1

‫‪Final Revision‬‬
‫‪Financial Accounting‬‬
‫‪First Year‬‬
‫‪2019/ 2020‬‬
‫‪Test bank‬‬
‫‪+‬‬
‫‪solution of exams‬‬
‫مزكره المراجعه النهائيه‬

‫عباره عن‬
‫‪test bank‬‬
‫وحل امتحان ‪ 2017‬و ‪ 2016‬و النظرى كله‬
‫بالكامل‬
‫اهم امتحانين هم ‪ 2016‬و‪ 2017‬والسبب‬
‫النه االمتحان هيجى فى صوره امتحان تقليدى فى صوره امتحان الكترونى‬
‫‪1 | Page‬‬ ‫‪dr/ magdy kamel‬‬

1. Accountants refer to an economic event as a
a. purchase. b. sale.
c. transaction. d. change in ownership.
2. The accounting process includes each of the following except

a. communication. b. convergence.
c. identification. d. recording.
3. Bookkeeping primarily involves which of the following parts of the

accounting process?
a. Identification. b. Communication.
c. Recording. d. Analysis.
4. Which of the following would not be considered an external user of

accounting data for the GHI Company?
a. Taxing authority representative. b. Management.
c. Creditors. d. Customers.
5. Which of the following would not be considered internal users of accounting

data for a company?
a. The president of a company. b. The controller of a company.
c. Creditors of a company. d. Salesmen of a company.
6. Which one of the following is not an external user of accounting information?

a. Regulatory agencies. b. Customers.
c. Investors. d. All of these answer choices are correct.
7. Which of the following would not be considered an internal user of accounting data
for GHI Company?
a. President of the company. b. Production manager.
c. Merchandise inventory clerk. d. President of the employees' labor union.
8. External users of accounting information include all of following except

a. the shareholders of Air Italy. b. the management of Pirelli.
c. a potential customers of Olivetti. d. All of these answer choices are correct.
9. Financial accounting provides economic and financial information for each of

the following except
a. creditors. b. investors.
c. managers. d. other external users.
10. The historical cost principle requires that companies record assets at their
a. appraisal value. b. cost.
c. market price. d. list price.
2 | Page dr/ magdy kamel

11. GAAP stands for
a. Generally Accepted Auditing Procedures.
b. Generally Accepted Accounting Principles.
c. Generally Accepted Auditing Principles.
d. Generally Accepted Accounting Procedures.
12. ahmed company purchased land for $118,000,000 in 2005. At December 31,
2014, an appraisal determined the fair value of the land is $136,000,0000. If
Ahmed follows the cost principle, the land will be reported on the statement of
financial position at
a. $100,000,000. b. $118,000,000.
c. $136,000,000. d. $154,000,000.
13. The economic entity assumption requires that the activities
a. of different entities can be combined if all the entities are corporations.
b. must be reported to the Securities and Exchange Commission.
c. of a sole proprietorship cannot be distinguished from the personal economic
events of its owners.
d. of an entity be kept separate from the activities of its owner.
14. John and Sam met at law school and decide to start a small law practice
after graduation. They agree to split revenues and expenses evenly. The most
common form of business organization for a business such as this would be a
a. joint venture. b. partnership.
c. corporation. d. proprietorship.
15. Equity is best depicted by the following:
a. Assets = Liabilities. b. Liabilities + Assets.
c. Residual equity + Assets. d. Assets – Liabilities.
16. The basic accounting equation may be expressed as
a. Assets – Equity = Liabilities. b. Assets – Liabilities = Equity.
c. Assets = Liabilities + Equity. d. All of these answer choices are correct.
17. Liabilities
a. are future economic benefits. b. are existing debts and obligations.
c. possess service potential. d. are things of value used by the business
18. Liabilities of a company would not include
a. notes payable. b. accounts payable.
c. wages payable. d. cash.
19. Liabilities of a company are owed to

a. debtors. b. benefactors.
c. creditors. d. underwriters.

20. Equity can be described as
a. creditorship claim on total assets. b. ownership claim on total assets.
c. benefactor's claim on total assets. d. debtor claim on total assets.
21. The basic accounting equation cannot be restated as

a. Assets – Liabilities = Equity. b. Assets – Equity = Liabilities.
c. Equity + Liabilities = Assets. d. Assets + Liabilities = Equity.
22. If total liabilities increased by $35,000 and equity increased by $10,000

during a period of time, then total assets must change by what amount and
direction during that same period?
a. $45,000 decrease b. $45,000 increase
c. $60,000 increase d. $70,000 increase
23. If total liabilities decreased by $35,000 and equity increased by $10,000

during a period of time, then total assets must change by what amount and
direction during that same period?
a. $45,000 increase b. $25,000 decrease
c. $25,000 increase d. $35,000 decrease
24. Which of the following statements is most true?

a. Accounting is the part of bookkeeping devoted to identifying and measuring
economic information.
B. Bookkeeping is the part of accounting devoted to identif!ing and measuring
economic information.
c. Bookkeeping is the part of accounting associated with making informed judgments.
d. Accounting is the part of bookkeeping associated with making informed judgments.
25. Which of the following is a form of internal control that ensures the ledger is
balanced?
a. Financial statements. b. sequentially numbered source documents.
C. trial balance. d. Adjusted entries
26. Which of the following best distinguishes adjusting entries from closing entries?
a. Adjusting entries involve only balance sheet accounts. closing entries involve only
income statement accounts.
b. closing entries cannot be journalized using information technology& while
adjusting entries
C. Adjusting entries happen before preparing financial statements; closing entries
occur after preparing financial statements.
d. In adjusting entries & debits must equal credits ; in closing entries & debits should be
greater than credits
27) An organization paid for a six - month insurance policy in november. At the end of
December, the organization should make an adjusting entries for:
a. Depreciation. b. An accrued expense.
C. A prepaid expense. d. uncollectible accounts
28) A company purchased a three - month insurance policy for $450 on December 1.
On December 31 the company should:
a. debit prepaid insurance and credit insurance expense, $450
b. debit insurance expense and credit prepaid insurance, $450
c. debit prepaid insurance and credit insurance expense, $150
d. debit insurance expense and credit prepaid insurance, $150
29) Calculate the amount of cash

if: Total assets=$10,000 Total liabilities=$10,000 Total Capital=$5000
A) $6000 B) $10,000
C) $5000 D) $1000
30. Find the value of assets if: Liabilities=$5000 and Capital=$1000

