Question

I. Part: - Choose the correct answer

1. __A__ An entry that transfer the balance from one account to another
A. Ledger B, Closing entry C, Journal D, All
2. __A__ The length of time for any analysis of business operation
A. Fiscal period B, Summary account C, Net income D, None
3. is the analysis of paper on which the financial condition of business summary?
A. Closing B, Posting-closing C, Work sheet D, Trial balance
4. The one to when an amount owed is called -------------
A. Assets B, Creditor C, Debtor D, Worth
5. The debit column may signify
A. Decreasing assets B, Decreasing cash C, Increasing assets D, All
6. The capital accounts are increasing for recording in the --------
A. Debit side B, Right side C, Left side D, A and C
7. is a simple from of ledger account that shows the debit and credit
A. ‘’T’’ account B, Journal C, Ledger D, Trial balance
8. Which one’s current assets.
A. Equipment B, Machinery C, A/Receivable D, A and B
9. The one two how an account owned is called --------------
A. Creditor B, Worth C, A/Payable D, Debtors
10. Which account are ready for use in the new fiscal years
A. Closed account C. Post-closing trial balance
B. I/Summary account D. Work sheet
11. What are contra assets accounts it’s the A/receivable
A. Estimated amounted account receivable that will be uncollectible
B. Estimated amounted account receivable that will be collectible
C. Estimated amount allowance for uncollectible
D. Estimated amount allowance for collectible
12. All are assets except
A. Account receivable C. Short-term investment
B. Net receivable D. None
13. Which of the following allowance method its include
A. Estimated doubtful made at the end of period
B. Also known as provision
C. Allowance deduct from A/receivable
D. All
14. _________ is the account of customer who do not pay what they have promised to pay?
A. A/receivable B, Bad debts
B. Credit sales D, All
15. Write off less than excepted accounting have
A. Credit balance C, Both
B. Debit balance D, None
16. Write greater than estimated accounting have
 A. Credit balance C, A and B
B. Debit balance D, None
17. When there are a large number of individual accounts with a common characteristic it is common to
place them in a separate ledger called
A. Subsidiary ledger C. Accounts payable ledger
B. Creditor ledger D. Accounts receivable ledger
18. The controlling account in the general ledger that summarizes the debits and credit its individual
customer accounts in the subsidiary ledger is called
A. Account payable C. Account receivable
B. Sales D. Purchase
19. The types of account with a normal credit balance is
A. An asset C. A/drawing
B. A/revenue D. A/ expense
20. The current asset category would include
A. Cash C. Supplies on hand
B. Account receivable D. All of the above
21. Which of the following expenses could normally be classified as other expenses on multiple step
income statement?
A. Depreciation expense C. Insurance expense
B. Sales salary expense D. Interest expense
22. Which one is not the purpose of adjusting entry
A. Revenue earned during the accounting period
B. To match the periodic revenue with expense properly
C. A and B
D. None of the above
23. Journal entry based on the bank reconciliation are required for
A. Deduction from the bank balance according to the depositors record
B. Addition to the bank balance according to the depositors record
C. Both A & B
D. Neither A nor B
24. The journal used to record liabilities when a voucher system is used is called_____?
A. A voucher C. Check register
B. Un paid voucher file D. A voucher register
25. When there are a larger number of individual accounts with common characteristics it is common to
place them in a separate ledger is called___________?
A. Subsidiary ledger C. Account payable ledger
B. Creditor ledger D. Account receivable ledger
26. Internal user of accounting data include
A. Economic planner C. Customers
B. Investors D. Production manager
27. Sole property ship business is
A. Owned by one person C. Organize and separate ledger entity
B. Owned by two or more persons D. All
28. On July 1,2017 the first day of fiscal year salary expense has a credit balance of birr 5500.00, on July
3, the first pay day in the year salary of birr 21700.00 are paid. What is the salary expense for July 1-
3?
A. 16200 C. 5500
B. 21700 D. 27200

