Gadaa International College ambo campus

HOLISTIC INSTITIUTIONAL ASSESSMENT

ACCOUNTING AND FINANCE Level II- IV
1. What are the five phases of 5s
A. Sort→ set in order→ Shine →Standardize→ Sustain.
B. System →Set in order→ Shine→ Standardize→ Sustain.
C. Software→ Set in order→ Shine →Standardize→ Sustain
D. Success set in order→ Shine →Standardize→ Sustain
2. The money market is the market in which _________ are traded.
A. Short term B. Capital market C. Equity market D. long-term
3. A circular is a form of --------
A. Oral communication. B. Face-to-face communication.
C. Group communication. D. Visual communication
4. Which type of deposits earns higher interest rate?"
A. Saving account C. Recurring Deposit Account
B. Current Account D. Fixed Deposit Account
5. Which of the following budget variance shows favorable budget variance?
A. Budgeted income is greater than Actual income
B. Actual expense is greater than budgeted expense
C. Actual income is less than Budgeted income
D. Actual income is greater than Budgeted income
6. Kalkidan borrows Birr 1200 from a bank with an 8% interest rate for 2 years. What is the Amount of
interest she will have to pay?
A. 182 B. 192 C. 4345 D. 1234
7. Which one of the following are characteristics of tax Except?
A. It is voluntary contribution C) common benefits
B. It is legal collection D) mandatory
8. W/R Alem pland started new business the total starting capital 1,800,000 birr and it show her bank
accouunt 700,000 birr and borrow shortage of cash her bank with in 10% for five year period repay
semi-annually. Required calculate the amount of borrowing
A. 1,800,00 birr B. 700,000 birr C. 1,100,000 Birr D. 2,200,000
9. Based on the above quastion NO 8 calculat semi anual instalment prencipal payment.
A. 220,000 B. 180,000 C. 200,000 D. 110,000
10. Which one is NOT a benefit of Shine?"
A. Inventory reduction
B. Reduce risks, injury, and worker compensation costs.
C. On improving workplace organization and cleanliness.
D. Improve safety.
11. 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
12. Ato Nibert the owner of the business invested birr 100,000 in cash and a building costing Birr
1,000,000.
A. Debit, Nibert capital birr 1,100,000 and credit cash birr 100,000 and credit building Birr
1,000,000
B. Debit cash birr 100,000, debit building birr 1,000,000 and credit Nibert capital birr 1,100,000
C. Debit cash birr 150,000 and credit Nibert capital birr 150,000
D. Debit building birr 150,000 and credit cash birr 150,000

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13. Which one is liability account?
A. Unearned revenue B. Drawing C. Expense D. Fees earned
14. Properties owned by business
A. Asset C. Liability B. Capital D. Revenue
15. Business transaction is recorded in the first book of accounts called:
A. Journal B. Ledger C. Payment D. Trial balance
16. If revenue was $45,000, expenses were $37,500, and the owner’s withdrawals were $10,000, the
amount of net income or net loss was:
A. $45,000 net income C. $37,500 net loss
B. $7,500 net income D. $2,500 net loss
17. 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
18. Admas University bought a Generator by paying 200,000 Br. The Generator is expected to have a
useful life of 20 years and will be worthless at the end of its useful life. What is the amount of annual
depreciation of the Generator if Admas University uses straight line depreciation method?
A. 100,000 Br. B.200,000 Br. C. 1,000 Br. D. 10,000 Br.
19. Ato Nibert borrowed 100,000 birrs to be paid after 20 months with simple interest of 12%. What is
the amount of interest to be paid by Ato Nibert?
A. 240,000 Br. B. 24,000 Br. C. 24,000,000 Br. D. 20,000 Br
20. 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
21. Employee Abebe have Basic salary 3400 birr and Allowance is 100 birr and Total deduction can be
500 birr so the amount of net pay equal to
A. 2500-birr B. 4000-birr C. 3000-birr D 3500bir
22. The legal currency of Great Britain is
A. Dollar B. Euro C. Birr D. Pound
23. Which one of the following is correct when petty cash is replenished?
A. Debit petty cash and Credit to Cash at Bank?
B. Debit Expenses and Credit to Cash at Bank
C. Debit to Expenses and Credit to petty cash
D. Cash short over amount will be credited when there is cash short
24. Which one of the following is intangible asset EXCEPT
A. Copyright B. Goodwill C. Patents D. buildings
25. Is a small amount of cash kept on hand to pay for minor expenses, such as office supplies or
reimbursements?
A. cash B. petty cash C. change cash D. Account receivable
26. The Accumulated Depreciation account is:
A. expense account B. liability account C. asset account D. contra-asset account
27. From the following allowances, identify income tax exempted by government.
A. Position or acting allowance B. Housing allowance C. Hardship allowance D. Transportation
28. Assume that you have 500 euro in your hand what is the equivalent amount of it in USD if the
exchange rate for USD is birr 18 and for euro 24 birr?
A. 666.67 B. 5833.33 USD C. 5000 USD D. 120,000 USD
29. What is the maturity value of 90 day 12% for Br 100,000
A. 9,000 B. 100,000 C. 3000 D. 103,000