A) $4000 B) $6000
C) $7000 D) $3000
31. Capital increases if ______ increases

A) Expenses B) Drawings
C) Interest on capital D) Revenue
32.Capital of a business decreases if there is an increase in

A) Drawings B) Income
C) Gains D) Fresh capital
33.If the total liabilities of a business decrease by $5000 what will be the effect on total
asset? (assuming the amount of capital remain same)
A) Remain constant B) Decrease by $5000
C) Increase by $5000 D) Increase by $10,000
34.If the business's owner withdraws cash for his/her personal use what will be the
effect on capital?
A) Increase in capital B) Remain the same
C) Decrease in capital D) No effect on capital
35.Net income equal to Revenues minus

A) Gains B) Depreciation
C) Expenses D) Capital expenditures
36.Collection of account receivable will
A) Increase assets and decrease assets
B) Increase assets and decrease liabilities
C) Increase assets and increase capital
D) Increase assets and increase cash
37. Payment of expenses will ______ the assets

A) Increase B) Reduce
C) apportion D) Overstate
38. Which of the following accounts normally has a credit balance?

A. Cash. B. Service revenue.
C. Accounts receivable. D. Utilities expense.
39. In a ledger, debit entries cause:

A. Increases in owners' equity, decreases in liabilities, and increases in assets.
B. Decreases in liabilities, increases in assets, and decreases in owners' equity.
C. Decreases in assets, decreases in liabilities, and increases in owners' equity.
D. Decreases in assets, increases in liabilities, and increases in owners' equity.
40. In accounting, the terms debit and credit indicate, respectively:

A. Increase and decrease. B. Left and right.
C. Decrease and increase. D. Right and left.
41. Which of the following accounts normally has a debit balance?

A. Accounts payable. B. Retained earnings.
C. Accounts receivable. D. Service revenue.
42. The collection of accounts receivable is recorded by a:

A. Debit to Cash and a debit to Accounts Receivable.
B. Credit to Cash and a credit to Accounts Receivable.
C. Debit to Cash and a credit to Accounts Receivable.
D. Credit to Cash and a debit to Accounts Receivable.
43. The purchase of equipment on credit is recorded by a:

A. Debit to Equipment and a credit to Accounts Payable.
B. Debit to Accounts Payable and a credit to Equipment.
C. Debit to Equipment and a debit to Accounts Payable.
D. Credit to Equipment and a credit to Accounts Payable.

44. The sequence of accounting procedures used to record, classify, and summarize
accounting information is called the:
A. Accounting cycle. B. Accounting period.
C. Accrual accounting. D. Double-entry bookkeeping.
45. The agreement of the debit and credit totals of the trial balance gives assurance
that:
A. All transactions were posted correctly.
B. No transactions were omitted.
C. The number of accounts with debit balances equals the number of accounts with
credit balances.
D. The total debits equal the total credits.
46. Recognizing revenue when it is earned and not when cash is received and
recognizing expenses when the related goods or services are used rather than when
they are paid for is called:
A. Revenue recognition. B. Accrual accounting.
C. Conservatism. D. Matching.
47. The process of originally recording a business transaction in the accounting

records is termed:
A. Journalizing. B. Footing.
C. Posting. D. Balancing.
48. If the trial balance has a higher debit balance than credit balance, it signifies:
A. Assets are more than liabilities. B. A profit.
C. A loss. D. An error has been made.
49. What type of account will normally contain a debit balance?

A. Asset. B. Liability.
C. Owners' equity. D. Revenue.
50. If a company purchases equipment on account:

A. Assets will increase and owners' equity will also increase.
B. Assets will increase and owners' equity will decrease.
C. Assets will increase and owners' equity will remain unchanged.
D. Assets will increase and liabilities will decrease.
51. The journal entry to record a particular business transaction includes a credit to a
liability account. This transaction is most likely also to include:
A. Issuance of new capital stock. B. The purchase of an asset on account.
C. A cash payment. D. A credit to Accounts Receivable.
52. If a company purchases equipment for cash:
A. Assets will increase and owners' equity will also increase.
B. Assets will increase and owners' equity will decrease.
C. Assets will increase and owners' equity will remain unchanged.
D. Total assets and owners' equity will remain unchanged.
53. A journal entry which records revenue must include:

A. A debit to Cash. B. A credit to a revenue account.
C. A credit to the owners' equity account. D. A debit to the owners' equity
account.
54. The purchase of office equipment at a cost of $7,600 with an immediate payment
of $4,200 and agreement to pay the balance within 60 days is recorded by:
A. A debit of $7,600 to Office Equipment, a debit of $4,200 to Accounts Receivable,
and a credit of $3,400 to Accounts Payable.
B. A debit of $7,600 to Office Equipment, a credit of $4,200 to Cash, and a credit of
$3,400 to Accounts Receivable.
C. A debit of $3,400 to Accounts Receivable, a debit of $4,200 to Cash, and a credit of
$7,600 to Office Equipment.
D. A debit of $7,600 to Office Equipment, a credit of $4,200 to Cash, and a credit of
$3,400 to Accounts Payable.
55. Land is purchased by making a cash down payment of $40,000 and signing a note
payable for the balance of $130,000. The journal entry to record this transaction in the
accounting records of the purchaser includes:
A. A credit to Land for $40,000. B. A debit to Cash for $40,000.
C. A debit to Land for $170,000. D. A debit to Note Payable for
$130,000.
56) bookkeeper for Wood Mfg. made the following journal entry on January 30, 2009:
This transaction involves:

A. The sale of land and building for $286,000.
B. Payment of $221,000 on a note payable.
C. The receipt of $65,000 cash.
D. An increase in liabilities of $221,000.

