Level Three Coc Question

MULTIPLE CHOICE QUESTIONS
1. Which one of the following intangible asset.

A. Good will B. Truck, Vehicle C. Fixed asset D. land
2. Which of the following is an example of operating expense reported by the company?
A. Purchasing operating equipment C. Purchasing a cleaning services
B. Purchasing a Vehicle D. Buying a computer
3. The net income is:
A. Expense exceed revenue C. Gross profit exceed cost of goods sold
B. Revenue exceed expense D. All of the Above
4. VAT registered company purchased construction materials for birr 500,000 including VAT in
the month of December 2006. What is amount of VAT paid?
A. Birr. 75,000 B. Birr. 65,217.4 C. Birr. 434,782.6 D. Birr. 575,000
5. A credit sale of Birr.1, 000 is made on July 12, terms 2/10, net/30. The amount received as
payment in full on July 22 is:
A. Birr. 1,000 B. Birr. 980 C. Birr. 880 D. Birr. 1,020
6. If the assets owned by a business amount to Birr. 100,000and the liabilities amount to Birr.
30,000,the owner’s equity is equal to
A. Birr. 70,000 B. Birr. 130,000 C. Birr. 100,000 D. Birr. 30,000
7. BEKO CO, a VAT registered company purchased construction materials and delivered
services for birr 500,000 and 600,000 respectively including VAT in the month of June 2005.
The amount of VAT and month of payment with no penalty is?
A. VAT payable 13,043.50, during July 2005
B. VAT receivable 13,043.50, during July 2005
C. VAT payable 15,000.50, during July 2005
D. VAT receivable 15,000.50, during June 2005
8. All of the following are property, plant, and equipment except
A. Supplies B. Machinery C. Land D. Buildings
9. Which steps shows the 5’S principle of KAIZEN
A. Set in-order ____ Sort _____ Shine ___ Standardize ___ Sustain
B. Sort ____ Set in-order _____ Shine ___ Standardize ___ Sustain
C. Sort _____ Shine ____Set In-Order ___Standardize ___ Sustain
D. Set in-order ____ Standardize ___ Sort _____ Shine ___ Sustain
10. Ato Bekele has a business which established in order to purchase and sale Automobile spare
parts. In order to fill working capital deficits, he has borrowed term loan Birr. 1,000,000 from
Dash Bank to be repaid three years annual. The annual interest rate is 10%. What is the total
amount of interest to be repaid at the first two years?
A. Birr. 1,200,000 B. Birr. 200,000 C. Birr. 1,100,000 D. Birr. 1,200,000
11. Which of the following is an example of an in-tangible asset?
A. Patents B. Copyrights C. Goodwill D. All of the above
12. What is the amount of depreciation, using the double-declining-balance method for the second
year of use for equipment costing Birr 9,000, with an estimated residual value of Birr 600 and
an estimated life of three years?
A. Birr 6,000 B. Birr 2,000 C. Birr 3,000 D. Birr 400
13. Assume a cash is a paid for insurance cover a three years period. The recommendation of debit
and credit are:
A. Debit Insurance Expense, credit cash C. Debit Prepaid Insurance, credit cash
B. Debit cash, credit Insurance Expense D. Debit cash, credit Prepaid Insurance
14. When the stockholder invest cash in business
A. Capital Stock is debited and cash is credited C. Cash is debited and dividend is
credited
B. Cash is debited and Capital Stock is credited D. None of the Above
15. What types of account is Accumulated Depreciation
A. A contra-liability account C. A contra-expense account
B. A contra-asset account D. A contra-equity account
16. A company collected $42,000 cash on its accounts receivable. The effects of this transaction as
reflected in the accounting equation are:
A. Total assets decrease and equity increases.
B. Both total assets and total liabilities decrease.
C. Total assets, total liabilities, and equity are unchanged.
D. Both total assets and equity are unchanged and liabilities increase.
E. Total assets increase and equity decreases.
17. Which one of the following NOT Current asset category:
A. Cash B. Supplies on hand C. Account receivable D. Equipment
18. If total assets increased $40,000 during a period of time and total liabilities increased
by$24,000 during same period, the amount and direction (increase or decrease) of the period’s
change in owner’s equity is:
A. $52,000 increase B.$16,000 increase C. $52,000 decrease D.$16,000 decrease
19. If the expense incurred not paid at the maturate date then which one is increase:
A. Assets C. liabilities
B. Stockholders equity will increase D. Expenses will decrease
20. John companies paid on cash the service provided on account during entries occurred account
payable, based on this question, account payable recorded on;
A. Debit Account payable, credit cash C. Debit expenses, credit cash
B. Debit cash, credit account payable D. Debit cash, credit expensive
21. A business organized as a corporation:
A. Is not a separate legal entity in most state
B. Requires that stockholders be personally liable for the debts of the business.
C. Is owned by its stockholders.
D. Terminates when one of its original stockholders dies.
22. An income statement
A. Summonses are change in each specific period of time
B. Reports all of the transactions with stockholders during a specific period of time
C. Reports the assets, liabilities, and stock holders’ equity at a specific date
D. Reports the revenues and expenses for a specific period of time
23. A Post –closing trial balance will show
A. Zero balances for all accounts
B. Zero balances for all balance sheet accounts.
C. Zero balances for all income statement accounts.
D. There’s such thing as a post-closing trial balance
24. If beginning inventory is $60,000, cost of goods purchased is $380,000, and ending inventory
is $50,000, cost of goods sold is:
A. $390,000 B. $330,000 C. $370,000 D. $420,000
25. Which of the following statements is true?
A. Journal entries are required for every adjustment to the books’ balance.
B. Preparing bank reconciliation changes the cash balance on the books.
C. Bank reconciliation has no effect on control over cash.
D. Two of the above are true
26. A petty cash find is generally established in order to
A. Pay for all merchandise purchased on account
B. Pay employees’ wages.
C. Make loans internally to employees
D. Pay relatively small expenditures.
27. A bank reconciliation should be prepared
A. Whenever the bank refuses to lend the company money.
B. When an employee is suspected of fraud.
C. To explain any difference between the depositor’s balance per books and the balance
per bank.
D. By the person who is authorized to sign checks.
28. Which of the following statements is true regarding the effect of the purchase of equipment for
cash?
A. Total assets decrease C. Total liabilities increase
B. Total assets remain unchanged. D. Total owner's equity decreases
29. Which of the following items is an example of a liability?
A. Wages expense B. Mortgage payable C. Accounts receivable. D. Owner's equity
30. The effects of a withdrawal by an owner are to
A. Increase expenses and decrease net income.
B. Increase expenses and decrease owner's equity.
C. Decrease assets and decrease net income.
D. Decrease assets and decrease owner's equity.
31. In a bank reconciliation, deposits outstanding are:
A. Subtracted from the bank balance. C. Added to the book balance.
B. Added to the bank balance. D. Subtracted from the book balance.
32. In a bank reconciliation, NSF checks are:
A. Subtracted from the bank balance. C. Added to the book balance.
B. Added to the bank balance. D. Subtracted from the book balance
33. The interest on a $60,000, 8%, 240-day note receivable is
A. $3,200 B. $4,800 C. $320 D. $480
34. A note receivable is recorded at its
A. Face Value B. Fair market value C. Present value D. Maturity value
35. The amount of the promissory note plus the interest earned on the maturity date is called the:
A. Realizable value B. Face value C. Net realizable value D. Maturity value
36. At January 1, 2008, nova reported owner’s equity of $50,000. Owner drawings for the year
totaled $10,000. At December 31, 2008, the company will report owner’s equity of
A. $13,500 B. $36,500 C. $40,000 D. $43,500
37. The examination of financial statements by a certified public accountant in order to express an
opinion as to the fairness of presentation.
A. Auditing B. Accounting C. Income statement D. Audit
38. A company paid off $30,000 of its accounts payable in cash. What would be the effects of this
transaction on the accounting equation?
A) Assets, $30,000 increase; liabilities, no effect; equity, $30,000 increase.
B) Assets, $30,000 decrease; liabilities, $30,000 decrease; equity, no effect.
C) Assets, $30,000 decrease; liabilities, $30,000 increase; equity, no effect.
D) Assets, no effect; liabilities, $30,000 decrease; equity, $30,000 increase.
E) Assets, $30,000 decrease; liabilities, no effect; equity $30,000 decrease.
39. Which of the following terms refers to the process of reviewing the accounting records and
reports to evaluate the fairness of the presentations in the reports and their compliance with
established guidelines and rules?
A. Auditing C. Tax Return Preparation
B. Management Consulting Work D. Public Accounting.
40. Zebra Company total sales are $ 1,000,000, total credit sales are $600,000,The Allowance for
Doubtful Accounts has a debit balance of $5,000 at the end of the year (before adjustment),
and uncollectible accounts expense is estimated at 3% of credit sales. The amount of Bad Debt
Expense:
A. $18,000 B. $48,000 C. $30,000 D. $13,000
41. The inventory of supplies on March 31 is determined that $890 is on hand, the amount to be
moved from asset account to expense account is 960.What is the amount of supplies
available on the balance of account?
A. $ 70 B. $1,850 C. $890 D. $960
42. If the Cash of Birr 8,050 on the Balance sheet is reported, the Net income is Birr 2,750 on the
income statement the Owner’s capital of Birr 16,450 at the beginning period shown, the
Amount of withdrawal for personal use Birr 1,200. What is the amount Owners Capital at end
of the operation?