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30. One of the following accounts is not closed at the end of the fiscal period
A. Expense B. Revenue C. Income Summary D. Liability
31. One of the following is usually prepaid?
A. Gas B. Telephone C. Electricity D. Insurance
32. The uniform distribution of depreciation over the life of plant assets?
A. Straight line C. Double declining
B. Sum of the years digit D. Units of production
33. If you deposit birr 30,000 on your fixed bank account with annual compound interest of 7% per
annum which is compound quarterly how much the amount of investment after 6 year?
A. 15,021.91 C. 45,493.28
B. 33,291.07 D. 30,000
34. What is the due date of a $15,000, 90-day, and 8% note receivable dated August 5?
A. October 31 C. November 3
B. November 2 D. November 4
35. The bank erroneously charged Tropical Services ‘account for540.50 for a check that was correctly
written and recorded by Tropical Services as $450.50 To reconcile the bank account of Tropical
Services at the end of the month, you would?
A. adds $90 to the cash balance according to the bank statement.
B. add $90 to the cash balance according to Tropical Services’ records.
C. deduct $90 from the cash balance according to the bank statement.
D. deduct $90 from the cash balance according to Tropical Services’ records.
36. Accounting is not concerned with:
A. Design of the accounting system D. Interpretation of non-financial
B. Preparation of financial statements transactions
C. Interpretation of the reports
37. 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
A. Birr 64,000 increase C. Birr 16,000 decrease
B. Birr 64,000 decrease D. Birr 16,000 increase
38. In preparing bank reconciliation, the amount of checks outstanding would be:
A. added to the cash balance according to the bank statement.
B. deducted from the cash balance according to the bank statement.
C. added to the cash balance according to the company’s records.
D. deducted from the cash balance according to the company’s records
39. Unnecessary manual work that does not contribute value to the product is__________.
A. Waste B. necessary C. overburden D. all
40. Which of the following is not required to calculate over time earning
A. OT pay rate B. Regular hourly salary rate C. Allowance D. OT Hours worked
41. A fund is a (an)
A. Legal entity created only when authorized or required by law.
B. Self-balancing set of accounts recording cash
C. Accounting but not a fiscal entity.
D. All of the above
42. Hardaway Inc. purchased inventory as follows:
Jan. 10 200 units at $5.00
Jan. 20 500 units at $10.00
Jan. 30 800 units at $15.00
• Hardaway Inc. had no beginning inventory and has 500 units on hand as of January 31. Assuming the specific
identification method is used and ending inventory consists of 100 units from the Jan. 10 purchase, 300 units
from the Jan. 20 purchase, and 100 units from the Jan. 30 purchase, cost of goods sold would be
A. $13,000 B. $4,000 C. $7,500 D. $5,000

