HARAR POLY TVET COLLEGE

Accounting COC model exam level III

Choose the best answer
1. Which of the following is not essentially the characteristic of taxation?
A. It is compulsory levy
B. It provide for non proportionate return or benefit
C. It helps in financing government activities
D. It is an illegal collection
2. The properties owned by a business enter pries are
A. asset B. liability C. stock holder equality D. owner’s equality
3. Credit may signify
A. increase in an asset account C. decrease in liability account
B. decrease in an asset account D. decrease in owners equality account
4. Payment of cash from client’s instilment of purchase on account would be record by
A. debit to cash & credit to account payable C. debit to account receivable & credit to cash
B. debit to account payable & credit to cash D. Decrease in owners equality account
5. The post closing trial balance includes which of the following account
A. Sale B. Revenue C. Salary expense D. account payable
6. The balance in unearned rent at the end of period represents
A. Asset B. Liability C. Revenue D. an expense
7. The payment of cash for purchase of merchandize would be recorded
A. Purchase journal C. Sales journal
B. Cash payment journal D. Cash receipt journal
8. The controlling account in the general ledger that summarize the debits and credits to the individuals
customers account in the subsidiary ledger is entitled
A. Account payable B. Account receivable C. Sale D. Purchase
9. What is the maturity value of 90 days 12% not for 10,000?
A. 8800 B.10, 000 C.10300 D. 11200
10. Corporations financial statements do not report cents a mount is an example of the application of which
of the following concept
A. Business entity B. Going concern C. Consistency D. Materiality
11. The owner’s equality in corporation is commonly called
A. Stock holder’s equality B. Share holders’ investment C. Capital D. All
12. Debit may signify A. an increase in an asset account B. Decrease in asset account
C. an increase in liability account D. increase in the owners capital account
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13. When there are large number of individual accounts with a common chapter stick it is
common to place in separate ledger called.
A. Subsidiary ledger C. Account payable ledger
B. Creditor’s ledger D. Account receivable ledger

Maching

1. Indirect tax a B
2. Swot analysis A. Sale tax
3. Batch B. Account receivable
4. Credit card C. The most liquid asset
5. Credit memo D. Used to business performance
6. Cheque E. Used to record data
7. Supervision F. Payment interments
8. Ledger G. Used to protect fraud or corruption
9. Cash H. Liability
10.Letter of credit I. Visas
11.System control J. Plant asset
12.Accrued revenue K. Partner ship
13.Term loan L. Cooperation
14.Maintain quality M. Small team
15.Mutual agency N. Issuing advisory bank documentation
O. Secondary book
P. Group journal
Q. Used to record fixed period of time
R. Customer is record in credit

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Choose the best answer

1. Profit making business that is separate legal entity and in which ownership is divided in two
shares of stock is known as
A. Sale proprietorship B. single proprietorship C. Partier ship D. Corporation
2. List of assets liabilities & owners equality of a business entity as of a specific date is
A. Balance sheet B. an income statement C. statement of owners equality
D, retained earnings statement
3. It the asset increased $20,000 during a period of time and total liabilities increased by $ 12000
during the same period the amount and direction (increase or decrease) of the periods changes
in owners’ equity is
A. $ 32000 increase B. $ 32000 decrease C. $8000 increase D. $8000 decrease
4. If revenue was $ 45000 expense were $ 37500 and the owners with drawls were $10,000 the
amount of net income or net loss way
A. $ 45000 net income B. $7500 net income C. $37500 net loss D. $ 2500 net loss
5. The type of amount with normal credit balance is
A. An asset B. drawing C. a revenue D. an expense
6. The current asset category would include:-
A. Cash B. account receivable C. supplies on hand D. All of the above
7. The form listing the balances and titles of the account in the ledger on a given date is the
A. Income statement B. balance sheet C. retained earnings statement D. trial balance
8. If the supplies account before adjustment on may 31 indicated balance of $ 2250 and an
inventory of supplies on hand at may 31 totaled $ 950 the adjusting entry would be
A. Debit supplies $ 950 credit supplies expense $ 950
B. Debit supplies $ 1300 credit supplies expense $ 1300
C. Debit supplies expense $ 1300 credit supplies $ 950
D. Debit supplies expense $ 1300 credit supplies $ 1300
9. If the estimated amount of depreciate on equipment for a period is $ 2000 the adjusting entry
to record depreciation would be
A. Debit depreciation expense $ 2000 credit equipment $ 2000