A. Birr 19,200 B. Birr 18,000 C. Birr 26,050 D. None
43. If beginning inventory is Birr. 60,000, cost of goods purchased is Birr. 380,000, and ending
inventory is Birr 50,000, cost of goods sold is:
A. Birr 390,000 B. Birr 330,000 C. Birr 370,000 D. Birr 420,000
44. The correct accounting cycle sequence
A. Financial statements – Trail balance – Journalizing – Posting
B. Trial balance – Financial statements – Posting – Journalizing
C. Journalizing – Posting – Trial balance – Financial statements
D. Posting – Journalizing – Trial balance – Financial statements
45. Boom PLC is one of the provident of customer of United Bank and receive loan Birr 540,000
at 10% simple interest rate to be paid 10 years monthly. During the first year loan period birr
54,000 principal repayments were paid. At the beginning of the second year Boom unable to
pay his debt of three month and bank written warning letter to pay the debt. What is the amount
of loan repayment at the end of forth month in second year?
46. Ato Lemma the owner of the business invested birr 50,000 in cash and a building costing Birr
100,000.
A. Debit, Lema, capital birr 150,000 and credit cash birr 50,000 and building birr 100,000
B. Debit cash birr 50,000, debit building birr 100,000 and credit Lema, capital birr 150,000
C. Debit cash birr 150,000 and credit Lema, capital birr 150,000
D. Debit building birr 150,000 and credit cash birr 150,000
47. Among the following accounts which pair accounts subsidiary ledger
A. Fixed assets and inventories C. Revenues and expenses
B. Accounts receivables D. Fixed assets and accounts receivables
48. Assume that the gross salary of W/ro Aberu was birr 5,600 and the pension contributed by
W/ro Aberu was birr 280 for the month the amount of earnings other than basic salary and
assume that payment pension contribution by 7%
A. Birr. 400 B. Birr. 1,800 C Birr. 1,600 D. Birr. 392
49. What is the amount of depreciation, using Sum digit year’s methods, for the first year of use
cost Br. 5,500, residual value of 500 and an estimated use full life of 3 tears?
A. Br. 3,000 B.Br. 4,500 C. Br. 3,166.66 D. Br. 2,500
50. If the corporation has outstanding 1,000 shares of 9% cumulative preferred stock of 100 par
and dividend have been passes the current years. What is the amount of preferred dividends
must be declared in the current year before a dividend can be declared:
51. If the corporation has outstanding 1,000 shares of 9% cumulative preferred stock of 100 par
and dividend have been passes the three years. What is the amount of preferred dividends must
be declared in the current year before a dividend can be declared:
52. The deferred income tax liabilities
A. Is never recorded
B. Represent income tax payments that are deferred until the future years of temporary
accounting rules
C. Is contingency liabilities
D. Can result in deferred income tax asset
53. Internal users of accounting data include:
A. Economic planners C. Customers
B. Investors D. Company officers
54. Which statement is correct regarding GAAP?
A. General Accepted Accounting Practice
B. General Accepted Accounting Principle
C. General Accounting Accepted Practice
D. General Accounting Accepted Principle
55. The monetary unit assumption:
A. Provides that the unit of measure fluctuates over time
B. Is unimportant in applying the cost principles
C. Is only used for financial statements of banks
D. Requires that only transaction data capable of being expressed in terms of money be
included in the accounting records of the economic entity.
56. Wakjira has an employees of government organization paying monthly income tax birr
1,234.85 to the tax office. His monthly pension contribution that has been deducted from his
basic salary is 26.34% of his monthly income tax. Using the current pension proclamation (i.e.
6 and 8), what is Wakjira’s monthly Net Pay? (Assume no overtime and other taxable
allowances).
A. Birr. 5,421.00 B. Birr. 4,215.89 C. Birr. 3,860.89 D. Birr. 1,897.35
57. A proprietorship is a business:
A. Owned by one person
B. Owned by two or more persons
C. Organized as a separate legal entity under state corporation law
D. Owned by a governmental agency
58. A company might carry on many activities that do not represent business transactions such as:
A. Borrowing money from the bank
B. Placing an order for merchandise with a supplier
C. Using office supplies
D. Paying wages
23. IFRS stands for:
A. International Federation of Reporting Services.
B. International Financial Reporting Standards.
C. Integrated Financial Reporting Services.
D. Independent Financial Reporting Standards.
24. General Accepted Accounting Principle is
A. The guideline for the preparation of financial statement?
B. A guidance principles of Auditing Standard
C. The rule govern how accountant operate
D. All of the above
59. The following are banking procedure except:
A. Investment of funds on hand
B. Closing the bank account
C. Post-closing trial balance
D. Opening the bank account
60. Which of the following pairs of accounts does a cash purchase affect?
A. Bank and Equipment
B. Supplies and Bank
C. Bank and Creditors control
D. Equipment and creditors control
61. Economic events of the enterprise recorded by accountants
A. Transactions B. Accounting C. Revenues D. Statement of Financial Positions
62. The resources owned a business are referred to as:
A. Liabilities B. Expenses C. Assets D. Revenues
63. If assets and liabilities of a business amount Birr 90,000 and Birr 40,000 respectively, what
will be the amount of owner’s equity?
64. ABC company obtained revenues of birr 85,000 and incurred expense of Birr 52,000 during
the given accounting period. The operating result of this business shows:
A. Profit of Birr 33,000 C. Profit of Birr 137,000
B. Loss of Birr 33,000 D. None of the above
65. Which of the following is not an element of balance sheet?
A. Assets B. Revenues C. Liabilities D. Owner’s equity
66. The process of initially recording a business transaction is called:
A. Sliding B. Posting C. Journalizing D. Transposing
67. Financial statements are:
A. The outputs of accounting system
B. Prepared at the end of accounting period
C. Summaries of financial activities of an enterprise
D. All of the above
68. The last step in accounting cycle is
A. Recording of business transactions
B. Posting of journal entries
C. Preparing trial balance
D. Preparing post-closing trial balance
69. The gross increase in owner equity attributable to business activities is called:
A. Drawing B. Revenues C. Expenses D. Assets
70. A debit may signify
A. Increase in asset accounts
B. Increase in liability accounts
C. Increase in the capital account
D. Decrease in expense accounts
71. The verification that the sum of the debits and the sum of the credits in the ledger are equal is
called:
A. A journal B. A ledger C. Posting D. A Trial Balance
72. Accounts with normal debit balances include:
A. Assets and liabilities C. Liabilities and expenses
B. Stockholder’s equity and revenues D. Expenses and assets
73. The collective group of accounts maintained by a company:
A. Ledger B. Journal C. Financial statements D. Basic equation
74. The chart of accounts lists a company’s accounts in what order?
A. Assets, liabilities, revenues, expenses, owner equity
B. Assets, revenues, expenses, liabilities, owner equity
C. Assets, liabilities, owner’ equity, expenses, revenue
D. Assets, liabilities, owner equity, revenues, expenses
75. Accounts are listed on the trial balance in:
A. Chronological order B. The order that they appear in the ledger
B. Alphabetical order C. The order in which they are posted
76. The inventory of supplies on March 31 is determined that Birr 890 is on hand, the amount to
be moved from asset account to expense account is 960.What is the amount of supplies
B. 70 B. 1,850 C. 890 D. 960
77. Closing entries are necessary for
A. Temporary account B. Real account C. Permanent account D. All
78. The Income statement is sometimes called the:
A. Earnings Statement. C. Profit and Loss Statement
B. Operating Statement. D. Statement of Financial Position
79. Which of the following is an optional step in the accounting cycle?
A. Adjusting Entries B. Closing Entries C. Correcting Entries D. worksheet
80. All of the following are fixed asset except
A. Supplies. B. Machinery. C. Land. D. Buildings
81. At January 1, 2015, WEB Company reported owner’s equity of Birr 80,000. The net income
recognize during the year is Birr 40,000, Owner Drawings for the year Birr 10,000. At December
31, 2015, the company will report owner’s equity of:
82. On September 30, the Cash account balance of Birr 5,000. During September, the account was
debited for a total of Birr 12,200 and credited for a total of Birr 11,500. What must have been the
balance in the Cash account on September 1?
