PRINCIPLE OF ACCOUNTING I

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Addis Ababa University *

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Nov 24, 2024

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G A G E C O L L E G E D I S T A N C E E D U C A T I O N D I V I S I O N A d d i s A b a b a , P . O . B O X 3 4 6 3 1 , w w w . g a g e c o l l e g e . n e t , i n f o @ g a g e c o l l e g e . n e t T E L . 0 1 1 - 4 - 6 7 4 3 7 6 / 7 7 / 7 8 , 0 1 1 - 1 - 2 6 6 0 0 4 , 0 1 1 - 8 - 5 0 0 3 8 9 / 0 9 1 1 4 7 0 2 2 6 A S S I G N M E N T O N Principles of Accounting I Date: - _____________ Total Weight: - 30 % Name: - ____________________________ ID NO : - ________________ Department: -_______________ Study center: -_____________ Entry year: - __________ Program : DEGREE  This is the only assignment of this course.  This assignment is to be completed and submitted to the office of your center. Do not attempt the assignment until you are certain that you have understood the units it covers and have revised your self-test exercises and learning activities, and other necessary references.  If you have any question about the units and activities, state the item/s clearly on a separate sheet of paper and attach to your assignment paper . 1

 DUE DATE : This assignment must be submitted to the office of your center ON OR BEFORE THE SECOND ROUND TUTORIAL . Please strictly follow the deadline indicated. GAGE COLLEGE DISTANCE LEARNING PRINCIPLE OF ACCOUNTING I Instruction one: Say true or false on the space provided or write your answer on the answer sheet part ----1. A business transaction is the occurrence of an event or a condition that must be recorded ----2. Total amount that is debited to accounts must equal the total amount credited to accounts for each transaction ---3.During the accounting period, the assets increased by 4000 and equity increased by 1000 for the balance sheet equation to balance, the liabilities must increase by 5000 ---4. Book keepers are mostly confined to the recording aspect of the whole process. ---5.The general ledger is a record containing all accounts used by the company ---6.manual accounting system involves the use of automated accounting system with machines like computers. ---7. When liability is zero an amount of asset & capital is equal ---8.current liability are those liabilities or obligation which are to be paid within a year. ---9. Partnership is an enterprise owned by one person and usually operated and managed by the same person. --10.internal auditor can be belongs to public accountant Matching Match an answer from column “B” to column to “A” A B ---11. Monitory unit assumption A. a firm record all its transaction in Birr currency ---12.Business entity concept B. a business will continue for indefinite period ---13.cost principle C. Value your assets based on initial cost basis ---14. Going concern D. I & my business are separate 2

---15.Full disclosure principle E. Financial statements normally provide Information about a company’s past performance Instruction III chose the best answer from the given alternative and write & on the space provided ---16.which of the following provide information about amounts and types of assets a business owns and amounts and types of resources contributed by its owner. A. Balance sheet b. income statement C. statement of cash flows D. All ---17.the company has total investment of birr 100,000 and 60% of the investment comes from outside creditors, so how much birr is contributed by the owners for the company investment A. 100,000 B.40,000 C.60,000 D. 20,000 ---18. The process of recording transaction on journal is said to be A. Posting B. accounting C. journalizing D. none ---19.Keeping the records of the business separate from the personal records of the owner of the business is said to be adherence to which accounting principle or concept? A. Going concern B. Objectivity principle C. cost principle D. business entity concept --20. Which of the following shows the equality of debit and credit A. Trial balance B .chart of account C. ledger D. income statement --21. Among the following one is an internal users of financial statement A. government B. Managers C. Creditors D. suppliers ---22. Which of the following is not an element of balance sheet A. Asset B. Liability C. Revenues D. Capital ---23. From the given alternatives one indicate the medium of exchange that a bank will accept at face value A. liability B. Account payable C. account receivable D. Cash ---24.what could be the liability of the firm if an asset and capital are 3,500 and 2,800 respectively A. 350 B.700 C. 6,300 D. 280 ---25. Which of the following person often called as the” fathers of accounting” 3

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a. Albert Ernestine B. Mikel Jackson C. Luca pacioli D. mahatma Gandhi ---26. The income statement debit balance was Br 6,500 credit balance 9000 and owner withdrawal were Br 2000 the amount of net income or net loss was? A. Br 2000 B. Br 1500 C.Br 500 D. Br 1000 ---27. Minor amount of money to replenish the company activity A. Change fund B. bank statement C. petty cash D. none ---28. The Properties owned by a business enterprise are referred to as A. Liability B. capital C. asset D. Revenues ---29. Which of the following is/are not an internal users of accounting information A. Ethiopian revenues & customs authority C. potential investors B. Sales manager D. creditors E. All except B ---30. A listing of a business entity’s asset, liabilities and owners’ equity as a specific date is A. Income statement B. income summary C. trial balance D. Balance sheet ---31. Assets in the statement of financial condition for an individuals reported at A. Estimated cost B. lower of cost of market C. its Cost D. None ---32 The type of account with the normal credit balance is A. An asset B. Drawing C. an expense D revenues ---33. Which of the following refers the process of identifying measuring and communicating economic information of an entity to interested users to permit informed judgment and decisions. A. Book keeping B. Economics C. Accounting D. Marketing ---34. Which of the following are an accountant who render accounting service on a fee basis A. Public accountant B. private accountant C. Certified public accountant D. A & C ---35. Which of the following are specialized accounting fields A. Auditing B. Anthropology C. Sociology D. Engineering ---36. A profit making businesses that is a separate legal entities & in which ownership is divided into shares of stock is known as a A. Partnership B. Sole proprietorship C. Corporation D. All ---37. One of the following are not the characteristics of corporation 4