29. If the merchandise purchase on account is returned the buyer may inform the seller of the detail by
issuing
A. Debit memorandum C. An invoice
B. Credit memorandum D. A bill
30. __C__ Shukusi business purchase supplies of birr 30,000 of which ¼ was on account, the correct
entry would be
A. Cash birr 30,000 debited , A/payable birr 7500 debited and supplies birr 22500 credited
B. Supplies debited birr 22500 and A/payable birr 7500 credited, cash 30,000 credited
C. Supplies birr 30,000 and A/payable birr 7500 credited , cash 22500 credited
D. All of above
31. __A___ Which one of the following is true about the bank reconciliation?
A. Outstanding check deduct from the depositors balance
B. NSF check added to the bank statement balance
C. Outstanding deposit added to bank balance
D. A and B
E. None
32. __C__ On multiple income statement the excess of net sales over the cost of the merchandise sold
is ______?
A. Operating income C. Gross profit
B. Net income D. Income from the operation
33. __A__ The balance in unearned account at the end of the period represents
A. An asset C. Expense
B. Liability D. None
34. __B__ The income statement in which the total of expenses deduction from the total of all revenue
is called ________?
A. Multiple step income statement C. Account from
B. Single step income statement D. Balance sheet
35. __A__ Merchandise sold on account to the customers for birr 1000 terms FOB shipping 1/10,n/30, if
the seller pay 60 birr transportation cost and what is the amount of discount?
A. 10 birr C. 10.5 birr
B. 5.5 birr D. 5 birr
36. __A___ is the process of the analysis transaction inters of the debit and credit
A. Journalizing C. Posting
B. Closing D. All
37. Merchandise is purchase on account for birr 1000 inters FOB shipping. 1/10,n/30, if the purchaser
50 birr transportation cost and the customers return and allowance birr 100 of the merchandise
prior tow payment. What is the amount of the discount
A. 9 birr C. 10.5 birr
 B. 9.5 birr D. 10 birr
38. The inventory system employing accounting records that continuously disclose the amount of the
inventory is called ______?
A. Periodic inventory system C. Perpetual inventory system
B. Average cost method D. All of the above
39. In preparing bank reconciliation, the amount of the check outstanding would be:
A. Added to the bank balance according to the bank statement
B. Deduct from the bank balance according to the bank statement
C. Added to the bank balance according to the depositors record
D. Deduct from the bank balance according to the depositors record
40. Which one is true?
A. Member is the necessary criteria of full filling work in a team
B. Team can be achieved only for individual goal
C. Team is a group of un interested person
D. Individual goal is more team goal in the work place
41. Which of the following is/are not external users of accounting information provided by a particular
organization?
A. Federal Inland Revenue Authority C. Sales managers
B. Potential inventors D. None
42. A debit may signify
A. An increase in a liability account
B. Decrease in owner’s equity
C. Increase in asset
D. All except A
43. The form which lists the balance and title of accounts in the ledger of an organization on a given day
is:
A. Income statement C. Balance sheet
B. Income summary D. Trial balance
44. If the appropriate adjusting entry for accrued salaries is omitted at the end of fiscal year:
A. Assets for the period will be overstated
B. Liability for the will be understated
C. Expenses for the period will be overstated
D. Owner’s equity for the period eill be understated
45. If the effect of the debit portion of an adjusting entry is to decrease the balance of a liability
account, which of the following statement describe the effect of the credit portion of the entry
A. Increase the balance of an asset account
B. Increase the balance of an expense account
C. Increase the balance of a revenue account
D. Decrease the balance of an asset account
46. Which of the following accounts will appear in the post-closing trial balance of a business?
A. Drawing C. Wages expense
B. Accumulated depreciation D. Sales revenue
47. Which of the following reconciling items necessitate an entry in the depositors record?
A. Bank service charge C. Outstanding check
 B. Deposit in transit D. All of the above
48. The financial statement that reports, asset, liabilities and owner’s equity is the _______?
A. Statement of cash flow C. Balance sheet
B. Income statement D. Owner’s equity statement
49. Which of the following is not a step in the accounting process?
A. Verification C. Recording
B. Income statement D. Owner’s equity statement
50. Net loss will be result during the time period
A. When assets exceed revenue C. When revenue exceeds expenses
B. When expenses exceed revenue D. When assets exceeds liabilities
51. The properties owned by a business enterprise are known as
A. Owner’s equity C. Assets
B. Stock holders’ equity D. Liabilities
52. Each of the following is a major type of adjusting entries except;
A. Prepaid expense C. Accrued revenues
B. Earned revenues D. Accrued expenses
53. Identify incorrect statement about the accrual basis of accounting
A. Revenue is recognized in the period in which it is earned
B. Revenue is recorded only when cash is received and expense is recorded only when paid
C. The basis (method) is in accord with generally accepted accounting principles
D. None of the above
54. Adjusting entries are made to ensure that
A. Revenue are recorded in the period in which they are earned
B. Balance sheet and income statement accounts have correct balances at the end of accounting
period
C. Expense are recognized in the period in which they are incurred
D. All of the above
55. Which of the following accounts would to the income summary account at the end of period;
A. Salary expense C. Both sales and salary expense
B. Sales D. Neither sales nor salary expense
56. The current asset category would in cruder
A. Cash C. Account receivable
B. Supplies on hand D. All of the above
57. The type of account with a normal credit balance is?
A. As asset C. A revenue
B. Drawing D. An expense
58. The form listing the balance and the title of the account in the ledger on a given date is end
A. Income statement C. Retained earnings statement
B. Balance sheet D. Trial balance
59. The balance in unearned rent at the end of a period represents;
A. An asset C. A revenue
B. Liability D. An expense
60. If total increase birr 20,000 during a period of time and total liability increase birr 12000, during the
same period the amount and direction (increase or decrease) of the period’s change owner’s equity
is
A. Birr 32000 increase C. Birr 8000 increase
B. Birr 32000 decrease D. Birr 8000 decrease
61. If revenue was birr 90,000 expense were birr 45000 and owner’s with drawls were birr 10.000 the
amount of net income on net loss was?
A. Birr 45000 net income C. Birr 37500 net loss
B. Birr 7500 net income D. Birr 2500 net loss
62. ______ is defined a term of parameter characterises
A. Quality assurance C. Product design
B. Quality D. A and B E. All
63. Which adjusting entry does not affect liabilities
A. Accrued expense C. Prepaid expense
B. Unearned expense D. A and B
64. _____ is Dimension quality product define by ;
A. Length C. Thickens
B. Diameter D. All E. None

