Accounting MCQ

Introduction To Accounting

Spring Semester – 2023

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Financial Accounting

1. Intangable assets includes .................

A Cash

B Rented Building

C Wages

D None of the above

2. "Interest payable" account is considered as a/an

.............

A asset account

B liability account

C expense account

D None of the above

3. "Raw materials inventory" account is considered

as a/an .............

A asset account

B liability account

C revenue account

D None of the above

4. "Unearned revenue" account is considered as

a/an .............

A asset account

B liability account

C revenue account

D expense account

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5. "Notes payable" account is considered as a/an

.............

A asset account

B liability account

C revenue account

D expense account

6. "Wages" account is considered as a/an .............

A asset account

B liability account

C expense account

D None of the above

7. "Owner's equity" account is considered as a/an

.............

A asset account

B liability account

C net asset account

D net liability account

8. The ......... is a report at a specific time.

A income statement

B statement of owner's equity

C balance sheet

D all of the above

9. The net income/net loss is the output of the

..........

A income statement

B statement of owner's equity

C balance sheet

D all of the above

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10. The data supplied by accountants are used to find the company’s market share.

a) True b) False

11. All long-term and short-term investments are considered tangible assets.

a) True b) False

3. Patents are considered an asset.

a) True b) False

12. "Owner's Equity" account is considered as a/an .............

a) asset account b) liability account

c) net asset account d) net asset account

13 a contra asset account is used to record the depreciation on the credit side

a) True b) False

14. The ......... is a report at a specific time.

a) income statement b) statement of owner’s equity

c) balance sheet d) All of that

15. If the company loses money so it should ………….

a) increase Revenues b) increase Assets

c) bring more investments d) All of that

16. “Unearned revenue” account is considered as a/an .............

a) asset account b) liability account

c) revenue account d) expense account

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17. “Notes payable” account is considered as a/an .............

a) asset account b) liability account

c) revenue account d) expense account

18 If the “balance sheet” is not balanced, it means ..........

a) The company gains money b) the company loses money

c) The accountant made a mistake d) None of that

19. Tracking the movement of cash during a specific period is the goal of ..........

a) balance sheet b) income statement

c) statement of owner's equity d) None of that

20. The ......... is a report at a specific time.

A income statement

B statement of owner's equity

C balance sheet

D all of the above

21. "Owner's equity" account is considered as a/an

.............

A asset account

B liability account

C net asset account

D net liability account

22. Intangable assets includes .................

A Wages

B Rented Building

C Cash

D None of the above

5
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23. "Unearned revenue" account is considered as

a/an .............

A asset account

B liability account

C revenue account

D expense account

24. "Raw materials inventory" account is considered

as a/an .............

A asset account

B liability account

C revenue account

D None of the above

25. "Notes payable" account is considered as a/an

.............

A asset account

B liability account

C revenue account

D expense account

27. "Interest payable" account is considered as a/an

.............

A asset account

B liability account

C expense account

D None of the above

28. The net income/net loss is the output of the

..........

A income statement

B statement of owner's equity

C balance sheet

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Cost Accounting
1 - Compared with financial accounting cost accounting is relatively ______ development.

A. old

B. recent

C. earliest

D. both A & C

2 - Cost accounting started as a branch of

A. financial accounting

B. Management accounting

C. corporate accounting

D. vedic accounting

3 - The vital importance that cost accounting has acquired in the modern age is because of the growth
of _________ in modern industry

A. technologies

B. creativity

C. complexities

D. simplicity

4 - In brief, _________ is the activity of finding out the cost of products and services.

A. Financial accounting

B. Management accounting

C. Corporate accounting

D. Cost accounting

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5 - Cost accounting provides __________ cost information to various levels of Management for efficient
performance of their functions.

A. Minute

B. Limited

C. Detailed

D. both A & B

6 - Modern management needs _________ information than supplied by financial statements like
profit and loss account and balance sheet.

A. less detailed

B. much more detailed

C. limited amount of

D. much more restricted

7 - The information supplied by cost accounting acts as a tool of Management for making ________

A. minimum use of scarce resources

B. maximum use of resources

C. optimum use of scarce resources

D. all of the above

8 - Cost accounting makes optimum use of scarce resources which ultimately add to the __________
of business

A. loss

B. profitability

C. extinction

D. merger

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9 - ____________ is the process of determining and accumulating the cost of product or activity.

A. Cost accounting

B. Financial accounting

C. Cost control

D. Cost audit

10 - _______ involves the classifying recording and appropriate allocation of expenditure for the
determination of cost of products or services.

A. Pricing

B. Costing

C. Balancing

D. Cost Auditing

11 - Cost accounting is a quantitative method that accumulates classifies, summarizes and interpret
information for ______

A. Operational planning and control

B. Special decision

C. Product decision

D. All of the above

12 - _______ is the objective of cost accounting.

A. Controlling cost

B. Ascertaining costing profit

C. Determining selling price

D. All of the above

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13 - The term costing and cost accounting are many times used interchangeably but the scope of cost
accounting is _______ .

A. limited as compared to costing

B. broader than that of costing

C. equal to costing

D. there is no relation between costing and cost accounting

14 - ________ involves maintaining complete record of all cost incurred from their in currency to their
charge two departments products and services.

A. cost ascertainment

B. Cost bookkeeping

C. Cost system

D. Cost comparison

15 - __________ refer to presentation of cost primarily used by the management at different levels.

A. Cost audit

B. Cost ascertainment

C. Cost reports

D. Cost system

10
‫س‬
AIN SHAMS UNIVERSITY
FACULTY OF ENGINEERING
All Programs, All Levels
Student Name:
1D: Model D
Spring 2024 Course Code: ASU323 & ASU323s & ASUx44s Time Allowed: 1 Hour
Introduction to Accounting-Final Assessment
The Assessment Consists of 32 Questions in Three Pages Maximum Marks: 100% 1/3
Important Rules; 2alao
* Having a mobile inside the examination hall is forbidden | LUl syt
a2 Vs atay olazed] s Sl Jpantl alillijlen @
and is considered as a cheating behavior,
« Any kind of "Smart Watches™ or earphones (Bluctooth,
RORNKJS RSTTEIRS e RATO PRI S TR
wireless, or wired) are forbidden.

Ch e nswer.
1. For product “K”, fixed cost per month is $60000 USD, variable cost per unit is $15 USD
and unit selling price is $25 USD, monthly B.E.P in units is ...
2) $150000 USD b) 4000 units ©) 2400 units d) 6000 units
2. “Sales Discount” account is considered as a/a account.
a) contra revenue b) revenue ¢) contra expense d) Both b) & c)
3. e does not form a basis for tax assessment.
a) Cost accounting b) Financial accounting
c) Management accounting d) Botha) &c¢)

4. For product “L”, fixed cost is $20000 USD, unit selling price is $40 USD and unit contribution
margin is $10 USD, CMR 5
2)0.25 b)20% 25% d)0.2%
5. Factory electricity bill cost is considered .............
a) Direct costs b) variable costs c) fixed costs d) Both b) & c)

6. The assets and liabilities of a company are displayed in ...

a) Cash Flow Statement b) Balance Sheet ¢) lncome Slatemen\ d) Al of that

7. If “Number of months” is the cost driver, factory rent is considered as ............

a) fixed cost b) direct cost ¢) variable cost d) Both b) &c)

8. .. is the process of planning and controlling costs in both the short and long term.
a) Cos( accounting b) Cost c) Costing d) Cost management

9. For product “F”, fixed cost per month is $10000 USD, unit contribution margin is $5 USD,
at sales per month of 4000 units, if unit selling price is $10 USD, contribution margin i
) $50000 USD b) $40000 USD €) $20000 USD d) $10000 USD
10. For product “G”, variable cost per unit is $100 USD and Unit contribution margin is 403, revenue
for sales 200 units is........uee.
a) $4000 USD b) $20000 USD ) $8000 USD d) $28000 USD

11. .ccceenneee. Arefis the net assets of a company.

a) Cash b) Fixed assets c) Owner's Equity d) Uiabilities

12. “Unpaid wages” account is considered as a/an ..

a) Asset account b) Liability account ¢) Revenue account d) Expense account

(%] CamScanner
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINELRING
Spring 2028 Course Code: ASU323 B ASU323s B ASUx4ds All Programs, All Levels
Introduction to Accounting
The Assessment Consists of 32 Questions In Three Pages Model D 2/3

13. "Zero" UCM, for a product means ...........

a) B.E.P will be at “zero” b) fixed cost is “zera” ¢ variable cost is “zero” d) none of that

14. For product “S”, fixed cost is $10000 USD, variable cost per unit is $150 USD and price per unit is
$200 USD, for net profit $10000 USD, total sales s .....
a) 200 units b) 400 units ¢) $8000 USD d) Both b) &)
15. “Zero” fixed cost, for a product Means ...
a) no B.E.P b) UCM is “zero” ) B.E.P will be at “zero” d) none of that

16. The difference between total revenue and variable cost is known as ...
2) profit b)ucm ¢) contribution margin d) margin of safety
17. For product “M", fixed cost is $7500 USD, variable cost per unit is $25 USD
and unit contribution margin is $50 USD, B.E.P s ....ccveuuvee
a) 150 units b) $15000 USD ) 300 units d) Both b) & c)

18. At B.E.P. ...

a) fixed cost equals unit contribution margin b) fixed cost equals Revenue
c) contribution margin equals zero d) fixed cost equals contribution margin

19. Factory land is considered as .............

a) current asset b) Intangible asset c) Operating asset d) All of that

20, Taxes are an example of "

a) Asset b) liability ) Revenue d) Expense

21. For product “N”, fixed cost per month is $50000 USD, variable cost per unit is $20 USD
and unit selling price is $25 USD, contribution margin at B.E.P iS ....uveweeee
a) $5USD b) $10000 USD ¢) Zero d) $50000 USD
22. After B.E.P, as number of products increases, UCM Will cocovuvuuuuinns
a) decrease b) increase ) remains constant d) None of that

23, Patents are considered as ......

a) current asset b) Intangible asset ) non-operating asset d) All of that

24. “Interest payable" account is considered as afa

a) asset account b) liability account ¢) revenue account d) expense account

25. For product “Y”, the breakeven point is 1000 units, the price per unit is $100 USD and the fixed
cost is $60000 USD then variable cost of each unit is .............
a) $60 USD b) $400 USD c) $40 USD d) $600 USD
26. Factory equipment is considered as ...
a) tangible assets b) noncurrent assets ) operating assets d) all of that

(%] CamScanner
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
Spring 2024 Course Code: ASU323 & ASU323s & ASUx44s All Programs, All Levels
Introduction to Accounting
The Assessment Consists of 32 Questions in Three Pages Model D 3/3

Given the following transactions for a Trading company:

e The Owner invested $700,000 to start the business.
o Paid $40,000 furniture. (The furniture has no salvage value after 5 years)
« Paid $6,000 for one year Office supplies.
* paid $60,000 for one year rent.
» Purchase 120,000 kid's toys for trading, worth $600,000 by paying cash $200,000 and
balance in credit from kid's toys factory.
o 60,000 kid's toys sold to X store, receiving cash of $100,000 and note receivable of $400,000
(with18% interest rate)
* Ystore pays $500,000 in advance to the company for one year, to get 5,000 kid’s toys
monthly.
o Paid $15,000 monthly in wages.
* Paid $5,000 monthly in Miscellaneous expenses.
If the Owner wants to check on his business After three months

Answer the following questions:

“Kid's toys”(Goods) account ledger balance is ...........

a) $600,000 b) $375,000 ) $225,000 d) $100,000

27.Total Liabilities is
) $418,000 b) $400,000 ¢) $375,000 d) $775,000

28. Net Income is

23) $153,500 b) $171,500 ¢) $189,500 d) $207,500

29. “Fees Earned” account ledger balance is .............

2) $625,000 b) $500,000 ) $125,000 d) $600,000
30. Total Assets s ...
2) $1,664,500 b) $1,666,500 ) $1,668,500 d) $1,662,500

31. Total Revenue is ..

2) $607,000 b) $643,000 ¢) $625,000 d) $1,000,000

END of Assessment, Good Luck

Examination Committee Exam Date: May, 2024

Dr. Nabil M. Hamed

(%] CamScanner
AIN SHAMS UNIVERSITY
FACULTY OF ENGINEERING
All Programs, All Levels
Student Name:
1D: Model D
Spring 2024 Course Code: ASU323 & ASU323s & ASUx44s Time Allowed: 1 Hour
Introduction to Accounting-Final Assessment
The Assessment Consists of 32 Questions in Three Pages Maximum Marks: 100% 1/3
Important Rules; 2alao
* Having a mobile inside the examination hall is forbidden | LUl syt
a2 Vs atay olazed] s Sl Jpantl alillijlen @
and is considered as a cheating behavior,
« Any kind of "Smart Watches™ or earphones (Bluctooth,
RORNKJS RSTTEIRS e RATO PRI S TR
wireless, or wired) are forbidden.

