23 Jun This deferred examination comprises 5 qu
This deferred examination comprises 5 questions over 14 pages. Page 14 is a page for rough work and will not be marked. Answer Question No. 1 (multiple choice) directly on the Scantron Sheet provided and the rest of the questions directly in the exam booklet. The exam is not to be removed from the examination room.
Limit your answer to the space provided. Blank sheets for rough work and supporting calculations are given at the end of each question. You must show, where appropriate, supporting calculations.
This exam is out of 66 marks and is 2 hours long. You should budget approximately 1.8 minutes per mark.
Question No. 1 (33 marks)
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 for Question No. 1. Only one answer will be accepted for each question. There is no penalty for guessing. No account will be taken of any explanations provided.
Items 1 to 11 are each worth one mark.
1. In order for accounting information to be relevant, it must
a. have very little cost.
b. help predict future events or confirm prior expectations.
c. be verifiable.
d. be used by a lot of different organizations.
2. Working capital is a measure of
a. comparability.
b. liquidity.
c. profitability.
d. solvency.
3. A liquidity ratio measures the
a. profit or operating success of a company over a period of time.
b. ability of a company to survive over a long period of time.
c. short-term ability of a company to pay its maturing obligations and to meet unexpected needs for cash.
d. percentage of total financing provided by creditors.
4. A weakness of the current ratio is
a. the difficulty of the calculation.
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