65. At the end of the year unearned fees become

A. Revenue C. Expense
B. Liabilities D. Asset
66. Aspects of quality include;
A. Quality system C. Quality conformance
B. Quality design D. A and B E. A and C
67. At the beginning prepaid expense are;
A. Revenue C. Asset
B. Expense D, Drawing
68. All are include except are;
A. Visual inspection C. By specification
B. Physical inspection D. Diameter
69. Initially unearned rent is
A. An expense C. Liability
B. Revenue D. Capital
70. Which of the following of parameters quality include:
A. Standard C. Component
B. Product specification D. Product design E. All
71. Which of the following quality management include:
A. Quality control C. Quality design
B. Quality assurance D. A and B
72. _____ is the as providing confidence for quality requirement:
A. Quality control C. Quality program
B. Quality assurance D. All
73. _____ is responsible for operation (input) and quality of (output)
 A. Quality control C. Quality design
B. Quality assurance D. All
74. Accrued expense are:
A. Assets accrued not received
B. Expense accrued not received
C. Revenue accrued not paid
D. Expense accrued not paid
75. As unearned fees is to liabilities ____ to assets
A. Accrued expense C. Prepaid expense
B. Unearned fees D. Accrued revenue

Instruction choice

1. Income distributed of corporate form of business ownership is called

a. Revenue b. Expense c. Drawing d, Dividend
2. When a number given to an account, the second digit represents
a. Major division of the ledger c. Position of the account within the division
b. Major classification of account d. All are answer
3. A business transaction in first recorded
a. The journal c. The ledger
b. The chart of accounts d. The balance sheet