Ch e nswer.
1. For product “K”, fixed cost per month is $60000 USD, variable cost per unit is $15 USD
and unit selling price is $25 USD, monthly B.E.P in units is ...
2) $150000 USD b) 4000 units ©) 2400 units d) 6000 units
2. “Sales Discount” account is considered as a/a account.
a) contra revenue b) revenue ¢) contra expense d) Both b) & c)
3. e does not form a basis for tax assessment.
a) Cost accounting b) Financial accounting
c) Management accounting d) Botha) &c¢)

4. For product “L”, fixed cost is $20000 USD, unit selling price is $40 USD and unit contribution
margin is $10 USD, CMR 5
2)0.25 b)20% 25% d)0.2%
5. Factory electricity bill cost is considered .............
a) Direct costs b) variable costs c) fixed costs d) Both b) & c)

6. The assets and liabilities of a company are displayed in ...

a) Cash Flow Statement b) Balance Sheet ¢) lncome Slatemen\ d) Al of that

7. If “Number of months” is the cost driver, factory rent is considered as ............

a) fixed cost b) direct cost ¢) variable cost d) Both b) &c)

8. .. is the process of planning and controlling costs in both the short and long term.
a) Cos( accounting b) Cost c) Costing d) Cost management

9. For product “F”, fixed cost per month is $10000 USD, unit contribution margin is $5 USD,
at sales per month of 4000 units, if unit selling price is $10 USD, contribution margin i
) $50000 USD b) $40000 USD €) $20000 USD d) $10000 USD
10. For product “G”, variable cost per unit is $100 USD and Unit contribution margin is 403, revenue
for sales 200 units is........uee.
a) $4000 USD b) $20000 USD ) $8000 USD d) $28000 USD

11. .ccceenneee. Arefis the net assets of a company.

a) Cash b) Fixed assets c) Owner's Equity d) Uiabilities

12. “Unpaid wages” account is considered as a/an ..

a) Asset account b) Liability account ¢) Revenue account d) Expense account

(%] CamScanner
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINELRING
Spring 2028 Course Code: ASU323 B ASU323s B ASUx4ds All Programs, All Levels
Introduction to Accounting
The Assessment Consists of 32 Questions In Three Pages Model D 2/3

13. "Zero" UCM, for a product means ...........

a) B.E.P will be at “zero” b) fixed cost is “zera” ¢ variable cost is “zero” d) none of that

14. For product “S”, fixed cost is $10000 USD, variable cost per unit is $150 USD and price per unit is
$200 USD, for net profit $10000 USD, total sales s .....
a) 200 units b) 400 units ¢) $8000 USD d) Both b) &)
15. “Zero” fixed cost, for a product Means ...
a) no B.E.P b) UCM is “zero” ) B.E.P will be at “zero” d) none of that

16. The difference between total revenue and variable cost is known as ...
2) profit b)ucm ¢) contribution margin d) margin of safety
17. For product “M", fixed cost is $7500 USD, variable cost per unit is $25 USD
and unit contribution margin is $50 USD, B.E.P s ....ccveuuvee
a) 150 units b) $15000 USD ) 300 units d) Both b) & c)

18. At B.E.P. ...

a) fixed cost equals unit contribution margin b) fixed cost equals Revenue
c) contribution margin equals zero d) fixed cost equals contribution margin

19. Factory land is considered as .............

a) current asset b) Intangible asset c) Operating asset d) All of that

20, Taxes are an example of "

a) Asset b) liability ) Revenue d) Expense

21. For product “N”, fixed cost per month is $50000 USD, variable cost per unit is $20 USD
and unit selling price is $25 USD, contribution margin at B.E.P iS ....uveweeee
a) $5USD b) $10000 USD ¢) Zero d) $50000 USD
22. After B.E.P, as number of products increases, UCM Will cocovuvuuuuinns
a) decrease b) increase ) remains constant d) None of that

23, Patents are considered as ......

a) current asset b) Intangible asset ) non-operating asset d) All of that

24. “Interest payable" account is considered as afa

a) asset account b) liability account ¢) revenue account d) expense account

25. For product “Y”, the breakeven point is 1000 units, the price per unit is $100 USD and the fixed
cost is $60000 USD then variable cost of each unit is .............
a) $60 USD b) $400 USD c) $40 USD d) $600 USD
26. Factory equipment is considered as ...
a) tangible assets b) noncurrent assets ) operating assets d) all of that

(%] CamScanner
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
Spring 2024 Course Code: ASU323 & ASU323s & ASUx44s All Programs, All Levels
Introduction to Accounting
The Assessment Consists of 32 Questions in Three Pages Model D 3/3

Given the following transactions for a Trading company:

e The Owner invested $700,000 to start the business.
o Paid $40,000 furniture. (The furniture has no salvage value after 5 years)
« Paid $6,000 for one year Office supplies.
* paid $60,000 for one year rent.
» Purchase 120,000 kid's toys for trading, worth $600,000 by paying cash $200,000 and
balance in credit from kid's toys factory.
o 60,000 kid's toys sold to X store, receiving cash of $100,000 and note receivable of $400,000
(with18% interest rate)
* Ystore pays $500,000 in advance to the company for one year, to get 5,000 kid’s toys
monthly.
o Paid $15,000 monthly in wages.
* Paid $5,000 monthly in Miscellaneous expenses.
If the Owner wants to check on his business After three months

Answer the following questions:

“Kid's toys”(Goods) account ledger balance is ...........

a) $600,000 b) $375,000 ) $225,000 d) $100,000

27.Total Liabilities is
) $418,000 b) $400,000 ¢) $375,000 d) $775,000

28. Net Income is

23) $153,500 b) $171,500 ¢) $189,500 d) $207,500

29. “Fees Earned” account ledger balance is .............

2) $625,000 b) $500,000 ) $125,000 d) $600,000
30. Total Assets s ...
2) $1,664,500 b) $1,666,500 ) $1,668,500 d) $1,662,500

31. Total Revenue is ..

2) $607,000 b) $643,000 ¢) $625,000 d) $1,000,000

END of Assessment, Good Luck

Examination Committee Exam Date: May, 2024

Dr. Nabil M. Hamed

(%] CamScanner
AIN SHAMS UNIVERSITY
FACULTY OF ENGINEERING
All Programs, All Levels
Student Name:
ID: Model A
Fall 2023 Course Code: ASU323 & ASU323s & ASUx44s Time Allowed: 1 Hour
Introduction to Accounting-Final Assessment
The Assessment Consists of 48 Questions in Four Pages Maximum Marks: 100% 1/4
Important Rules: ‫تعليمات هامة‬
• Having a mobile inside the examination hall is forbidden ‫• حيازة التيلفون املحمول داخل لجنة المتحان يعتبر حالة غش تستوجب العقاب‬
and is considered as a cheating behavior. .
• Any kind of “Smart Watches” or earphones (Bluetooth,
..‫• ل يسمح بدخول الساعات الذكية ول سماعة األذن أو البلوتوث‬
wireless, or wired) are forbidden.
Chose the correct answer

1. ............. is the amount of expenditure incurred on or attributable to a given thing.

a) Cost accounting b) Cost c) Costing d) Cost management

2. For product “A”, fixed cost per month is $10000 USD, variable cost per unit is $15 USD
and unit selling price is $20 USD, monthly B.E.P in units is .............
a) $40000 USD b) 2000/12 units c) 2000 units d) Both a) & c)

3. Costs which do not vary with the level of production are known as .............
a) Direct costs b) variable costs c) fixed costs d) Both a) & c)

4. ............. can be converted into cash within a short period.

a) Intangible assets b) Current assets c) Fixed assets d) Non-operating assets

5. Cost accounting provides ............. cost information to various levels of Management for efficient
performance of their functions.
a) Minute b) Limited c) Detailed d) Both a) & b)

6. The long-term assets that have no physical existence but are rights that have value is known as:
a) Investments b) Tangible assets c) Intangible assets d) None of them

7. Cost accounting does not form a basis for tax assessment.

a) True b) False

8. For product “X”, fixed cost is $20000 USD, variable cost per unit is $40 USD
and unit contribution margin is $10 USD, CMR is .............
a) 0.2 % b) 20 % c) 25 % d) 0.25 %

9. The revenues and expenses of a company are displayed in ............

a) Cash Flow Statement b) Balance Sheet c) Income Statement d) All of that

10. Factory Equipment is considered as .............

a) tangible assets b) noncurrent assets c) operating assets d) all of that

11. “Purchase Discount” account is considered as a/an.............

a) Expense account b) Revenue account c) Contra expense account d) Both b) & c)

12. Costing in the field of business helps us to ............. the expenditure for the determination of costs
of product.
a) classify b) record c) allocate d) All of That
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
Fall 2023 Course Code: ASU323 & ASU323s & ASUx44s All Programs, All Levels
Introduction to Accounting
The Assessment Consists of 48 Questions in Four Pages Model A 2/4

13. If “Number of cars” is the cost driver, factory rent is not considered as a fixed cost.
a) True b) False

14. ............. is the process of planning and controlling costs in both the short and long term.
a) Cost accounting b) Cost c) Costing d) Cost management

15. For product “Y”, variable cost per unit is $100 USD and Unit contribution margin is 40$, net profit
for sales 200 units above B.E.P is.............
a) $4000 USD b) $20000 USD c) $8000 USD d) $800000 USD

16. "Owner's Equity" is the net assets of a company.

a) True b) False

17. ............. is the objective of cost accounting.

a) Controlling cost b) Ascertaining costing profit c) Determining selling price d) All of that

18. ‘’Wages” account is considered as a/an .............

a) Asset account b) Liability account c) Revenue account d) Expense account

19. ............. helps us to know operational results and the financial position of business.
a) Management accounting b) Corporate accounting
c) Cost accounting d) Financial accounting

20. If a product has a “zero” UCM, the B.E.P will be at “zero”.

a) True b) False

21. For product “Z”, fixed cost per month is $10000 USD, unit contribution margin is $5 USD,
at total sales per month of 4000 units, if unit selling price is $10 USD, net profit is .............
a) $50000 USD b) $40000 USD c) $20000 USD d) $10000 USD

22. The main target of ............. is to help businesses use their financial data to plan smartly, make
informed decisions, and reach the financial goals they’ve set.
a) Management accounting b) Corporate accounting
c) Cost accounting d) Financial accounting

23. For product “G”, fixed cost is $10000 USD, variable cost per unit is $150 USD
and price per unit is $200 USD, for net profit $10000 USD, total sales is .............
a) 200 units b) 400 units c) $80000 USD d) Both b) & c)

24. If a product has a “zero” fixed cost, there will be no B.E.P for this product.
a) True b) False

25. The difference between actual sales and breakeven point is known as .............
a) Profit b) Price – cost margin c) contribution d) Margin of safety

26. For product “M”, fixed cost is $7500 USD, variable cost per unit is $25 USD
and unit contribution margin is $25 USD, B.E.P is .............
a) 150 units b) $15000 USD c) $7500 USD d) Both a) & c)

27. ............. provides information to parties involved in business internally and externally.
a) Management accounting b) Corporate accounting
c) Cost accounting d) Financial accounting
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
Fall 2023 Course Code: ASU323 & ASU323s & ASUx44s All Programs, All Levels
Introduction to Accounting
The Assessment Consists of 48 Questions in Four Pages Model A 3/4

28. "Assets = Liabilities – Owner’s Equity" is called the accounting equation.

a) True b) False

29. Trademarks are considered as:

a) Fixed asset b) Intangible asset c) Operating asset d) All of that

30. Insurance is an example of.............

a) Asset b) liability c) Revenue d) Expense

31. ………………are payments for future services to be performed or goods to be delivered.

a) Revenues b) Accrued expenses c) Unearned revenues d) Prepaid expenses

32. Prepaid tax is an example of.............

a) Asset b) liability c) Revenue d) Expense

33. For product “Y”, fixed cost per month is $10000 USD, variable cost per unit is $20 USD
and unit selling price is $25 USD, contribution margin at B.E.P is .............
a) $5 USD b) $10000 USD c) Zero d) $50000 USD

