exit exam book ii

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uungjojkblj unity university rukya campus unity university rukya campus course title: exit exam book ii maximum weight: 120% time allowed: 2:30 hrs march 3, 2023 name__dawit amakele__________________id no___________department__________________ section________________________sign________________________ general instruction: ✓ make sure that the booklet consist 1types of instructions ✔switch off mobile phone while conducting the examination. ✓ put your answers for each question on the space provided ✓cheating during examination is strictly forbidden. 1. a ledger: a. contains only asset and liability accounts. b. b. should show accounts in alphabetical order. c. is a collection of the entire group of accounts maintained by a company. d. is a book of original entry. 2.the principle or assumption dictating that efforts (expenses) be matched with accomplishments (revenues) is the: a. matching principle. b. cost assumption. c. periodicity principle. d. revenue recognition principle. 3.each of the following is a major type (or category) of adjusting entries except: a. prepaid expenses. …

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the following statements about users of accounting information is incorrect? a. management is an internal user. b. taxing authorities are external users.. c. present creditors are external users: d. regulatory authorities are internal users. 9. accounts that normally have debit balances are: a. assets, expenses, and revenues. b. assets, expenses, and owner's capital. c. assets, liabilities, and owner's drawings. d. assets, owner's drawings, and expenses. 10. which of the following is not part of the recording process? a. analyzing transactions. b. preparing a trial balance. c. entering transactions in a journal. d. posting transactions 11. a trial balance: a. is a list of accounts with their balances at a given time. b. proves the mathematical accuracy of journalized transactions. c. will not balance if a correct journal entry is posted twice. d. proves that all transactions have been recorded. 12. all of the following are required steps in the accounting …

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,000, and ending inventory is $50,000,cost of goods sold is: a. $390,000. c. $330,000. b. $370,000. d. $420,000. 17. in determining cost of goods sold: a. purchase discounts are deducted from net purchases. b. freight-out is added to net purchases.. c. purchase returns and allowances are deducted from net purchases. d. freight-in is added to net purchases. 18. on the last day of the period, jim otto company buys a $900 machine on credit. this transaction will affect the: a. income statement only. b. balance sheet only. c. income statement and owner's equity statement only. d. income statement, owner's equity statement, and balance sheet. 19. the financial statement that reports assets, liabilities, and owner's equity is the: a. income statement. b. owner's equity statement. c. balance sheet. d. statement of cash flow. 20. during 2010, gibson company's assets decreased $50,000 and its liabilities decreased $90,000. its owner's equity therefore: a. …

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26. a financial statement of a company that shows the cash inflows and cash outflows is a. a statement of balance sheet b. a statement of income statement c. a statement of cash flow d. a statement of owner's equity 27. is related to production and production costs. a. budgetary control b. variance analysis c. standard costing d. all 28. atlantis company's ending inventory is understated $4,000. the effects of this error on the current year's cost of goods sold and net income, respectively, are: a. understated, overstated. b. overstated, understated. c. overstated, overstated. d. understated, understated. 29. songbird company has sales of $150,000 and cost of goods available for sale of $135,000. if the gross profit rate is 30%, the estimated cost of the ending inventory under the gross profit method is: a. $15,000. b. $30,000. c. $45,000. d. $75,000. 30. in a perpetual inventory system, a. lifo cost …

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ank reconciliation, the amount of checks outstanding would be: a. added to the cash balance according to the bank statement. b. deducted from the cash balance according to the bank statement. c. added to the cash balance according to the depositor's records. d. deducted from the cash balance according to the depositor's records. 36. a profit-making business operating as a separate legal entity and in which ownership is divided into shares of stock is known as a: a. proprietorship b. service business c. partnership d. corporation 37. in periods of rising prices, lifo will produce: 38. a. higher net income than fifo. b. the same net income as fifo. c. lower net income than fifo. d. higher net income than average costing. 38. of the following items represents a deferral a. prepaid insurance b. fees earned c. wages payable d. accumulated depreciation 39. if the supplies account, before adjustment on …

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uungjojkblj unity university rukya campus unity university rukya campus course title: exit exam book ii maximum weight: 120% time allowed: 2:30 hrs march 3, 2023 name__dawit amakele__________________id no___________department__________________ section________________________sign________________________ general instruction: ✓ make sure that the booklet consist 1types of instructions ✔switch off mobile phone while conducting the examination. ✓ put your answers for each question on the space provided ✓cheating during examination is strictly forbidden. 1. a ledger: a. contains only asset and liability accounts. b. b. should show accounts in alphabetical order. c. is a collection of the entire group of accounts maintained by a company. d. is a book of original entry. 2.the principle or assumpti...

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