Before the journal entry above, Wood had assets, liabilities, and owners' equity of
$450,000, $100,000, and $350,000, respectively. What are total assets immediately
after the above transaction occurs?
A. $221,000. B. $671,000.
C. $735,500. D. $450,000.
$450,000 + $201,500 + $84,500 - $65,000 = $671,000
57) Montauk Oil Co. reports these account balances at December 31, 2010
On January 2, 2011, Montauk Oil collected $50,000 of its accounts receivable and
paid $20,000 of its accounts payable.
In a trial balance prepared at December 31, 2010 the total of the debit column is:
A. $1,540,000. B. $780,000.
C. $1,020,000. D. $700,000.
$80,000 + $100,000 + $200,000 + $160,000 + $240,000 = $780,000
In a trial balance prepared at January 3, 2011, the total of the debit column is:
A. $760,000. B. $1,570,000.
C. $740,000. D. $370,000.
$110,000 + $50,000 + $200,000 + $160,000 + $240,000 = $760,000 or
$780,000 (from above) - $20,000 payment of liability = $760,000
On January 3, 2011, total liabilities are:

A. $370,000. B. $350,000.
C. $300,000. D. $70,000.
$90,000 + $260,000 = $350,000

58) Ceramic Products, Inc. reports these account balances at January 1, 2009 (shown
in alphabetical order):
On January 5, Ceramic Products collected $12,000 of its accounts receivable and paid
$11,000 on its note payable.
In a trial balance prepared for Ceramic Products on January 1, 2009, the total of the
credit column is:
A. $182,000. B. $196000.
C. $166,000. D. $286,000.
$24,000 + $28,000 + $185,000 + $49,000 = $286,000
In a trial balance prepared on January 5, 2009, the total of the credit column is:
A. $275,000. B. $286,000.
C. $287,000. D. $297,000.
$28,000 + $13,000 + $185,000 + $49,000 = $275,000
On January 5, 2009, total liabilities are:

A. $0. B. $30,000.
C. $56,000. D. $41,000.
$28,000 + $13,000 = $41,000

59) The following transactions occurred during June, the first month of operations for
Accurate Manufacturing.:
*ahmed started his business by depositing for 600,000 in cash
* Purchased a piece of land for $250,000, making an $80,000 cash down payment
and signing a note payable for the balance.
* Made a $100,000 cash payment on the note payable from the purchase of land.
* Purchased equipment on credit from National Supply for $40,000.
The balance in the Cash account at the end of June:

A. $52,000. B. $350,000.
C. $420,000. D. $380,000.
What are total assets at the end of June?

A. $710,000. B. $890,000.
C. $630,000. D. $460,000.
What is the total liabilities at the end of June?

A. $70,000. B. $110,000.
C. $200,000. D. $240,000.
What is the total owners' equity at the end of June?

A. $60,000. B. $110,000.
C. $240,000. D. $600,000
60. Sunset Tours has a $3,500 account receivable from the Del Mar Rotary. On
January 20, the Rotary makes a partial payment of $2,100 to Sunset Tours. The
journal entry made on January 20 by Sunset Tours to record this transaction includes:
A. A debit to the Cash Received account of $2,100.
B. A credit to the Accounts Receivable account of $2,100.
C. A debit to the Cash account of $1,400.
D. A debit to the Accounts Receivable account of $1,400.
61. Indicate all of the following statements that correctly describe net income. Net
income:
A. Is equal to revenue minus expenses.
B. Is equal to revenue minus the sum of expenses and dividends.
C. Increases owners' equity.
D. Is reported by a company for a period of time.

62. Indicate all correct answers. In the accounting cycle:
A. Transactions are posted before they are journalized.
B. A trial balance is prepared after journal entries have been posted.
C. The Retained Earnings account is not shown as an up-to-date figure in the trial
balance.
D. Journal entries are posted to appropriate ledger accounts.
64. Ahmed started his business by depositing 60,000 in cash

The journal entries is
a) debit of 60,000 to cash, a credit 60,000 to capital
b) debit of 60,000 to accounts receivable, a credit of 60,000 to capital
c) debit of 60,000 to cash, a credit of 60,000 revenue
d) debit of 60,000 to cash, a credit of 60,000 notes payable
65. purchased office equipment from golden star company for 15,000, cash down
payment of 5,000 was made, the remaining to be paid after 15 days
the journal entries is …………
A. A debit of $15,000 to Office Equipment, a debit of $5,000 to Accounts Receivable,
and a credit of $10,000 to Accounts Payable.
B. A debit of $15,000 to Office Equipment, a credit of $5,000 to Cash, and a credit of
$10,000 to Accounts Receivable.
C. A debit of $10,000 to Accounts Receivable, a debit of $5,000 to Cash, and a credit
of $15,000 to Office Equipment.
D. A debit of $15,000 to Office Equipment, a credit of $5,000 to Cash, and a credit of
$10,000 to Accounts Payable.
66. Made repairs to some customers for 6,000. Collected 2,000 in cash, and the
remaining balance billed to customers and due within 10 days.
The journal entries is ………..
a) a debit of 4,000 to cash, a debit of 2,000 to accounts receivable, and a credit of
6,000 to services revenue
b) a debit of 2,000 to cash, a debit of 4,000 to accounts receivable, and a credit of
c) a debit of 2,000 to services revenue, a debit of 4,000 to accounts receivable, and a
credit of 6,000 to cash
d) a debit of 2,000 to accounts receivable, a debit of 4,000 to services revenue, and a

67. purchased furniture from silver star company amounted of 12,000, of which $2,000
paid in cash, and the remaining on accounts
A. A debit of $12,000 to furniture, a debit of $2,000 to Accounts Receivable, and a
credit of $10,000 to Accounts Payable.
B. A debit of $12,000 to furniture, a credit of $2,000 to Cash, and a credit of $10,000
to Accounts Receivable.
C. A debit of $12,000 to furniture, a credit of $2,000 to Cash, and a credit of $10,000
to Accounts Payable.
D. A debit of $10,000 to Accounts Receivable, a debit of $2,000 to Cash, and a credit
of $12,000 to furniture.
68. Nouran withdrew $1,000 cash for personal used

a) a debit of 1,000 to drawing accounts, a credit of 1,000 to cash
b) a debit of 1,000 to cash, a credit of 1,000 to drawing accounts
c) a debit of 1,000 to capital accounts, a credit of 1,000 to cash
d) a debit of 1,000 to cash, a credit of 1,000 to capital accounts
69. made a repair services to some customers for 8,000, collected 3,000 in cash, and
the remaining balance for notes
a) a debit of 3,000 to cash, a debit of 5,000 to accounts receivable, and a credit of
b) a debit of 3,000 to cash, a debit of 5,000 to notes receivable, and a credit of 8,000
to services revenue
c) a debit of 8,000 to services revenue, a debit of 5,000 to accounts receivable, and a
d) a debit of 3,000 to accounts receivable, a debit of 5,000 to services revenue, and a
70. The nature of financial accounting is:

a) Historical b) Forward looking
c) Analytical d) Social
71. prepaid Insurance is shown as:

a) Current assets b) Current liabilities
c) Fixed asset d) Fixed liability
72. unearned revenue is shown as:

a) Current assets b) Current liabilities
c) Fixed asset d) Fixed liability

73. prepaid expense is treated as
a) Current asset b) Current liability
c) Short term liability d) None of these
74.book containing a chronological record of business transaction & original record

a) Journal b) Ledger
c) Trial balance d) None of these
75. Transferring the debit and credit item from the journal to the respective accounts is
called
a) Compound Journal b) Ledger
76.A statement containing the various ledgers balances on particular date

a) Compound Journal b) Ledger
77.The transferring of debit and credit items from journal to the respective accounts in
the ledger is called as
a) Ledger b) Posting
c) Forward journal d) None of these
78. Of the following account types, which would be increased by a debit?