34. Unearned Revenue is an example of .............

a) Asset b) liability c) Revenue d) Expense

35. The balance sheet lists the asset, liability, and net income balances at a specific time.
a) True b) False

36. Cost accounting is a quantitative method that accumulates classifies, summarizes, and interprets
information for .............
a) Operational planning and control b) Special decision
c) Product decision d) All of that

37. Patents are considered as non-operating assets.

a) True b) False

38. If the “balance sheet” is not balanced, it means ..........

a) The company gains money b) the company loses money
c) The accountant made a mistake d) None of that

39. "Unpaid Rent" is considered as a/an .............

a) asset account b) liability account c) revenue account d) expense account

40. "Interest receivable" account is considered as a/an .............

a) asset account b) liability account c) revenue account d) expense account

41. For product “X”, the breakeven point is 2000 units, the price per unit is $40 USD and the variable
cost of each unit is $10 USD then fixed cost is .............
a) $80000 USD b) $20000 USD c) $60000 USD d) $200000 USD

42. "Prepaid Wages" account is considered as a/an .............

a) asset account b) liability account c) revenue account d) expense account

43. The net loss is an input for ..........

a) balance sheet b) income statement
c) statement of owner's equity d) All of that
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
Fall 2023 Course Code: ASU323 & ASU323s & ASUx44s All Programs, All Levels
Introduction to Accounting
The Assessment Consists of 48 Questions in Four Pages Model A 4/4

44. If the "Trial Balance" is balanced, it is 100% means ..........

a) the accountant made no mistakes b) the Net Income will be correct
c) the "Balance Sheet" will be balanced d) All of that

45. Because cost accounting is an organized body of knowledge, its principles can be verified and
proved by experiments.
a) True b) False

Given the following transactions for a Trading company:

• Paid $60,000 furniture. (The furniture has no salvage value after 5 years)
• Paid $500,000 for purchasing 100,000 kid's toys for trading.
• 50,000 kid's toys sold to X store in cash, receiving cash of $ 400,000.
• X store returns 5,000 kid's toys.
After six months answer the following questions:

46. Furniture account ledger balance is .............

a) $57,000 USD b) $60,000 USD c) $54,000 USD d) $51,000 USD

47. kid's toys account ledger balance is .............

a) $500,000 USD b) $250,000 USD c) $225,000 USD d) $275,000 USD

48. Total Revenue is .............

a) $150,000 USD b) $400,000 USD c) $360,000 USD d) $135,000 USD

END of Assessment, Good Luck

Examination Committee Exam Date: 2nd January 2024

Dr. Nabil M. Hamed
AIN SHAMS UNIVERSITY
FACULTY OF ENGINEERING
All Programs, All Levels
Student Name:
ID: Model A
Fall 2023 Course Code: ASU323 & ASU323s & ASUx44s Time Allowed: 1 Hour
Introduction to Accounting-Final Assessment
The Assessment Consists of 48 Questions in Four Pages Maximum Marks: 100% 1/4
Important Rules: ‫تعليمات هامة‬
• Having a mobile inside the examination hall is forbidden ‫• حيازة التيلفون املحمول داخل لجنة المتحان يعتبر حالة غش تستوجب العقاب‬
and is considered as a cheating behavior. .
• Any kind of “Smart Watches” or earphones (Bluetooth,
..‫• ل يسمح بدخول الساعات الذكية ول سماعة األذن أو البلوتوث‬
wireless, or wired) are forbidden.
Chose the correct answer

1. ............. is the amount of expenditure incurred on or attributable to a given thing.

a) Cost accounting b) Cost c) Costing d) Cost management

2. For product “A”, fixed cost per month is $10000 USD, variable cost per unit is $15 USD
and unit selling price is $20 USD, monthly B.E.P in units is .............
a) $40000 USD b) 2000/12 units c) 2000 units d) Both a) & c)

3. Costs which do not vary with the level of production are known as .............
a) Direct costs b) variable costs c) fixed costs d) Both a) & c)

4. ............. can be converted into cash within a short period.

a) Intangible assets b) Current assets c) Fixed assets d) Non-operating assets

5. Cost accounting provides ............. cost information to various levels of Management for efficient
performance of their functions.
a) Minute b) Limited c) Detailed d) Both a) & b)

6. The long-term assets that have no physical existence but are rights that have value is known as:
a) Investments b) Tangible assets c) Intangible assets d) None of them

7. Cost accounting does not form a basis for tax assessment.

a) True b) False

8. For product “X”, fixed cost is $20000 USD, variable cost per unit is $40 USD
and unit contribution margin is $10 USD, CMR is .............
a) 0.2 % b) 20 % c) 25 % d) 0.25 %

9. The revenues and expenses of a company are displayed in ............

a) Cash Flow Statement b) Balance Sheet c) Income Statement d) All of that

10. Factory Equipment is considered as .............

a) tangible assets b) noncurrent assets c) operating assets d) all of that

11. “Purchase Discount” account is considered as a/an.............

a) Expense account b) Revenue account c) Contra expense account d) Both b) & c)

12. Costing in the field of business helps us to ............. the expenditure for the determination of costs
of product.
a) classify b) record c) allocate d) All of That
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
Fall 2023 Course Code: ASU323 & ASU323s & ASUx44s All Programs, All Levels
Introduction to Accounting
The Assessment Consists of 48 Questions in Four Pages Model A 2/4

13. If “Number of cars” is the cost driver, factory rent is not considered as a fixed cost.
a) True b) False

14. ............. is the process of planning and controlling costs in both the short and long term.
a) Cost accounting b) Cost c) Costing d) Cost management

15. For product “Y”, variable cost per unit is $100 USD and Unit contribution margin is 40$, net profit
for sales 200 units above B.E.P is.............
a) $4000 USD b) $20000 USD c) $8000 USD d) $800000 USD

16. "Owner's Equity" is the net assets of a company.

a) True b) False

17. ............. is the objective of cost accounting.

a) Controlling cost b) Ascertaining costing profit c) Determining selling price d) All of that

18. ‘’Wages” account is considered as a/an .............

a) Asset account b) Liability account c) Revenue account d) Expense account

19. ............. helps us to know operational results and the financial position of business.
a) Management accounting b) Corporate accounting
c) Cost accounting d) Financial accounting

20. If a product has a “zero” UCM, the B.E.P will be at “zero”.

a) True b) False

21. For product “Z”, fixed cost per month is $10000 USD, unit contribution margin is $5 USD,
at total sales per month of 4000 units, if unit selling price is $10 USD, net profit is .............
a) $50000 USD b) $40000 USD c) $20000 USD d) $10000 USD

22. The main target of ............. is to help businesses use their financial data to plan smartly, make
informed decisions, and reach the financial goals they’ve set.
a) Management accounting b) Corporate accounting
c) Cost accounting d) Financial accounting a)

23. For product “G”, fixed cost is $10000 USD, variable cost per unit is $150 USD
and price per unit is $200 USD, for net profit $10000 USD, total sales is .............
a) 200 units b) 400 units c) $80000 USD d) Both b) & c)

24. If a product has a “zero” fixed cost, there will be no B.E.P for this product.
a) True b) False

25. The difference between actual sales and breakeven point is known as .............
a) Profit b) Price – cost margin c) contribution d) Margin of safety

26. For product “M”, fixed cost is $7500 USD, variable cost per unit is $25 USD
and unit contribution margin is $25 USD, B.E.P is .............
a) 150 units b) $15000 USD c) $7500 USD d) Both a) & c)

27. ............. provides information to parties involved in business internally and externally.
a) Management accounting b) Corporate accounting
c) Cost accounting d) Financial accounting
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
Fall 2023 Course Code: ASU323 & ASU323s & ASUx44s All Programs, All Levels
Introduction to Accounting
The Assessment Consists of 48 Questions in Four Pages Model A 3/4

28. "Assets = Liabilities – Owner’s Equity" is called the accounting equation.

a) True b) False

29. Trademarks are considered as:

a) Fixed asset b) Intangible asset c) Operating asset d) All of that

30. Insurance is an example of.............

a) Asset b) liability c) Revenue d) Expense

31. ………………are payments for future services to be performed or goods to be delivered.

a) Revenues b) Accrued expenses c) Unearned revenues d) Prepaid expenses

32. Prepaid tax is an example of.............

a) Asset b) liability c) Revenue d) Expense

33. For product “Y”, fixed cost per month is $10000 USD, variable cost per unit is $20 USD
and unit selling price is $25 USD, contribution margin at B.E.P is .............
a) $5 USD b) $10000 USD c) Zero d) $50000 USD

34. Unearned Revenue is an example of .............

a) Asset b) liability c) Revenue d) Expense

35. The balance sheet lists the asset, liability, and net income balances at a specific time.
a) True b) False

36. Cost accounting is a quantitative method that accumulates classifies, summarizes, and interprets
information for .............
a) Operational planning and control b) Special decision
c) Product decision d) All of that

37. Patents are considered as non-operating assets.

a) True b) False

38. If the “balance sheet” is not balanced, it means ..........

a) The company gains money b) the company loses money
c) The accountant made a mistake d) None of that

39. "Unpaid Rent" is considered as a/an .............

a) asset account b) liability account c) revenue account d) expense account

40. "Interest receivable" account is considered as a/an .............

a) asset account b) liability account c) revenue account d) expense account

41. For product “X”, the breakeven point is 2000 units, the price per unit is $40 USD and the variable
cost of each unit is $10 USD then fixed cost is .............
a) $80000 USD b) $20000 USD c) $60000 USD d) $200000 USD

42. "Prepaid Wages" account is considered as a/an .............

a) asset account b) liability account c) revenue account d) expense account

43. The net loss is an input for ..........

a) balance sheet b) income statement
c) statement of owner's equity d) All of that
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
Fall 2023 Course Code: ASU323 & ASU323s & ASUx44s All Programs, All Levels
Introduction to Accounting
The Assessment Consists of 48 Questions in Four Pages Model A 4/4

44. If the "Trial Balance" is balanced, it is 100% means ..........

a) the accountant made no mistakes b) the Net Income will be correct
c) the "Balance Sheet" will be balanced d) All of that

45. Because cost accounting is an organized body of knowledge, its principles can be verified and
proved by experiments.
a) True b) False

Given the following transactions for a Trading company:

• Paid $60,000 furniture. (The furniture has no salvage value after 5 years)
• Paid $500,000 for purchasing 100,000 kid's toys for trading.
• 50,000 kid's toys sold to X store in cash, receiving cash of $ 400,000.
• X store returns 5,000 kid's toys.
After six months answer the following questions:

46. Furniture account ledger balance is .............

a) $57,000 USD b) $60,000 USD c) $54,000 USD d) $51,000 USD

47. kid's toys account ledger balance is .............

a) $500,000 USD b) $250,000 USD c) $225,000 USD d) $275,000 USD

48. Total Revenue is .............

a) $150,000 USD b) $400,000 USD c) $360,000 USD d) $135,000 USD

END of Assessment, Good Luck

Examination Committee Exam Date: 2nd January 2024

Dr. Nabil M. Hamed
 Fall 24 (Accounting)
Financial Accounting questions with numerical choices

Given the following transactions for a Trading company:

* The Owner invested $767,000 to start the business.

* Paid $50,000 furniture. (The furniture has no salvage value after 5 years)

* Paid $12,000 for one year Office supplies.

* paid $45,000 for one year rent.

* Purchase 120,000 kid’s toys for trading, worth $600,000 by paying cash $200,000 and
balance in credit from kid’s toys factory.

* 60,000 kid’s toys sold to X store, receiving cash of $150,000 and note receivable of
$350,000 (with 10% interest rate)

* Y store pays $500,000 in advance to the company for one year, to get 5,000 kid’s toys
monthly.

* Paid $15,000 monthly in wages.

* Paid $5,000 monthly in Miscellaneous expenses.