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B. Debit equipment $ 2000 credit depreciation expense $2000
C. Debit depreciation expense $ 2000 credit accumdepn $ 2000
D. Debit accumdeprication $ 2000 credit depn expenses $ 2000
10.If the equipment account has abalance of $ 22500 and its accumiated deprication account has
abalance of $ 4000 the book value of the equipments
A. $ 365000 B. $ 22500 C. $ 14000 D. $ 8500
11.Which of the following accounts would be closed to the income summary account at the
End of Period?
A. Seles B. Salary expense C. Both salary expense D. Nether sales nor salary expense
12.If merchandise purchased on account is returned the buyer may inform the seller of the details
by issuing
A. Debit memorandum B. accredit memorandum C. an invoice D. abill
13.If merchandise is sold on account to a customer for $ 1000 term FoB shipping point 1/10 n/30
and the seller prepays $ 50 in transportation costs the amount of discount for early payment
would be A. $0 B. $ 5:00 C. $10.00 D. $ 10.50
14.merchandise is sold on account to a customer for $ 1000 term FoB destination 1/10 n/30 if the
seller pays $ 50 in transportation costs and the customer returns $ 100 of the merchandise
prior to payment what is the amount of discount for early payment
A. $0 B. $ 9:00 C. $10.00 D. $ 10.50
15.For enterprise using periodic inventory system which of the following is added to merchandise
inventory at the beginning of the period in computing the cost of merchandise sold
A. Pour chase discount C. Merchandise inventory at the end of the period
B. Purchase return and allowance D. None of the above
16.The income statement in which the total of all expense is deducted from the total of all
revenue is termed
A. Multiple step form B. Single step form C. Account form D. Report form
17.On muluple step income statement the excess of net sales over the cost of merchandise solids
called
A. Operating income B. Income from operation C. Gross profit D. Net income
18.Which of the following expense would normally be classified as other expense on a multiple
form income statement
A. Depreciation expense office equipment C. Insurances expense

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B. Sales salaries expense D. Interest expense
19.On julyl, the fiscal year salary expense has accredit balance of $ 5500 on july the first pay day in
the salaries of $ 21700 are paid what is the salary expense for july 1-3
A. $ 5500 B. $ 16200 C. $ 21 700 D. $ 27,200
20.At the end of the fiscal year the adjusting entry for accrued salaries was inadverterytly omitted
the effect of the error (assuming that it is not corrected) would be to
A. Under state expense for the year
B. Over state income for the year
C. Under state liabilities at the end of the year D. All of the above
21.The final phase of the revision of an accounting system that involves carrying out the proposals
for charges in the system is termed
A. System analysis C. System implementation
B. System designs D. None of the above
22.The detailed procedures used by management to direct operations so that enterprise goals can
be achieved as termed
A. Internal controls B. System analysis C. System design D. System implementation
23.The journal used to record liabilities when voucher system is used is called
A. Voucher B. an unpaid voucher file C. a check register D. a voucher register
24. A voucher system is used all vouchers for purchases are recorded at the net amount and
purchase is made for $ 500 under terms 1/10 n/30
A. Purchase would be debited for $ 495 to record the purchase
B. Discounted lost would be debited for $ 5 if the voucher is not paid within discount period C.
C. If the voucher is not paid untile after the discount period has expired the discount lost
would be reported as an expense on the income statement
25.Patty cash fund is
A. Used to pay relatively small amounts
B. Established by estimating the amount of cash needed for disbursements of relativity
small amounts during specific period
C. Reimbursed when the amount of money in the fund is reduced to predetermined
minimum amount D. All of the above
26.On june 16 an enterprise discounts a 60-day 10% note receivable for $15000 date june 1 at
the rate of 12% the proceeds are