4. A Debit entry result in

a. An increase in an asset c. A decrease in owner’s equity
b. A decrease in a liability d. An increase in an expense e. All of the above
5. A transaction with a receipt of cash from the owner as an additional investment result in
a. An increase in cash and decrease owner’s equity
b. An increase in cash and owner’s equity
c. An increase account payable and a decrease in owner’s equity
d. No effect
6. When the owner’s drawing account increases the effect of the increase on the owner’s equity will
be
a. Increase c. Does not affect the balance of the owner’s equity
b. Decrease d. None of the above
7. When calculating the balance of an account
a. The larger amount on the one side will be subtracted from the smaller amount on the other
side
b. The smaller amount on the one side will be subtracted from the larger amount on the other
side
c. The debit will be deducted from the credit
d. The credit will be deducted from the debit
8. Revenue and expense accounts are sometime called nominal or temporary account because
a. They are not important c. They are periodically closed
b. Their balances are carried forward d. All are answer
9. The business paper from which a journal entry made is usually called
a. An entry c. Source document
b. Bank document d. Journal
10. One of the following is the category of current asset
a. Account Receivable c. Account payable
b. Building d. All of the above
11. At the time the beginning balance sheet is prepared a business enterprise owns a mortgage note
payable of birr 400,000, the terms of which provide for a monthly payment of birr 10,000, how
should the liability be classified in balance sheet
a. Birr 400,000 under long-term liability section of the balance sheet
b. Birr 400,000 under current liability section of the balance sheet
c. Birr 390,000 under long-term liability section of the balance sheet and birr 10,000 under
current liability section of the balance sheet
d. B and C may be correct
12. A group of accounts are termed as
a. Accounts b. Journal c. Ledger d. Debit
13. Increase in a revenue account is indicated by
a. Entering an amount on the credit side
b. Entering an amount in the debit side
c. Payment of cash for withdrawal
d. Receipt of cash from the owner as additional investment
14. If a transaction affects two asset accounts the effect of the transaction result in
a. Increasing both of the assets account
b. Increasing one asset account and decreasing the other asset account
c. Decreasing both of the asset account
d. None of the above

15. When a purchase of plant asset on account is recorded, the debit and credit entry of this
transaction results
a. Increases in the balances of both accounts affected
b. Decreases in the balance of both accounts affected
c. A decrease in the balance of asset accounts and increase in the balance of account payable
d. No effect on the balances of both accounts affected
16. The proprietor’s capital account can be increased by one of the following situations
a. Additional investment by the owner
b. By withdrawal of assets for personal use by the owner
c. If a business earns a profit
d. A and C correct
17. One of the following event appears first in a business records
a. Posting to ledger c. Entry recorded in journal
b. Business transaction occurs d. Reporting
18. The trial balance
a. Tests the equality of debit and credits in the ledger
b. Proves the complete accuracy of accounting records
 c. Proves that debit balances are equal to credit balance
d. A and C are correct
19. Debit refers
a. Increase to an asset c. Decrease to a liability
b. Left-hand side amount column d. All of the above
20. The receipt of cash from customers in their accounts would be recorded by a
a. Debit to cash and credit to Account Receivable
b. Debit to Account Receivable and credit to cash
c. Debit to cash and credit to Account Payable
d. Debit to Account payable and credit to cash
21. If the prepaid Insurance account before adjustment, on Tahses 30, indicated a balance of birr 3,000
and unexpired cost of insurance premium at Tahses 30, total birr 1,100 the adjusting entry would be
a. Debit prepaid insurance for birr 1100 and credit insurance expense for birr 1,100
b. Debit prepaid insurance for birr 4100 and credit insurance expense for the same account
c. Debit insurance expense for birr 1900 and credit prepaid insurance for the same account
d. Debit insurance expense for birr 1100 and credit prepaid insurance for birr 1100
22. If the estimated amount of depreciation on equipment for a period is birr 1500, the adjusting entry
to record depreciation would be
a. Debit depreciation expense birr 1500 and credit Equipment birr 1500
b. Debit Equipment birr 1500 and credit depreciation expense birr 1500
c. Debit depreciation expense birr 1500 and credit Accumulated depreciation birr 1500
d. Debit Accumulated depreciation birr 1500 and credit depreciation expense birr 1500
23. If the building account has a balance of birr 50,000 and its accumulated depreciation account has a
balance of birr 24000 the book value of the building account is
a. Birr 74000 c. 24000
b. Birr 50,000 d. 26000
24. Which of the following accounts would be closed to the income summary account at the end of a
period
a. Commission income c. a and b are correct
b. Miscellanies expense d. prepaid insurance
25. The post-closing trial balance would not include one of the following
a. Income summary c. salary expense
b. Sales d. all of the above