A. A Birr 0 balance D. A Birr 4,300 debit balance
B. A Birr 4,300 credit balance E. A Birr 5,700 credit balance.
D. A Birr 5,700 debit balance.
83. Liabilities are:
A. What the business owns C. Existing debts and obligations
B. Future economic benefits D. Net worth of the business
84. Revenues for an accounting period are Br.900 and expenses are Br. 500. The balance in the
income summary account before closing it to capital would be
A. Br. 500 debit B. Br. 900 credit C. Br. 400 credit D. Br. 400 debit
85. Conversion cost is
A. The combination of direct labor and factory overhead cost
B. The combination of raw material and direct labor
C. Direct material only
D. Direct labor only.
86. In what order are assets listed on a classified balance sheet?
A. In the order of their liquidity C. Alphabetically
B. In ascending dollar amounts D. In descending dollars amounts
87. Which of the following is a permanent account?
A. Fees earned C. Unearned revenue
B. Depreciation expense D. Income summary
88. Which of the following accounts would not be closed?
A. Utilities Expense C. Accumulated Depreciation
B. Service Revenue D. Withdrawals
89. Which account would not appear in the post-closing trial balance?
A. Cash C. Prepaid Insurance
B. Fees earned D. Morgan, Capital
90. If beginning capital was Birr. 25,000, ending capital is 37,000 and the owner's withdrawals were
23,000, the amount of net income or net loss for the period was:
A. Net loss of Br.35, 000 C. Net income of 14,000
B. Net income of Br.35, 000 D. Net losses of Birr. 14,000 E. None of the options listed
91. The form which lists an account with its respective balance for a specification organization is
A. Income statement B. Income summary C. Trial Balance D. Balance statement
92. Which One is direct tax?
A. Turn over tax C. Tax from custom duty
B. Value Added Tax D. Tax from rent of Building
93. One of the following is most liquid asset

A. Bills B. Check C. Commercial paper D. Vehicle
94. Assume the amount of pension contribution is made by an employee is Br. 500 what is the
amount of basic salary and income tax respectively. (Pension contribution is 8%)
A. Salary Br.5,500 and Income tax Br.1,262.5
B. Salary Br.6,250 and Income tax Br.1,525
C. Salary Br.5,750 and Income tax Br.1087.5
D. Salary Br.5,000 and Income tax Br.1,350
95. In order to withdrawal cash from ATM, one is NOT mandatory?
A. Signature B. PIN code C. VISA card D. Adequate balance
96. Which of the following statement at users of accounting information is incorrect?
A. Creditors is an external users
B. Business officer is an external users
C. Regulatory authorities are external user
D. Taxing authority are external user
97. If a Bank uses a compound interest in order to calculate interest loan, then the banks calculate
interest on
A. On Both principal and interest due C. Only on Principal amount
B. Only on Interest amount due D. Neither on both interest due and principal
98. One of the following is controlling account of customers account
A. Account Receivable C. Account Payable
B. Credit Account D. Bank Account
99. The initial step in the process of developing an accounting system is called:
A. Analysis B. Implementation C. Design D. Feedback
100. What is sales revenue if the gross profit is 200,000, cost of goods sold is 350,000 and
operating expense is 80,000.00
A. Birr. 430,000 B. Birr. 630,000 C. Birr. 280,000 D. Birr. 550, 000
101. If sales revenue was Birr. 90,000, expense was Birr. 75,000 and the owner’s withdrawal were
Birr. 20,000. What is the amount of net income or loss?
A. Net loss Birr 5,000 C. Net income Birr 15,000
B. Net loss Birr 75,000 D. Net income Birr 90,000
102. Commercial papers, Voucher cards are example of one of the following
A. Source of Document C. Cash
B. Cash Equivalent D. Financial Statement
103. A company charges a price of Birr. 120 per unit in order to earn a 20% margin on sales. What
is the cost to the company per unit?
A. Birr. 80 B. Birr. 96 C. Birr. 100 D. Birr. 112
104. A Professional, Who records, examines, prepare and summarize the financial statement
A. Accountant B. Bookkeeper C. Auditor D. Representative
105. If the total revenue 45,000birr, total expense 37,500 and withdrawal 10,000. What is net
income/loss?
A. Net Loss 7500 B. Net Loss 2500 C. Net Income 7500 D. Net income 2500
106. A Process of applications for credit procedures
A. Credit application_____ credit assessment and analysis _____ cash disbursement
B. Credit application______ cash disbursement _______credit assessment and analysis
C. Cash disbursement _____credit application_____ credit assessment and analysis
D. All of the above
107. Which one of the following a sequence of accounting cycle transaction.
A. Transaction event ____ post to the T-account ________ post to close entries
B. Transactions event ___ prepare journal entry ____post to ledger __ prepare trial balance
C. Prepare journal entry___ transaction occur ______ post to close entry
D. Post to reversing entries____ prepare financial statement___ prepare work sheet
108. which of the following is permanent account
B. Dividend B. Un earned rent C. Sales return D. Un expired rent
109. a process of transferring debit and credit account to ledger account is
A. Journalizing B. Posting C. Correcting D. Adjusting
110. Which one is not direct tax?
A. Value added tax B. Income tax C. Payroll tax D. Rent building tax
111. Which one is permanent account?
A. Unearned revenue B. Drawing C. Income summary D. Fees earned
112. The statement that reports revenues and expenses is the:
A. Statement of owner’s equity
B. Statement of financial position
C. Statement of financial performance
D. Statement of cash flows
113. When you borrow Birr. 100,000 and put in your account. Which one of the pairs accounts to
be affected?
A. Dr. Loan and Cr. bank by birr. 100,000
B. Dr. Cash and Cr. bank by birr. 100,000
C. Dr. Bank and Cr. loan by birr. 100,000
D. Dr. Rent and Cr. cash birr. 100,000
114. The credit term of company is stated as 1/10, n/30 meaning to say
A. If the customer paid within 10 days he has a discount 1% otherwise pay total amount within
30 days
B. If the customer paid within 30 days he has a discount of 1%
C. The customer should pay 1% within 10 days and the remaining within 30 days
D. If the customer paid within 10 days he has no discount.
115. The debit side of an account represent:
A. Increase C. Left side C. Decrease D. Right side
116. All of the following financial reports are prepared for specific period of time except:
A. Balance sheet C. Bank Reconciliation
B. Income statement D. Trial Balance
117. Assume that merchandise inventory in the beginning was birr 30,000 and net purchases during
the period was birr 55,000 at the end of the period physical shown ending merchandise of birr
20,000, how much was the net sales during the period and if the gross profit was birr 25,000?
118. The current sequence of partnership liquidation process
A. Payment of liabilityselling NCA for cashdistribution of cash to partner
B. Selling of NCA for cashdistribution of cash to partner payment of liability
C. Selling of NCA for cash  payment of liability distribution of cash to partner
D. Payment of liabilitydistribution of cash to partner selling NCA for cash
119. The exchange of information between people example by means speaking, writing, etc. by
using a common system of signs or behaviors is:
A. Communications C. Communication channel
B. Communication Agency D. Sign language
120. Business transaction are recorded in the first book of accounts called:
A. Journal B. Ledger C. Payment journal D. Receipt journal
121. Properties owned by business.
A. Asset B. Liability C. Capital D. Revenue
122. The final step in accounting cycle is
A. Recording of business transactions C. Preparing trial balance
B. Posting of journal entries D. Preparing post-closing trial balance
123. Post-closing trial balance may include which one of the following accounts?
A. Sales B. Salary Expense C. Accounts receivable D. Interest Expense
124. Goods and documents are examined in accordance with legislative requirements plus it needs
bank permits based on CBE directives. This refers to
A. To have principle and legislative certificates
B. Related to import and expert activities
C. Regarding declaration of tax
D. Internal control system
125. Payments of cash for settlement of purchase on account would be recorded by:
A. Cash debit B. A/payable debit C. A/payable credit D. A/receivable debit
126. Credit may signify
A. Increase in assets C. decrease in assets
B. Increase in liability D. Increase in capital
127. Salary expense has credit balance of Br 10,000 on Hamle 1, beginning of the period after
reversing entry posted but before any transaction occurred the balance represents:
A. Assets B. Revenue C. Liability D. Expense
128. A balance in unearned rent at the end of a period represent
A. Assets B. Revenue C. Liability D. Expense
129. Controlling account that summarize the balance of each customer is
A. A / Payable C. A / Receivable
B. Merchandise Inventory D. Income Summary
130. Payment of merchandise is recorded in
A. Purchase journal C. Sales journal
B. Cash payment journal D. Cash Receipt Journal
131. Petty cash fund
A. Used to pay up to 1,000 birr C. Used to pay small amount
B. Apply in small enterprise D. Used to reimburse change fund
132. One of the following account is not closed at the end of the fiscal period
A. Expense B. Income Summary C. Revenue D. Liability
133. Type of loans granted for a period of a night to maximum of 14 years is
A. Cash credit C. Term of loan
B. Money at call D. Overdraft loan
134. Corporate financial statement do not report needs amount. This is an expression of
A. Business entity C. Materiality
B. Going concern D. Disclosure
135. Assets in statement of financial condition for individual report at
A. Cost C. Lower of cost or market
B. Estimated cost D. Market value
136. Which one of the following is not characteristics of taxation
A. It is compulsory levy
B. It provides non proportionate return or profit
C. It finances government activities
D. It is an illegal collections
137. Joe is warehouse custodian and also maintains the accounting record of the inventory held at
the warehouse. An assessment of this situation indicates
A. Documentation procedures are violated.
B. Independent internal verification is violated
C. Segregation of duties is violated.
D. Establishment of responsibility is violated.
138. All are under the same classification of chart of accounts except:
A. Supplies B. Accumulated depreciation C. Prepaid rent D. Sales
139. One of the following is usually prepaid?
A. Gas/oil B. Telephone C. Electricity D. Insurance
140. One of the following is not shown on the Balance Sheet.
A. Current assets C. Capital
B. Long term liabilities D. Expenses
141. If you sold on account one of the following accounts is debited?
A. Accounts receivable C. Capital
B. Accounts payable D. Sales
142. Which one of the following categories of account is credited with increased?
A. Revenue B. Assets C. Purchases D. Expenses
143. All of the following financial reports except one are prepared regularly.
A. Balance sheet C. Income statements
B. Bank reconciliation D. Trial balance
144. Which of the following is included in the post-closing trial balance?
A. Cash and accounts payable C. Sales
B. Salary expense D. Revenue
145. Which one of the following is a nominal account?
A. Expense B. Cash C. Prepaid rent D. Asset
146. When you borrow Birr. 500,000 and paid it in your current account the following pairs of
accounts is affected?
