model exam: fundamentals of accounting i

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unity university department of accounting and finance adama campus model exam max. time allowed: 3 hr. prepared by; acfn department february:10/ 2023 general instructions: read the following instructions very carefully! · write your name, id and section both on question paper and answer sheet. · cheating and an attempt to do so shall result in total cancellation of your results. · switch off your cell phone. · use the space provided for your answer. · return both the question paper and answer sheet to your respective invigilator. booklet no 1 fundamentals of accounting i instruction: choose the best answer from the given alternatives and write the letter of your answer on the separate answer sheet provided to you. 1. which of the following would not be considered an internal user of accounting data for the abc company? a. president of the company b. production manager c. merchandise inventory clerk d. …

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reported by ashley’s accessory shop for the year a.$120,000. b. $150,000. c. $195,000. d. $165,000. 7. as of january 1, 2022, elena’s store had a balance in its retained earnings account of $100,000. during the year elena’s store had revenues of $80,000 and expenses of $45,000. in addition, the business paid cash dividends of $20,000. what is the balance in retained earnings at december 31, 20xx for elena’s store? a. $100,000 b. $115,000 c. $135,000 d. $155,000 8. which of the following financial statements is concerned with the company at a point in time? a. balance sheet b. income statement c. retained earnings statement d. statement of cash flows 9. an income statement a. summarizes the changes in retained earnings for a specific period of time. b. reports the changes in assets, liabilities, and stockholders’ equity over a period of time. c. reports the assets, liabilities, and stockholders’ equity at …

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from the employee for the amount of the overpayment. which of the following entries for allen records this transaction? a. wages payable, debit; wages expense, credit b. wages expense, debit; wages payable, credit c. wages expense, debit; cash, credit d. cash, debit; wages expense, credit 15. if an expense is incurred but not paid, then a. liabilities will increase b. stockholder’s equity will increase c. assets will decrease d. expenses will decrease 16. the process of transferring entries from the journal to the ledger is called: a. journalizing b. transferring c. posting d. balancing 17. when purchases of merchandise are made on account, the transaction would be recorded with the following entry: a. debit accounts payable, credit merchandise inventory b. debit merchandise inventory, credit accounts payable c. debit merchandise inventory, credit cash d. debit cash, credit merchandise inventory 18. merchandise with an invoice price of $7,000 is purchased with terms …

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. accounts receivable d. sales discounts 23. receipts from cash sales of $7,500 were recorded incorrectly in the cash receipts journal as $5,700. this item would be included on the bank reconciliation as: a. an addition to the balance per depositor’s records b. an addition to the balance per bank statement c. a deduction from the balance per bank statement d. a deduction from the balance per depositor’s records 24. an adjusting entry is required for a. outstanding checks b. deposits in transit c. bank errors d. nsf checks 25. a note receivable due in 5 years is listed on the balance sheet under the caption: a. investments b. current assets c. plant assets d. stockholders’ equity 26. the two methods of accounting for uncollectible receivables are the direct write-off method and the: a. percentage of receivables method b. aging of credit sales method c. interest method d. allowance method …

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. asset c. revenue d. expense e. none 34. which of the following is/are used to control or protect cash: a. all cash received should be deposited in a bank daily b. all cash payment, except for petty cash, should be made by check c. only small amount of cash should be kept on hand d. different persons should be involved in the receipt, payment and recording of cash e. all of the above 35. which of the following accounts will appear in the post-closing trial balance of a business? a. drawings b. wages expense c. accumulated depreciation d. sales revenue 36. the types of business organization that purchase goods for resale is known as: a. manufacturing business b. merchandising business c. service business d. no such kind of business 37. an item with money value that are owned by a business are: a. liability b. owner’s equity statement c. …

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unity university department of accounting and finance adama campus model exam max. time allowed: 3 hr. prepared by; acfn department february:10/ 2023 general instructions: read the following instructions very carefully! · write your name, id and section both on question paper and answer sheet. · cheating and an attempt to do so shall result in total cancellation of your results. · switch off your cell phone. · use the space provided for your answer. · return both the question paper and answer sheet to your respective invigilator. booklet no 1 fundamentals of accounting i instruction: choose the best answer from the given alternatives and write the letter of your answer on the separate answer sheet provided to you. 1. which …

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