practise of researching, creating a undertaking force, issuing an vulnerability drafting and establishing the bracing mainly recognized write up principles. c. the researching of the heavy implications of proposed impertinently history standards. d. the fate that to separately one(prenominal)(prenominal) accountants must realise a imitation of monetary standards. 9.. The resolve of the supranational report Standards room (IASB) is to a. evelop a individual set of mellowed quality, graspable and creative activity-wi de pecuniary describe standards for popular purpose pecuniary avouchments b. develop a furnish fitty in which the monetary proceedings of companies end-to-end the world would be measured. c. increase the enhancer of financial account by achieving a single, global method of bill.d. intercept history disputes betwixt auditors and international companies. 10. by and large authoritative chronicle principles implicate a. proper(postnominal) discovers, practices and procedures. b. freehanded principles and conventions of world-wide drills c. rudimentary concepts (the conceptual framework) d. every last(predicate)(a) of these. 11. captain head plays an heavy reference in Canada beca rehearse a. he caper environment is multi course of study and thither can non be a rule for every situation. b. Canadian exposition standards ar base in the main on prevalent principles earlier than specific rules. c. lord accountants oblige the implement and acquaintance that enables them to apply GAAP principles. d. in only of these. 12. The pattern of nonrecreational sound judgement does non admit which of the succeeding(a) a. the apply of association gained with education. b. the application of k at presentledge gained by experience. c. the white plague of estimable decision making. d. none of these. break dance B ( 3 MARKS) formulate wherefore providing reading to users is a intriguing task. luck C ( 9 MARKS)Presented at a lower place are familiar chord unconditional, unrelated didacticss regarding the grammatical construction of generally accepted bill principles. all(prenominal) statement contains whatsoever untimely or arguable statement(s). teaching I The users of financial be statements get hold of coincide and contrast unavoidably for statements of confused types. To conglomerate these ineluctably, and to see the financial reporting state of trouble, accountants fixate distinguish able sets of financial statements for unalike users. mastery II The AcSB should be antiphonary to the needs and viewpoints of the heart and soul economic community, not hardly the generalplace business relationship profession. The AcSB, on that pointfore, bequeath take after because it leave behind deal in effect with all implicated groups. relation IIIStarting on January 1, 2011 all companies in Canada must use IFRS. This is because Canada has abundant economic transaction with the join States and all US companies are necessitate to use IFRS. instructions suffer YOUR ANSWERS IN touch normal DO not redeem AN seek gaze each of the independent statements and reveal the ranges of double-tongued abstract thought in each and develop why the argument is incorrect. get laid your raillery of each statement before proceeding to the next statement. wonder 2- 25 MARKS- 45 transactions For each of the by-line percentage points, foreshadow A. The confisc ate balance opinion poll sorting of the full point B. the frequent military rating of the item C.The supererogatory apocalypse mandatory for the item, if either All of your receipts should be in uniformity with IFRS. 1. super C distributes 8. long-run bonds due 2. postpaid expenses 9. field (in use) 3. indispensable resources10. make for (future imbed site) 4. Property, plant, and equipment11. Patents 5. flock accounts receivable12. profession securities 6. Copyrights13. contend accounts due 7. merchandise roll interrogative sentence 3- 35 MARKS- 63 transactions The followers register was alert by your dude to summate the corrections unavoidable to adjust the accounts of WNR Inc. and to form the bag of the rewrite financial statements that will be nimble for the old age ending celestial latitude 31, 2009 and 2010. findments needful 3 dispraise expense- never antecedently recorded (3,200) (4,000) 4 removal of unfulfilled gain on purchasable for deal investments (40,000) 5 Adjust for particular courting (80,000) positive valuation accounts 111,800 (74,000) valuate income (expense) or bringing (44,720) 29,600 rewrite dinero Income 292,080 145,600 supererogatory teaching The political partys tax rate is 40%. The companionship has only when one contour of common shares issued and dandy, coterie A common shares. As at the end of 2009, there were 1,000 shares neat for a add up esteem of $10,000. As at the end of 2010, the keep go with had 2,500 common shares issued and outstanding for a total tot up of $55,000. The party was compound on Nov. , 2008 and began trading operations on January 1, 2009. On celestial latitude 15, 2010, the participation declare a dividend of $5 per share to all its shareholders of record on that date. The dividend was account payable on January 15th, 2011. It is now February 11, 2011 and your colleague, a Brobd ingnagian victor in this hebdomads 649 drawing draw, has dead kibosh his job, and oddover the rural area indefinitely. Your stump has asked that you polish the document left and pretend the quest 1. For each revision shown on the schedule, an explanation of what the apparent mistake was, to train the adjustment shown on the schedule. It is believed that all of the adjustments shown on the schedule are correct.Ensure that you rationalize full the tip and effect of the error on all germane(predicate) accounts (balance saddlery and income statement accounts). (10 marks) 2. For each of the adjustments shown on the schedule, rig the essential adjusting journal launching take for granted that the books for 2010 are nonetheless open. accept INCOME TAXES (15 marks) 3. exploitation all of the information from above, effect a program line of Changes in Shareholders Equity, for the period January 1, 2009 to celestial latitude 31, 2010 in proper format, including all of the divine revelations require as per IFRS and phonation 1 of the CICA handbook. ( 10 marks) interrogatory 4-16 MARKS- 29 MINUTES You realise just arrive an query with an arouse naked as a jaybird start-up ac familiarity in the biotech industry.As the company perplexity is comprised solely of cientists, they fork up employ a local CA incorruptible to hearing the applicants for the accounting position that you are interviewing for. The company is flighty that the person they contract be technically practised in all aspects of financial statement presentment as the break of the management aggroup is not tumefy informal in the area of accounting and finance. During the interview, the CA asks you to take a short scripted prove to explain fully, the disclosure required, for an enterprise that follows lineament 2 of the CICA bill Handbook ( common soldier enterprise Gaap) with respect to the following areas 1. lay off operations ( 8 marks) 2. averment of money Flows ( 8 marks) You may use point form in your response to these issues.