دراسات في المحاسبة | Studies In Accounting الفرقة الرابعة كلية تجارة الأزهر ترم أول

                         دراسات في المحاسبة | Studies In Accounting الفرقة الرابعة كلية تجارة الأزهر  

Studies In Accounting

Define the following terms:

A – Accounting.     B - Sole proprietorship.     C – Partnerships.

D – Corporations.       E – AIS.

A - Accounting is a system for providing quantitative information, primarily financial in

nature, about economic entities that is intended to be useful in making economic

decisions.

B - Sole proprietorship is the business that owned and operated by one person.

C – Partnerships is the business that owned by two or more persons.

D – Corporations is the business that owned by stockholders or shareholders.

E - The accounting information system (AIS): is the system that deals with the

financial data about business activities in order to convert it to financial information.

Q2 – Draw diagram to illustrate the accounting information system? Or

Draw diagram for accounting cycl

       The Accounting cycle

Inputs                            Processing           Outputs     

Financial data    Accounting cycle     Financial information

Documents Processes and tools Financial reporting

Q3 – write the balance sheet equation?

Assets = liabilities + owner’s equity

Q4- Multiple-Choice Questions

Ø Identify the correct choice that represents each of the following statements from

the choices below each one?

1 - ……………… Is an information system exists in the organizations in order to collect

the financial data about economic activities and processes these data to generate

financial information that presents to interested users to help them in making decisions.

(a)- Cost Accounting. (b)- International Accounting.

(c)- Accounting. (d)- Auditing.

Studies In Accounting

1 - Financial data Accounting cycle Financial information

2 – ……………… Is the business that owned and operated by one person.

(a)- Sole proprietorship. (b)- Partnerships.

(c)- service companies. (d)- Non Business organizations.

3 - ……………… Plan and operate for goals other than profit.

(a)- Sole proprietorship. (b)- Partnerships.

(c)- service companies. (d)- Non Business organizations.

4- ……………… Is the system that deals with the financial data about business activities in order to convert it to financial information.

(a)- Outputs. (b)- Inputs.

(c)- Accounting as information system. (d)- Information system.

5- ……………… Is the system that deals with the data as an inputs, then process it to generate information.

(a)- Outputs. (b)- System.

(c)- Accounting as information system. (d)- Information system.

6- ……………… Is the business that owned by two or more persons and each owner is a

partner.

(a)- Sole proprietorship. (b)- Partnerships.

(c)- service companies. (d)- Manufacturing companies.

7- ……………… Is the business that owned by stockholders or shareholders these are the

people who own shares of ownership in the business.

(a)- Sole proprietorship. (b)- Partnerships.

(c)- service companies. (d)- corporations.

8- ……………… are the means that used by the business to get and pay the financial resources.

(a)- Financial activities. (b)- Investing activities.

(c)- Services activities. (d)- Operating activities.

9- ……………… are acquiring and disposing resources (assets) that used by the

10- business to acquire and sell its products or services.

(a)- Financial activities. (b)- Investing activities.

(c)- Services activities. (d)- Operating activities.

11- ……………… are involve using resources to research, develop, purchase, produce

and market products and services.

(a)- Financial activities. (b)- Investing activities.

(c)- Services activities. (d)- Operating activities.

11- ……………… are the raw facts that don’t have a meaning to person who use it.

(a)- Data. (b)- Inputs.

(c)- Reports. (d)- Information.

12- ……………… are the result of processing data, and it have a meaning to person who

use it.

(a)- Data. (b)- Inputs.

(c)- Resources. (d)- Information.

13- ……………… is the steps necessary to convert the financial data to financial

information.

(a)- The Data. (b)- The inputs.

(c)- The accounting cycle. (d)- The information.

14- ……………… are managers who plan, organize, and run a business. This include

for example, marketing managers, production supervisors, financial directors and

company officers.

(a)- Internal users of accounting information. (b)- Investors.

(c)- External users of accounting information. (d)- Lenders.

15- ……………… directly involved in managing the business, but they used

information to make decision about the business.

(a)- Internal users of accounting information. (b)- Marketing managers.