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43. Which type of inventory system is updated inventory system?"
A. Perpetual inventory system C. Both perpetual inventory and
B. Periodical inventory system periodical inventory
D. Average inventory system
44. Which of the following tax payer is required to file Balance Sheet to tax authority?
A. Category ‘’ B’’ tax payers B. Category ‘’ A’’ tax payers C. Category ‘’ C’’ tax payers
D. ALL
45. Given information ATO Nibret company purchase commodity a for resale during
the month October 2014;
October 1.Inventory…………………[email protected]
5. Sales [email protected]
9. [email protected]
19. Sales-------------------- [email protected]
23. Sales [email protected]
30. Purchase [email protected]
• Assume ATO Nibret Company uses periodic inventory system and LIFO costing method
calculate cost of goods sold at the end of November.
A. 740 B. 950 C. 680 D. 210
46. Assume ATO Nibret Company uses periodic inventory system and FIFO costingmethod.
Calculate cost of goods sold at the end of November:
A. 480 B. 950 C. 470 D. 360
47. Assume ATO Nibret company uses periodic inventory system and LIFO costing method, calculate
cost of ending inventory at the end of November:
A. 470 B . 480 C. 210 D. 950
48. Assume ATO Nibret company uses periodic inventory system and FIFO costing method ,
calculate the cost of ending inventory :
A. 950 B. 590 C. 680 D. 470
49. Assume ATO Nibret Company uses periodic inventory system and average costing method; calculate
the cost of ending inventory:
A. 332.5 B. 617.5 C. 950 D. 400
50. Which inventory costing method is not permitted by International Financial Reporting Standards
(IFRS)?
A. Specific Identification B. FIFO C. LIFO D. Avereage cost method
51. Which of the following funds has similar accounting and reporting to the special revenue fund?
A. The proprietary fund B The trust fund C The general fund D The agency fund
52. An increase in the unit variable cost will generally cause an increase in all of the following except:
A. total variable costs. B. contribution margin. C. unit selling price. D. the break-even point
53. The proceeds of a federal grant made to assist in financing the construction of an adult training center
should be recorded in:
A. Debt Service Funds C. Permanent Funds
B. Capital Projects Funds D. General Fund
54. Which one of the follwing is odd?
A. capital project fund B. Debt service fund C. Pension trust fund D. Permant fund
55. Which of the following unit is responsible for converting the data received from the user into a
computer understandable format?
A. Output Unit C. Memory Unit
B. Input Unit D. ALU
56. Which of the following computers are lower than mainframe computers in terms of speed and storage
capacity?
A. Mainframes C. Mini
B. Hybrid D. Super

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57. Which costing system is most suitable for industries that produce unique, custom-made products?
A. Job order costing C. Activity-based costing
B. Process costing D. Standard costing

58. Which costing system is commonly used in industries where continuous production occurs?
A. Job order costing C. Batch costing
B. Process costing D. Target costing
59. Period cost is typically associated with:
A. Direct labor and direct materials.
B. Manufacturing overhead expenses.
C. Administrative and selling expenses.
D. Variable and fixed costs.
60. Auditing standards differ from auditing procedures in that procedures relate to________________.
A. Measure of performance C. Acts to be performed
B. Audit principles D. Audit judgements
61. What is the main difference between accounting and auditing?
A. Accounting focuses on legislative requirements, while auditing focuses on financial statements.
B. Accounting begins with bookkeeping, while auditing begins with the result of accounting.
C. Accountants only need to know GAAP, while auditors need to know IFRS.
D. Accounting is analytical constructive, while auditing is constructive .
62. What is the outcome of accounting and auditing, respectively?
A. Accounting produces audit reports, while auditing produces financial statements.
B. Accounting produces financial statements, while auditing produces audit reports.
C. Accounting produces financial records, while auditing produces evidence.
D. Accounting produces evidence, while auditing produces financial records.
63. What is the primary focus of a financial statement audit?
A. Evaluating operational efficiency
B. Assessing compliance with regulations
C. Verifying the accuracy of financial statements
D. Measuring performance of specific units
64. What type of audit evaluates the efficiency and effectiveness of an organization's operating
procedures?
A. Financial statement audit C. Compliance audit
B. Operational audit D. Internal audit
65. Ethiopian employment income tax system is called __________?
A. Progressive tax system
B. flat tax system
C. Regressive tax system
D. Digressive tax system
66. One among the following is not the key features for accounting for governmental entities
A. Budgetary control C. Cash accounting
B. Fund accounting D. Modified accrual accounting
67. Gadaa College financial statements adequately disclose uncertainties that concern future events, the
outcome of which are not reasonably estimable. The auditor's report should be a (n):
A. Unqualified opinion C. Qualified opinion
B. Disclaimer D. Adverse opinion.
68. IAS 2, inventories should be measured at the------.
A. lower of cost and net realizable value C. lower cost and historical cost
B. higher of cost and net realizable value D. opportunity cost
69. The primary accounting standard-setting body headquartered in London is---------
A. International Accounting Standards Board (IASB).