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A. $15000.00 B. $15,021.25 C. $15,25.00 D. $15478.75
27.At the end of fiscal year before the accounts are adjusted, accounts receivable has a
balance of $ 200.000 & allowance for doubtful accounts has accredit balance of $ 2500 if
the estimates of un collectible accounts determined by aging the receivables is $ 8500 the
current provision to be made for uncollectible accounts expense would be
A. $ 2500 B. $ 6000 C. $ 8500 $ 200.000
28.At the end of the fiscal year accounts receivable has a balances of $ 100,000 and Allowance
for Doubtful Account has a balance of $ 7000 the expected realizable value of the accounts
receivable is
A. $ 7000 B.$ 93000 C. $ 100,000 D. $ 107000
29.Under what caption would a temporary investment in stock be reported in the balance
sheet A. Current asset B. Plant asset C. Investments D. None of the above
30.If the merchandise inventory at the end of the period is over stated by $ 7500 the error will
cause an
A. Over statement of cost of merchandise sold for the year by $ 7500
B. Under statement of gross profit for the year by $ 7500
C. Over statement of net income for the year by $ 7500
D. Under statement of net income for the year by $ 7500
31.The inventory system employing accounting records that continuously disc louse the
amount of inventory is called
A. Periodic B. perpetual C. physical D. retell
32.The inventory casting method that is based on the assumption that cost should be charged
against revenve in the order in which they were incurred is
A. fifo B. lifo C. average cost D. perpetual inventory
33.the following unit of particular commodity were available for sale during the period
A. begning inventory ------------------------ $ 40 units at $ 20
First purchase ------------------------------ 50 units at $ 21
Second purchase ------------------------- 50 units at $ 22
Third purchase ---------------------------- 50 units at $ 23

What is the unit cost of the 35 units on hand the end of the period as determined under the
periodic system by the fifo casting method

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A. $ 20 B. $ 21 C. $ 22 D. $ 23
34.If merchandise inventory is being at cost and the prices level is steadily rising the method of
casting that will yield the highest net income is
A. Lifo B. Fifo C. average D. periodic
35.Which of the following expenditures incurred in connection with the acquisition of
machinery is apropercharge to the asset account
A. Transportation B. installation cost C. both A &B D. nether A or B
36. What is the amount of depreciation using sum of years dight method for the first year of
use for equipment costing 9500 with an estimated residual value of $ 500 and an estimated
life of 3 years
A. $4500 B. $ 3166.67 C. $ 3000 D. None of the above
37.An example of accelerated depreciation methods
A. Straight line method C. unity’s of production
B. Sum of the years digits D. None of the above
38.a plant asset priced at $ 100,000 is acquired by trading in a similar asset that has book
value of $25000 assuming that the trade in accounce is $30,000 and that $ 70000 cash is
paid for the new asset what is the cost basis for the new asset for financial reporting
purposes
A. $ 100,000 B. $ 70, 000 C. $ 30, 000 D. None of the above
39.Which of the following is example of intangible asset
A. Patents B. Goodwill C. Copyright D. All of the above
40.An employee’s rate of pay is $ 20 per hour with time and anal all hours worked in excess of
40 during a week the following data following data are available.

