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Fall 2021 Intro To Accounting + Model Answer

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48 views5 pages

Fall 2021 Intro To Accounting + Model Answer

Uploaded by

karenalber2000
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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AIN SHAMS UNIVERSITY

FACULTY OF ENGINEERING
All Levels
All Program
Fall 2021 Course Code: ASU 323s Time Allowed: 2 Hours
Introduction to Accounting-Final Exam
The Exam Consists of 2 Questions in Two Pages Maximum Marks: 60 1/2
Important Rules:

and is considered as a cheating behavior. If you should have your mobile


.
with you, it must be turned off and placed into your own bag.
Any (Bluetooth, wireless, or
wired) are forbidden.
Clarify your answer with all data, dimensions, sketches, and
annotations. In addition, assume logically any mising data.

Question (1) (30 marks)


A businessman decided to establish a private school on 1st Jan. 2021. So, on
1st Feb., he borrowed $1 Million from a bank with 13% annual interest.
1st Mar., To start interviews for the school crew, He paid $10,000 to rent a small temporary office.
1st May., He paid $420,000 to rent a school court for one year.
1st June., The manager and all the team go to the new school court.
The manager reports that the running cost (salaries, supplies, etc.) will be $80,000 per
month. So, he will need that amount of money each month starting from 1st July.
st
1 July., The school finished the students' registrations. One hundred students paid their fees
$15,000 each. These fees are for the academic year that begins on 1st Sep.

After one year from starting his business, on 31st Dec., The businessman required the following
from you as his accountant:

State the required adjustment for all transactions (from 1st Jan. to 31st Dec.).
Post all the transactions and adjustments to the accounts in the general ledger.
Prepare the adjusted Income Statement, Statement of Owner's Equity, and Balance Sheet.

Question (2) (15 marks)


Costs can be classified into different categories depending upon the purpose of their
classification Explain, giving an example for each type (15 Marks)

Question (3) (15 marks)


A Company provides the following data about product X

Number of units of this product Total Cost in $


1000 95000
2000 130000

If Break-even point in dollars is 200000 $


AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
All Programs, All Levels
Fall 2021 Course Code: ASU 323s
Introduction to Accounting
The Exam Consists of 2 Questions in Two Pages 2/2

Find:
a) Product fixed cost.
b) Product variable cost.
c) Product price per unit.
d) Break-even point in units.
e) Unit Contribution Margin.
f) CM Ratio.
g) Sales in units and in dollars to earn a profit of $30,000.
h) Profit if the expected sales is 8,000 units.

[Note: Put your answers in a table]

Exam Date: Fab. 4th, 2022


Examination Committee
Dr. Nabil M. Hamed
Dr. Mohamed Kohail

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