HOLISTIC INSTITUTIONAL ASSESMENT Page 5 Gadaa International College

 B. International Accounting Standards
C. Financial Accounting Standards Board
D. International Financial Reporting Standards (IFRS)
70. The financial statement that reports assets, liabilities, and equity is the:
A. Income Statement. C. Statement of Financial Position.
B. Retained Earnings Statement. D. Statement of Cash Flows
71. Which menu is going to be selected to inter default information?
A. task B. Maintain C. File D. Report
72. Companies record revenues when they receive cash and record expenses when they pay out cash.
A. Accrual-basis accounting. B. Cash basis accounting
C. Time period assumption D. Expense recognition principle.
73. ABC Company collected the following information to prepare it may bank reconciliation: -
• Cash balance per bank, November 30-----------------------Br 21,000
• Notes Receivables with interest collected by bank----------9,000
• Deposits in transit-------------------------------------------------5,400
• Bank Service charge-----------------------------------------------85
• Outstanding checks------------------------------------------------6,000
• NSF check-----------------------------------------------------------2,100
The cash balance per books before adjustment to the bank balance is
A. Br 20,400 B. Br 13,585 C. Br 6,815 D. Br 27,815
74. Pioneer Advertising Inc. Purchased supplies costing ₺2,500 on October 5. Pioneer recorded the
purchase by increasing the asset Supplies. This account shows a balance of ₺2,500 in the October 31
trial balance. An inventory count at the close of business on October 31 reveals that ₺1,000 of
supplies are still on hand. The correct journal entry
A. Supplies Expense -Credit Br. 1500 B. Supplies expenses Debited Br.1500
C. Supplies Credit -Br 2500 D. Supplies debit Br- 1500
75. What should be incorporated into work planning to support triple bottom line principles?
A. Environmental, social and economic impacts C. Environmental impacts only
B. Financial planning only D. Social impacts only
76. The cost of goods sold is determined and recorded each time a sale occurs in:
A. periodic inventory system only.
B. a perpetual inventory system only.
C. both a periodic and perpetual inventory system.
D. neither a periodic nor perpetual inventory system
77. Which of the following is not an advantage of introducing computerized accounting system?
A. Increased job satisfaction
B. Increased accuracy of entries
C. Time saved through speed of inputs
D. Costs involved in training staff to use system
78. Hollis Company sells a single product for $20 per unit. The company's fixed expenses total $240,000
per year, and variable expenses are $12 per unit of product. The company's break-even point is:
A. $12,000 B. $20,000 C. $600,000 D. $400,000
79. When preparing a production budget, the required production equals:
A. Budgeted sales + beginning inventory + desired ending inventory.
B. Budgeted sales + desired ending inventory. - beginning inventory
C. Budgeted sales - beginning inventory - desired ending inventory.
D. Budgeted sales + beginning inventory - desired ending inventory.
80. ABC Corporation is preparing its Manufacturing Overhead Budget for the fourth quarter of the year. The budgeted variable factory
overhead rate is $3.00 per direct labor-hour; the budgeted fixed factory overhead is $66,000 per month, of which $10,000 is factory
depreciation. If the budgeted direct labor time for October is 6,000 hours, then the total budgeted factory overhead for October
A. $84,000 B. $28,000 C. $78,000 D. $56,000

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Project 1 Handle Foreign Currency Transactions (30min)
Jittu Horticultural PLC is engaged in horticulture activities in order to producing different fruits and
vegetables. The company is exporting its product to European and Middle East countries. At the same
time, company is importing different packing materials in order to pack its products and fertilizers from
abroad.
On May 1, 2013 the company cash balance indicated in bank account was Br 1,550,000.00 on May 10,
2013 fund was transferred to the company accounts USD 50,000.00 and Euro 100,000.00 from their
customers. During May the company also imported different items costing FOB USD 35,000.00 Br
10,000.00, 50,000.00 and 120,000.00 was paid for insurance, fright and customs respectively to the
imported items.
Assume that the following exchange rate is applicable during the month of May 2013. (Constant)
USD EURO