The Owner wants to check on his business after nine months

1. “Cash” account ledger balance is:

a) $930,000

b) $932,000

c) $934,000

d) $936,000

2. Pre-paid Expenses are an example of:

a) Asset

b) Liability

c) Revenue

d) Expense
3. For product “G”, fixed cost per month is $50000 USD, variable cost per unit is $20 USD
and unit selling price is $25 USD, unit contribution margin at B.E.P is:

a) $5 USD

b) $10000 USD

c) Zero

d) $50000 USD

4. “Total Liabilities is:

a) $426,250

b) $400,000

c) $650,000

d) $525,000

5. After B.E.P, as number of products increases, total cost will:

a) decrease

b) increase

c) remains constant

d) None of that

6. ___ is/are an example of intangible asset.

a) Cash

b) Furniture

c) Factory land

d) Patents

7. “Total Revenue is:

a) $848,750

b) $901,250

c) $875,000

d) $500,000
 8. For product “G”, unit selling price is 100 USD and Unit contribution margin is 40, revenue
for sales 200 units is:

a) $4000 USD

b) $20000 USD

c) $8000 USD

d) $28000 USD

9. “Prepaid Rent” account ledger balance is:

a) $45,000

b) $11,250 USD

c) $33,750

d) $22,500

10. For product “A”, the breakeven point is 400 units, the price per unit is $200 USD and the
fixed cost is $24000 USD then variable cost of each unit is:

a) $60 USD

b) $120 USD

c) $140 USD

d) $260 USD

11. The company transportation buses are considered as:

a) tangible assets

b) noncurrent assets

c) operating assets

d) all of that

12. For product “B”, fixed cost per month is $100000 USD, variable cost per unit is $300
USD and unit selling price is $400 USD, monthly B.E.P in units is:

a) $400000 USD

b) 10000 units

c) 250 units
 d) 1000 units

13. “Net Income is:

a) $146,000

b) $119,750

c) $644,750

d) $671,000

14. _____ form a basis for tax assessment.

a) Cost accounting

b) Financial accounting

c) Management accounting

d) Both b) & c)

15. For product “C”, fixed cost is $20000 USD, unit selling price is $40 USD and CMR is
2.5%, unit contribution margin is:

a) $10 USD

b) $30 USD

c) $1 USD

d) $7.5 USD

16. In furniture factories, security cost is considered as:

a) direct cost

b) indirect cost

c) variable cost

d) fixed cost

17. “Office supplies” expense account ledger balance is:

a) $6,000

b) $9,000
 c) $3,000

d) $12,000

18. In BMW factory, if “Number of cars” is the cost driver, and car as a cost object, tires
cost is considered as:

a) fixed cost

b) direct cost

c) variable cost

d) Both b) & c)

19._____ is concerned with lowering overall costs.

a) Cost accounting

b) Cost

c) Costing

d) Cost management

20. For product “E”, fixed cost per month is $10000 USD, unit contribution margin is $5
USD, at sales per month of 4000 units, if unit selling price is $10 USD, revenue is:

a) $50000 USD

b) $40000 USD

c) $20000 USD

d) $10000 USD

21. “Fees Earned” account ledger balance is:

a) $875,000

b) $500,000

c) $750,000

d) $375,000

22. “Unpaid electricity bills” account is considered as a/an:

a) Asset

b) Revenue
 c) Expense

d) Liability

23. For product “E”, fixed cost per month is $10000 USD, unit contribution margin is $5
USD, at sales per month of 10000 units, if unit selling price is $10 USD, profit is:

a) $50000 USD

b) $40000 USD

c) $20000 USD

d) $100000 USD

24. For product “E”, fixed cost is $20000 USD, variable cost per unit is $200 USD and price
per unit is $300 USD, for net profit $20000 USD, revenue is:

a) 200 units

b) 400 units

c) $120000 USD

d) Both b) & c)

25. “Furniture” account ledger balance is:

a) $40,000

b) $42,500

c) $50,000

d) $7,500

26. B.E.P will be at “zero” if:

a) fixed cost is “zero”

b) UCM is “zero”

c) CMR is “zero”

d) none of that

27. The difference between total revenue and variable cost is known as:

a) profit

b) UCM
 c) contribution margin

d) margin of safety

28. For product “F”, fixed cost is $7500 USD, variable cost per unit is $50 USD and unit
contribution margin is $50 USD, B.E.P is:

a) 150 units

b) $15000 USD

c) no B.E.P

d) Both a) & b)

29. Total Assets is:

a) $1,411,750

b) $1,963,000

c) $1,438,000

d) $1,936,750

30. At B.E.P:

a) fixed cost equals unit contribution margin

b) Total cost equals Revenue

c) contribution margin equals zero

d) Total cost equals contribution margin

31. “Zero” CMR, for a product means:

a) no B.E.P

b) fixed cost is “zero”

c) B.E.P will be at “zero”

d) none of that

32. Company furniture is considered as:

a) current asset

b) Intangible asset
 c) Operating asset

d) All of that

33. Pre-paid Insurance is an example of:

a) Asset

b) liability

c) Revenue

d) Expense

34. For product “D”, fixed cost is $20000 USD, variable cost per unit is $30 USD and CMR is
25%, unit contribution margin is:

a) $10 USD

b) $40 USD

c) $1 USD

d) $7.5 USD

35. “Kid’s toys” (Goods) account ledger balance is:

a) $600,000

b) $525,000

c) $75,000

d) $150,000
 Fall 24 (Accounting)
Financial Accounting questions with numerical choices

Given the following transactions for a Trading company:

* The Owner invested $767,000 to start the business.

* Paid $50,000 furniture. (The furniture has no salvage value after 5 years)

* Paid $12,000 for one year Office supplies.

* paid $45,000 for one year rent.

* Purchase 120,000 kid’s toys for trading, worth $600,000 by paying cash $200,000 and
balance in credit from kid’s toys factory.

* 60,000 kid’s toys sold to X store, receiving cash of $150,000 and note receivable of
$350,000 (with 10% interest rate)

* Y store pays $500,000 in advance to the company for one year, to get 5,000 kid’s toys
monthly.

* Paid $15,000 monthly in wages.

* Paid $5,000 monthly in Miscellaneous expenses.

The Owner wants to check on his business after nine months

1. “Cash” account ledger balance is:

a) $930,000

b) $932,000

c) $934,000

d) $936,000

2. Pre-paid Expenses are an example of:

a) Asset

b) Liability

c) Revenue

d) Expense
3. For product “G”, fixed cost per month is $50000 USD, variable cost per unit is $20 USD
and unit selling price is $25 USD, unit contribution margin at B.E.P is:

a) $5 USD

b) $10000 USD

c) Zero

d) $50000 USD

4. “Total Liabilities is:

a) $426,250

b) $400,000

c) $650,000

d) $525,000

5. After B.E.P, as number of products increases, total cost will:

a) decrease

b) increase

c) remains constant

d) None of that

6. ___ is/are an example of intangible asset.

a) Cash

b) Furniture

c) Factory land

d) Patents

7. “Total Revenue is:

a) $848,750

b) $901,250

c) $875,000

d) $500,000
 8. For product “G”, unit selling price is 100 USD and Unit contribution margin is 40, revenue
for sales 200 units is:

a) $4000 USD

b) $20000 USD

c) $8000 USD

d) $28000 USD

9. “Prepaid Rent” account ledger balance is:

a) $45,000

b) $11,250 USD

c) $33,750

d) $22,500

10. For product “A”, the breakeven point is 400 units, the price per unit is $200 USD and the
fixed cost is $24000 USD then variable cost of each unit is:

a) $60 USD

b) $120 USD

c) $140 USD

d) $260 USD

11. The company transportation buses are considered as:

a) tangible assets

b) noncurrent assets

c) operating assets

d) all of that

12. For product “B”, fixed cost per month is $100000 USD, variable cost per unit is $300
USD and unit selling price is $400 USD, monthly B.E.P in units is:

a) $400000 USD

b) 10000 units

c) 250 units
 d) 1000 units

13. “Net Income is:

a) $146,000

b) $119,750

c) $644,750

d) $671,000

14. _____ form a basis for tax assessment.

a) Cost accounting

b) Financial accounting

c) Management accounting

d) Both b) & c)

15. For product “C”, fixed cost is $20000 USD, unit selling price is $40 USD and CMR is
2.5%, unit contribution margin is:

a) $10 USD

b) $30 USD

c) $1 USD

d) $7.5 USD

16. In furniture factories, security cost is considered as:

a) direct cost

b) indirect cost

c) variable cost

d) fixed cost

17. “Office supplies” expense account ledger balance is:

a) $6,000

b) $9,000
 c) $3,000

d) $12,000

18. In BMW factory, if “Number of cars” is the cost driver, and car as a cost object, tires
cost is considered as:

a) fixed cost

b) direct cost

c) variable cost

d) Both b) & c)

19._____ is concerned with lowering overall costs.

a) Cost accounting

b) Cost

c) Costing

d) Cost management

20. For product “E”, fixed cost per month is $10000 USD, unit contribution margin is $5
USD, at sales per month of 4000 units, if unit selling price is $10 USD, revenue is:

a) $50000 USD

b) $40000 USD

c) $20000 USD

d) $10000 USD

21. “Fees Earned” account ledger balance is:

a) $875,000

b) $500,000

c) $750,000

d) $375,000

22. “Unpaid electricity bills” account is considered as a/an:

a) Asset

b) Revenue
 c) Expense

d) Liability

23. For product “E”, fixed cost per month is $10000 USD, unit contribution margin is $5
USD, at sales per month of 10000 units, if unit selling price is $10 USD, profit is:

a) $50000 USD

b) $40000 USD

c) $20000 USD

d) $100000 USD

24. For product “E”, fixed cost is $20000 USD, variable cost per unit is $200 USD and price
per unit is $300 USD, for net profit $20000 USD, revenue is:

a) 200 units

b) 400 units

c) $120000 USD

d) Both b) & c)

25. “Furniture” account ledger balance is:

a) $40,000

b) $42,500

c) $50,000

d) $7,500

26. B.E.P will be at “zero” if:

a) fixed cost is “zero”

b) UCM is “zero”

c) CMR is “zero”

d) none of that

27. The difference between total revenue and variable cost is known as:

a) profit

b) UCM
 c) contribution margin

d) margin of safety

28. For product “F”, fixed cost is $7500 USD, variable cost per unit is $50 USD and unit
contribution margin is $50 USD, B.E.P is:

a) 150 units

b) $15000 USD

c) no B.E.P

d) Both a) & b)

29. Total Assets is:

a) $1,411,750

b) $1,963,000

c) $1,438,000

d) $1,936,750

30. At B.E.P:

a) fixed cost equals unit contribution margin

b) Total cost equals Revenue

c) contribution margin equals zero

d) Total cost equals contribution margin

31. “Zero” CMR, for a product means:

a) no B.E.P

b) fixed cost is “zero”

c) B.E.P will be at “zero”

d) none of that

32. Company furniture is considered as:

a) current asset

b) Intangible asset
 c) Operating asset

d) All of that

33. Pre-paid Insurance is an example of:

a) Asset

b) liability

c) Revenue

d) Expense

34. For product “D”, fixed cost is $20000 USD, variable cost per unit is $30 USD and CMR is
25%, unit contribution margin is:

a) $10 USD

b) $40 USD

c) $1 USD

d) $7.5 USD

35. “Kid’s toys” (Goods) account ledger balance is:

a) $600,000

b) $525,000

c) $75,000

d) $150,000
1. the income statement lists all revenue and expense account balances.
a) False
b) True
2. The difference between actual sales and breakeven point is known as
.............
a) Price -cost margin
b) Profit
c) contribution
d) Margin of safety
3. The income statements are prepared immediately after the adjusted trial balance.
a) True
b) False

4 .......... . provides information parties involved in business internally and externally.

a) Management accounting
b) Corporate accounting
c) Cost accounting
d) Financial accounting
5. For product "X", fixed cost is $10000 USD, variable cost per unit is $150 USD
and unit contribution margin is $50 USD, B.E.P in dollars i. .......
a) 200 units
b) $30000 USD
c) $40000 USD
d) Both a)&c)
6. Costing in the field of business helps us t. ......the expenditure for the determination of
costs of product.
a) allocate
b) All of That
c) record
d) classify
7..... helps US to know operational results and financial position of business.
b) Corporate accounting
a) Management accounting
d) Financial accounting
c) Cost accounting
8. Cost acounting does not form a basis for tax assessment.
a) True
b) False
9. is the amount of expenditure incurred on or attributable to a given thing
a) Costing
b) Cost
c) Cost management
d) Cost accounting
10. For product "Y", fixed cost per month is $12000 USD, variable
cost per unit is $18 USD
and unit selling price is $24 USD,
monthly B.E.P in units .s. .........
a) 2000 units
b) 2000/12 units
c) $48000 USD
d) $4000 USD