Hours worked during current week ----------------------------------45

Years cumulative earning prior to current week ------------------------$ 49,400

FICA rate on maximum of $ 50, 000 of annual earning --------------------- $ 21.2

Based on these data the amount of the employee’s net pay for the current week is

A. $ 600 B. $ 693 C. $ 800 D. $ 950

41.Which of the following tax are employers usually required to with hold from employees
A. federal income tax
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B. federal un employee compensation tax
C. stat up employment compensation tax
D. all of the above
42. with limitation on the maximum earring subject to the tax employee income operating
cost for which of the following payroll taxes
A. FICA tax C. State unemployment compensation tax
B. B. federal un employment compensation tax D. All of the above
43.An enterprise issued a$50060 day non interest beaming note to the bank and the bank
discounts the note at 12% the proceeds are.
A. $4400 B. $ 4900 C. $ 5000 D. $ 5100
44.An enterprise issued a $ 5000,60 day, 12% note to the bank the amount due at maturing is
A. $ 4900 B. $ 5000 C. $ 5100 D. $ 5600
45.Equipment that was acquired for $ 250, 000 has current book value of $ 100, 000 and an
estimate market value of $ 120,000 if the replacement cost of the equipment is $350,000
at what amount should the equipment be reported in the balance sheet.
A. $ 120,000 B. $ 150,000 C. $ 350,000 D. None of the above
46.Merchandise costing $ 140,000 was sold on the instilment plan for $ 200,000 during the
current year down payments of $ 40,000 and instilment payments of $ 35000 were
received during the current year if the instilment method of accounting is employed what is
the amount of gross profit to be realized in the current year.
A. $ 22500 B. $ 60,000 C. $ 75000 D. None of the above
47.The total contract price for the construction of an ocean liner was $ 20,000,000 and the
estimated construction costs were $ 17000,000 during the current year the project was
estimated to be 40% completed and the incurred totaled $ 70,50.000 under the percentage
of completion method of accounting what amount of income would be recognized for the
current year.
A. $ 950,000 B. $ 1200,000 C. $ 3000,000 D. None of the above
48.The concept of consistency requires that nature of and justification for change in
accounting principles and its effects on income be disclosed in the financial statement of
the period in which change is made an example of change in accounting principle is a
A. Change in method of inventory pricing
B. Change method of for previous recorded plant asset

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C. Change method of accounting for instilment sales D. None of the above
49.As part of the initial investment a partner contributes office equipment that had originally
cost $ 20,000 and on which accumulated depreciation of $ 12500 had been recorded if the
partners agree on valuation of $ 9000 for the equipment what amount should be debited
to the office equipment account.
A. $ 7500 B. $ 9000 C. $ 12500 D. $ 20,000
50.X Y agrees to from apartner ship X is to contribute $ 50,000 in asset and to devote one half
time to the partnership Y is to contripute $ 20,000 and to devate full time to the
partnership how will X and Y shares in the division of net income or net loss
A. 5:2 B. 1:2 C. 1:1 D. None of the above
51. X and Y invest $ 100,000 and $ 50,000 respectively in partnership and agree to adjust of ret
income that provides for an allowance of interest at 10% on orginal investment salary
allowances of $ 12000 and $ 24000 respectively with the remainder divided equally what
would be X shares of periodic net income of $ 45000
A. $ 22500 B.$ 22000 C. $ 19000 D. $ 10,000
52.X and Y are partners who share income in the ratio of 2.1 and who have capital balance $
65000 and $ 35000 respectively if P. with the consent of Y acquired one half of X interest
for $ 40,000 for what amount would p.s capital account be credited
A. $ 32500 B. $ 40,000 C. $ 50,000 D. None of the above
53.X and Y share gains and lasses in the ratio 2:1 after selling all assets for cash dividing the
lasses on realization & paying liabilities the balance in the capital accounts were as follows
X $ 10,000 er Y $ 20000 dr how much of the cash would be distributed to X
A. $ 2000 B. $ 8000 C. $ 10,000 D. $ 12000
54.If corporation has outstanding 1000 shares of $ 9 cumulative preferred stock of $ 100 par
and dividends have been passed for the preceding three years what is the amount of
preferred dividend can be declared on common stock.
A. $ 9000 B. $27000 C. $ 36000 D. None of the above
55.Stock holders equity section of balance sheet may include:-
A. Common stock C. Preferred stock
B. Common stock subscribed D. All of the above
56.If a corporation requires its own stock the stock is listed on the balance sheet in the
A. Current asset section C. Stock holders equity section