A. Rent and Bank C. Loan and VAT
B. Loan and Bank D. Trade creditors and Bank
147. Which types of accounts will appear in the post-closing trial balance?
A. Permanent accounts C. Temporary (accounts.
B. Nominal account D. None of the above
148. All have the same normal balance sides except:
A. Rent expense C. Salary payable
B. Cash D. Accounts receivable
149. Organizational structure, resources, procedures, and processes implement total quality
management.
A. Quality control C. Quality assurance
B. Management D. Quality system
150. The uniform distribution of depreciation over the life of plant assets?
A. Straight line C. Sum of the years digit
B. Double declining D. Units of production
151. Which one of the following is the most liquid asset?
A. Check B. Commercial Paper C. Accounts receivable D. All of the above
152. When sold on account debit where?
A. Account Payable C. Accounts Receivable
B. Notes Receivable D. Notes Payable
153. Which one of the following is a liability account?
A. Owner’s Equity C. Account s Receivables
B. Accounts payable D. All of the above
154. Which one of the following increases credit account?
A. Supplies B. Revenues C. Cash D. A and C
155. Paid Birr 2,500 prepaid rent for three months; at the end of month Birr 800 is expired.
Adjustment is recorded as:
A. Debit prepaid rent and credit rent expense, Br 800.
B. Credit prepaid rent and debit rent expenses, Br 800
C. Debit prepaid rent, 2,500 and credit cash 2,500
D. Credit accounts receivable 2,500 and debit rent expense 2,500
156. Which one of the following is an intangible asset?
A. Trade marks B. Patents C. Copyrights D. All of the above
157. Which one of the following is not subsidiary ledger?
A. Accounts receivable C. General ledger
B. Accounts payable D. Cash
158. The long term asset that have been no physical existence but are right that have value is
known as:
A. Current assets C. Fixed assets
B. Intangible assets D. Inventory
159. The debt which are to be repaid within a short period of that means ( a year or less ) is known
as:
A. Current liabilities C. Fixed liabilities
B. Contingent liabilities D. All of the above
160. Any writing evidence in support of business transaction is called?
A. Journal C. Ledger
B. Ledger posting D. Voucher
161. The asset to be consumed or converted in one year is:
A. Patents B. Fixed assets C. Current assets D. Current liabilities
162. What is the advantage of ATM?
A. Transfer money C. For payment
B. Payment withdrawal D. All of the above
163. Which one of the following is true about accounting?
A. It plays an important role in our economic and social system.
B. Its objective is to record, summarize, report and interpret the economic data for use.
C. Accounting is often called the language of business.
D. All of the above
164. The properties owned by a business enterprise are referred to as ___________ and the rights
or claims to the properties are referred to as __________.
A. assets, Equities C. Revenue, Expense
B. Assets, Liabilities D. Assets, Owner’s Equity
165. Which one of the following is the claim against the customer?
A. Notes receivable C. Accounts receivable
B. Accounts payable D. Notes payable
166. All of the following are correct except:
A. The effect of every transaction can be stated in terms of increases and/or decreases.
B. The equality of the two sides of the accounting equation is always maintained.
C. The owner’s equity is increased by amounts invested by the owner and is decreased by
withdrawals by the owner.
D. The balance of revenue decreases the balance of owner’s equity.
167. 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. Partnership
B. Single proprietorship D. Corporation
168. A debit may signify:
A. An increase in an asset account C. An increase in a liability account
B. A decrease in an asset account D. An increase in the owner’s equity account
169. The form listing the balances and the titles of the accounts in the ledger on a given date is the:
A. Income statement C. Retained earnings statement
B. Balance sheet D. Trial balance
170. If the equipment account has a balance of Birr. 22,500 and its accumulated depreciation
account have a balance of Birr. 14,000, the book value of the equipment is:
171. If merchandise is sold on account to a customer for Birr 1,000, terms FOB shipping
point,1/10, n/30, and the seller prepays Birr 50 in transportation costs, the amount of the discount
for early payment would be:
A. Birr. 0 B. Birr. 5 C. Birr. 10 D. Birr. 10.50
172. The balance in unearned rent at the end of a period represents:
A. An asset B. A liability C. A revenue D. An expense
173. A list of assets, liabilities, and owner’s equity of a business entity as of a specific date is:
A. A balance sheet C. A statement of owner’s equity
B. An income statement D. A retained earnings statement
174. The final phase of the revision of an accounting system that involves carrying out the
proposals for changes in the system is termed:
A. Systems analysis C. Systems implementation
B. Systems design D. None of the above
175. The detailed procedures used by management to direct operations to that enterprise goals can
be achieved are termed:
A. Internal controls C. Systems design
B. System analysis D. Systems implementation
176. A payment of cash for the purchase of merchandise would be recorded in the:
A. Purchases journal C. Sales journal
B. Cash payments journal D. Cash receipt journal
177. The income statement in which the total of all expenses is deducted from the total of all
revenue is termed:
A. Multiple step form C. Account form
B. Single step form D. Report form
178. On a multiple step income statement, the excess of net sales over the cost of merchandise sold
is called:
A. Operating income C. Gross profit
B. Income from operations D. Net income
179. Which of the following expenses would normally be classified as “other expense”?
A. Depreciation expense C. Insurance expense
B. Sales salaries expense D. Interest expense
Answer question number 20 – 23, based up on the following information:
For the fiscal year, Net Sales were 895,000 and the Cost of Merchandise Purchased was 625,000.
Merchandise inventory at the beginning of the year was 80,000, and at the end of the year it was
70,000.
180. What is the amount of merchandise available for sale?
A. 705,000 B. 975,000 C. 150,000 D. 695,000
181. What is the amount of Cost of merchandise sold?
A. 635,000 B. 825,000 C. 695,000 D. 150,000
182. What is the amount of Gross profit?
A. 260,000 B. 70,000 C. 200,000 D. 745,000
183. What is amount of merchandise inventory listed on the balance sheet as of the end of the year?
A. 70,000 B. 80,000 C. 150,000 D. 10,000
184. Which one of the following is reported on statement of cash flow as investing activities?
A. Cash received from customers C. Cash paid for land
B. Cash payments for expenses and to creditors D. Cash payments for dividends
185. 2/15, n/45 indicates:
A. The credit period is 45 days, if the buyer pays within 15 days there is a discount of 2%.
B. The credit period is 15 days, if the buyer pays within 15 days there is a discount of 2%.
C. The credit period is 45 days, if the buyer pays within 30 days there is a discount of 2%.
D. The credit period is 30 days, if the buyer pays within 15 days there is a discount of 2%.
186. What is the journal entry of purchase for cash?
A. Purchase debit and cash credit C. A/receivable debit and Sales credit
B. Cash debit and Purchase credit D. Cash debit and Sales credit
187. An account that classified as other expense is:
A. Depreciation Expense for office equipment
B. Sales salaries expense
C. Insurance expense
D. Interest expense
188. A statement that reports the operating results of a company is a/an:
A. Income statement C. Cash flow statement
B. Balance sheet D. Owner’s equity
189. The normal balance side of drawing account is:
A. Debit side B. Credit side
B. Decreases side D. Both debit and credit
190. What the business owed is:
A. Asset B. Capital C. Liability D. Expense
191. Correct accounting equation is:
A. A = L + C C. A = C - L
B. L = A + C D. C = A + L
192. The correct flow of accounts with chart of account if:
A. Assets, Liabilities, Capital, Expenses And Revenues
B. Assets, Liabilities, Capital, Revenues And Expenses
C. Assets, Capital, Assets, Revenues And Expenses
D. Liabilities, Capital, Assets, Revenues And Expenses
193. The process of recording entries OR transactions in a journal is:
A. Journalizing B. Posting C. Sorting D. Classifying
194. If the total asset increased by birr 40,000 during a period of time and total liability increased
by birr 24,000 during the same period the amount and direction of the period’s change in owner’s
equity is:
A. Birr 64,000 increase C. Birr 64,000 decrease
B. Birr 16,000 decrease D. Birr 16,000 increase
195. The account which is closed to income summary account at the end of period:
A. Cash B. Salary expense C. Capital D. Liability
196. The post-closing trial balance would include which of the following accounts:
A. Cash B. Sales C. Salary expense D. Revenue
197. The balance in unearned rent at the end of a period represents:
A. Asset B. Liability C. Revenue D. Expense
198. On July 1, the first year salary expense has a credit balance of birr 5,500. On July 3, the first
pay day in the year, salaries paid of birr 21,700 are paid. What is the salary expense for July 1-3?
199. Checks issued and recorded by the company but not yet presented to the bank for payment
are:
A. Outstanding checks B. Deposit in transit
B. Paid checks D. Service charge
200. The most liquid asset:
A. Accounts receivable C. Notes receivable
B. Cash D. Supplies
201. An over statement of ending inventory result in:
A. An over statement of total assets
B. An understatement of net income
C. An understatement of net income
D. Understatement of net income
202. Accounting information should not be:
A. Relevant B. Reliable C. Timelines D. Unreliable
203. Accounting is not concerned with:
A. Design of the accounting system C. Preparation of financial statements
B. Interpretation of the reports D. Interpretation of non-financial transactions
204. A debit may signify:
A. An increase in expense account
B. A decrease in asset account
C. An increase in liability account
D. An increase in revenues
205. Direct tax
A. Employee income tax B. Turnover tax C. VAT D. TOT
206. Distribution of earnings to stockholders is:
A. Retained earnings B. Withdrawals C. Dividend D. Expenses
207. Which one of the following reconciling item necessitates of an record
A. Bank service and note collected by bank
B. Deposit in transit and bank outstanding checks
C. Error made by bank and outstanding checks
D. Deposit in transit and bank service charge
208. Which one of the following is not the permanent document?
A. General ledger B. Worksheet C. Journal D. Balance sheet
209. The debit and credit column of an income statement in the worksheet are Br 65,000 and
90,000 respectively. If the credit total of the balance sheets Br 10,000, then what will be the credit
total of the balance sheet column before net income or net loss is recorded?