11.Costs which do not vary with the level of Production are known as….
a) Direct costs
b) variable costs
c) fixed costs
d) A&B
12. Parents are considered an asset
a)True
b) False
13. Cost accounting provides............ cost information to various levels of Management for
efficient performance of their functions.
a) Minute
b) Limited
c) Detailed
d) Both a) &b)
14. The vital importance that cost accounting has acquired in the modern age is because of the
growth of ............ in modern industry

a) technologies
b creativity
c) complexities
d) simplicity
15. Compared with financial accounting cost accounting is relatively……..development.
a) old
b) earliest
d) recent
c) both a) & b)
16. "............means total revenues are greater than total expenses.
a) Net income
b) liability
c) Net loss
d) Equity
17. .......... is the process of determining and accumulating the cost of product or activity
a) Cost accounting
b) Financial accounting
c) Cost control
d) Cost audit
18. Tangible assets do not include:
a) Cash
b) Furniture
c) Prepaid expenses
d) Trademarks
19. Cost accounting is a quantitative method that accumulates classifies, summarizes and
interpret information for..........
a) Operational planning and control
b) Special decision
c) Product decision
d) All of that
20. Rent is an example ..........
a) Asset
b) liability
c) Revenue
d) Expense
21. The terms costing and cost accounting are many times used interchangeably but the scope
of
cost accounting is……
a) limited as compared to costing
b) broader than that of costing
c) equal to costing
d) there is no relation between costing and cost accounting
22. For product "Z", fixed cost is $ 10000 USD , unit contribution margin is 50$ USD &
variable cost per unit is $150 USD , CMR is .........
a) 33.3 %
b) 0.33 %
c)0.25
23. Although cost accounting is an organized body of knowledge its principles cannot be verified
and proved by experiments.
b) False
a) True
24................ are payments for future services to be performed or good to be delivered
a) Accrued revenues
b) Accrued expenses
c) Unearned revenues
d) Prepaid expenses

25. If a product has a "zero" fixed cost, there will be no B.E.P for this product
b) False
a) True
26. Cost accounting makes optimum use of scarce resources which ultimately add
to the ......... of business.
a) extinction
b) merger
c) profitability
d) loss
27, Factory rent is considered as a fixed cost, regardless the Cost driver.
a) True
b) False
28. involves the classifying recording and appropriate allocation of expenditure for the
determination of cost of products or services
a) Cost Auditing
b) Costing
C) Pricing
d) Balancing
29. Prepaid expenses are an example of........
a) liability
b) Asset
c) Revenue
d) Expense
30. .........is. the objective of cost accounting.
a) Controlling cost
b) Determining selling price
c) Ascertaining costing profit
d) All of that
31. Which of the following is an external cause for depreciation?
a) Depletion
b) Time element
c) Obsolescence
d) All of them
32. Cost management is not linked to profit planning.
a) False
b) True
33. For profit for product "K" variable cost/unit is $150 USD and Unit contribution margin is 50S.
net profit for sales100 units above cost per B.E.P is……
a)15000
b) 20000
c) 5000
d) 60000
34. Modern management needs .....information than supplied by financial statements like profit
and loss account and balance sheet
a) limited amount of
b) less detailed
c) much more restricted
d) much more detailed
35. Tracking the move ement of cash during a specific period is the goal of........
a) management aecounting
b) corporate accounting
c) vedic accounting
d) financial accounting
36. Cost accounting started as a branch of….
a) management accounting
b) corporate accounting
c) vedic accounting
d) financial accounting
37. Which of the following is an internal case for depreciation?
a) Depletion
b) Wear and Tear
c) Both a&b
d) amortization
38. For product "L" the breakeven point is 5000 units the price per unit is $60 USD
& the variable Cost of each unit is $20 USDthen fixed cost is…
a) $400000 USD
b). $300000 USD
c) $100000 USD

39. Unearned Revenue is an example of. .......

a) Asset
b) Expense
c) Liability
d) Revenue
40. In brief,…….is the activity of finding out the cost of products and services
a) management accounting
b) financial accounting
c) cost accounting
d) corporate accounting
d) None of them
41................is an expenses accruing from use of fixed assets.
a) Accrued expenses
b) Depreciation
c) Prepaid expenses
d) none of them
42.The balance sheet lists the asset, liability, and owner's equity balances at a specific time.
a) False
b) True
43. Depreciation remains constant according to which method?
a) Declining balance
b) Units of activity
c) Written Down Value Method
d) Straight line method
44. The information supplied by cost accounting acts as tool of Management for making
"......
a) maximum use of resources
b) minimum use of scarce resources
c) optimum use of scarce resources
d) all the above
45, For product "M", fixed cost is $10000 USD, variable cost per unit is $150 USD
and price per unit is $200 USD, for net profit $10000 USD, total sales is
...........
a) 200 units
b) 400 units
c) $80000 USD
d) Both b) & c)
46. The multiple-step format puts revenue and expense accounts into separate groups
b) False
a) True
47. ......... is the process of planning and controlling costs in both the short and long term
a) Cost
b) Costing
c) Cost accounting
d) Cost management
48. In SLM, a fixed portion of the cost of a fixed asset is allocated and charged as periodic
depreciation.
a) False
b) True
49. For product "N", fixed cost per month is $12000 USD, variable cost per unit is $18 USD
& unit selling price is $24 USD, contribution margin at B.E.P iS…
a) $6 USD
b) 2000 units
c) 25%
d) $12000 USD
50. ............. involves the process of finding out the causal factors of actual cost varying from the
budgeted cost and fixation of responsibility for cost increases
a) Cost ascertainment
b) Cost book-keeping
c) Cost system
d) Cost analysis
1. the income statement lists all revenue and expense account balances.
a) False
b) True
2. The difference between actual sales and breakeven point is known as
.............
a) Price -cost margin
b) Profit
c) contribution
d) Margin of safety
3. The income statements are prepared immediately after the adjusted trial balance.
a) True
b) False

4 .......... . provides information parties involved in business internally and externally.

a) Management accounting
b) Corporate accounting
c) Cost accounting
d) Financial accounting
5. For product "X", fixed cost is $10000 USD, variable cost per unit is $150 USD
and unit contribution margin is $50 USD, B.E.P in dollars i. .......
a) 200 units
b) $30000 USD
c) $40000 USD
d) Both a)&c)
6. Costing in the field of business helps us t. ......the expenditure for the determination of
costs of product.
a) allocate
b) All of That
c) record
d) classify
7..... helps US to know operational results and financial position of business.
b) Corporate accounting
a) Management accounting
d) Financial accounting
c) Cost accounting
8. Cost acounting does not form a basis for tax assessment.
a) True
b) False
9. is the amount of expenditure incurred on or attributable to a given thing
a) Costing
b) Cost
c) Cost management
d) Cost accounting
10. For product "Y", fixed cost per month is $12000 USD, variable
cost per unit is $18 USD
and unit selling price is $24 USD,
monthly B.E.P in units .s. .........
a) 2000 units
b) 2000/12 units
c) $48000 USD
d) $4000 USD

11.Costs which do not vary with the level of Production are known as….
a) Direct costs
b) variable costs
c) fixed costs
d) A&B
12. Parents are considered an asset
a)True
b) False
13. Cost accounting provides............ cost information to various levels of Management for
efficient performance of their functions.
a) Minute
b) Limited
c) Detailed
d) Both a) &b)
14. The vital importance that cost accounting has acquired in the modern age is because of the
growth of ............ in modern industry

a) technologies
b creativity
c) complexities
d) simplicity
15. Compared with financial accounting cost accounting is relatively……..development.
a) old
b) earliest
d) recent
c) both a) & b)
16. "............means total revenues are greater than total expenses.
a) Net income
b) liability
c) Net loss
d) Equity
17. .......... is the process of determining and accumulating the cost of product or activity
a) Cost accounting
b) Financial accounting
c) Cost control
d) Cost audit
18. Tangible assets do not include:
a) Cash
b) Furniture
c) Prepaid expenses
d) Trademarks
19. Cost accounting is a quantitative method that accumulates classifies, summarizes and
interpret information for..........
a) Operational planning and control
b) Special decision
c) Product decision
d) All of that
20. Rent is an example ..........
a) Asset
b) liability
c) Revenue
d) Expense
21. The terms costing and cost accounting are many times used interchangeably but the scope
of
cost accounting is……
a) limited as compared to costing
b) broader than that of costing
c) equal to costing
d) there is no relation between costing and cost accounting
22. For product "Z", fixed cost is $ 10000 USD , unit contribution margin is 50$ USD &
variable cost per unit is $150 USD , CMR is .........
a) 33.3 %
b) 0.33 %
c)0.25
23. Although cost accounting is an organized body of knowledge its principles cannot be verified
and proved by experiments.
b) False
a) True
24................ are payments for future services to be performed or good to be delivered
a) Accrued revenues
b) Accrued expenses
c) Unearned revenues
d) Prepaid expenses

25. If a product has a "zero" fixed cost, there will be no B.E.P for this product
b) False
a) True
26. Cost accounting makes optimum use of scarce resources which ultimately add
to the ......... of business.
a) extinction
b) merger
c) profitability
d) loss
27, Factory rent is considered as a fixed cost, regardless the Cost driver.
a) True
b) False
28. involves the classifying recording and appropriate allocation of expenditure for the
determination of cost of products or services
a) Cost Auditing
b) Costing
C) Pricing
d) Balancing
29. Prepaid expenses are an example of........
a) liability
b) Asset
c) Revenue
d) Expense
30. .........is. the objective of cost accounting.
a) Controlling cost
b) Determining selling price
c) Ascertaining costing profit
d) All of that
31. Which of the following is an external cause for depreciation?
a) Depletion
b) Time element
c) Obsolescence
d) All of them
32. Cost management is not linked to profit planning.
a) False
b) True
33. For profit for product "K" variable cost/unit is $150 USD and Unit contribution margin is 50S.
net profit for sales100 units above cost per B.E.P is……
a)15000
b) 20000
c) 5000
d) 60000
34. Modern management needs .....information than supplied by financial statements like profit
and loss account and balance sheet
a) limited amount of
b) less detailed
c) much more restricted
d) much more detailed
35. Tracking the move ement of cash during a specific period is the goal of........
a) management aecounting
b) corporate accounting
c) vedic accounting
d) financial accounting
36. Cost accounting started as a branch of….
a) management accounting
b) corporate accounting
c) vedic accounting
d) financial accounting
37. Which of the following is an internal case for depreciation?
a) Depletion
b) Wear and Tear
c) Both a&b
d) amortization
38. For product "L" the breakeven point is 5000 units the price per unit is $60 USD
& the variable Cost of each unit is $20 USDthen fixed cost is…
a) $400000 USD
b). $300000 USD
c) $100000 USD

39. Unearned Revenue is an example of. .......

a) Asset
b) Expense
c) Liability
d) Revenue
40. In brief,…….is the activity of finding out the cost of products and services
a) management accounting
b) financial accounting
c) cost accounting
d) corporate accounting
d) None of them
41................is an expenses accruing from use of fixed assets.
a) Accrued expenses
b) Depreciation
c) Prepaid expenses
d) none of them
42.The balance sheet lists the asset, liability, and owner's equity balances at a specific time.
a) False
b) True
43. Depreciation remains constant according to which method?
a) Declining balance
b) Units of activity
c) Written Down Value Method
d) Straight line method
44. The information supplied by cost accounting acts as tool of Management for making
"......
a) maximum use of resources
b) minimum use of scarce resources
c) optimum use of scarce resources
d) all the above
45, For product "M", fixed cost is $10000 USD, variable cost per unit is $150 USD
and price per unit is $200 USD, for net profit $10000 USD, total sales is
...........
a) 200 units
b) 400 units
c) $80000 USD
d) Both b) & c)
46. The multiple-step format puts revenue and expense accounts into separate groups
b) False
a) True
47. ......... is the process of planning and controlling costs in both the short and long term
a) Cost
b) Costing
c) Cost accounting
d) Cost management
48. In SLM, a fixed portion of the cost of a fixed asset is allocated and charged as periodic
depreciation.
a) False
b) True
49. For product "N", fixed cost per month is $12000 USD, variable cost per unit is $18 USD
& unit selling price is $24 USD, contribution margin at B.E.P iS…
a) $6 USD
b) 2000 units
c) 25%
d) $12000 USD
50. ............. involves the process of finding out the causal factors of actual cost varying from the
budgeted cost and fixation of responsibility for cost increases
a) Cost ascertainment
b) Cost book-keeping
c) Cost system
d) Cost analysis
AIN SHAMS UNIVERSITY
FACULTY OF ENGINEERING
All Specialized Program