a. Liabilities and expenses. b. Assets and equity.
c. Assets and expenses. d. Equity and revenues.
79.Going concern concept assumes

a) Business as a dissolving concern b) Business on relishing values
c) Business as a going concern d) Asset = liability
80. _____________ system records only actual cash receipts and payments
a) Cash basis b) Accrual basis
c) Mercantile basis d) Single entry basis
81.Managerial accounting information is generally prepared for …………………

a) Shareholders b) Creditors
c) Managers d) Regulatory agencies
82. Rent paid to landlord should be credited to

a) Landlords account b) Rent account
c)Cash account d) Expense account
83. The nature of financial accounting is:

a) Historical b) Forward looking
c) Analytical d) Social
84.The receipt of cash from customer is recorded as:
a.Debit to cash and credit to accounts receivables
b.Debit to accounts receivables and credit to cash
c.Debit to cash and credit to accounts payable
d.Debit to accounts payable and credit to cash
85. The concept of going concern says:

a.Record all expenses as they incurred
b.Record all revenues when they are received
c.Record expected losses but not expected profits
d.Business will continuing for along time period
86. The financial position of the business on a given date is reported on the
a. Income Statement b. Balance Sheet
c. Statement of Changes In Owner's Equity d. Statement of Cash Flows
87. The net profit or loss for a particular period of time is reported on the
a. Income Statement b. Balance Sheet
c. Trial Balance d. Statement of Changes In Owner's Equity
88. The investment of cash into the business results in a/an

a. increase in cash and a decrease in capital
b. increase in cash and an increase in capital
c. decrease in cash and an increase in capital
d. increase in fees earned and an increase in capital
89. The purchase of supplies for cash will result in a/an

b. increase in cash and an increase in supplies
c. increase in supplies and a decrease in cash
d. increase in equipment and an increase in capital
90. Services rendered for cash will result in a/an

b. increase in cash and an increase in sevice revenue
c. decrease in cash and an increase in service revenue
d. increase in revenue and an decrease in capital
91. Cash is received from a client for office rental space.

a. cash increases and rental fees earned decreases
b. cash increases and rental fees earned increases
c. cash decreases and capital increases
d. cash decreases and withdrawals increases

92. 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 concept?
a. Continuing-concern concept b. Business entity principle
c. Realization principle d. Objectivity principle
93. Keith Manich deposited $5,000 in a bank account,Recording the deposit will
a. increase an asset, increase a liability
b. decrease an asset, decrease a liability
c. increase an asset, increase owner's equity
d. decrease an asset, decrease owner's equity
94. The owner of a computer services business was able to acquire a new computer,
valued at $5,000, by establishing an account with the computer vendor, Com Pewters
Unlimited. There was no down payment. Recording the transaction will
95. the payment of an account payable to an office supplies store. Recording the
transaction will
96. If assets increased by $5,000, and the owner's equity increased by $1,000, then
the liabilities must have
a. increased by $6,000 b. increased by $4,000
c. decreased by $4,000 d. decreased by $6,000
97. If assets increased by $7,000, and the owner's equity decreased by $3,000, then
the liabilities must have
a. increased by $10,000 b. increased by $4,000
c. decreased by $4,000 d. decreased by $10,000
98.A fire insurance policy for nine months was purchased on june 1, and the premium
of $18,000 was paid in advance and recorded in prepaid insurance.
The adjusting entries at the end of December is
a. debit Insurance Expense and credit Prepaid Insurance, $14,000
b. debit Insurance Expense and credit Prepaid Insurance, $12,000.
c. debit Prepaid Insurance and credit Insurance Expense, $14,000
d. debit Prepaid Insurance and credit Insurance Expense, $12,000.

99) On August 1,Ahmed company was paid in advance for six months’rent of
$18,000, the adjusting entries is
1) debit rent expense and credit prepaid rent, $ 3,000
2) debit prepaid rent and credit rent expense, $15,000
3) debit rent expense and credit prepaid rent, $15,000
4) debit prepaid rent and credit rent expense, $ 3,000
100. A ten – month loan had been obtained on September 1, for amount of $50,000.
Interest is to be computed at an annual rate of 12% and is payable when the loan is
due. No interest has been paid or recorded yet.
The adjusting entries at the end of December is
a) debit interest expense, credit interest receivable, $20,000
b) debit interest expense, credit interest payable, $20,000
c) debit interest payable, credit interest expense, $50,000
d) debit interest expense, credit interest payable, $50,000
101. the furniture is being depreciated over a period of 10 years. The residual value
is $3,000 (the cost of the furniture is $23,000).
The adjusting entries of depreciation expense at the end of December is
a) debit to depreciation expense, $2,300
b) credit to depreciation expense, $2,300
c) debit to depreciation expense, $2,000
d) credit to accumulated depreciation, $2,000
102. some clients made an advance payment of $10,000 for services to be rendered
in future. These advances were credited to the unearned revenue account. $4,000 of
these advances were earned by the business.
The Adjusting entries for service revenue is
a) credit to service revenue, $4,000 .
b)credit to service revenue is $6,000.
c) debit to unearned revenue is $4,000.
d) credit to unearned renenue is 4,000.
In the previous above, the adjusting entries is

a. debit seviceRevenue and credit Unearned Revenue, $4,000.
b. debit service Revenue and credit Unearned Revenue, $6,000.
c. debit Unearned Revenue and credit service Revenue, $4,000.
d. debit Cash and credit Unearned Revenue, $6,000.