210. Which of the following accounts will appear in post-closing trial balance of a business?
A. Drawing B. Sales Revenues C. Salary Expense D. Accumulated Depn.
211. Which of the following is/are not the external users of accounting information or report of a
particular organization?
A. ERCA B. Potential Investors C. Sales Manager D. Credit Grantor
212. The form which lists an accounts with its respective balance for a specific organization:
A. Income statement C. Trial Balance
B. Income summary D. Balance Sheet
213. If the appropriate adjusting entries for accrued sales is omitted at the end of fiscal year:
A. Asset for the period will over state
B. Liabilities for the period will understate
C. Expense for the period will over state
D. Equity for the period will understate
A. Adjusting Entries B. Closing Entries C. Correcting Entries D. Reversing Entries
215. A nominal sum of money established as change fund from which minor cash disbursement for
valid business purpose
A. Change fund B. Cash shortage C. Petty Cash D. Cash shortage
216. Which of the following journal is used to record correcting and adjusting entries
A. Cash journal B. Sales journal C. Payment journal D. General journal
217. Which of the following items are cash and cash equivalent?
A. Bank draft and notes receivable
B. CPO (cash payment order) and prepayment
C. Check and Bank draft
D. CPO and BID bond
218. System or mechanism to recovering and collect bad debts
A. Legal action and letter of notes
B. Allow purchase discount and return goods
C. Third party intervention to allow sales discount
D. Liaison which clients to allow purchase discount
219. A card which is used to effect payment or withdraw money in real time by accessing the card
holder’s deposit account and function only if there is sufficient fund balance
A. Credit card B. Debit card C. Locality card D. Withdraw card
220. An electronic banking out let:
A. ATM (Automated Teller Machine) C. Automated Seller Machine
B. POS (Point of Sale) D. CPO (Cash Payment Order
221. Trader who can accept card as payment tools in exchange for the product or service he/she
sales to the card holder
A. The issuer B. The acquire C. The merchant D. The card association
222. One of the following is internal user of a company
A. The creditor C. Employees and trade union
B. Owners D. The production manager
223. A statement that reports the operating results of a company
A. Income statement C. Capital Statement
B. Balance sheet D. Cash flow statement
224. The following data are taken from the company; liabilities, Br 90,000 and asset is three times
equity, calculate the assets and capital
A. Asset, Br 90,000 and Capital, Br 45,000
B. Asset, Br 45,000 and Capital, Br 120,000
C. Assets, Br 135,000 and Capital, Br 45,000
D. Assets, Br 90,000 and Capital, Br 120,000
225. If the revenue was birr. 90,000 expense 5,000 withdrawals Br 20,000. What is the amount of
net income or net loss?
A. Net income, Br 90,000 C. Net income, Br 20,000
B. Net loss, Br 75,000 D. Net income, Br 85,000
226. Which one of the following is needed to bank reconciliation?
A. Check the depositor balance with customer account
B. Check the depositor balance with bank balance
C. Check bank balance with withdrawals
D. Check the account itself
227. One of the following is the controlling account of customers account
A. Accounts payable C. Accounts Receivable
B. Bank account D. Credit account
228. In the corporation the company claims two factors that is
A. Retained earnings and withdrawal C. Assets and withdrawals
B. Dividend and retained earnings D. Withdrawal and dividend
229. Which types of accounts will appear in the post-closing trial balance?
C. Permanent accounts. C. Temporary (accounts.
D. Nominal account D. None of the above
230. Which of the following is a most liquid asset
A. Check B. Commercial papers C. Bills D. Journal
231. All of the following accounts would be credit balances with the exception of:
A. Accounts payable. B. Notes payable. C. Unearned fees. D. Dividends
232. Which of the following are most advantages of credit terms?
A. 2/10, n/30 B. 5/10, n/60 C. 1/10,n/20 D. 3/10,n/30
233. Which is the correct sequence for recording transactions and preparing financial statements?
A. Analysis a transaction, Journal, ledger, trial balance, financial statements
B. Analysis a transaction, Ledger, trial balance, journal, financial statements
C. Analysis a transaction, Financial statements, Trial balance, ledger, journal
D. Ledger, journal, trial balance, financial statements, Analysis a transaction
A. Adjusting Entries B. Closing Entries C. Correcting Entries D. worksheet
235. At January 1, 2008, reported owner’s equity of Birr 27,000. Owner drawings for the year
totaled Birr 23,000. The company will report owner’s equity at the end of month Birr 37,000.
What is net income during the month?
236. If a corporation declares a dividend of Birr 100,000, of which Birr 70,000 is to be considered
a distribution of dividend, how many amount of distribution Retained earnings.
237. A corporation declares cash dividend distribution to share holder, the amount of reinvested
earning undistributed to shareholder:
A. Common stock B. Preferred stock C. Retained Earnings D. Net income
238. The difference between original cost minus Accumulated Depreciation
A. Book value B. Depreciation expense C. salvage value D. Depreciation cost
239. A proclamation Acceptable by Tax authority depreciation
A. Straight line method B. Double decline balance C. unit of production D. Sum-Year-digit
240. 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. Corporation C. Partnership. D. Service business. .
241. The resources owned by a business are called:
A. Assets B. The Accounting Equation C. Liabilities D. Owner’s Equity
242. A listing of a business entity’s assets, liabilities, and owner’s equity as of a specific date is:
A. Balance sheet C. Income statement
B. Statement of owner’s equity D. Statement of cash flows.
243. If total assets increased Birr. 20,000 during a period and total liabilities increased Birr.12,000
during the same period, the amount and direction (increase or decrease) of the change in owner’s
equity for that period:
A. Birr. 32,000 increase. C. Birr. 8,000 increase.
B. Birr. 32,000 decrease. D. Birr. 8,000 decrease.
244. If revenue was Birr. 45,000, expenses were Birr. 37,500 and the owner’s withdrawals were
Birr. 10,000, the amount of net income or net loss would be:
A. Birr. 45,000 net income C. Birr 7,500 net income
B. Birr 37,500 net loss D. Birr. 2,500 net loss

A. Good will B. Truck, Vehicle C. Fixed asset D. land
246. The types of account with normal balance is credit
A. An Asset B. A Drawing C. An Expense D. A Revenues
247. The form listing the balance and the title of the accounting in the ledger on a given date is:
A. Income statement C. Balance Sheet
B. Trial Balance D. Retained earnings Statement
248. All of following are external users of accounting information, Except
A. Investors C. Suppliers
B. Management D. External Auditors
249. If assets and liabilities of a business amount birr 90,000 and Birr 40,000 respectively, what
will be the amount of owner’s equity?
B. Birr 90,000 C. Birr 50,000
C. Birr 130,000 D. Birr 100,00
251. The final step in accounting cycle is
A. Recording of business transactions
B. Posting of journal entries
C. Preparing trial balance
D. Preparing post-closing trial balance
252. _________ are issued checks recorded by the company that have not been paid by the bank
and not deducted from the balance per bank.
A. Cancelled checks
B. Postdated checks
C. Out dated checks
D. Outstanding checks
253. A bank reconciliation should be prepared
E. Whenever the bank refuses to lend the company money.
F. When an employee is suspected of fraud.
G. To explain any difference between the depositor’s balance per books and the balance per bank.
H. By the person who is authorized to sign checks.
254. On the multiple step income statement the excess of net sales over the cost of merchandise
sold. Is culled
A. Operating income C. Gross profit
B. Income from operation D. Net income
255. The initial step in the accounting cycle is to prepare
A. Journalize transaction C. Financial statements.
B. A post-closing trial balance. D. Adjusting entries.
256. An asset cost Br. 50,000, has an estimated salvage value of Br.1,500, and an estimated useful
life of 8 years. What is the double-declining-balance depreciation rate?
A. 20.0% B. 25.0% C.16.0% D. 32.5%
A. Cash B. Check C. Account Receivable D. Asset
258. All of the following accounts would have credit balances with the exception of:
A. Accounts payable. B. Notes payable. C. Unearned fees. D. Dividends.
259. A Method of Computing the Depreciation of plant asset is
A. Straight Line Method C. Sales method
B. Book Value D. Accumulated Deprecation
A. Copy right B. Truck, Vehicle C. Fixed asset D. land
261. A contra -account of current asset
A. Accumulated depreciation B. Allowance doubtful accounts
B. Account receivable D. Equipment
262. A credit sale of Birr. 75,000 is made on July 2, terms 2/10, net/30. A return of Birr. 5000 is
granted on July 6. The amount received as payment in full on July 12 is:
A. Birr. 70,000. B. Birr 68,500. C. Birr 68,600. D. Birr 65,000.
263. If sales revenues are Birr. 400,000, cost of goods sold is Birr 310,000, and operating expenses
are Birr 60,000 other revenue is Birr 4,000 the Net income is:
A. Birr 344,000. B. Birr 34,000. C. Birr 90,000. D. Birr 400,000
264. The process of exchanging information, specification and ideas through verbal (spoken) or
non- verbal (body sign) between sender and receiver is:
A. Communication channel B. communication
B. Communication model D. communication style
265. A listing of a business entity’s assets, liabilities, and owner’s equity as of a specific date is:
A. Balance Sheet C. Income statement
B. statement of owner’s equity D. Statement of cash flows.
266. A company collected Birr. 42,000 cash on its accounts receivable. The effects of this
transaction as reflected in the accounting equation are:
A. Total assets decrease and equity increases.
B. Both total assets and total liabilities decrease.
C. Total assets, total liabilities, and equity are unchanged.
D. Both total assets and equity are unchanged and liabilities increase.
E. Total assets increase and equity decreases.
267. On April 30, 2004, a three-year insurance policy was purchased for Birr. 18,000 cash with
coverage to begin immediately. What is the amount of Prepaid Insurance that would appear on
the company's financial statements for the year ended December 31, 2004?