Introduction

1. The correct accounting cycle sequence

a. Financial statement –trial balance –journalizing –posting
b. Trial balance –f/stmt –posting –journalizing
c. Journalizing –posting –trial balance –f/stmt
d. Posing –journalizing –trial balance –f/stmt
2. Ato lemma the owner of the business invested birr 50,000 in cash and a building costing birr 100,000
a. Dr lemma capital birr 150,000 and Cr cash birr 50,000 and building birr 100,000
b. Dr cash birr 50,000, Dr building birr 100,000 and Cr lemma capital birr 150,000
c. Dr cash birr 150,000 and Cr lemma capital birr 150,000
 d. Dr building birr 150,000 and Cr cash birr 150,000
3. Among the following accounts which pair accounts subsidiary ledger
a. Fixed asset & inventories c. A/ receivable & A/ payable
b. Revenue & expense d. fixed asset & A/ receivable
4. A machine was purchase for birr 350,000 and has estimated salvage value of the book value
a. Birr 340,000 b. Birr 265,000 c. Birr 275,000 d. Birr 85,000
5. Assume that the gross salary of w/ro lemlem was birr 5600 and the pension contributed by w/r
lemlem was birr 280 for the month the amount of earnings other than basic salary and assume that
payment pension contributed by 7%
a. Birr 400 b. Birr 1800 c. Birr 1600 d. Birr 392
6. One of the following is optional in accounting cycle
a. Prepare f/statement c. preparing spread sheet /work sheet
b. Closing entry d. adjusting entry
7. Which one is permanent account
a. Unearned revenue c. Income summary
b. Drawing d. fees earned
8. Among the following one is indirect tax
a. BIT b. VAT c. Payroll tax d. Rent income tax
9. The credit term of company is stated as 1/10, n/30 meaning to say
a. If the customer paid within 10day he has a discount 1% otherwise pay total amount within
30day
b. If the customer paid within 30day no has a discount of 1%
c. The customer should pay 1% within 10days and the remaining within 30days
d. If the customer paid within 10day he has no discount

Question no 10 up to 13 –based on the following information

Assume that the beginning of the period the balance account receivable and allowance for doubt full
accounts were birr 110,000 and birr 20,000 respectively credit sales and collection of account receivable
during the period of birr 100,000 and birr 80,000 respectively. Besides during the period A/ receivable of
birr 1200 has been written of based on post experience 1% of credit sales expected to be uncollectable
(hint use allowance method)

10. How much is the balance of A/receivable at the end of period

a. Birr 270,000 b. Birr 190,000 c. Birr 188,800 d. Birr 165,800
11. Bad debt expense for the period is equal to;
a. Birr 1600 b. Birr 1690 c. Birr 800 d. Birr 1650
12. The balance of allowance for doubt full account at the end of the period
a. Birr 3600 b. Birr 800 c. Birr 2800 d. Birr 2400
13. Net realizable value is equal to;
a. Birr 191,200 b. Birr 186400 c. Birr 185,200 d. Birr 192,400
14. Which one has credit normal balance
a. Withdrawal c. Prepaid insurance
b. Accumulated depreciation d. Income summary
15. One of the following errors can be identified with trial balance
a. Recording a single transaction twice
b. Omitting cash instead of A/receivable with same account
c. Omitting a transaction
d. Posting an account to the wrong side
16. The debit side of an account represent
a. Increase b. Decrease c. Left side d. Right side
17. All of the following financial report except was are prepared as specific data
a. Balance sheet b. Income statement c. Bank reconciliation d, Trial balance
18. Assume that merchandise inventory at the beginning was birr 30,000 and net purchase during the
period was birr 55,000 at the end of the period physical shown ending merchandise of birr 20,000
how much was net sales during the period and if the gross profit was birr 25,000
a. Birr 65,000 b. Birr 45,000 c. Birr 85,000 d. Birr 90,000
19. Organizational structure resource process and procedures needed implement quality management
a. Quality control b. Quality assurance c. management d. Quality system
20. The correct sequence of partnership liquidation process
a. Pyt of liability –selling NAC for cash –distribution –of cash to partner
b. Selling of NAC for cash –distribution of cash to partner –pyt liability
c. Selling of NAC for cash –pyt liability –distribution –of cash to partner
d. Pyt of liability –distribution of to partner –selling….
21. The exchange of information between people E,g. by means speaking writing ……etc by using
common system of signs or behaviours
a. Communication c, Communication channel
b. Communication agency d. Sign language