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B. Long term liabilities section D. None of the above
57.A corporation balance sheet indicates 10,000 outstanding shares of $ 8 cumulative
preferred stock of $ 100 par 100, 000 outstanding shares of $ per common stock paid in
capital in excess of par common stock of $ 100,000 and retained earned earnings of $
540,000 if preferred dividends are three years in arrears and the preferred stock identified
to dividend in arrears plus $ 110 per share in the event of liquidation what is the equity per
common share
A. $ 20.00 B. $ 23.00 C. $ 25.40 D. None of the above.
58.Which of the following is not characteristics of managerial accounting reports
A. Time lines B. Relevance C. Conciseness D. Cost benefit balance
59.which of the following expenditures would normally be recorded in itially as an expense
rather than as an asset
A. Payment of a three-year insurance premium
B. Payment of $ 3000 for the current month’s rent
C. Purchase of office equipment
D. Purchase of direct materials to be used in manifesting a product
60.Which of the following is not considered a cost of manufacturing a product
A. Direct material cost C. sales salaries
B. Factory over head cost D. Direct lab our cost
61.Which of the following costs would be include as part of the factory over head costs of a
micro computer man ifacturer
A. The cost memory chip
B. Deprecation on testing equipment
C. Wages of computer assembles
D. The cost of disk drives

62. Which of the following cost would normally be considered a variable cost
A. Direct material cost C. Electricity to operate equipment
B. Direct labor cost D. All of the above
63.The account manufacturing business for inventory of goods in the process of maifacture is
A. Finished goods B. Materials C. Work in process D. None of the above

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64.For manufacturing business finished goods inventory includes
A. Direct materials cost C. Factory over head cost
B. Direct labor cost D. All of the above
65.An example of factory overhead cost is
A. Wages of factory assembly line workers
B. Salaries for factory plant supervisors
C. Bearnings for electric motors being mainfiactured D. All of the above
66.For which the following would the job order cost system be appropriate
A. Antique furniture repair shopas C. cooal mainfacture
B. Rubber mainfacture D. All of the above
67.If the factory overhead account has accredit balance factory over head is said to be
A. Under applied B. Over applied C. Under absorbed D. None of the above
68.Which of the following is not an external user of accounting information
A. Manager B. Employee C. Customer D. Creditors
69. Which of the following is an internal user of accounting information
A. Manage B. Owner C. customer D. creditors
70.Assume accompany net income is 2200,00 its expense and withdrawal are birr 50,000 and
40,000 respectively. What is the net income of the company
A. 150,00 B. 11,000 C. 290,000 D. 160,000
71.Which one is cash and cash equivalent
A. Check and overdraft B. Bond and debenture C. Cop &------ D. -------
72.WHICH HASANEFFECT ON THE CORPORATION
A. Withdrawals & retained earning
B. Dividend & retained earnings
C. Account receivable & retained earnings
D. -----------------------------------
73.AMINIMAL AMOUNT OF CHANGE FUND ASIDE FOR DISBURSEMENT ARE
A. CHANGE FUND C. PEETY CASH
B. CASH AT BANK D. ---------------

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Matching column A with B

A B. Press release
1. Balance sheet C. Provide assistance to solve problem
2. Coach & monitoring D. Business entity concept
3. Performance activity E. Monitor and ------
4. Retained earnings F. Security equipment
5. Promotion G. Source document
6. Feedback H. Corporation
7. Sale tax I. Fright in and out
8. Method of communication J. Speaking in group
9. Spread sheet
K. Software function
10. Income statement
L. Consumer
11. Expense account
M. Automatic function soft ware
12. Complete document
13. Specific need customer
N. Capital
14. Plan spread sheet O. Percentage
15. Formula P. Related service processed & record
Q. Culture

B
A. Continuous improvement
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I. Choose the best answer from the following alternatives 3 pts each
1. Debit may signify:
A. An increase in an asset account
B. A decrease in a n asset account
C. An increase in a liability account
D. An increase in the owner’s capital account
2. Credit may signify
A. an increase in an asset account
B. an decrease liability account
C. an increase in liability account
D. a decrease in the owner capital account
3. The types of account with normal credit balance is
A. an asset B. A drawing C. a revenue D. an expense

4 the receipt of cash from customer in payment of their account would be recorded

A. debit to cash credit to account receivable

B. debit to accou nt receivable credit to cash
C. debit to cash credit to account payable
D. debit to account payable, credit to cash