(c)- External users of accounting information. (d)- Finance directors.

16- ……………… the area of accounting aims to serving external users of accounting

information by provide them with financial reports that help in analyze the organization’s activities.

(a)- Cost Accounting. (b)- Tax Accounting.

(c)- Financial Accounting. (d)- Managerial Accounting.

17- ……………… concerned with providing internal financial reports to assists management in making decisions.

(a)- Cost Accounting. (b)- Governmental Accounting.

(c)- Financial Accounting. (d)- Managerial Accounting.

18- ……………… is the type of accounting process that aims to control a company’s costs of production by assembling and recording all elements of costs and compare it in each step of production to aid a company management in measuring financial performance.

(a)- Cost Accounting. (b)- Governmental Accounting.

(c)- Financial Accounting. (d)- Tax Accounting.

19- ……………… is the field of accounting that Preparing tax returns and planning future

transactions to minimize the amount of tax.

(a)- Cost Accounting. (b)- Governmental Accounting.

(c)- Financial Accounting. (d)- Tax Accounting.

21- ……………… is the activity of recording, analyzing, summarizing, reporting and

interpreting the financial transactions of government and nonprofit units.

(a)- Cost Accounting. (b)- Governmental Accounting.

(c)- Financial Accounting. (d)- National Accounting.

21- ……………… aims to help decision makers at the country level by assembling information about economic and financial activities of the all sectors of the community.

(a)- Tax Accounting. (b)- International Accounting.

(c)- Financial Accounting. (d)- National Accounting.

5

22- ……………… is concerned with the problems that take place inside the international and multinational organizations, for example, financial statements, foreign currency translation and unification of standards at international and regional level.

(a)- Governmental Accounting. (b)- International Accounting.

(c)- Financial Accounting. (d)- National Accounting.

23- ……………… is an alternative accounting system aims to providing users with information enabling them to operate businesses and organizations according to Islamic law.

(a)- Governmental Accounting. (b)- International Accounting.

(c)- Financial Accounting. (d)- Islamic Accounting.

Q5:

Listed below are selected account balances for Ahmed company for December 31,2019.

Sales revenues 500,000 – Beginning inventory 100,000 – Other revenues 200,000 -

Ending inventory 40,000 – Selling, general and expenses 25,000 – Purchases 50,000 –

Other expenses 35,000.

Required: Prepare the Multiple-step Income Statement.

The solution

لتحميل المذكرة اضغط هنــــــا

Sales Revenues Less: cost of goods sold: + Beginning inventory + Purchases (-) Ending inventory   = Gross profit 390,000 (-) Selling, general and administrative expenses + Other revenues (-) Other expenses Net Profit (loss)

100,000 50,000 (40,000)

500,000             (110,000) ---------------- 390,000

                Q6: 

The following are the account balances on December 31,2019 for Al-Iman company:

Cash 50,000 – Accounts receivable 40,000 – Short-term investments 20,000 –

Ending Inventory 90,000 – Lands 200,000 - Buildings & equipment 75,000 – Cars

150,000 - Accumulated depreciation 25,000 – Accounts payable 55,000 – Notes payable

65,000 – Net income 50,000 – Capital 250,000 – Retained earnings 80,000 – Loans

100,000

Required: Prepare The Classifieds balance sheet as of December 31,2019.

The Solution

Al-Iman company balance sheet as of December 31, 2019

1 - Assets Current (Short Terms) Assets.: Cash 50,000 Accounts receivable 40,000 Short-term investments 20,000 Ending Inventory 90,000 Total Current Assets 200,000 Fixed (Long Terms) Assets: Lands 200,000 Buildings & equipment 75,000 Cars 150,000 Less: Accumulated depreciation (25,000) Total Fixed Assets 400,000 Total Assets 600,000 2 – Owners Equity & Liabilities Owners’ Equity: Capital 250,000 Retained Earnings 80,000 Net income 50,000 Total Owners Equity 380,000 Liabilities: Accounts payable 55,000 Notes payable 65,000 Loans 100,000 Total Liabilities 220,000 Total Liabilities & Equity