103. salaries earned by employees but not recorded or paid yet amounted to $2,000.
a) debit salaries expense, and credit salaries payable, $2,000
b) debit salaries expense, and credit salaries payable, $1,666
c) debit salaries payable, and credit salaries expense, $2,000
d) debit salaries expense, and credit salaries payable, $5,000
104. services rendered to some customers at the end of December but not collected
or recorded yet amounted to $5,000. The adjusting entries is
1) debit cash and credit service revenue, $2,000
2) debit cash and credit service revenue, $5,000
3) debit accounts receivable and credit service revenue, $5,000
d) debit notes receivable and credit service revenue, $5,000
105. Pappy Corporation received cash of $18,000 on September 1, 2012 for one
year’s rent in advance and recorded the transaction with a credit to Unearned Rent
Revenue. The December 31, 2012 adjusting entry is
a. debit Rent Revenue and credit Unearned Rent Revenue, $6,000.
b. debit Rent Revenue and credit Unearned Rent Revenue, $12,000.
c. debit Unearned Rent Revenue and credit Rent Revenue, $6,000.
d. debit Cash and credit Unearned Rent Revenue, $12,000.
106. Panda Corporation paid cash of $30,000 on June 1, 2012 for one year’s rent in
advance and recorded the transaction with a debit to Prepaid Rent. The December 31,
2012 adjusting entry is
a. debit Prepaid Rent and credit Rent Expense, $12,500.
b. debit Prepaid Rent and credit Rent Expense, $17,500.
c. debit Rent Expense and credit Prepaid Rent, $17,500.
d. debit Prepaid Rent and credit Cash, $12,500.

‫هذه مسائل هامه جدا اعطاها الدكتور فى اخر المحاضره والزم يجى عليها مسائل فى صوره امتحان الكترونى‬
Example
A ten – month loan had been obtained on august 1 for amount of $600,000.
Interest is to be computed at an annual rate of 12% and is payable when the loan is
due. No interest has been paid or recorded yet.
Prepare the
1) monthly adjusting entries
2) annually adjusting entries
3) quarterly adjusting entries of september 30.
4) quarterly adjusting entries of December 31.
Solution
1) Monthly adjusting entries
1
Interest expense = 600,000 × 12% × 12 = 6000
Adjusting entries
Date Account title Debit Credit
Dr: interest expense 6,000
Cr: interest payable 6,000
2) annually adjusting entries 1/8 ___5m___ 31/12

5
interest expense = 600,000 × 12% × 12 = 30,000
adjusting entries
debit : interest expense 30,000
credit: interest payable 30,000
3) quarterly adjusting entries of September 30. 1/8 __2m___ 30/9

2
adjusting entries
4) quarterly adjusting entries of December 31. 30/9 ___3m___ 31/12

3
adjusting entries
example
total revenue including
repair service revenue 50,000
maintenance revenue 100,000
total expense including
rent expense 30,000
salaries expense 50,000
general expense 10,000
1) net profit = ……….. 150,000 – 90,000 = 60,000

Total revenue = 50,000 + 100,000 = 150,000
Total expense = 30,000 + 50,000 + 10,000 = 90,000
2) closing entries of expenses

a) debit 90,000 b) credit 90,000
c) debit 100,000 d) credit 100,000
3) closing entries of revenue accounts is …….

a) debit 150,000 b) credit 150,000
c) debit 90,000 d) credit 90,000
4) after closing entries of net income, the income summary account is

a) debit 60,000 b) debit 150,000
c) debit 90,000 d) credit 60,000
Example
Capital, jan 1 = 100,000
Total revenue = 180,000
Total expense = 120,000
Drawing 30,000
Capital December 31 is ……………
Solution
Net profit = 180,000 – 120,000 = 60,000
Capital December 31 = 100,000 + 60,000 – 30,000 = 130,000

Example
Capital, jan 1 = 200,000
Drawing 30,000
Capital, Dec 31 = 250,000
Net profit is …………….
Solution
Net profit = 250,000 + 30,000 – 200,000 = 80,000
Example
Capital, jan 1 80,000
Capital, dec 31 120,000
Drawing 20,000
Expense 25,000
The revenue account is …………………
Solution
Net profit = 120,000+ 20,000 – 80,000 = 60,000
Net profit = revenue – expense
60,000 = revenue – 25,000
Revenue = 60,000 + 25,000 = 85,000

There are two types of users ‫انواع المستخدمين‬
1) External users ‫مستخدمين خارج الشركة‬
Include,
a) owners ‫المالك‬ b) creditors ‫الدائنين‬
c) investors ‫المستثمرين‬
d) governmental unit like tax authority ‫الوحدات الحكومية مثل مصلحة الضرائب‬
e) financial institutions like bank. ‫المؤسسات المالية مثل البنوك‬
2) Internal users ‫مستخدمين داخل الشركة‬
Include management and personal ‫االداره وشئون العاملين‬
There are two types of accounting informations.
1) Management accounting information provided to internal users is
future oriented for decision making ‫المعلومات المحاسبيه االداريه‬
‫يتم تقديمها للمستخدمين داخل الشركه وهى بطبيعتها مستقبليه لتساعدهم على اتخاز القرارات‬
2) Financial accounting information
provided to external users is historical in nature.
‫المعلومات المحاسبيه الماليه بتقدم للمستخدمين الخارجيين وهى بطبيعتها تاريخية حصلت بالفعل‬
3) tax accounting information ‫معلومات المحاسبيه الضريبيه‬
Means tax declaration & accounting net profit
‫بتقدم اقرار ضريبى عن صافى الربح المحاسبى للمشروع لحساب نسبه الضريبه‬
There are three types of firms "‫انواع الشركات “المنشأت‬
1) Sole proprietorship : owned by one owner ‫المنشاه الفردية مالكها شخص واحد‬
2) Partnership has more than one owner
but they know each others they trust each others
‫شركات االشخاص مالكها اكتر من شخص وهم يعرفون بعضهم البعض وهناك ثقة متبادلة بينهم‬
3) Corporations ‫شركات االموال‬
has more than thousand owner ‫مالكها اكتر من الف شخص‬
They don’t know each other ‫وهم ال يعرفون بعضهم البعض‬
The management separate from ownership ‫اداره الشركه منفصله عن مالك الشركة‬

