Acc1002 Mock Paper
NATIONAL UNIVERSITY OF SINGAPORE
NUS BUSINESS SCHOOL
DEPARTMENT OF ACCOUNTING
ACC1002 FINANCIAL ACCOUNTING
MOCK FINAL EXAMINATION
5pm Wednesday 28 April 2010
Time Allowed: 2 hours
________________________________________________________________________
INSTRUCTIONS TO CANDIDATES
1.
This examination paper consists of SIX (6) printed pages and FOUR (4) questions requiring written answers. Please write your workings and answers in the spaces provided after each question.
2.
This is an open-book examination. You may refer to any accounting text and notes.
3.
You may use University-approved calculators and not any other electronic devices.
4.
Make sure you write your matriculation number below. If you provide us with a wrong matriculation number, you will receive zero for this examination.
Matriculation Number:
For Examiners’ Use Only:
Marks
Q1
/ 15
Q2
Part A
/ 10
Q2
Part B
/ 10
Q3
/ 30
Q4
/ 35
Total
/ 100
-2ACC1002
__________________________________________________________________________
QUESTION 1 (15 marks)
Inventory errors can distort a company’s key financial data. Identify how each of the errors listed below would affect a company’s current year’s cost of goods sold, ending inventory, and net income.
a.
b.
c.
d.
e.
Ending inventory is overstated
Beginning inventory is overstated
Net sales are overstated
Ending inventory is understated
Beginning inventory is understated
Required:
Complete the table below by using the symbols OS = overstated, US = understated, NE = no effect. Cost of goods Sold
Ending
Inventory
Net
Income
a b c d e
…/
-3ACC1002
__________________________________________________________________________
QUESTION 2 PART A (10 marks)
Below is an extract from a newspaper article regarding Singapore’s major public transport provider: Straits Times, 5 November 2006
Commuters travelling on the North-South Line are in for
NUS BUSINESS SCHOOL
DEPARTMENT OF ACCOUNTING
ACC1002 FINANCIAL ACCOUNTING
MOCK FINAL EXAMINATION
5pm Wednesday 28 April 2010
Time Allowed: 2 hours
________________________________________________________________________
INSTRUCTIONS TO CANDIDATES
1.
This examination paper consists of SIX (6) printed pages and FOUR (4) questions requiring written answers. Please write your workings and answers in the spaces provided after each question.
2.
This is an open-book examination. You may refer to any accounting text and notes.
3.
You may use University-approved calculators and not any other electronic devices.
4.
Make sure you write your matriculation number below. If you provide us with a wrong matriculation number, you will receive zero for this examination.
Matriculation Number:
For Examiners’ Use Only:
Marks
Q1
/ 15
Q2
Part A
/ 10
Q2
Part B
/ 10
Q3
/ 30
Q4
/ 35
Total
/ 100
-2ACC1002
__________________________________________________________________________
QUESTION 1 (15 marks)
Inventory errors can distort a company’s key financial data. Identify how each of the errors listed below would affect a company’s current year’s cost of goods sold, ending inventory, and net income.
a.
b.
c.
d.
e.
Ending inventory is overstated
Beginning inventory is overstated
Net sales are overstated
Ending inventory is understated
Beginning inventory is understated
Required:
Complete the table below by using the symbols OS = overstated, US = understated, NE = no effect. Cost of goods Sold
Ending
Inventory
Net
Income
a b c d e
…/
-3ACC1002
__________________________________________________________________________
QUESTION 2 PART A (10 marks)
Below is an extract from a newspaper article regarding Singapore’s major public transport provider: Straits Times, 5 November 2006
Commuters travelling on the North-South Line are in for