A. Birr 500B. Birr 4,000 C. Birr 6,000 D. Birr 14,000 E. 13,500
268. Which of the following items represents a deferral (liabilities)?
A. Unearned Revenue B. Fees earned C. Wages payable D. Accumulated depreciation
269. Which of the following items represents a deferral?
A. Prepaid insurance C. Fees earned
B. Wages payable D. Accumulated depreciation
270. Which of the following accounts is an asset account?
A. Dividends B. Accounts Payable C. Equipment D. Salaries Expense
271. Which of the following accounts is a liability account?
A. Dividends B. Cash C. Accounts Payable D. Capital Stock
272. The gross increase in stockholder’s equity attributable to business activities is called:
A. Dividends B. Revenues C. Expenses D. Assets
273. A financial Statement except,
A. Bank reconciliation C. Income statement
B. Balance sheet statement D. Statement of Owners’ equity
274. The correct procedures of financial statement
A. Income statement ____Owners’ equity statement______ Balance sheet statement
B. Income statement ____ Balance sheet statement ____ Owners’ equity statement
C. Balance sheet statement ___ Owners’ equity statement______ Income statement
D. Owners’ equity statement ___ Balance sheet statement ____ Owners’ equity statement
275. Which of the following is not a characteristic of a partnership?
A. Taxable entity B. Mutual agency C. Co-ownership of property D. Limited life
276. A complete listing of account titles and balance of the accounts in the ledger
A. T- account B. Trial balance C. Chart of account D. ledger
277. The account in advance payment is:
A. Unearned revenue B. Premium C. Accrued Revenue D. Account receivable
278. The cost of materials that have entered on to the manufacturing process.
A. Material inventory B. Work in process C. Finished goods D. Physical inventory
279. Disadvantage of corporation
A. Owners separate from management C. Unlimited number of person
B. Limited liabilities D. Unlimited life
280. Debit account that used in the likely error
A. Fees earned B. Cash C. Account Receivable D. Expense
281. Copy right is
A. Intangible Asset C. Current Asset
B. Plant Asset D. Long term asset
282. Gross profit is determined as follows: Net sales Birr. 460,000 cost of goods sold Birr.
316,000, operating expenses Birr. 144,000,
A. Birr. 144,000 B. Birr. 0 C. Birr. 460,000 D. Birr. 316,000
283. Automatic Teller machine (ATM)
A. It used for withdrawal of money
B. It need for transfer balance
C. It used to make payments
D. All above
284. Assume that revenue Birr 400,000, Cost of goods sold Birr 310,000 and operating expense
birr 140,000 what is the gross profit?
A. 90,000 B. 650,000 C. 260,000 D. 70,000
285. Which of the following is an example of an intangible asset?
A. Patents B. Copyrights C. Goodwill D. All of the Above
286. The Balance sheet account whose account balances from the end of one period are carried
over in to the next year (period).
A. Permanent or (real account) B. Temporary account C. Nominal account D. B&C
287. If the total revenue 45000birr, total expense 37500 and withdrawal 10000 what is net income?
A. Net Loss 7,500 C. Net income 2,500
B. Net Loss 2,500 D. Net Income 7,500
288. The balance of supplies account before adjustment on shows Birr. 60,000, at the end of the
month inventory supplies birr. 36,500. The supplies recorded an asset at the end of the time
purchase, at the adjusting entry end of the month:
A. Debit supplies Expense and Credit supplies birr. 23,500
B. Credit supplies Expense and Debit supplies birr. 23,500
C. Credit supplies Expense and Debit supplies birr. 36,500
D. Debit supplies Expense and Credit supplies birr. 36,500
289. All of the following are property, plant, and equipment except
A. Supplies. B. Machinery. C. Land. D. Buildings
290. The relationship between current assets and current liabilities is important in evaluating a
company's
A. Profitability B. Liquidity C. Market value D. Accounting cycle.
291. Gross profit will result if:
A. Operating expenses are less than net income.
B. Sales revenues are greater than operating expenses.
C. Sales revenues are greater than cost of goods sold.
D. Operating expenses are greater than cost of goods sold.
292. The cash payment to liabilities account. The effect of transaction
A. Assets decrease and liabilities increases. C. Assets increase and liabilities decrease.
B. Assets decrease and liabilities decrease. D. Assets increase and liabilities increase
293. What is the amount of Gross profit? If Sales revenue 200,000, Sales return and allowance
10,000, Sales Discount 5,500, Cost of goods sold 112,500, Operating expenses, 25,100, Interest
expense 3,000.
A. 72,000 B. 78,500 C. 43,900 D. 46,900
294. What is full disclosure
A. Financial statement should disclose all events and circumstance that would matter to users of
financial statement
B. Financial statement that is disclose all asset at their cost
C. Financial statement that is disclose all events that can be measured by pesos
D. Financial statement should not be relied unless an auditor has expressed an unqualified opinion
on them.
295. Janka Company purchase Br. 600 of equipment for cash from Mugger Company. The effect
of transaction
A. A decrease asset and liabilities
B. No change of in total assets
C. A increase asset and liabilities
D. A increase asset and decrease liabilities
296. Which of the following is NOT elements of Income statement
A. Revenue and Expense C. Operating Expense
B. Gross profit D. Prepaid expense
297. The purchase of office building by issuing long-term note payable should be report
A. Non cash investing and financing activities
B. Cash out flow in the financing section of statement of cash flow
C. Cash out flow in the operating section of statement of cash flow
D. Cash out flow in the investing section of statement of cash flow
298. A list of account and their balance at a given point in times is called
A. General journal B. General Ledger C. Trial Balance D. Chart of Account
299. What is the impact does the depreciation have on the cash account
A. Has no impact on cash balance C. A and B
B. Increase cash balance D. Decrease cash balance
300. The difference between original cost and accumulated Depreciation
A. Book value B. Depreciation expense C. salvage value D. Depreciation cost
301. Deciding whether to record sales when the services order is received or when the services are
performed is an example of:
A. Communication issue C. Valuation issue
B. Classification issue D. Recognition issue
302. The balance of supplies account before adjustment on shows Birr. 60,000, at the end of the
month inventory supplies birr. 36,500. The supplies recorded an asset at the end of the time
purchase, at the adjusting entry end of the month:
A. Debit supplies Expense and Credit supplies birr. 23,500
B. Credit supplies Expense and Debit supplies birr. 23,500
C. Credit supplies Expense and Debit supplies birr. 36,500
D. Debit supplies Expense and Credit supplies birr. 36,500
303. Cash transaction that enter in to the determination of net income and net loss and cash
payment for creditors are the principal revenue-producing activities of the enterprise
A. Cash flow from operation C. cash flow from financing
B. Cash flow from investing D. cash out flow and inflow
304. The cost of materials that have not yet entered on to the manufacturing process.
A. Material inventory B. Work in Process C. Finished goods D. All of the above
305. The policies and procedures used by management to protect assets from misuse, ensure
accurate business information, and ensure compliance with laws and regulations are called:
A. Internal Controls C. Systems Design
B. Systems Analysis D. Systems Implementation
306. A petty cash fund is:
A. Used to pay relatively small amounts.
B. Established by estimating the amount of cash needed for disbursements of relatively small
amounts during a specified period.
C. Reimbursed when the amount of money in the fund is reduced to a predetermined minimum
amount.
D. All of the above.
307. A sequence for the payment liquidate a partnership is:
A. Pay partnership liabilities ____ Allocate gain/loss on realization_____ Distribute remaining
cash to partners______ Sell non-cash assets
B. Sell non-cash assets _____ Allocate gain/loss on realization ________ Pay partnership
liabilities in cash_________ Distribute remaining cash to partners
C. Sell non-cash asset _____________ Distribute remaining cash to partners ________ Pay
partnership liabilities in cash______ allocate gain / loss on realization
D. Pay partnership liabilities in cash_____ Sell non-cash assets ____Allocate gain/loss on
realization_____ Distribute remaining cash to partners
308. Which of the following accounts would be classified as a current asset on the balance sheet?
A. Office Equipment C. Accumulated Depreciation
B. Land D. Accounts Receivable
309. The NBC Company reports net income of Birr. 60,000. If partners N, B, and C have an
income ratio of 5:3:2 respectively, C’s share of the net income is:
A. Birr. 30,000. B. Birr. 18,000 C. Birr. 12,000. D. None of the above
310. The gross increase in stockholder’s equity attributable to business activities is called:
A. Dividends B. Revenues C. Expenses D. Assets
311. Working capital is calculated as:
A. Current assets minus current liabilities.
B. Total assets minus total liabilities.
C. Long-term liabilities minus current liabilities.
D. Both (B) and (C).
312. If sales are Birr. 500,000, variable costs are Birr. 200,000 and fixed costs are Birr. 240,000,
what is the contribution margin ratio?