A. It has limited liability C. It is a legal entity B. It follows business entity concept D. It has unlimited liability ---38. Which of the following are the major types of financial statements prepared by the business organization to the users A. Income statement B. Balance sheet C. statement of owners’ equity D. All ---39. Increase in owners’ equity comes from? A. Owner investment B. net loss C. net income D. A & C ---40. All financial statements should be identified by A. The name of the business B. The title of the business C. The date D. All --41. Which of the following is correct expression of the accounting equation? A. Asset=liability -owners’ equity B. Owners’ equity= asset + liability C. Asset = liability + owners’ equity D. Liability = asset+ capital --42. List of all the accountants of an entity along with their number is known as “menus of account “ A. chart of account B Trial balance C. Financial statement D. Account --43. A debit may signify A. an increase in an asset account B. a decrease in an asset account C. an increase in a liability account D. an increase in the owner’s capital account --44.the current asset category would include A. cash B. account receivable C. supplies on hand D. all of the above --45.which of the following event is not a transaction A. payment of electric bill B. purchase of office furniture C. Hiring an employee D. borrowing money from the bank Instruction IV fill the blank space ---46. All business transaction are first recorded on the book called -------------------------------- ---47. List of all accounts of an entity along with their number is known as--------------------------------- ---48. The process of transferring each and every item from the journal to the respective ledger 5

Account is------------------------------------------------- --49.The sequence of accounting procedures during a fiscal period or the specific tasks involved in completing an accounting processis called----------------------------------- --50. -------------------------- is a book of original (first) entry Answer sheet Name--------------------------------------------------------------ID Number---------------------- Write True if the stamen is correct and false if it is incorrect 1 2 3 4 5 6 7 8 9 10 Instruction II Matching 11 12 13 14 15 Instruction III Choose the best answer from the given alternatives 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 6

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T o p i c : I n t r o d u c t i o n t o F i n a n c i a l M a r k e t s W h a t d i f f e r e n t a s p e c t s o f f i n a n c i a l m a r k e t s d o t h e S e c u r i t i e s A c t o f 1 9 3 3 a n d t h e S e c u r i t i e s E x c h a n g e A c t o f 1 9 3 4 r e g u l a t e ? T o p i c : B u s i n e s s V a l u a t i o n a n d C o r p o r a t e R e s t r u c t u r i n g W h a t i s a n o p e r a t i n g u n i t ? W h a t i s a d i v e s t i t u r e ? W h a t a r e f o u r c o m m o n m e t h o d s u s e d b y f i r m s t o d i v e s t t h e m s e l v e s o f o p e r a t i n g u n i t s ? W h a t i s b r e a k u p v a l u e ?
M A N A G I N G Y O U R C A S H A N D S A V I N G S Y o u ’ r e g e t t I n g m a r r i e d a n d a r e u n h a p p y w i t h y o u r p r e s e n t b a n k . D i s c u s s y o u r s t r a t e g y f o r c h o o s i n g a n e w b a n k a n d o p e n i n g a n a c c o u n t . C o n s i d e r t h e f a c t o r s t h a t a r e i m p o r t a n t t o y o u i n s e l e c t i n g a b a n k – s u c h a s t h e t y p e a n d o w n e r s h i p o f n e w a c c o u n t s a n d b a n k f e e s a n d c h a r g e s .
1 . F r e d O n g k e k o w i s h e s t o h a v e P 4 M i n a r e t i r e m e n t f u n d 2 0 y e a r s f r o m n o w . H e c a n c r e a t e t h e r e t i r e m e n t f u n d b y m a k i n g a s i n g l e l u m p - s u m d e p o s i t t o d a y. a ) I f u p o n r e t i r e m e n t i n 2 0 y e a r s F r e d p l a n s t o i n v e s t P 4 M i n a f u n d t h a t e a r n s 5 % , w h a t i s t h e m a x i m u m a n n u a l w i t h d r a w a l h e c a n m a k e o v e r t h e f o l l o w i n g 1 5 y e a r s ? b ) H o w m u c h w o u l d F r e d n e e d t o h a v e o n d e p o s i t a t r e t i r e m e n t t o a n n u a l l y w i t h d r a w P 3 5 0 , 0 0 0 . 0 0 o v e r t h e 1 5 y e a r s i f t h e r e t i r e m e n t f u n d e a r n s 8 % ? c ) T o a c h i e v e h i s a n n u a l w i t h d r a w a l g o a l o f P…

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