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Financial Accounting Midterm with Answers
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This document is a full midterm exam with questions and answers that was used in my course. Past exams are very similar so it is helpful to learn which concepts will be on yours and provides excellent practice material. All of the questions have answers included!

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  • March 19, 2019
  • 12
  • 2018/2019
  • Exam (elaborations)
  • Questions & answers

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REGULAR MIDTERM EXAM SOLUTION
COURSE TITLE: FINANCIAL ACCOUNTING
Date of the exam: Sunday, March 4, 2018
Time: from 10:00-12:00

Professors: Chen, Chourou, McIlkenny, Musselman.


INSTRUCTIONS
1. Answer all multiple choice questions in this exam. Put your answer directly on the
Scantron Sheet provided. Failure to put your Last Name and Student id on the Scantron
sheet may mean you get zero marks. The exam is not to be removed from the
examination room.
2. This exam is out of 66 marks and is 2 hours long. You should budget approximately 1.8
minutes per mark.
3. Please do not ask the invigilator or the professor any questions, as they will not be
answered. State reasonable assumptions, if you feel they are necessary. Language
dictionaries (non-electronic) are allowed if approved by the professor.
4. The use of electronic communication devices such as cell phones is strictly prohibited
during the exam.
5. Calculators are permitted.



Q1-16
1 mark per question 16 marks
Q17-41
2 marks per question 50 marks

TOTAL 66 marks


NAME: _____________________________
STUDENT #: ________________________
SECTION: ________________________


Statement of Academic Integrity
The Telfer School of Management does not condone academic fraud, an act by a student that may result
in a false academic evaluation of that student or of another student. Without limiting the generality of this
definition, academic fraud occurs when a student commits any of the following offences: plagiarism or
cheating of any kind, use of books, notes, mathematical tables, dictionaries or other study aid unless an
explicit written note to the contrary appears on the exam, to have in his/her possession cameras, radios
(radios with head sets), tape recorders, pagers, cell phones, or any other communication device which has
not been previously authorized in writing.
Statement to be signed by the student:
I have read the text on academic integrity and I pledge not to have committed or attempted to commit
academic fraud in this examination.

, Select the best answer for each of the following multiple-choice items and enter your answer on
the Scantron Sheet provided. Failure to use the Scranton Sheet will result in zero marks. Only
one answer will be accepted for each question. There is no penalty for guessing. No account will
be taken of any explanations provided.

Questions 1 to 16 are each worth one mark.
1. The partnership form of business organization
(a) is a separate legal entity
(b) has shares that are traded in a stock exchange
(c) enjoys an unlimited life.
(d) has limited liability.
(e) none of the above

2. A corporation has which of the following set of characteristics?
(a) shareholder control, income tax disadvantages, increased skills and resources
(b) simple to set up and maintains control with founder
(c) harder to raise funds and gives shareholders control
(d) easier to transfer ownership and raise funds, no personal liability
(e) none of the above

3. Which of the following statements is not true?
(a) Public corporations must use international financial reporting standards.
(b) Private corporations can choose to use either international financial reporting standards
(IFRS) or accounting standards for private enterprises (ASPE).
(c) Both public and private corporations issue shares.
(d) All private corporations are small.
(e) none of the above

4.
Dividends are reported on
(a) the income statement.
(b) the statement of changes in equity.
(c) the statement of financial position.
(d) both the income statement and statement of financial position
(e) none of the above

5.
Retained earnings at the end of the period is equal to
(a) retained earnings at the beginning of the period plus profit minus liabilities.
(b) retained earnings at the beginning of the period plus profit minus dividends.
(c) profit for the period.
(d) assets plus liabilities.
(e) none of the above.

6. If the retained earnings account increases from the beginning of the year to the end of the year,
then
(a) profit is greater than dividends.
(b) a loss is less than dividends.
(c) additional investments are less than reported losses.
(d) dividends were received.

(e) none of the above

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