There are three types of accountants ‫هناك ثالث انواع من المحاسبين‬
(1) certified public accountant (CPA) ‫محاسب عام‬
provides his or her accounting services for public for fees.
‫يقدم خدمات محاسبية للعامه مقابل اتعاب‬
(2) Private accountant
is an employee in a certain public or private company
‫المحاسب الخاص هو موظف داخل شركه معينه‬
Like cost accountant , tax accountant ‫محاسب تكاليف ومحاسب ضرائب‬
(3) governmental accountant is an employee in a governmental unit
‫المحاسب الحكومى هو موظف داخل قطاع حكومي‬
Notes
 Accounting is a social science ‫المحاسبه هى علم اجتماع‬
 Accounting is a means rather than an end ‫المحاسبه هى وسيله وليست النهايه‬
 Accounting is sometimes described as the language of the business
 Bookkeeping is a part of accounting ‫الدفاتر المحاسبيه هيا جزء من المحاسبه‬
 An accounting system consists of the personnel , procedures , devices and

records used by an organization
‫يتكون النظام المحاسبى من موظفين واجراءات واجهزه والسجالت التى تستخدمها الشركه‬
 The main purpose of the accounting system is to meet the organization needs
for accounting information as efficiency as possible.
‫الغرض الرئيسى من نظام المحاسبة هوتقديم المعلومات المحاسبية التى تحتاجها الشركه بكفاءه عالية‬
Generally accepted accounting principles (GAAP)
‫المبادى المحاسبية المتعارف عليها‬
A) Assumption ‫االفتراضات‬
1) Business entity concept: " ‫مفهوم الوحده المحاسبيه " الشخصيه المستقله‬
Means that business is separate from owners ‫الشركة هى كيان منفصل عن المالك‬
2) Stable Currency assumption ‫فرض استقرار العمله‬
means that the purchasing power of currency is stable or fixed
‫بفترض ان القوه الشرائيه للعمله ثابته‬
3) Going concern assumption ‫فرض االستمرارية‬
Means that business is continuing forever
‫فرض االستمراريه يعنى بفترض انى الشركه هتستمر لالبد او الى اطول فتره ممكنه‬
4) historical cost principle: ‫مبدا التكلفة التاريخية‬
Means that assets should be recorded at historical cost (purchase price)
)‫ نسجل االصول بسعر الشراء‬: ‫يجب ان تسجل االصول بالتكلفه التاريخيه ( بمعنى‬
5) Realization Principle ‫مبدأ التحقق‬
There are two cases

 Accrual basis : ‫أساس االستحقاق‬
Revenues should be recorded at point of sale not point of collection.
‫يجب ان تسجل االيرادات عند نقطة البيع وليس عند تحصيل الكاش‬
 Cash basis: ‫االساس النقدى‬
Revenues should be recorded at point of collection not point of sale
‫يجب ان تسجل االيرادات عند نقطه تحصيل الكاش وليس عند نقطه البيع‬
6) Matching Principle ‫مبدا المقابلة‬

Means total revenues should be matching by total expenses to determine net
profit or net loss.
‫االيرادات نطرح منها المصروفات لمعرفه هل الشركه محققه ارباح او خسائر‬
7) Objectivity of Principle ‫مبدأ الموضوعية‬

Means that accounting information should be based on objective data
‫المعلومات المحاسبية يجب ان تكون قائمه على بيانات موضوعية صحيحه‬
8) Conservatism Principle ) ‫مبدأ التحفظ ( الحيطه والحذر‬
The potential loss should be recognize but the potential gain or profit should be
ignore )‫نسجل احتماليه الخساره (نعترف بها) وال نسجل احتماليه المكسب (نتجاهلها‬
9) Consistency Principle )‫مبدأ التناسق (الثبات‬

Accounting method should be fixed from time to time
‫الطريقه المحاسبيه يجب ان تكون ثابته من فتره الى فتره‬

Accounting equation ‫المعادلة المحاسبية‬
Assets = liabilities + owner’s equity
Assets are property or resources owned by business ‫االصول هى ممتلكات المشروع‬
Liabilities are debts on the enterprise ‫االلتزامات هى ديون على المشروع‬
Owner’s equity :which represent the owner’s claim to the assets of the
business ‫حقوق الملكيه تمثل نصيب المالك من اصول المشروع‬
Accounting Cycle ‫الدوره المحاسبية‬
1) Recording the financial transaction in general journal.
‫تسجيل العمليات المالية فى دفتر اليومية العامة‬
2) Posting the general entries to general ledger. ‫نقل القيود اليوميه الى دفتر االستاذ العام‬
 First: Running Balance second: T- Account
3) Preparing the trial balance. ‫اعداد ميزان المراجعة‬
4) Adjustment and adjusting entries. ‫التسويات وقيود التسوية‬
5) Preparing adjusted trial balance. ‫اعداد ميزانيه المراجعه بعد التعديل‬
6) Preparing the financial statements ‫اعداد القوائم المالية‬
7) Closing entries ‫قيود االقفال‬
System of double entry ‫نظام القيد المزدوج‬
Debit credit
Left side right side
 Assets increase debit ( dr.) ‫طبيعتها لما تزيد‬

 Expenses
 Drawings decrease credit (Cr.)
 liabilities increase credit ‫طبيعتها لما تزيد‬

 owner’s equity
 Revenue decrease debit

Exam (2017( First question
1) × 2)  3) × 4) × 5) 
Second question
A) Journal Entries
Date Account Title Account Debit Credit
Number
1/5 Cash 1 70,000
Nouran,Capital 31 70,000
4/5 Equipment 13 15,000
Cash 1 5,000
Accounts Payable 21 10,000
7/5 Cash 1 2,000
Accounts Receivable 2 4,000
Repair Service Revenue 33 6,000
10/5 Furniture 14 12,000
Cash 1 2,000
13/5 Nouran,Drawing 32 1,000
Cash 1 1,000
15/5 Cash 1 3,000
Notes Receivable 3 5,000
17/5 Cash 1 4,000
19/5 Accounts Payable 21 10,000
Cash 1 10,000
23/5 Cash 1 15,000
Nouran, Capital 31 15,000
25/5 Equipment 13 10,000
Cash 1 2,000
28/5 Rent Expense 41 2,000
Cash 1 2,000
31/5 Salaries Expense 42 3,000
Cash 1 3,000

B) Post to Ledger Accounts by Using Running Balance
Cash (1)
Date Debit Credit Balance
1/5 70,000 70,000
4/5 5,000 65,000
7/5 2,000 67,000
10/5 2,000 65,000
13/5 1,000 64,000
15/5 3,000 67,000
17/5 4,000 71,000
19/5 10,000 61,000
23/5 15,000 76,000
25/5 2,000 74,000
28/5 2,000 72,000
31/5 3,000 69,000
Accounts Receivable (2)
7/5 4,000 4,000
17/5 4,000 -0-
Notes Receivable (3)

15/5 5,000 5,000
Equipment (13)
4/5 15,000 15,000
25/5 10,000 25,000
Furniture (14)
10/5 12,000 12,000

Accounts Payable (21)
4/5 10,000 10,000
10/5 10,000 20,000
19/5 10,000 10,000
25/5 8,000 18,000
Nouran, Capital (31)