Student Name:
ID: Model A
Fall 2022 Course Code: ASU 323s Time Allowed: 1 Hour
Introduction to Accounting-Final Exam
The Exam Consists of 40 Questions in Four Pages Maximum Marks: 60 1/4
Important Rules: ‫تعليمات هامة‬
• Having a “turned ON” mobiles inside the examination hall is forbidden ‫• حيازة التيلفون املحمول داخل لجنة األمتحان يعتبر حالة غش‬
and is considered as a cheating behavior. If you should have your mobile
. ‫تستوجب العقاب‬
with you, it must be turned off and placed into your own bag.
• Any kind of “Smart Watches” or earphones (Bluetooth, wireless, or ‫• ال يسمح بدخول الساعات الذكية وال سماعة األذن أو‬
wired) are forbidden. ..‫البلوتوث‬
• Clarify your answer with all data, dimensions, sketches, and ‫• وضح جميع إجاباتك بذكر كافة المعلومات واألبعاد‬
annotations. In addition, assume logically any mising data. .‫ وافترض بمنطقية أية أبعاد غير مذكورة صراحة‬،‫الالزمة‬

Chose the correct answer

1. The data supplied by accountants are used to decide “if the company should invest more money
to expand”.
a) True b) False

2. The ......... is a report at a specific time.

a) income statement b) statement of owner’s equity
c) balance sheet d) All of that

3. “Assets = Liabilities – Owner’s Equity” is called the accounting equation.

a) True b) False

4. The difference between actual sales and breakeven point is known as .............
a) Profit b) Price – cost margin
c) contribution d) Margin of safety

5. Patents are considered an asset.

a) True b) False

6. For product “X”, fixed cost is $10000 USD, variable cost per unit is $150 USD
and unit contribution margin is $50 USD, B.E.P in dollars is .............
a) 200 units b) $30000 USD c) $40000 USD d) Both a) & b)

7. ............. involves the process of finding out the causal factors of actual cost varying from the
budgeted cost and fixation of responsibility for cost increases
a) Cost ascertainment b) Cost book-keeping
c) Cost system d) Cost analysis

8. Cost accounting provides ............. cost information to various levels of Management for
efficient performance of their functions.
a) Minute b) Limited c) Detailed d) Both a) & b)
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
All Programs, All Levels
Fall 2022 Course Code: ASU 323s
Introduction to Accounting
The Exam Consists of 40 Questions in Four Pages Model A 2/4

9. The vital importance that cost accounting has acquired in the modern age is because of the
growth of ............. in modern industry
a) technologies b) creativity c) complexities d) simplicity

10. Compared with financial accounting cost accounting is relatively ............. development.
a) old b) earliest c) both a) & b) d) recent

11. "Owner's Equity" account is considered as a/an .............

a) asset account b) liability account
c) net asset account d) net asset account

12. ............. is the process of determining and accumulating the cost of product or activity.
a) Cost accounting b) Financial accounting
c) Cost control d) Cost audit

13. If the company loses money so it should ………….

a) increase Revenues b) increase Assets
c) bring more investments d) All of that

14. Cost accounting is a quantitative method that accumulates classifies, summarizes and interpret
information for .............
a) Operational planning and control b) Special decision
c) Product decision d) All of that

15. “Raw materials inventory” account is considered as a/an .............

a) asset account b) liability account
c) revenue account d) expense account

16. The term costing and cost accounting are many times used interchangeably but the scope of cost
accounting is .............
a) limited as compared to costing b) broader than that of costing
c) equal to costing d) there is no relation between costing and cost accounting

17. For product “Y”, fixed cost is $10000 USD, variable cost per unit is $150 USD
and unit contribution margin is $50 USD, CMR is .............
a) 0.33 % b) 33.3 % c) 25 % d) 0.25 %

18. Although cost accounting is an organized body of knowledge, its principles cannot be verified
and proved by experiments.
a) True b) False

19. If the “balance sheet” is not balanced, it means ..........

a) The company gains money b) the company loses money
c) The accountant made a mistake d) None of that
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
All Programs, All Levels
Fall 2022 Course Code: ASU 323s
Introduction to Accounting
The Exam Consists of 40 Questions in Four Pages Model A 3/4

20. If a product has a “zero” fixed cost, there will be no B.E.P for this product.
a) True b) False

21. Cost accounting makes optimum use of scarce resources which ultimately add to the ............. of
business.
a) loss b) profitability
c) extinction d) merger

22. Factory rent is considered as a fixed cost, regardless the cost driver.
a) True b) False

23. ............. involves the classifying recording and appropriate allocation of expenditure for the
determination of cost of products or services.
a) Pricing b) Costing
c) Balancing d) Cost Auditing

24. “Unearned revenue” account is considered as a/an .............

a) asset account b) liability account
c) revenue account d) expense account

25. ............. is the objective of cost accounting.

a) Controlling cost b) Ascertaining costing profit
c) Determining selling price d) All of that

26. “Notes payable” account is considered as a/an .............

a) asset account b) liability account
c) revenue account d) expense account

27. Cost management is not linked to profit planning.

a) True b) False

28. For product “Z”, variable cost per unit is $150 USD and Unit contribution margin is 50$, net
profit for sales 100 units above B.E.P is.............
a) 15000 b) 5000 c) 20000 d) 60000

29. Modern management needs .......... information than supplied by financial statements like profit
and loss account and balance sheet
a) less detailed b) limited amount of
c) much more detailed d) much more restricted

30. Tracking the movement of cash during a specific period is the goal of ..........
a) management accounting b) corporate accounting
c) vedic accounting d) financial accounting
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
All Programs, All Levels
Fall 2022 Course Code: ASU 323s
Introduction to Accounting
The Exam Consists of 40 Questions in Four Pages Model A 4/4

31. Cost accounting started as a branch of .............

a) Management accounting b) corporate accounting
c) vedic accounting d) financial accounting

32. The data supplied by accountants are used to find the company’s market share.
a) True b) False

33. For product “G”, the breakeven point is 5000 units, the price per unit is $60 USD and the
variable cost of each unit is $20 USD then fixed cost is .............
a) $400000 USD b) $300000 USD c) $100000 USD d) $200000 USD

34. All long-term and short-term investments are considered tangible assets.
a) True b) False

35. In brief, ............. is the activity of finding out the cost of products and services
a) financial accounting b) management accounting
c) corporate accounting d) cost accounting

36. a contra asset account is used to record the depreciation on the credit side
a) True b) False

37. “Wages” account is considered as a/an .............

a) asset account b) liability account
c) revenue account d) expense account

38. The net loss is the output of the ..........

a) balance sheet b) income statement
c) statement of owner's equity d) All of that

39. The information supplied by cost accounting acts as a tool of Management for making ........
a) minimum use of scarce resources b) maximum use of resources
c) optimum use of scarce resources d) All of that

40. For product “A”, fixed cost is $10000 USD, variable cost per unit is $150 USD
and price per unit is $200 USD, for net profit $10000 USD, total sales is .............
a) 200 units b) 400 units c) $80000 USD d) Both b) & c)

Exam Date: 5th January 2023

Examination Committee
Dr. Nabil M. Hamed
Dr. Mohamed Kohail
AIN SHAMS UNIVERSITY
FACULTY OF ENGINEERING
All Specialized Program

Student Name:
ID: Model A
Fall 2022 Course Code: ASU 323s Time Allowed: 1 Hour
Introduction to Accounting-Final Exam
The Exam Consists of 40 Questions in Four Pages Maximum Marks: 60 1/4
Important Rules: ‫تعليمات هامة‬
• Having a “turned ON” mobiles inside the examination hall is forbidden ‫• حيازة التيلفون املحمول داخل لجنة األمتحان يعتبر حالة غش‬
and is considered as a cheating behavior. If you should have your mobile
. ‫تستوجب العقاب‬
with you, it must be turned off and placed into your own bag.
• Any kind of “Smart Watches” or earphones (Bluetooth, wireless, or ‫• ال يسمح بدخول الساعات الذكية وال سماعة األذن أو‬
wired) are forbidden. ..‫البلوتوث‬
• Clarify your answer with all data, dimensions, sketches, and ‫• وضح جميع إجاباتك بذكر كافة المعلومات واألبعاد‬
annotations. In addition, assume logically any mising data. .‫ وافترض بمنطقية أية أبعاد غير مذكورة صراحة‬،‫الالزمة‬

Chose the correct answer

1. The data supplied by accountants are used to decide “if the company should invest more money
to expand”.
a) True b) False

2. The ......... is a report at a specific time.

a) income statement b) statement of owner’s equity
c) balance sheet d) All of that

3. “Assets = Liabilities – Owner’s Equity” is called the accounting equation.

a) True b) False

4. The difference between actual sales and breakeven point is known as .............
a) Profit b) Price – cost margin
c) contribution d) Margin of safety

5. Patents are considered an asset.

a) True b) False

6. For product “X”, fixed cost is $10000 USD, variable cost per unit is $150 USD
and unit contribution margin is $50 USD, B.E.P in dollars is .............
a) 200 units b) $30000 USD c) $40000 USD d) Both a) & b)

7. ............. involves the process of finding out the causal factors of actual cost varying from the
budgeted cost and fixation of responsibility for cost increases
a) Cost ascertainment b) Cost book-keeping
c) Cost system d) Cost analysis

8. Cost accounting provides ............. cost information to various levels of Management for
efficient performance of their functions.
a) Minute b) Limited c) Detailed d) Both a) & b)
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
All Programs, All Levels
Fall 2022 Course Code: ASU 323s
Introduction to Accounting
The Exam Consists of 40 Questions in Four Pages Model A 2/4

9. The vital importance that cost accounting has acquired in the modern age is because of the
growth of ............. in modern industry
a) technologies b) creativity c) complexities d) simplicity

10. Compared with financial accounting cost accounting is relatively ............. development.
a) old b) earliest c) both a) & b) d) recent

11. "Owner's Equity" account is considered as a/an .............

a) asset account b) liability account
c) net asset account d) net asset account

12. ............. is the process of determining and accumulating the cost of product or activity.
a) Cost accounting b) Financial accounting
c) Cost control d) Cost audit

13. If the company loses money so it should ………….

a) increase Revenues b) increase Assets
c) bring more investments d) All of that

14. Cost accounting is a quantitative method that accumulates classifies, summarizes and interpret
information for .............
a) Operational planning and control b) Special decision
c) Product decision d) All of that

15. “Raw materials inventory” account is considered as a/an .............

a) asset account b) liability account
c) revenue account d) expense account

16. The term costing and cost accounting are many times used interchangeably but the scope of cost
accounting is .............
a) limited as compared to costing b) broader than that of costing
c) equal to costing d) there is no relation between costing and cost accounting

17. For product “Y”, fixed cost is $10000 USD, variable cost per unit is $150 USD
and unit contribution margin is $50 USD, CMR is .............
a) 0.33 % b) 33.3 % c) 25 % d) 0.25 %

18. Although cost accounting is an organized body of knowledge, its principles cannot be verified
and proved by experiments.
a) True b) False

19. If the “balance sheet” is not balanced, it means ..........

a) The company gains money b) the company loses money
c) The accountant made a mistake d) None of that
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
All Programs, All Levels
Fall 2022 Course Code: ASU 323s
Introduction to Accounting
The Exam Consists of 40 Questions in Four Pages Model A 3/4

20. If a product has a “zero” fixed cost, there will be no B.E.P for this product.
a) True b) False

21. Cost accounting makes optimum use of scarce resources which ultimately add to the ............. of
business.
a) loss b) profitability
c) extinction d) merger

22. Factory rent is considered as a fixed cost, regardless the cost driver.
a) True b) False

23. ............. involves the classifying recording and appropriate allocation of expenditure for the
determination of cost of products or services.
a) Pricing b) Costing
c) Balancing d) Cost Auditing

24. “Unearned revenue” account is considered as a/an .............

a) asset account b) liability account
c) revenue account d) expense account

25. ............. is the objective of cost accounting.

a) Controlling cost b) Ascertaining costing profit
c) Determining selling price d) All of that

26. “Notes payable” account is considered as a/an .............

a) asset account b) liability account
c) revenue account d) expense account

27. Cost management is not linked to profit planning.

a) True b) False

28. For product “Z”, variable cost per unit is $150 USD and Unit contribution margin is 50$, net
profit for sales 100 units above B.E.P is.............
a) 15000 b) 5000 c) 20000 d) 60000

29. Modern management needs .......... information than supplied by financial statements like profit
and loss account and balance sheet
a) less detailed b) limited amount of
c) much more detailed d) much more restricted

30. Tracking the movement of cash during a specific period is the goal of ..........
a) management accounting b) corporate accounting
c) vedic accounting d) financial accounting
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
All Programs, All Levels
Fall 2022 Course Code: ASU 323s
Introduction to Accounting
The Exam Consists of 40 Questions in Four Pages Model A 4/4