Buying 18.80 25.50

Selling 19.20 26.00

Assume that when there is fund transfer in to the company account the buying rate is applied and for
importing purpose selling rate is applied
Task 1.1 determine total cost of the imported materials assume that there is 3% of Bank service charge
on FOB value
Task 1.2 calculate total fund transferred to the company account in items of Birr during the month
Task 1.3 what will be the balance of cash in bank account assume that there was no any withdraw
during the month except for the import purpose in terms of Birr
Project 2: process financial transaction and extract interim report (50min)
The following table show unadjusted trial balance for ABC Company which is located at
hawassa town for the month of December 31, 2016
The unadjusted trial balance of the business as December 31, 2016 has shown the following
balance
ABC Company Unadjusted
trial balance
For the month ended on Dec 31, 2016
Account title Debit Credit
Cash 40,000
Account receivable 16,000
Office equipment 60,000
Accumulated depreciation-equipment 5,500
Office supplies 12,500
Prepaid insurance 8,500
Account payable 32,500
Deffered liability 26,000
Sales 30,000
ABC-capital 43,000
Total 137,000 137,000

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 Additional information
a. At the end of December 31,2015 the amount of insurance remaining id birr 5,500
b. During the year the office supplies used is amounted to be birr 5,000
c. Five year estimated life and straight line is used for office equipment. There is no salvage value
Task 2.1 make any adjusting entry for the year of December 31, 2016
Task 2.2 prepare adjusted trial balance on December 31, 2016
Task 2.3 prepare income statement; owner equity and balance sheet (assume 30% of tax)
Task 2.4 closing entries
Task 2.5 prepare post-closing trial balance
Project 3: Produce process costing system (30min)
1. Assume ABC manufacturing company uses process costing system and two cost categories direct
material and conversion cost .all direct materials are added at the beginning of production and
conversion cost are allocated evenly throughout production. Each item passes two departments,
department A and B.
Data for department A for the month of January, 2016.
-Beginning WIP January 1, 2016 ----------------------------------- 0 units
-Started during current period --------------------------------------- 700 unit
-Completed and transferred out during current period ----------- 600 unit
-Ending WIP January 31, 2016 ---------------------------------------------- 100 units
-Ending WIP (100 unit) degree of completion
D. M -------- 100%
C .C ---------- 60%
* Total manufacturing cost incur for the month of January;
-Direct material ----------------- 200,000
- Conversion cost ---------------- 160,000
Task 3.1 Computer equivalent unit in terms of direct material and conversion.

Task 3.2 Compute cost per equivalent unit.

Task 3.3 Compute total cost for completed and ending WIP.

Project 4: Provide Management Accounting Information System (40min)

HOPE Company a whole sales distributor leaf rakes occur in august. Sales the company
planning budget for the third quarter are show below
July August September

Total sales 90,000 225,000 140,000

From the past experience the company earned that 20% of the month sales are collected in the
month of sales another 70% are collected in the month following sales and the remaining 10%

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 are collected in the second month following sales. Bad debts are negligible and can be ignored.
May sales totalled 400,000 and June sales totalled birr 480,000
Task 4.1: prepare the schedule expected cash collections from sales by month and in total for the
third quarter
Task 4.2: compute account receivable at September 31
Case 2 Micro Corporation has budgeted sales for its microchips for next four months

Unit sold
April 20,000

May 25,000

June 35,000

July 40,000
The company is prepared the production budget for the third quarter. Ending inventory level
must equal 10% of the next month sales.
Task 4.2.1 calculate the ending inventory as of march 31
Task 4.2.2 calculate production budget for the third quarter by month and in total
Project 5: prepare financial report based on IFRS for small and medium enterprise (1hr)
ABC Corporation opened for 2023 for the following trail balance
ABC Corporation
Trail balance Jan
1, 2023
Account name Debit Credit
Cash 100,000
Account receivable 300,000
Merchandise inventory 254,000
Land 600,000
Account payable 240,000
Loan payable 120,000
Capital stock 210,000
Retained earning 694,000
Dividend 10,000
Revenue
Salary expense
Rent expense
Supply expense
Interest expense
Total 1,264,000 1,264,000

Additional information
ABC Corporation has the following data for the year of 2023G.c
Jan 2023 December 2023