1/5 70,000 70,000
23/5 15,000 85,000
Nouran, Drawing (32)

13/5 1,000 1,000
Repair Service Revenue (33)

7/5 6,000 6,000
15/5 8,000 14,000
Rent Expense (41)

28/5 2,000 2,000
Salaries Expense (42)

31/5 3,000 3,000

C) Trial Balance
Accounts Title Debit Credit
Cash 69,000
Accounts Receivable -0-
Notes Receivable 5,000
Equipment 25,000
Furniture 12,000
Accounts Payable 18,000
Nouran,Capital 85,000
Nouran,Drawing 1,000
Repair Service Revenue 14,000
Rent Expense 2,000
Salaries Expense 3,000
117,000 117,000
Question (3)
(1)
A) 1) Adjustment
18000
 Monthly Insurance = 9 = 2,000
 Insurance Expense (5m) = 2,000 × 5 = 10,000
 Prepaid Insurance = 18,000 – 10,000 = 8,000
2) Adjusting Entry
Date Account Title Debit Credit
31/12/2014 Insurance Expense 10,000
Prepaid Insurance 10,000
B) 1) Adjustment
3
 Interest Expense on Loan = 50,000 × 12% × 12 = 1,500
 Interest Payable = 1,500
2) Adjusting Entry
31/12/2014 Interest Expense 1,500
Interest Payable 1,500
c) 1) Adjustment
10000
 Monthly Rent = 5 = 2,000
 Rent Expense (2m) = 2,000 × 2 = 4,000
 Prepaid Rent = 10,000 – 4,000 = 6,000
2) Adjusting Entry
31/12/2014 Rent Expense 4,000
Prepaid Rent 4,000
D) 1) Adjustment
 Accounts Receivable = 3,000
 Service Revenue = 3,000
2) Adjusting Entry
31/12/2014 Accounts Receivable 3,000
Service Revenue 3,000
E)
1) Adjustment.
 unearned revenue = 9,000 – 5,000 = 4,000
2) Adjusting Entry
31/12/2014 Unearned Revenue 5,000
F) 1) Adjustment:
30000
 Monthly salaries expense = 10 = 3,000
 nnual Salaries Expense = 3,000 × 12 = 36,000
 Salaries Payable = 36,000 – 30,000 = 6,000
2) Adjusting Entry:
31/12/2014 Salaries Expense 6,000
Salaries Payable 6,000
g) Depreciation of equipment
 cost of equipment = 85,000
 residual value = 5,000
 estimated useful life = 10 years
85000 - 5000 9
Depreciation expense = 10 × 12 = 6,000

31/12/ Depreciation expense-equipment 6,000
2014 Accumulated depreciation-equipment 6,000

Question 3
(2)
Mariam Insurance Agency
Income Statement
For The Year Ended 31/12/2015
Revenue:-
commission revenue 67,000
(-) expenses :
salaries expense 24,000
advertisement expense 5,000
rent expense 12,000
depreciation expense-furniture 2,000
depreciation expense- vehicles 6,000
Total expenses (49,000)
Net income 18,000

Statement of Owner’s Equity
Mariam, Capital 75,000

+ Net Income 18,000
- Mariam, Drawing (3,000)
Mariam, capital 31/12/2015 90,000

Balance Sheet
At 31/12/2015
Assets Liabilities
A) Current Assets A) Current Liabilities
Cash 30,000 Accounts Payable 15,000
Accounts Receivable 45,000 Notes Payable 20,000
Notes Receivable 25,000 Unearned Commissions Rev 5,000
Prepaid Salaries 4,000 Total Current Liabilities 40,000
Total Current Assets 104,000 B)Long Term Liabilities
B) Fixed Assets Mortgage Loan 50,000
Furniture 30,000 Total Liabilities 90,000
(-) Accumulated
Depreciation- Furniture (6,000) Owner’s Equity
Net Furniture 24,000 Mariam, Capital 13/12 90,000
Vehicle 64,000
Accumulated
Depreciation- Vehicles (12,000)
Net Vehicles 52,000
Total Fixed Assets 76,000
Total Assets 180,000 Total Liabilities &
Owner’s Equity 180,000

2) Closing Entry
31/12 1) Revenue
Commission Revenue 67,000
Income Summary 67,000
31/12 2) Expenses
Income Summary 49,000
Advertisement Expense 5,000
Rent Expense 12,000
Depreciation Expense-Furniture 2,000
Depreciation Expense-Vehicles 6,000
31/12 3) Net Income
Income summary 18,000
31/12 4) Drawing
Mariam, Drawing 3,000

Exam (2016)
First Question A) Journal Entries
Date Account Title Account Debit Credit
Number
1/6 Cash 1 60,000
Noran, Capital 31 60,000
2/6 Furniture 12 8,000
Cash 1 3,000
Notes Payable 22 5,000
5/6 Cash 1 1,000
8/6 Noran, Drawing 32 1,000
Cash 1 1,000
12/6 Equipment 13 12,000
Cash 1 3,000
15/6 Cash 1 15,000
Noran, Capital 31 15,000
19/6 Cash 1 4,000
22/6 Accounts Payable 21 9,000
Cash 1 9,000
25/6 Cash 1 2,000
Notes Receivable 3 7,000
27/6 Rent Expense 41 1,500
Cash 1 1,500
30/6 Salaries Expense 42 6,000
Cash 1 6,000

B) Post to General Ledger
Accounts Receivable (2)
5/6 4,000 4,000
19/6 4,000 -0-
Cash (1)
1/6 60,000 60,000
2/6 3,000 57,000
5/6 1,000 58,000
8/6 1,000 57,000
12/6 3,000 54,000
15/6 15,000 69,000
19/6 4,000 73,000
22/6 9,000 64,000
25/6 2,000 66,000
27/6 1,500 64,500
30/6 6,000 58,500
Notes Receivable (3)

25/6 7,000 7,000
Furniture (12)
2/6 8,000 8,000
Equipment (13)
12/6 12,000 12,000

Accounts Payable (21)
12/6 9,000 9,000
22/6 9,000 -0-
Notes Payable (22)

2/6 5,000 5,000
Noran, Capital (31)

1/6 60,000 60,000
15/6 15,000 75,000
Noran, Drawing (32)

8/6 1,000 1,000
Repair Service Revenue (33)

5/6 5,000 5,000
25/6 9,000 14,000
Rent Expense (41)

27/6 1,500 1,500
Salaries Expense (42)