31. Cost accounting started as a branch of .............

a) Management accounting b) corporate accounting
c) vedic accounting d) financial accounting

32. The data supplied by accountants are used to find the company’s market share.
a) True b) False

33. For product “G”, the breakeven point is 5000 units, the price per unit is $60 USD and the
variable cost of each unit is $20 USD then fixed cost is .............
a) $400000 USD b) $300000 USD c) $100000 USD d) $200000 USD

34. All long-term and short-term investments are considered tangible assets.
a) True b) False

35. In brief, ............. is the activity of finding out the cost of products and services
a) financial accounting b) management accounting
c) corporate accounting d) cost accounting

36. a contra asset account is used to record the depreciation on the credit side
a) True b) False

37. “Wages” account is considered as a/an .............

a) asset account b) liability account
c) revenue account d) expense account

38. The net loss is the output of the ..........

a) balance sheet b) income statement
c) statement of owner's equity d) All of that

39. The information supplied by cost accounting acts as a tool of Management for making ........
a) minimum use of scarce resources b) maximum use of resources
c) optimum use of scarce resources d) All of that

40. For product “A”, fixed cost is $10000 USD, variable cost per unit is $150 USD
and price per unit is $200 USD, for net profit $10000 USD, total sales is .............
a) 200 units b) 400 units c) $80000 USD d) Both b) & c)

Exam Date: 5th January 2023

Examination Committee
Dr. Nabil M. Hamed
Dr. Mohamed Kohail
AIN SHAMS UNIVERSITY
FACULTY OF ENGINEERING
All international Program

Student Name:
ID: Model A
Spring 2022 Course Code: ASU 323 Time Allowed: 2 Hours
Introduction to Accounting-Final Exam
The Exam Consists of Three Questions in Three Pages Maximum Marks: 40 / 31

Important Rules: ‫تعليمات هامة‬

Having a “turned ON” mobiles inside the examination hall is forbidden ● ‫● حيازة التيلفون املحمول داخل لجنة األمتحان يعتبر حالة غش تستوجب‬
and is considered as a cheating behavior. If you should have your mobile . ‫العقاب‬
with you, it must be turned off and placed into your own bag.
..‫ال يسمح بدخول الساعات الذكية وال سماعة األذن أو البلوتوث‬ ●
Any kind of “Smart Watches” or earphones (Bluetooth, wireless, or ●
wired) are forbidden. ،‫● وضح جميع إجاباتك بذكر كافة المعلومات واألبعاد الالزمة‬
.‫وافترض بمنطقية أية أبعاد غير مذكورة صراحة‬
Clarify your answer with all data, dimensions, sketches, and ●
annotations. In addition, assume logically any mising data.

Question (1) (20 marks)

Answer this question in the bubble sheet
The data supplied by accountants are used to find the company’s market share. .1
b) False a) True

All long-term and short-term investments are considered tangible assets. .2

b) False a) True

Patents are considered an asset. .3

b) False a) True

"Owner's Equity" account is considered as a/an ............. .4

b) liability account a) asset account
d) net asset account c) net asset account

a contra asset account is used to record the depreciation on the credit side .5
b) False a) True

The ......... is a report at a specific time. .6

b) statement of owner’s equity a) income statement
d) All of that c) balance sheet

If the company loses money so it should …………. .7

b) increase Assets a) increase Revenues
d) All of that c) bring more investments
“Unearned revenue” account is considered as a/an ............. .8
b) liability account a) asset account
d) expense account c) revenue account
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
All Programs, All Levels
Fall 2021 Course Code: ASU 323
Introduction to Accounting
The Exam Consists of Three Questions in Three Pages Model A / 32

“Notes payable” account is considered as a/an ............. .9

b) liability account a) asset account
d) expense account c) revenue account

If the “balance sheet” is not balanced, it means .......... .10

b) the company loses money a) The company gains money
d) None of that c) The accountant made a mistake

Tracking the movement of cash during a specific period is the goal of .......... .11
b) income statement a) balance sheet
d) None of that c) statement of owner's equity

Given the following transactions for a fast-food restaurant:

The Owner invested $1,000,000 to start the business. .i
Paid $300,000 for one year MacDonald franchise. .ii
Paid $100,000 furniture. (The furniture has no salvage value after 10 years) .iii
Paid $100,000 for one year of rent .iv
Paid $50,000 for the marketing processes (website, flyers, etc.). .v
For the first year, he paid $2,000,000 in wages. .vi
For the first year, he paid $500,000 for raw food. .vii
The restaurant sells an average of $200,000 each month. .viii

If the Owner wants to check on his business after the first year, answer the following questions for
him:

“MacDonald franchise” account is considered as a/an ............. .12

b) liability account a) asset account
d) expense account c) revenue account

“Marketing” account is considered as a/an ............. .13

b) liability account a) asset account
d) expense account c) revenue account

“Wages” account is considered as a/an ............. .14

b) liability account a) asset account
d) expense account c) revenue account

The cash account is balanced at ........ .15

b) $1,350,000 a) $250,000
d) None of that c) $500,000

The Owner’s equity is equal ………. .16

b) $560,000 a) $440,000
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
All Programs, All Levels
Fall 2021 Course Code: ASU 323
Introduction to Accounting
The Exam Consists of Three Questions in Three Pages Model A / 33

d) None of that c) $-560,000

Is the factory profitable? .17

b) False a) True

The total “Revenues” are equal ……. .18

b) $2,000,000 a) $200,000
d) $1,200,000 c) $2,400,000

The total “Expenses” are equal ……. .19

b) $950,000 a) $2,960,000
d) None of that c) $3,050,000

The total “Liabilities” are equal ……. .20

b) $2,100,000 a) $2,000,000
d) None of that c) $2,400,000

Question (2) (8 marks)

Compare between financial accounting and cost accounting (8 Marks)

[Note: Put your answer in a table]

Question (3) (12 marks)

A Company sells a product X at price of $150, where the product fixed cost monthly is
$50000. If Break-even point in units is 2000 unit monthly

Copy the following table in your answer sheet, and complete the missing data

1 Product variable cost ? (3 Marks)

2 Break-even point in dollars ? (1 Mark)
3 Unit Contribution Margin ? (1 Mark)
4 CM Ratio ? (1 Mark)
5 Sales in units to earn a profit of $50,000 ? (2 Marks)
6 Loss in dollars if sales was 1000 unit ? (2 Marks)
7 Margin of safety if salles exceeds $100000 ? (2 Marks)

Exam Date: May 31st, 2022

Examination Committee
Dr. Nabil M. Hamed
AIN SHAMS UNIVERSITY
FACULTY OF ENGINEERING
All international Program

Student Name:
ID: Model A
Spring 2022 Course Code: ASU 323 Time Allowed: 2 Hours
Introduction to Accounting-Final Exam
The Exam Consists of Three Questions in Three Pages Maximum Marks: 40 / 31

Important Rules: ‫تعليمات هامة‬

Having a “turned ON” mobiles inside the examination hall is forbidden ● ‫● حيازة التيلفون املحمول داخل لجنة األمتحان يعتبر حالة غش تستوجب‬
and is considered as a cheating behavior. If you should have your mobile . ‫العقاب‬
with you, it must be turned off and placed into your own bag.
..‫● ال يسمح بدخول الساعات الذكية وال سماعة األذن أو البلوتوث‬
Any kind of “Smart Watches” or earphones (Bluetooth, wireless, or ●
wired) are forbidden. ،‫● وضح جميع إجاباتك بذكر كافة المعلومات واألبعاد الالزمة‬
.‫وافترض بمنطقية أية أبعاد غير مذكورة صراحة‬
Clarify your answer with all data, dimensions, sketches, and ●
annotations. In addition, assume logically any mising data.

Question (1) (20 marks)

Answer this question in the bubble sheet
The data supplied by accountants are used to find the company’s market share. .1
b) False a) True

All long-term and short-term investments are considered tangible assets. .2

b) False a) True

Patents are considered an asset. .3

b) False a) True

"Owner's Equity" account is considered as a/an ............. .4

b) liability account a) asset account
d) net asset account c) net asset account

a contra asset account is used to record the depreciation on the credit side .5
b) False a) True

The ......... is a report at a specific time. .6

b) statement of owner’s equity a) income statement
d) All of that c) balance sheet

If the company loses money so it should …………. .7

b) increase Assets a) increase Revenues
d) All of that c) bring more investments
“Unearned revenue” account is considered as a/an ............. .8
b) liability account a) asset account
d) expense account c) revenue account
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
All Programs, All Levels
Fall 2021 Course Code: ASU 323
Introduction to Accounting
The Exam Consists of Three Questions in Three Pages Model A / 32

“Notes payable” account is considered as a/an ............. .9

b) liability account a) asset account
d) expense account c) revenue account

If the “balance sheet” is not balanced, it means .......... .10

b) the company loses money a) The company gains money
d) None of that c) The accountant made a mistake

Tracking the movement of cash during a specific period is the goal of .......... .11
b) income statement a) balance sheet
d) None of that c) statement of owner's equity

Given the following transactions for a fast-food restaurant:

The Owner invested $1,000,000 to start the business. .i
Paid $300,000 for one year MacDonald franchise. .ii
Paid $100,000 furniture. (The furniture has no salvage value after 10 years) .iii
Paid $100,000 for one year of rent .iv
Paid $50,000 for the marketing processes (website, flyers, etc.). .v
For the first year, he paid $2,000,000 in wages. .vi
For the first year, he paid $500,000 for raw food. .vii
The restaurant sells an average of $200,000 each month. .viii

If the Owner wants to check on his business after the first year, answer the following questions for
him:

“MacDonald franchise” account is considered as a/an ............. .12

b) liability account a) asset account
d) expense account c) revenue account

“Marketing” account is considered as a/an ............. .13

b) liability account a) asset account
d) expense account c) revenue account

“Wages” account is considered as a/an ............. .14

b) liability account a) asset account
d) expense account c) revenue account

The cash account is balanced at ........ .15

b) $1,350,000 a) $250,000
d) None of that c) $500,000

The Owner’s equity is equal ………. .16

b) $560,000 a) $440,000
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
All Programs, All Levels
Fall 2021 Course Code: ASU 323
Introduction to Accounting
The Exam Consists of Three Questions in Three Pages Model A / 33

d) None of that c) $-560,000

Is the factory profitable? .17

b) False a) True

The total “Revenues” are equal ……. .18

b) $2,000,000 a) $200,000
d) $1,200,000 c) $2,400,000

The total “Expenses” are equal ……. .19

b) $950,000 a) $2,960,000
d) None of that c) $3,050,000

The total “Liabilities” are equal ……. .20

b) $2,100,000 a) $2,000,000
d) None of that c) $2,400,000

Question (2) (8 marks)

Compare between financial accounting and cost accounting (8 Marks)

[Note: Put your answer in a table]

Question (3) (12 marks)

A Company sells a product X at price of $150, where the product fixed cost monthly is
$50000. If Break-even point in units is 2000 unit monthly

Copy the following table in your answer sheet, and complete the missing data

1 Product variable cost ? (3 Marks)

2 Break-even point in dollars ? (1 Mark)
3 Unit Contribution Margin ? (1 Mark)
4 CM Ratio ? (1 Mark)
5 Sales in units to earn a profit of $50,000 ? (2 Marks)
6 Loss in dollars if sales was 1000 unit ? (2 Marks)
7 Margin of safety if salles exceeds $100000 ? (2 Marks)

Exam Date: May 31st, 2022

Examination Committee
Dr. Nabil M. Hamed
 Name: I.D: B.N:
AIN SHAMS UNIVERSITY
FACULTY OF ENGINEERING
All Programs, All Levels

Mid Term Spring 2024 Course Code: ASU323 & ASU323s & ASUx44s Time Allowed: 1 Hour
Introduction to Accounting
The Assessment Consists of 20 Questions in Four Pages Maximum Marks: 100% 1/4
Given the following transactions for a Trading company:
 The Owner invested $700,000 to start the business.
 Paid $40,000 furniture. (The furniture has no salvage value after 5 years)
 Paid $6,000 for one year Office supplies.
 paid $60,000 for one year rent.
 Purchase 120,000 kid's toys for trading, worth $600,000 by paying cash $200,000 and
balance in credit from kid's toys factory.
 60,000 kid's toys sold to X store, receiving cash of $100,000 and note receivable of $400,000
(with18% interest rate)
 Y store pays $500,000 in advance to the company for one year, to get 5,000 kid’s toys
monthly.
 Paid $15,000 monthly in wages.
 Paid $5,000 monthly in Miscellaneous expenses.
If the Owner wants to check on his business after three months,