Account receivable 430,000

Merchandise inventory 162,000

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 Account payable 238,000
Accrued salary 134,000 145,000
Unearned sales 17,000 28,000
Prepaid expense 11,000 16,000
 Cash collects from the customers during the period was 130,000
 Cash paid for supply during the period was 44,000
 Cash paid for operating expense during the period was 34,000
Task 5.1 calculate the total sales income during the period using accrued and cash basis accounting
Task 5.2 calculate the total purchase during the period using accrued and cash basis accounting
Task 5.3 calculate the total cost of goods sold during the period using accrued and cash basis
accounting
Task 5.4 calculate the total operating expense during the period using accrued and cash basis
accounting
Task 5.5 prepare financial statement
 Income statement
 Retained earnings statement
Project 6: Prepare financial statement for governmental and not for profit entities
(NFP) (20min)
Harare municipality approved and adopted the budget for the year 2014 E.c on July 1. The estimated
revenue from the property tax is 2,500,000. Interest and penalty birr 15,000 and license and permits birr
14,400 and the amount of authorization for appropriation for general is birr 1,500,000. Public safety birr
600,000 and health and welfare birr 155,000.
Task 6.1 calculate the fund balance
Task 6.2 make the necessary journal entry including the subsidiary account
Project 7: process payroll (1hr)
List of employee in Xyz Company
No Name of employee Basic salary Overtime earning
1 Alemu Megersa 8,000.00 1,000.00
2 Hiwot Abay 12,700.00 1,300.00
3 Fana Hailu 15,200.00 1,400.00
4 Hayat Mohamed 7,800.00 1,500.00
Additional information
 Monthly house allowances of each employee are 11% from basic salary
 Pension contribution from basic salary 7% from employee and 11% from employers
 All employees are responsible to pay 10% to the credit association from basic salary
 House allowance is non-taxable
 Transport allowance of each employee is ¼ from basic salary which in excess 800 is
taxable
Task 7.1 prepare payroll for the month of jan31, 2024
Task 7.2 prepare journal entry

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 ANSER SHEET
1. A. Sort → Set in order → Shine → Standardize → Sustain.
2. A. Short term
3. A. Oral communication
4. D. Fixed Deposit Account
5. D. Actual income is greater than Budgeted income
6. B. 192
7. A. It is voluntary contribution
8. C. 1,100,000 Birr
9. A. 220,000
10. A. Inventory reduction
11. C. Journalizing – posting – trial balance – financial statements
12. A. Debit, Nibert capital Birr 1,100,000 and credit cash Birr 100,000
and credit building Birr 1,000,000
13. A. Unearned revenue
14. A. Asset
15. A. Journal
16. B. $7,500 net income
17. C. Assets, Br 135,000 and Capital, Br 45,000
18. D. 10,000 Br.
19. B. 24,000 Br.
20. D. Corporation
21. C. 3000-birr
22. D. Pound
23. B. Debit Expenses and Credit to Cash at Bank
24. D. Buildings
25. B. Petty cash
26. D. Contra-asset account
27. D. Transportation
28. B. 5833.33 USD
29. D. 103,000
30. C. Income Summary
31. D. Insurance
32. A. Straight line
33. B. 33,291.07
34. C. November 3
35. C. deduct $90 from the cash balance according to the bank statement.
36. D. Interpretation of non-financial transactions
37. D. Birr 16,000 increase
38. B. deducted from the cash balance according to the bank statement.
39. A. Waste
40. C. Allowance

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41. D. All of the above
42. A. $13,000
43. A. Perpetual inventory system
44. B. Category ‘’ A’’ tax payers
45. A. 740
46. D. 360
47. A. 470
48. D. 470
49. B. 617.5
50. C. LIFO
51. D. The agency fund
52. C. Unit selling price
53. B. Capital Projects Funds
54. C. Pension trust fund
55. B. Input Unit
56. C. Mini
57. A. Job order costing
58. B. Process costing
59. C. Administrative and selling expenses
60. C. Acts to be performed
61. B. Accounting begins with bookkeeping, while auditing begins with the
result of accounting.
62. B. Accounting produces financial statements, while auditing produces
audit reports.
63. C. Verifying the accuracy of financial statements
64. B. Operational audit
65. A. Progressive tax system
66. C. Cash accounting
67. B. Disclaimer
68. A. Lower of cost and net realizable value
69. A. International Accounting Standards Board (IASB).
70. C. Statement of Financial Position
71. B. Maintain
72. B. Cash basis accounting
73. B. Br 13,585
74. A. Supplies Expense - Credit Br. 1500
75. A. Environmental, social and economic impacts
76. B. A perpetual inventory system only.
77. A. Increased job satisfaction
78. A. $12,000
79. D. Budgeted sales + beginning inventory - desired ending inventory.
80. A. $84,000

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