5. The form listing the balance and the titles of the accounts in the ledger on a given data is the;

A. income statement C. stock holder’s equity

B. balance sheet D. trial balances

6. The properties owned by a enterprise are called

A. Asset B. Liabilities C. Stock holder’s equity D. Owners equity

7. A profit making business that is a separate legal entity and in which ownership is divided into shares of
stock is known as:

A. A sole proprietorship C. A partnership

B. A corporation D. A single proprietorship

8. if total assets increased by $ 20,000 during a period of time and total liabilities increased by $ 12,000
during the same period, the amount and direction (increase or decrease) of the periods change in owners’
equity is:

A. $ 32,000 increase C. $ 8,000 increase

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B. $ 32,000 decrease D. $ 8,000 decrease

9. If revenue was $ 45,000, expense were $ 37,500 and the owners withdrawals were $ 10,000, the amount of
net income or net loss was:

A. $ 45,000 net income C. $ 37,500 net loss

B. $ 2,500 net loss D. $ 7,500 net income

10. Which of the following accounts would be closed to the income summary account at the end of period?

A. Sales and salary expense C. either sales or salary expense

COLOUMN A B. Cash payment journal

C. Partner ship
1. Conversion cost D. Cost pool
2. Irrelevant cost E. Servant salary
3. Aggregate direct cost and indirect cost F. LIFO
4. Used to record acquisition merchandise G. Position allowance
5. Taxable income H. Historical cost
6. Assign cost of merchandise I. Plot cost
7. Double taxation J. Cost assignment
8. Tracing and allocating cost K. Qualified
9. Additional program L. Voucher
10. Accuracy and authenticity M. Prime cost
11. The sum of direct cost N. Emasmbanc
12. Can one taxation O. Custom duty
13. Differs b/n alternative and for coasted P. Economy
future Q. Productive
14. Indirect the sufficient R. Appropriation
15. Ensure that sufficient one able available S. Corporation
COLOUMN B T. Relevant information
U. Purchase journal
A. FIFO

Part III

1. Credit card = visa

2. Cash = most liquidity asset

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3. 1/c (letter of credit) = need the involvement issue & advisor banks
4. SWOT analyses = used to improvement perform
5. Maintain quality documentation = use to keep accurate date
6. Supervision = small team
7. Batch = group of journal
8. Ledger = secondary book
9. Credit memo = the customer is to be credited
10, System Control = help to protect from corporation
11, Cheques = payment instrument
12, Accrued revenue = A/R
13, Mutual agency = partnership
14, Indirect tax = sale tax

2. Detail records about a specific item

3. Depends on physical count to determine
ending inventory
4. At any time the balance of the inventory can be
determine
5. Use to record the dual effect of a transaction in
a single place
6. The process of transferring data from journal
Column A to ledger
7. The major sources of revenue to the
government
1. The value of resources used in generating
revenues
8. Continuous improvement process
9. Expenses paid in advance

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10, Report that covers relatively short period such G. Taxes, fines and penalties
as a month H. Unlimited liability
11, one characteristic of partnership I. Limited liability
12, one characteristic of corporation J. Income statement
Column B
K. Journal
L. Investing cash flow
A. Subsidiary ledger
M. Periodic inventory system
B. Perpetual inventory system
N. Financing cash flow
C. Posting
O. Expense
D. KAIZEN
E. Deferral
F. Interim report
13, show financial performance of a business
14, cash flows from selling of fixed asses
15, cash flows from investment by the owner

Column A 11. Ledger

1. SWOT analysis 12. Credit card
2. Maintain quality documentation 13. Cash
3. Supervision 14. L/C (Letter or credit)
4. System control 15. Credit memo
5. Cheque
6. Accrued revenue
7. Term loan
8. Mutual agency
9. Indirect tax
10. Batch

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J. Most liquid asset
Column B K. Group of journal
A. Used to keep accurate data record L. Sales tax
B. A/R M. Partnership
C. Payment instrument N. The customer is to be credited
D. Used to improve business performance O. Plant asset
E. Granted for fixed period of time P. Liability account
F. Small team Q. VISA
G. Helps to protect from fraud or corruption
H. Secondary book
I. Needs the involvement of issuing &
advisory banks

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