principle of accounting II

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Addis Ababa University *

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101

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Accounting

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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 Principle of Accounting II 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 .  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.

Instruction one: Say true or false on the space provided _______1. Book value is the difference between acquisition cost and scrap (salvage) values. _______2. Merchandise with a list price of $ 2000 is sold with a trade discount 0f 30% and cash term of 2/10 n/30.if the merchandise is paid for within the discount period, the total cost will be $1372 _______3. Receivables of all types are normally reported on the income statement at their net realizable value _______4. An amount the company expects to receive in cash is called net realizable value. _______5. The face value of a note is called the principal, which equals the initial amount of credit provided. _______6. The drawer is the party that holds the note and receives payment from the maker when the note is to be paid. _______7. Position allowance is a monthly payment to an employee for bearing a particular office responsibility ______8 Plant asset are considered as non -current asset ______9.If a note is non-interest bearing the face value is less than the maturity value _____10 The normal balance side of notes receivable will be debit. _____11. Depreciation is a non cash operating expense _____12. Net pay / take home pay is the earning of an employee before all deduction _____13. On aging method since the date of debt goes up the probability to loss their balance is high. _____14. Discounting is the act of selling (transferring) a note receivable to a bank by endorsement. _____15. When the maker of a promissory note fails to pay, the note is said to be honored.

Instruction two: choose the best answer from the given alternatives ----16 . 90 day, 11% promissory note that is dated June 13 will have a maturity date of A. September 11 B. July 11 C. august 11 D. June 11 ----17. Among the following one is something that you will collect in the future from your credit customers A. Receivables B. Payable C. Equity D. Asset ---18.which of the following is not subjected to depreciation A. Equipment B. land C. Building D.Vehicles ---19. Notes that are due in one year or less are considered as A. Non-current asset B. Current Asset C. Current liability D. non-current liability ----20. Merchandise in transit at the end of the accounting period that has been shipped FOB shipping point should be included in the ending inventory of? A. The buyer B. The seller C. both the buyer and seller D. None ---21. From the given alternatives one is an element of Notes receivable (characteristics of notes receivable) A. The face value B. Due (maturity) date C. Interest D. All ---22. Which of the following refers the total earnings of the employees for a given pay period before deduction A. Net pay B. Gross earning C. withholding tax D. wage ---23. A note dated today and maturing tomorrow involves A. One day`s interest b. two Day`s interest C. Three day`s interest D. none ---24. One of the following factors has to be considers for computing depreciation. A. cost of an asset B. salvage values C. Economic useful life D. All ---25.A fixed asset with a cost of Br 40,000 has an accumulated depreciation of Br 38,000 is sold for Br 2,500 what is the amount of the gain or loss on disposal of the fixed asset A. Br 2,500 gain B.Br 500 gain C. Br 500 loss D.Br 2000 loss

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----26. Which of the following reflect the nature of plant asset except A. .Are acquired for use in the operation of the business B. Have useful life more than one year C. Are subjected to depreciation D. Are intended to resale for customers E. None ---27. What would be the Net Realizable value if account receivable and allowance for bad debt is 5,800 and 1,800 respectively?A.5, 600 B.4, 000 C. 2,400 D. 4,800 ---28. A machine with a cost of Br 85,000 has an estimated residual value of Br 5000 and an estimated life of 4 years so, what could the depreciated value on the first year A. Br 2000 B.Br 5000 C. Br 8000 D. None ---29.The difference between maturity value and discount will be A. Discount period B. Proceed c. Discount rate D. Interest ---30.Which of the following is not component of payroll register? A. Gross-earning B. Employee name C. Signature D. total deduction E. None ---31 Which of the following inventory type is found on manufacturing firms? A. Raw material B. Work in process C. Finished goods D. All ---32.What could be the goods available for sale if the begging inventory & newly purchased inventory are 1,500 & 2,500 respectively? A. 2,500 B. 4,000 C. 1,500 D.1,000 ---33.Assume that damaged merchandise that had a cost of BR 3500 can be sold for only 3000 direct costs of disposal are estimated as BR 500 for maintenance and BR 500 for sales commission, so then what could be the net realizable value of an inventory A. 3500 B.2500 C.3000 D.1000 ---34.Which of the following one reflects that goods are sold in order in which they are purchased A. LIFO B. FIFO C. weighted average method D. None ---35.The pension contribution is contributed by A. Employees B. Employer`s C. Both employees & employers D. None

---36.What could be the book values of an asset if the acquisition cost is 100,000 and if the salvage value is 10,000 A. 10,000 B. 90,000 C. 80,000 D. 110,000 ---37. Which accounting concepts or principle specifically states that we should record transaction at the amount that can be verified? A. Entity concept B. cost principle C. Going concern D. materiality concept ---38.A profit making business that is a separated legal entity and in which ownership is divided to shares of stock is known as A. Sole proprietorship B. Partnership C. Corporation D. All Instruction Three: workout 1 Based on the given below do question 39 to 41. Give n Date sene 30 Face value 30,000 Period 180 Interest 14% Required : 39.Determine due date 40. Determine interest 41. Determine Maturity value

Work out 2 Do question 42 to 45based on the given below if a note is endorsed immediately (year 360) Principal/face value 100,000 Interest rate 10% Discounted period 180 days 42. Determine an interest 43. Determine the maturity value 44. Determine the discount 45. Determine the proceed Work out 3. From the given below calculate the value of the inventory assuming Lower of cost market commodi Qty Unit cost market item group As a

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ty cost whole x 200 20 4000 3800 3800 y 150 10 1500 2000 1500 Total 5500 5800 5500 A 500 5 2500 3000 2500 B 350 2 700 650 650 Total 3200 6650 3200 Total inventory 8700 12450

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Related Questions

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 ?
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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