Chose the correct answer:

1. ‘’Wages” account is considered as a/an .............

a) Asset account b) Liability account c) Revenue account d) Expense account

2. “Furniture” account ledger balance is .............

a) $38,000 b) $40,000 c) $50,000 d) $80,000

3. ............. can be converted into cash within a short period.

a) Intangible assets b) Current assets c) Fixed assets d) Non-operating assets

4. “Kid's toys”(Goods) account ledger balance is .............

a) $600,000 b) $375,000 c) $225,000 d) $100,000

5. The long-term assets that have no physical existence but are rights that have value is known as:
a) Investments b) Tangible assets c) Intangible assets d) None of them

6. Total Liabilities is .............

a) $418,000 b) $400,000 c) $375,000 d) $775,000

7. Factory furniture is considered as .............

a) tangible assets b) noncurrent assets c) operating assets d) all of that

8. “Rent Expense” account ledger balance is .............

a) $15,000 b) $60,000 USD c) $45,000 d) $30,000
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
Mid Term Spring 2024 Course Code: ASU323 & ASU323s & ASUx44s All Programs, All Levels
Introduction to Accounting
The Assessment Consists of 20 Questions in Four Pages 2/4

9. Unearned Revenue is an example of .............

a) Asset b) liability c) Revenue d) Expense
10. Net Income is .............
a) $153,500 b) $171,500 c) $189,500 d) $207,500

11. Trademarks are considered as:

a) Tangible asset b) Non-operating asset c) Current assets d) Operating asset

12. “Fees Earned” account ledger balance is .............

a) $625,000 b) $500,000 c) $125,000 d) $600,000

13. Insurance is an example of.............

a) Asset b) liability c) Revenue d) Expense

14. Total Assets is .............

a) $1,664,500 b) $1,666,500 c) $1,668,500 d) $1,662,500

15. "Prepaid Rent" account is considered as a/an .............

a) asset account b) liability account c) revenue account d) expense account

16. Total Revenue is .............

a) $607,000 b) $643,000 c) $625,000 d) $1,000,000

17. “Kid's toys” (Goods) is an example of.............

a) asset b) liability c) revenue d) expense

18. “Office supplies” account ledger balance is .............

a) $1,500 b) $4,500 c) $6,000 d) $3,000

19. The revenues and expenses of a company are displayed in ............

a) Cash Flow Statement b) Balance Sheet c) Income Statement d) All of that

20. “Cash” account ledger balance is .............

a) $930,000 b) $932,000 c) $934,000 d) $936,000

END of Assessment, Good Luck

Examination Committee Exam Date: 8th April 2024

Dr. Nabil M. Hamed
AIN SHAMS UNIVERSITY
FACULTY OF ENGINEERING
All international Program

Student Name:
ID: Model A
Spring 2022 Course Code: ASU 323 Time Allowed: 2 Hours
Introduction to Accounting-Final Exam
The Exam Consists of Three Questions in Three Pages Maximum Marks: 40 1/3

Important Rules: ‫تعليمات هامة‬

Having a “turned ON” mobiles inside the examination hall is forbidden ● ‫● حيازة التيلفون المحمول داخل لجنة األمتحان يعتبر حالة غش‬
and is considered as a cheating behavior. If you should have your mobile . ‫تستوجب العقاب‬
with you, it must be turned off and placed into your own bag. ..‫● ال يسمح بدخول الساعات الذكية وال سماعة األذن أو البلوتوث‬
Any kind of “Smart Watches” or earphones (Bluetooth, wireless, or ● ،‫● وضح جميع إجاباتك بذكر كافة المعلومات واألبعاد الالزمة‬
wired) are forbidden. .‫وافترض بمنطقية أية أبعاد غير مذكورة صراحة‬

Clarify your answer with all data, dimensions, sketches, and ●

annotations. In addition, assume logically any mising data.

Question (1) (20 marks

Answer this question in the bubble sheet
The data supplied by accountants are used to find the company’s market share. .1
b) False a) True

All long-term and short-term investments are considered tangible assets. .2

b) False a) True

Patents are considered an asset. .3

b) False a) True

"Owner's Equity" account is considered as a/an ............. .4

b) liability account a) asset account
d) net asset account c) net asset account

a contra asset account is used to record the depreciation on the credit side .5
b) False a) True

The ......... is a report at a specific time. .6

b) statement of owner’s equity a) income statement
d) All of that c) balance sheet

If the company loses money so it should …………. .7

b) increase Assets a) increase Revenues
d) All of that c) bring more investments
“Unearned revenue” account is considered as a/an ............. .8
b) liability account a) asset account
d) expense account c) revenue account

“Notes payable” account is considered as a/an ............. .9

 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
All Programs, All Levels
Fall 2021 Course Code: ASU 323
Introduction to Accounting
The Exam Consists of Three Questions in Three Pages Model A 2/3

b) liability account a) asset account

d) expense account c) revenue account

If the “balance sheet” is not balanced, it means .......... .10

b) the company loses money a) The company gains money
d) None of that c) The accountant made a mistake

Tracking the movement of cash during a specific period is the goal of .......... .11
b) income statement a) balance sheet
d) None of that c) statement of owner's equity

Given the following transactions for a fast-food restaurant:

The Owner invested $1,000,000 to start the business. .i
Paid $300,000 for one year MacDonald franchise. .ii
Paid $100,000 furniture. (The furniture has no salvage value after 10 years) .iii
Paid $100,000 for one year of rent .iv
Paid $50,000 for the marketing processes (website, flyers, etc.). .v
For the first year, he paid $2,000,000 in wages. .vi
For the first year, he paid $500,000 for raw food. .vii
The restaurant sells an average of $200,000 each month. .viii

If the Owner wants to check on his business after the first year, answer the following questions for
him:

“MacDonald franchise” account is considered as a/an ............. .12

b) liability account a) asset account
d) expense account c) revenue account

“Marketing” account is considered as a/an ............. .13

b) liability account a) asset account
d) expense account c) revenue account

“Wages” account is considered as a/an ............. .14

b) liability account a) asset account
d) expense account c) revenue account

The cash account is balanced at ........ .15

b) $1,350,000 a) $250,000
d) None of that c) $500,000

The Owner’s equity is equal ………. .16

b) $560,000 a) $440,000
d) None of that c) $-560,000
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
All Programs, All Levels
Fall 2021 Course Code: ASU 323
Introduction to Accounting
The Exam Consists of Three Questions in Three Pages Model A 3/3

Is the factory profitable? .17

b) False a) True

The total “Revenues” are equal ……. .18

b) $2,000,000 a) $200,000
d) $1,200,000 c) $2,400,000

The total “Expenses” are equal ……. .19

b) $950,000 a) $2,960,000
d) None of that c) $3,050,000

The total “Liabilities” are equal ……. .20

b) $2,100,000 a) $2,000,000
d) None of that c) $2,400,000
AIN SHAMS UNIVERSITY
FACULTY OF ENGINEERING
All Program

Student Name:
ID:
Fall 2022 Course Code: ASU 323 Time Allowed: 45 Min
Introduction to Accounting – Midterm 1/2

Model A

Given the following transactions for a Factory:

i. Two Partners invested total $500,000, to start the business.
ii. They get $1,000,000 loan from a bank with yearly interest of 24%
iii. They paid $300,000 for one year of rent.
iv. They paid $900,000 cash to buy Machines (the machines have no salvage value
after 15 years)
v. Get $2,000,000 worth raw materials. With paying only $100,000 Cash.
vi. For the first month, they paid $40,000 in wages.
vii. For the first month, the factory consumes $200,000 worth raw materials.
viii. The factory sells products with $300,000 in cash.
ix. The factory delivers products with $150,000 without receiving the money yet.

If the Owners want to check on the business after the first month, answer the
following questions for them:

1. The “Cash” account is balanced at …….

a) $40,000 b) $610,000
c) $460,000 d) None of that

2. The “Rent Expense” account is adjusted to …….

a) $25,000 b) $300,000
c) $250,000 d) None of that

3. The “Machine Depreciation” is …….

a) $75,000 b) $5,000
c) $60,000 d) None of that
 AIN SHAMS UNIVERSITY, FACULTY OF ENGINEERING
All Programs, All Levels
Fall 2022 Course Code: ASU 323
Introduction to Accounting
Model A 2/2

4. The “Loan interest” for this month is …….

a) $240,000 b) $83,333
c) $20,000 d) None of that

5. The total “Revenues” are equal …….

a) $300,000 b) $450,000
c) $150,000 d) None of that

6. The total “Expenses” are equal …….

a) $290,000 b) $90,000
c) $250,000 d) None of that

7. Net Income is equal …….

a) $10,000 b) $360,000
c) $165,000 d) None of that

8. The Owners’ equity is equal …….

a) $500,000 b) $665,000
c) $1,665,000 d) None of that

9. The total “Assets” are equal …….

a) $3,580,000 b) $3,780,000
c) $1,800,000 d) None of that

10.The total “Liabilities” are equal …….

a) $1,000,000 b) $2,920,000
c) $1,920,000 d) None of that
AIN SHAMS UNIVERSITY
FACULTY OF ENGINEERING
Mid Term Assessment

Student Name: Student Code:

Fall 2023 Introduction to Accounting Time Allowed: 1 Hour
Course Code: ASU 323, ASU 323s, ASUx44
The Exam Consists of One Questions in One Pages Maximum Marks: 100% 1/1
Question (1) (100%)

Given the following transactions for a Trading company:

1) The Owner invested $500,000 to start the business.
2) Paid $50,000 furniture. (The furniture has no salvage value after 5 years)
3) Paid $10,000 for one year Office supplies.
4) paid $ 60,000 for one year rent.
5) Purchase 120,000 kid's toys for trading, worth $ 600,000 by paying cash
$ 200,000 and balance in credit from kid's toys factory.
6) 60,000 kid's toys sold to X store, receiving cash of $ 150,000 and note
receivable of $ 350,000 (with10% interest rate)
7) Y store pays $ 500,000 in advance to the company for one year, to get 5,000
kid’s toys monthly.
8) Paid $10,000 monthly in wages.
9) Paid $5,000 monthly in Miscellaneous expenses.

If the Owner wants to check on his business after three months, prepare for him
the following:
a) Prepare journal entries for the transactions. (30%)
b) Post transactions to the accounts in the general ledger. (30%)
(Only Cash account and accounts subjected to an adjustment)
c) Prepare Trial Balance, Income Statement, Statement of Owner’s Equity,
and Balance Sheet. (40%)

End of Exam
Good Luck

Examination Committee Exam Date: Nov 24 th, 2023

Dr. Nabil M. Hamed
 AIN SHAMS UNIVERSITY
FACULTY OF ENGINEERING
Specialized Programs

Fall 2021 Midterm Exam Time Allowed: 60 minutes

ASU323s: Introduction to Accounting
Exam consists of Four questions in one page. Total Marks: 20 Marks 1/1
a) Give two examples for tangible assets and two examples for intangible assets. (2 marks)

b) The factory uses the following accounts:

Cash, Bank Loan, Raw Material Stock, Owner's Capital, Machines, Revenue, Rent, Wages, Accounts
Receivable, Accounts Payable, Raw Material Expense, Machines, Revenues, Supplies, Supplies
Expense.
Given the following transactions:
1. Dec. 1st: The owner invested $150,000 to start business
2. Dec. 1st: Paid $50,000 to rent the factory building for one year
3. Dec. 3rd: Buy a stock of raw material for $90,000 cash
4. Dec. 5th: Borrowed $350,000 from a bank
5. Dec. 5th: Purchased office supplies for $300 to be paid Jan. 1st
6. Dec. 7th: Buy $300,000 worth machines to start production. Paid $100,000 cash and
$200,000 to be paid on 5 years
7. Dec. 18th: Used $30,000 worth material for production
8. Dec. 18th: Used $50 of the supplies
9. Dec. 21st: Sell products for $55,000 cash
10. Dec. 22nd: Billed $25,000 for products to be paid
11. Dec. 25th: Paid $10,000 wages

▪ Prepare journal entries for the transactions (6 marks)

▪ Post transactions to the accounts in the general ledger (6 marks)
▪ Prepare Income Statement, Statement of Owner’s Equity, and Balance Sheet (6 marks)

END of Exam, Good Luck

Examination Committee Exam. Date : 26-11-2021
Dr. Mohamed Kohail