A. 40% B. 52% C. 48% D. 60%
313. The cash payments to acquire fixed assets (including intangibles) and Cash receipts from
disposal of fixed assets(including intangibles)
A. Cash Flow From Operation C. Cash Flow From Financing
B. Cash Flow From Investing D. Cash Out Flow and Inflow
314. Which of the following is differ from non- verbal communication
A. Eye contract C. validating statement
B. Body sign D. Gestures
315. The business organized by partnership Abel, Chala and Waksum and capital raised by each
partner respectively as $120,000, $80,000 and $150,000. What is the total asset owned is?
A. $120,000 B. $250,000 C. $350,000 D. none
316. The auditor of CBE finds total cash Birr. 350,000 loaded on the ATM machine at Arat kilo
Branch and the machine paid 310,000 Birr. He found out damage a note of 5,000 on the machine.
what is the amount of cash remain on machine at the end of day ready for payment:
A. Birr. 40,000 B. Birr. 35,000 C. 45,000 D. 350,000
317. The sales person of a Drug store maintains petty cash of birr. 14,000.00. The payment of
document sales of person to be birr. 11,000 utilities, birr. 2,000 postage, birr, 150 tax, birr 550
loading and unloading and birr. 350 in currencies. which one is the correct sales person
A. Petty cash can be replenished of birr. 13,650.000
B. Petty cash can be replenished of birr. 13,500.00
C. Petty cash can be overstated of birr. 150.00
D. Petty cash can be understated of birr. 50.00
318. A corporation has issued 25,000 shares of $100 par common stock and holds 3,000 of these
shares as treasury stock. If the corporation declares a $2 per share cash dividend, what amount
will be recorded as cash dividends?
A. $22,000 B. $44,000 C. $25,000 D. $50,000
319. A company has purchased a tract of land. It expects to build a production plant on the land in
approximately 5 years. During the 5 years before construction, the land will be idle. The land
should be reported as:
A. Property, plant, and equipment. B. Land expense.
C. A long-term investment. D. An intangible asset.
320. Depreciation is a process of:
A. Valuation B. Cost Allocation. C. Cash Accumulation. D. Appraisal
321. ATO Lamesa a gov’t worker salary Br. 2,000.00, desert allowance Br.1, 500.00 taxable house
allowances 400 per month and withhold from his salary social committee Br. 30.00. What is net
pay? Assuming pension contribution is 8%.
A. 3,345 B. 2,585 C. 2,475 D. 3,505
322. What is sales revenue if the gross profit is 200,000, cost of goods sold is 350,000 and
operating expense is 80,000.00
A. 430,000 B. 630,000 C. 280,000 D.550, 000
323. Which one is not direct tax
A. Value added tax B. Income Tax C. Payroll tax D. Tax from Rent Building
324. The receipt of cash from customer in the payment of their account recorded by:
A. Debit Account receivable and credit cash
B. Debit cash and credit Account receivable
C. Debit Account payable and credit cash
D. Debit cash and credit Account payable
325. Assume the amount of pension contribution is made by an employee is Br. 500 what is the
amount of basic salary and income tax respectively. (Pension contribution is 8%)
A. Salary Br.5,500 and Income tax Br.1,262.5 C. Salary Br.6,250 and Income tax Br.1,525
B. Salary Br.5,750 and Income tax Br.1087.5 D. Salary Br.5,000 and Income tax Br.1,350
326. Which one of the following is real account
A. Insurance expense C. unexpired insurance
B. Drawing D. income summary
327. The payroll register sheet indicates on Basic salaries of Br.6, 000, Hardship Allowance Br.
400, Br. 800 of Credit Association FANA corporation Agency. What amount of Employment
income tax is? Also what is the amount of net pay? Compute it.
A. 935 B. 1,035 C. 1235 D. None
328. ATO ABDISA is the Employer of construction company earn the amount of Basic salary
5,200, Fuel Allowance allocated per month 120L per Br. 20, but used as 140L and earn some
over time worked is 12hour at weekly rest the manager expected to 40 per week. What is the
amount of Employment Income tax and Net pay is respectively.
A. 1,235 B. 8,000 C. 1,445 D. 1,679
329. The balance sheet is sometimes called the:
A. Earnings Statement. C. Profit and Loss Statement
B. Operating Statement. D. Statement of Financial Position
330. The entire group of accounts maintained by a company is collectively referred to:
a. Posting B. Ledger C. Journal D. Trial Balance
331. The process of identifying, measuring, recording, and communicating the economic events of
an organization.
A. Account cycle B. Accounting C. Book keeping D. Accountant
A. Cash B. Check C. Account Receivable D. Asset
333. All of the following accounts would have credit balances with the exception of:
A. Accounts payable. B. Notes payable. C. Unearned fees. D. Dividends.
334. A Method of Computing the Depreciation of plant asset is
A. Straight line Method B. Sales method C. Book Value D. Accumulated Deprecation
B. Copy right B. Truck, Vehicle C. Fixed asset D. land
336. If sales revenues are $400,000, cost of goods sold is $310,000, and operating expenses are
$60,000, other revenue is $4,000 the Net income is:
B. $344,000. B. $34,000. C. $90,000. D. $400,000
337. Assume that equipment was purchased on January 1, 2011 as follows: initial cost $24,000
expected useful life 5 years estimated residual value $0. Compute the Accumulated depreciation
of equipment in December 31, 2012 by using DOUBLE DECLINE BALANCE Method.
A. $ 4,400 B. $4,800 C. $9,600 D. $15,360
338. The inventory of supplies on March 31 is determined that $890 is on hand, the amount to
be moved from asset account to expense account is 960.What is the amount of supplies
C. $ 70 B. $1,850 C. 890 D. 960
339. The account in advance payment is:
A. Unearned revenue B. Premium C. Accrued Revenue D. Account receivable
340. Deposits in transit
A. Have been recorded on the company’s books but not yet by the bank.
B. Have been recorded by the bank but not yet by the company.
C. Have not been recorded by either the bank or the company.
D. Are customer’s checks that have not yet been received by the company
341. All are adjust and correct by bank balance, except
A. Deposit transit B. Bank error C. Outstanding checks D. Bank service charge
342. Conversion cost is
A. The combination of direct labor and factory overhead cost
B. The combination of raw material and direct labor
C. Direct material only
D. Direct labor only.
343. Statement A: Real accounts are maintained for tangible things
Statement B: Real accounts are also maintained for intangible things.
A. Only A is true C. Both are true
B. Only B is true D. Neither of two
344. The final accounts of a business consists of
A. Trading account C. Balance Sheet
B. Profit & loss Account D. All of the above
345. Statement A: Balance sheet is summary of the financial position as on date.
Statement B: Profit and loss account shows profit or loss for the year.
A. Only A is true B. Only B is true C. Both are true D. Neither of
two
330. The initial step in the accounting cycle is to prepare
A. Journalize transaction C. Financial statements.
B. A post-closing trial balance. D. Adjusting entries.
332. Financial statements are:
A. The outputs of accounting system
B. Prepared at the end of accounting period
C. Summaries of financial activities of an enterprise
D. All of the above
334. The last step in accounting cycle is
A. Recording of business transactions C. Posting of journal entries
B. Preparing trial balance D. Preparing post-closing trial balance
335. If beginning inventory is $60,000, cost of goods purchased is $380,000, and ending
inventory is $50,000, cost of goods sold is:
A. $390,000 B. $330,000 C. $370,000 D. $420,000
336. Gross profit will result if:
A. Operating expenses are less than net income.
B. Sales revenues are greater than operating expenses.
C. Sales revenues are greater than cost of goods sold.
D. Operating expenses are greater than cost of goods sold.
337. Assume a manufacturer beginning and ending finished goods of inventory is Birr 70,000 and Birr
90,000 respectively and the cost of goods manufactured is Birr 200,000. What is cost of goods sold?
338. The types of account with normal balance is credit
A. An Asset B. A Drawing C. An Expense D. A Revenues
339. The form listing the balance and the title of the accounting in the ledger on a given date is:
A. Income statement C. Balance Sheet
B. Trial Balance D. Retained earnings Statement
340. If the equipment account has a balance of Birr. 22,500 and its accumulated depreciation
account have a balance of Birr. 14,000, the book value of the equipment is:
341. The receipt of cash from customer in the payment of their account recorded by:
A. Debit Account receivable and credit cash
B. Debit cash and credit Account receivable
C. Debit Account payable and credit cash
D. Debit cash and credit Account payable
342. If the total revenue 45,000 birr, total expense 37,500 and withdrawal 10,000. What is net income?
A. Net Loss 7,500 C. Net income 2,500
B. Net Loss 2,500 D. Net Income 7,500
346. Assume that revenue Birr 460,000, Cost of goods sold Birr 316,000 and operating expense birr
114,000 what is the gross profit?
A. 144,000 B. 114,000 C. 30,000 D. 0
347. An income statement prepared at the end of the first quarter of the fiscal year is known as
A. Interim income statement
B. Temporary statement of operation
C. Statement of quarterly position
D. Abridged profitability statement
348. VAT registered company purchased construction materials for birr 500,000 including VAT in the
month of December 2006. What is amount of VAT paid?
