NATIONAL UNIVERSITY OR COLLEGE OF SINGAPORE

NUS BUSINESS SCHOOL

SECTION OF ACCOUNTING

ACC1002 MONETARY ACCOUNTING

MAKE FUN OF FINAL EVALUATION

5pm Thursday 28 April 2010

Time Allowed: 2 hours

________________________________________________________________________ GUIDANCE TO INDIVIDUALS

1 .

This examination paper consists of 6 (6) branded pages and 4 (4) queries requiring written answers. Make sure you write the workings and answers inside the spaces offered after every question.

installment payments on your

This is a great open-book exam. You may refer to any accounting text and notes.

three or more.

You may work with University-approved calculators and not some other electronic devices.

four.

Make sure you write your matriculation number beneath. If you give us with a wrong matriculation number, you will obtain zero with this examination.

Matriculation Number:

Pertaining to Examiners' Use Only:

Marks

Q1

/ 12-15

Q2

Part A

as well as 10

Q2

Part W

/ 10

Q3

/ 30

Q4

/ thirty five

Total

/ 100

-2ACC1002

__________________________________________________________________________ QUERY 1 (15 marks)

Inventory errors may distort a company's essential financial info. Identify how each of the mistakes listed below could affect a company's current year's expense of goods sold, ending products on hand, and net gain.

a.

b.

c.

m.

e.

Finishing inventory is overstated

Starting inventory can be overstated

Net sales are overstated

Ending inventory can be understated

Starting inventory is definitely understated

Needed:

Complete the table under by using the emblems OS = overstated, ALL OF US = understated, NE sama dengan no result.

Cost of

merchandise

Sold

Finishing

Inventory

Net

Income

a

b

c

d

at the

…/

-3ACC1002

__________________________________________________________________________ PROBLEM 2 COMPONENT A (10 marks)

Below is an extract coming from a newspapers article concerning Singapore's key public travel provider:

Straits Times, five November 2006

Commuters travelling on the North-South Line will be in for an even more comfortable drive, with the to begin 66 improved trains striking the tracks today. The train locomotives will boast wider seating, new slip-resistant flooring, better air venting and features friendly for the handicapped. The debut with the new-look trains is the consequence of a two-year, $145 mil overhaul job to breathe new life into the teaches, which have been jogging since SMRT Corp began operating the MRT network in 1987. But commuters need not be concerned. The big sum will not translate into higher fares. A spokesman intended for SMRT Corp, which operates 106 trains on the North-South and East-West lines, stated: 'The main reason for our upgrading was to address repair and wear-and-tear issues. It was money that we had to use... We preserved money by doing it in one go, so this will not lead to cost increases. ' Instead of spending the $792 million it would have price to replace each of the old locomotives with fresh ones, SMRT opted to upgrade all of them and add 23 new features. Search engines have not recently been replaced because they were identified to be executing well over optimum levels. The change works out to about $2. 2 million per coach, a fraction of the $12 million it would have got cost for the brand new 1. Each coach will have two wheelchair spots. But we have a trade-off. The upgraded trains will have 296 seats, 76 fewer than the 372 seating found on outdated trains. The trains will be roomier too. The car seats have been pushed back to take back space which will permit more commuters to get on board.

Necessary:

GAAP provides flexibility in recording certain transactions and the situation previously mentioned, there can be two different ways to record the expenditure sum of $2. 2 million per train, depending on management's judgement. Make clear (1) the several types of journal items management can make, (2) the supporting reasons, and (3) which of the 2 you will recommend supervision to record and your factors.

…/

-4ACC1002

__________________________________________________________________________ QUESTION 2 PART B (10 marks)...

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