30/6 6,000 6,000

C) Trial Balance
Account Title Debit Credit
Cash 58,500
Accounts Receivable -0-
Notes Receivable 7,000
Furniture 8,000
Equipment 12,000
Accounts Payable -0-
Notes Payable 5,000
Noran, Capital 75,000
Noran, Drawing 1,000
Repair Service Revenue 14,000
Rent Expense 1,500
Total 94,000 94,000
Second Question
(1)
A) 1) Adjustment:
10000
 Monthly Rent Expense = 5 = 2,000
 Prepaid Rent = 10,000 – 2,000 = 8,000
2) Adjusting Entry:
31/10/2013 Rent Expense 2,000
Prepaid Rent 2,000
B) 1) Adjustment:
18000
 Monthly Insurance = 6 = 3,000
 Insurance Expense = 3,000
 Prepaid Insurance = 18,000 – (3,000 ×2) = 12,000
2) Adjusting Entry:
31/10/2013 Insurance Expense 3,000
Prepaid Insurance 3,000
C) Depreciation Of Equipment
1) Adjustment:
Cost Of Equipment = 29,000
Residual Value = 5,000
Estimated Useful Life = 10 years
cost-residual value 1
Monthly Depreciation Expense = estimated useful life × 12
29000-5000 1
= 10 × 12 = 200
2) Adjusting Entry
31/10/ Depreciation Expense-Equipment 200
2013 Accumulated Depreciation-Equipment 200
D)
1) Adjustment:
1
 Interest Expense = 60,000 ×12% × 12 = 600
 Interest Payable = 600
2) Adjusting Entry
31/10/2013 Interest Expense 600
Interest Payable 600

E)
1) Adjustment
 Unearned Revenue = 7,000 – 4,000 = 3,000
2) Adjusting Entry
31/10/2013 Unearned Revenue 4,000
F)
1) Adjustment:
 Salaries Expense = 3,000
 Salaries Payable = 3,000
2) Adjusting Entry:
31/10/2013 Salaries Expense 3,000
Salaries Payable 3,000
G)
1) Adjustment
 Accounts Receivable = 5,000
2) Adjusting Entry
31/10/2013 Accounts Receivable 5,000

Q3 (2) Mariam Insurance Agency
Income Statement
Revenue:
Commission Revenue 60,000
(-) Expenses:
Office Supplies Expense 1,500
Rent Expense 12,000
Depreciation Expense-Furniture 2,500
Depreciation Expense- Vehicles 6,000
Total Expenses (40,000)
Net Income 20,000
Owner’s Equity Statement

+ net income 20,000
- Mariam, Drawing (3,000)
Mariam, Capital 31/12/2014 110,000

Balance Sheet
At 31/12/2014
Assets Liabilities
A) Current Assets A) Current Liabilities
Cash 35,000 Accounts Payable 15,000
Accounts Receivable 38,000 Notes Payable 20,000
Notes Receivable 40,000 Unearned Commissions 5,000
Prepaid Salaries 1,500 Total Current Liabilities 40,000
Office Supplies 2,500 B)Long Term Liabilities
Total Current Assets 117,000 Mortgage Loan 40,000
B) Fixed Assets Total Liabilities 80,000
Furniture 28,000
(-) Accumulated Owner’s Equity
Depreciation- Furniture (5,000) Mariam, Capital 13/12 110,000
Net Furniture 23,000
Vehicles 62,000
Accumulated
Depreciation- Vehicles (12,000)
Net Vehicles 50,000
Total Fixed Assets 73,000
Total Assets 190,000 Total Liabilities &
Owner’s Equity 190,000

1

Uploaded by

Copyright:

Available Formats

1

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

1

Uploaded by

Copyright:

Available Formats

‫‪Final Revision‬‬

‫مزكره المراجعه النهائيه‬

‫‪1 | Page‬‬ ‫‪dr/ magdy kamel‬‬

2. The accounting process includes each of the following except

3. Bookkeeping primarily involves which of the following parts of the

4. Which of the following would not be considered an external user of

5. Which of the following would not be considered internal users of accounting

6. Which one of the following is not an external user of accounting information?

8. External users of accounting information include all of following except

9. Financial accounting provides economic and financial information for each of

2 | Page dr/ magdy kamel

19. Liabilities of a company are owed to

3 | Page dr/ magdy kamel

21. The basic accounting equation cannot be restated as

22. If total liabilities increased by $35,000 and equity increased by $10,000

23. If total liabilities decreased by $35,000 and equity increased by $10,000

24. Which of the following statements is most true?

29) Calculate the amount of cash

30. Find the value of assets if: Liabilities=$5000 and Capital=$1000

31. Capital increases if ______ increases

32.Capital of a business decreases if there is an increase in

35.Net income equal to Revenues minus

37. Payment of expenses will ______ the assets

38. Which of the following accounts normally has a credit balance?

39. In a ledger, debit entries cause:

40. In accounting, the terms debit and credit indicate, respectively:

41. Which of the following accounts normally has a debit balance?

42. The collection of accounts receivable is recorded by a:

43. The purchase of equipment on credit is recorded by a:

6 | Page dr/ magdy kamel

47. The process of originally recording a business transaction in the accounting

49. What type of account will normally contain a debit balance?

50. If a company purchases equipment on account:

53. A journal entry which records revenue must include:

This transaction involves:

8 | Page dr/ magdy kamel

On January 3, 2011, total liabilities are:

9 | Page dr/ magdy kamel

On January 5, 2009, total liabilities are:

10 | Page dr/ magdy kamel

The balance in the Cash account at the end of June:

What are total assets at the end of June?

What is the total liabilities at the end of June?

What is the total owners' equity at the end of June?

11 | Page dr/ magdy kamel

64. Ahmed started his business by depositing 60,000 in cash

12 | Page dr/ magdy kamel

68. Nouran withdrew $1,000 cash for personal used

70. The nature of financial accounting is:

71. prepaid Insurance is shown as:

72. unearned revenue is shown as:

13 | Page dr/ magdy kamel

74.book containing a chronological record of business transaction & original record

76.A statement containing the various ledgers balances on particular date

78. Of the following account types, which would be increased by a debit?

79.Going concern concept assumes

81.Managerial accounting information is generally prepared for …………………

82. Rent paid to landlord should be credited to

83. The nature of financial accounting is:

2) annually adjusting entries 1/8 _5m_ 31/12

3) quarterly adjusting entries of September 30. 1/8 2m_ 30/9

4) quarterly adjusting entries of December 31. 30/9 _3m_ 31/12