A. Birr. 75,000 B. Birr. 65,217.4 C. Birr. 434,782.6 D. Birr. 575,000
349. Which of the following is an example of an in-tangible asset?
A. Patents B. Copyrights C. Goodwill D. All of the above
350. The cash of Birr 8,050 on the Balance sheet is reported; the Net income is Birr 2,750 on the
income statement the Owner’s capital of Birr 16,450 at the beginning period shown, the Amount of
withdrawal for personal use Birr 1,200. What is the amount Owners Capital at end of the operation?
B. Birr 19,200 B. Birr 18,000 C. Birr 26,050 D. None
351. If beginning inventory is Birr. 60,000, cost of goods purchased is Birr. 380,000, and ending
inventory is Birr 50,000, cost of goods sold is:
352. Which of the following statement at users of accounting information is incorrect?
A. Creditors is an external users
B. Business officer is an external users
C. Regulatory authorities are external user
D. Taxing authority are external user
353. The monetary unit assumption:
A. Provides that the unit of measure fluctuates over time
B. Is unimportant in applying the cost principles
C. Is only used for financial statements of banks
D. Requires that only transaction data capable of being expressed in terms of money be included in the
accounting records of the economic entity.
354. Financial institutions should be monitored by:
A. Commercial bank C. Ministry of finance
B. National bank D. Industry minister
355. Which one is NOT direct tax
A. Value added tax B. Income Tax C. Payroll tax D. Tax from Rent Building
356. Deciding whether to record sales when the services order is received or when the services are
performed is an example of:
C. Communication issue C. Valuation issue
D. Classification issue D. Recognition issue
357. Which of the following are NOT elements of Income Statement?
a. Revenue and Expense C. Operating Expense
b. Gross profit D. Prepaid expense
358. Which of the following is not a characteristic of a partnership?
A. Double Taxation B. Mutual agency C. Co-ownership of property D. Limited life
359. Which of the following is NOT part of the recording process?
A. Analyzing transactions C. Preparing a trial balance.

B. Entering transactions in a journal D. Posting transactions.
360. A ledger:
A. Contains only asset and liability accounts.
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
361. Posting
A. Normally occurs before journalizing.
B. Transfers ledger transaction data to the journal.
C. An optional step in the recording process
D. Transfers journal entries to ledger accounts
362. One of the following is most liquid asset
A. Bills B. Cash C. Commercial paper D. Vehicle
363. 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. Partnership C. Service Business D. Corporation
364. On June, 1, 2015 ABC Inc. manages decided to establish a Birr. 500 petty cash fund. What is
entry to record for establishment?
A. Cash In Bank 500 C. Petty Cash 500
Petty Cash 500 Account receivable 500
B. Petty Cash 500 D. Petty Cash 500
Cash in Bank 500 Account payable 500
365. The following data is taken from Error Company, liability Birr 90,000 and Asset three times
equity, calculate amount of asset and capital.
A. Asset Birr. 90,000 and Capital 120,000 C. Asset Birr. 45,000 and Capital 120,000
B. Asset Birr. 135,000 and Capital 45,000 D. Asset Birr. 90,000 and Capital 45,000
366. ABC company obtained revenues of birr 85,000 and incurred expense of Birr 52,000 during the
given accounting period. The operating result of this business shows:
C. Profit of Birr 33,000 C. Profit of Birr 137,000
D. Loss of Birr 33,000 D. None of the above
B. Assets B. Revenues C. Liabilities D. Owner’s equity
368. The process of initially recording a business transaction is called:
A. Sliding B. Posting C. Journalizing D. Transposing
369. Commercial papers, Voucher cards, invoices and sales slip are example of one of the following
C. Business document C. Cash
D. Cash Equivalent D. Financial Statement
370. A process of transferring debit and credit account to ledger account is
A. Journalizing B. Posting C. Correcting D. Adjusting
371. The statement that reports revenues and expenses is the:
A. Statement of owner’s equity
B. Statement of financial position
C. Statement of financial performance
D. Statement of cash flows
372. All of the following financial reports are prepared for specific period of time except:
A. Balance sheet C. Bank Reconciliation
B. Income statement D. Trial Balance
373. Assume that merchandise inventory in the beginning was birr 30,000 and net purchases during
the period was birr 55,000 at the end of the period physical shown ending merchandise of birr 20,000,
how much was the net sales during the period and if the gross profit was birr 25,000?
374. The uniform distribution of depreciation over the life of the asset is what method?
A. Straight Line C. Double Declining
B. Sum of the years digit D. Unit of Production
375. Assume that the gross salary of W/ro Aberu was birr 5,600 and the pension contributed by W/ro
Aberu was birr 280 for the month the amount of earnings other than basic salary and assume that
payment pension contribution by 7%
A. Birr. 400 B. Birr. 1,800 C Birr. 1,600 D. Birr. 392
376. The current sequence of partnership liquidation process
A. Payment of liability selling NCA for cash  distribution of remaining cash to partner
B. Selling of NCA for cash distribution of remaining cash to partner  payment of liability
C. Selling of NCA for cash  payment of liability  distribution of remaining cash to partner
D. Payment of liability  distribution of remaining cash to partner  selling NCA for cash
377. Which of the following is not essentially the characteristic of taxation?
A. It is a compulsory levy
B. It provides for non-proportional return or benefit
C. It helps in financing government activity
D. It is an illegal collection
378. Assets in the statement of financial condition for in individuals reported at
A. Cost B. Lower of cost or market C. Estimated Cost D. Market value
379. Taye and Tamiru are partners who share income and loss in the ratio of 2:1 who have a capital
balance of Br. 130,000 and 70.000 respectively. If Sisay, with the consent of Taye acquired one – half
of Taye’s capital for Br. 80,000 for what amount would Sisay capital account be credited is:
A. Br.100,000 B. Br. 80,000 C. Br.65,000 D. Br. 40,000
380. During a period in which general price level is raising which of the following would create a
purchasing power gain?
A. Holding cash C. Holding a long term bonds payable
B. Holding inventory D. Holding a note receivable
381. A corporation financial statement does not report cents amount. This is an example of the
application of which of following concepts?
A. Business entity B. Going concern C. Consistency D. Materiality
382. Types of loan granted for a period of an overnight to a maximum of fourteen days:
A. Cash credited B. Money at cell C. Over draft facility D. Term loan
383. Which of the following is the possible different between a check and a bank draft?
A. A draft cannot be payable to the bearer while check can be so drawn
B. A check can be drawn in one stated branch while a draft drawn for any branch
C. A draft may be discounted while check cannot be discounted
D. A banker is not under a legal obligation to pay the money of draft while for check the bank is
liable to pay the value of it
384. A petty cash fund is:
A. Used to pay up to Birr. 1,000 birr amount
B. Used to pay small payment
C. It is applicable only in small enterprise
D. Used to reimbursed change fund
385. A payment of cash for the purchase of merchandise would be recorded in
A. Purchase journal
B. Sales journal
C. Cash journal
D. Purchase discount journal
386. The controlling account in the general ledger that summarize the debits and credits to the
individual customers in the subsidiary ledger in entitled:
A. Account payable
B. Account receivable
C. Sales
D. Purchase
387. The balance in unearned rent at the end of period represents:
A. An asset
B. A liability
C. Revenue
D. An expense
388. The salary expense account has a credit balance of 10,000.00 on hamle 1, the beginning of the
fiscal year, after reversing entries have been posted but before any transaction has occurred. The
balance represents
A. An asset
B. A liability
C. Revenue
D. An expense
389. What is the maturity value of 90-day, 12% for 100,000.00?
A. 88,000.00
B. 100,000.00
C. 103,000.00
D. 112,000.00
390. At the end of the fiscal year before account are adjusted, account receivable has a balance of Br
400,000.00 and allowance for doubtful accounts has a credit balance 5,000.00. if the estimated of
uncollectable determine by against receivable is 17,000.00, the current portion to be made for
uncollectable accounts will be
A. 5,000.00
B. 12,000.00
C. 17,000.00
D. 400,000.00
391. Post –closing trail balance may include which of the following account
A. Sales B. Salary expense C. Account receivable D. Interest expense
392. A credit may signify
A. An increase in asset account
B. A decrease in asset account
C. A decrease in liability account
D. A decrease in a capital account
393. The payment of cash for your client for the settlement of purchase on account would be recorded
by a:
A. Debit for cash and credit for account receivable
B. Debit for account receivable and credit for cash
C. Debit for account payable and credit for cash
D. Debit for cash and credit for account payable
394. The properties owned by a business enterprise are:
A. Capital B. Owner’s equity C. Assets D. Liability
395. in a business transaction the first occurrence can be recorded in the book of account is
A. Journal B. Ledger C. Payment Journal D. Receipt Journal
396. Goods and documents are exempted in accordance with legislative, organizational guideline and
procedures plus it needs bank permits based on national bank directives, commercial banks policies.
This is referring to:
A. To have principal registration certificate
B. Regarding to import and export activities
C. Regarding to declaration of tax
D. It emphasis the internal control of a company
397. Assume that you have 5,000.00 euro in your hand. What is the equivalent amount of it in USD if
the exchange for a dollar is Birr 18 and for euro is Birr 24?
A. 6,666.67 USD
B. 5,833.33 USD
C. 5,000.00 USD
D. 120,000.00USD

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MULTIPLE CHOICE QUESTIONS

1. Which one of the following intangible asset.

93. One of the following is most liquid asset

245. Which one of the following intangible asset.

359. Which of the following is NOT part of the recording process?

A. Analyzing transactions C. Preparing a trial balance.

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