Welcome to your General Accounting Exam
1.
On 01.01.2018, Partners A & B established a business named AB Partnership. Partner A contributed 150.000.00 by directly depositing the money to NBAD bank, while Partner B paid his capital by giving 25.000 cash, furniture worth 5.000, and company vehicle use worth 20,000.00. Please choose the option that represents the debit & credit side from the list below:
On 01.01.2018, Partners A & B established a business named AB Partnership. Partner A contributed 150.000.00 by directly depositing the money to NBAD bank, while Partner B paid his capital by giving 25.000 cash, furniture worth 5.000, and company vehicle use worth 20,000.00. Please choose the option that represents the debit & credit side from the list below:
2.
On 15.02.2018, Office rent amounting to 25,000.00 was made valid for 12 months, effective 01 Mar 2018. The company issued two checks to pay the rent,50% current dated and the other 50% dated 6 months after. Please choose the option that represents the debit & credit side from the list below:
On 15.02.2018, Office rent amounting to 25,000.00 was made valid for 12 months, effective 01 Mar 2018. The company issued two checks to pay the rent,50% current dated and the other 50% dated 6 months after. Please choose the option that represents the debit & credit side from the list below:
3.
On 28.02.2018, The company paid the following in cash: Salary of 2 employees for 2 months @ 1,500.00 Telephone and Fax – 200.00 Water & Electricity – 300.00 Stationaries. Please Choose the option that represents the debit & credit side from the list below:
On 28.02.2018, The company paid the following in cash: Salary of 2 employees for 2 months @ 1,500.00 Telephone and Fax – 200.00 Water & Electricity – 300.00 Stationaries. Please Choose the option that represents the debit & credit side from the list below:
4.
On 28.02.2018, The company paid the following in cash: 100.00 for Advertising to the newspaper – 250.00 for food and cleaning items for office use – 150.00. Please Choose the option that represents the debit & credit side from the list below:
On 28.02.2018, The company paid the following in cash: 100.00 for Advertising to the newspaper – 250.00 for food and cleaning items for office use – 150.00. Please Choose the option that represents the debit & credit side from the list below:
5.
On 01.03.2018, Partner A withdrew 5,000 from the bank for personal use. Please choose the option that represents the debit & the credit side from the list below:
On 01.03.2018, Partner A withdrew 5,000 from the bank for personal use. Please choose the option that represents the debit & the credit side from the list below:
6.
What is the rent expenses amount for March 2018?
What is the rent expenses amount for March 2018?
7.
On 05.03.2018, Purchased inventories for resell (by credit from Z Supplier): 1,000 qty @ 50.00 each. Please choose the option that represents the debit & credit side from the list below:
On 05.03.2018, Purchased inventories for resell (by credit from Z Supplier): 1,000 qty @ 50.00 each. Please choose the option that represents the debit & credit side from the list below:
8.
On 28.03.2018, it Sold 700 qty to E Customer by paying 50% by cash and remaining by 30-day credit. Inventories sold @ 80.00 selling price. The cash received was deposited into the bank. Please choose the option representing the debit & credit side from the list below:
On 28.03.2018, it Sold 700 qty to E Customer by paying 50% by cash and remaining by 30-day credit. Inventories sold @ 80.00 selling price. The cash received was deposited into the bank. Please choose the option representing the debit & credit side from the list below:
9.
On 29.03.2018, Paid cash for salaries of two employees for March. Please choose the option that represents the debit & credit side from the list below:
On 29.03.2018, Paid cash for salaries of two employees for March. Please choose the option that represents the debit & credit side from the list below:
10.
On 31.03.2018, Accruals for the month Telephone - 250.00 Water & Electricity - 200.00. Please choose the option that represents the debit & credit side from the list below:
On 31.03.2018, Accruals for the month Telephone - 250.00 Water & Electricity - 200.00. Please choose the option that represents the debit & credit side from the list below:
11.
Furniture's good for 2 years; vehicle 4 years depreciated using straight using straight-line method. Please choose the option that represents the debit & credit side from the list below:
Furniture's good for 2 years; vehicle 4 years depreciated using straight using straight-line method. Please choose the option that represents the debit & credit side from the list below:
12.
Cash On Hand to be maintained – 5.000.00. Excess to be deposited in the bank. Please choose the option that represents the debit & credit side from the list below:
Cash On Hand to be maintained – 5.000.00. Excess to be deposited in the bank. Please choose the option that represents the debit & credit side from the list below:
13.
How much the total amount of sales was as of 31.03.2018?
How much the total amount of sales was as of March 31st, 2018?
14.
How Much is the amount of goods sold as of 31.03.2018?
How Much is the amount of goods sold as of 31.03.2018?
15.
What is the gross profit amount as of 31.03.2018?
What is the gross profit amount as of 31.03.2018?
16.
What is the general and administrative expenses amount as of 31.03.2018?
What is the general and administrative expenses amount as of 31.03.2018?
17.
What is the salary expenses amount as of 31.03.2018?
What is the salary expenses amount as of 31.03.2018?
18.
What is the net profit amount as of 31.03.2018?
What is the net profit amount as of 31.03.2018?
19.
What is the bank balance amount as of 31.03.2018?
What is the bank balance amount as of 31.03.2018?
20.
What is the fixed assets amount (before depreciation) as of 31.03.2018?
What is the balance of fixed assets before depreciation as of 31.03.2018?
21.
What is the prepaid expenses amount as of 31.03.2018?
What is the prepaid expenses amount as of 31.03.2018?
22.
What is the Capital amount as of 31.03.2018?
What is the Capital amount as of 31.03.2018?
23.
What is the Accrued Expense as of 31.03.2018?
24.
What is the adjustment entry of cost of goods sold?
25.
What is the adjustment entry for the depreciation amount for January 2018?
What is the adjustment entry for the depreciation amount for January 2018?
26.
What is the adjustment entry for the depreciation amount for February 2018?
What is the adjustment entry for the depreciation amount for February 2018?
27.
What is the adjustment entry for depreciation as 31.03.2018?
What is the adjustment entry for the depreciation amount for March 2018?
