ADMS 2500 All Chapters Sample questions

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School

York University *

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Course

2500

Subject

Finance

Date

Feb 20, 2024

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pdf

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6

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Introduction to Financial Accounting in the 21st Century, 5th Canadian Edition By Gaber, Porporato (Test Bank all Chapters, Answer at the end of each Chapter)
Version 1 1 Chapter 1 Student name:__________ MULTIPLE CHOICE - Choose the one alternative that best completes the statement or answers the question. 1) Which of these transactions of Corley Limited is not a use of cash? A) Purchased a tract of land B) Paid dividends to shareholders C) Reacquired some of the company's common shares D) Long-term debt was issued E) None of the other alternatives are correct 2) Which of these financial statements provides information about sources and uses of cash? A) Income statement B) Balance sheet C) Cash flow statement D) Income Statement and Balance Sheet E) None of the other alternatives are correct 3) Which of these equations is incorrect? A) Shareholders' Equity = Contributed Capital + Retained Earnings B) Revenues Expenses = Net Income C) Assets = Liabilities + Shareholders' Equity D) All of the equations included in the other alternatives are correct E) None of the other alternatives are correct 4) Which one of these assets is not a current asset?
Version 1 2 A) Cash B) Land C) Merchandise inventory D) Accounts receivable E) None of the other alternatives are correct 5) Which of these transactions of Fort Ltd is not a source of cash? A) Additional common shares were issued B) Additional equipment was acquired C) A long-term note was issued D) A tract of land was sold E) None of the other alternatives are correct 6) Which of these persons would be least likely to receive a firm's managerial accounting reports? A) A creditor of the firm B) One of the firm's production supervisors C) One of the firm's vice-presidents D) One of the firm's salespeople E) None of the other alternatives are correct 7) Which of these financial statements provides information about economic resources and claims on those resources? A) Income statement B) Balance sheet C) Cash flow statement D) Income Statement and Balance Sheet E) None of the other alternatives are correct
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