Project 1
Task 1 journalize the following transaction

a. On January 1,1010 Ato Abebe the owner of AB company invested birr 300,000
b. Jan 2,1010 AB company purchase supplies on account for birr 10,000
c. Jan 5,1010 AB company provides service on account for birr 100,000
d. Jan 7,1010 AB company paid birr 5000 to supplies on January 2 purchase
e. On jan 10,1010 collect cash birr 20,000 from customer on account
f. Jan 25,1010 AB company paid birr 5000 rent and birr 2000 utilities
g. Jan 30, 1010 paid birr 8000 salaries to employee
h. Jan 31,1010 supplies used during the month was determined to be birr 10,000
Task 2 posting transaction to ledger using T- account properly post transaction you had recorded in
‘’Task 1’’ assume that the beginning balance is as follows

Account title Amount in birr

Cash 15,000
A/receivable 2000

Supplies 1000
Abebe capital 10,000

A/payable 8000
Task 3 prepare trial balance

Using the following data prepare un adjusted trial balance

Fana plc as of December 31,2012 assuming that all account have normal balance

Account title Amount in birr

Cash 30,000
A/payable 10,000

A/receivable 20,000
Fana capital 15000

Fees earned 20,000

Supplies 2000

Bank loan 15,000

Prepaid rent 1000

Notes payable 3000

Fana drawing 1500

Wage expense 2000

Unearned fees 2500

Office equipment 10,000

Rent expense 2000

Accumulated depreciation 3000

Task 4 perform financial calculation journalize correcting and adjusting entries using the data from trial
balance that you have prepared above in task 3 record the following correcting and adjusting entries
 a. Service provided on account for birr 1000 was wrongly debited to cash and credited to fees
earned
b. Payment on account of birr 2000 mistakenly debited to cash and credited to A/payable
c. At the end of the period supplies on hand was birr 800
d. Depreciation for the period was determine to be birr 1500
e. Interest accrued but not recorded on the bank loan was birr 1000
Task 5; prepare financial statement using the data in task 3and 4 prepare
a. Adjusted trial balance c. Owner equity statement and
b. Income statement d. Balance sheet

II. Part: - Matching

A B
1. Ledger =----------------------------- Second book of entry
2. Journal=----------------------------- Primer book of entry
3. Contra to A/Receivable =--------- Allowance for doubt full account
4. Contra to capital =----------------- Drawing
5. Contra to fixed asset =------------ Accumulated depreciation
6. Adjusting entry =------------------ Made at the end of fiscal period
7. Closing =----------------------------- To transfer the net effects to capital account
8. Balance sheet =--------------------- Deduction operation expense from sales
9. External transaction =-------------- Collection on account receivable
10. Sources document =---------------- Evidence paper
11. Transaction =------------------------ Any event that can exchange the value of property
12. Purpose voucher =------------------ Used to record credit purchase
13. Trial balance =---------------------- Real account
14. Income statement =---------------- Nominal account
15. Internal transaction =-------------- Salary payable
16. Un earned revenue =---------------- Prepaid/ in advance
17. Asset account =---------------------- Equipment of debit and credit
18. Salary payable =-------------------- Liability account
19. Gross profit =------------------------ The excess of the net revenue from sales
over the cost of goods sold
20. Plant asset =------------------------- Equipment, machinery, building etc
21. Adjustment =------------------------ To match periodic revenue and expense
22. Debit =------------------------------- Normal balance for asset
23. Entry =------------------------------- Each record of journal
24. Asset =------------------------------- Same thing that is owned
25. Liabilities =-------------------------- Same thing that is owed
26. Special journal =-------------------- Record any one types of transaction
27. Capital statement=----------------- Owner’s equity statement
28. Credit =------------------------------- Normal balance for revenue
29. Balance sheet =---------------------- Position statement
30. I/summary account =-------------- To close temporary account
31. Promotion =------------------------- Press releases
32. Coaching & monitoring =----------- Providing assistance for problem solving
33. Retained earnings =------------------ Re-invest in the company
34. VAT =---------------------------------- Freight in and out cost
35. Expense account =------------------- A written payment order
36. A tax =--------------------------------- An obligatory payment
37. Drawer =------------------------------ The right to sigh a check
38. Revenue exceed expense =---------- Net loss
39. Petty cash =-------------------------- To small payment that raise always during a day
40. Bank service charged =------------- Bank debit memorandum
41. Cash flows statement =------------- A summary of the cash receipt and payment
42. Post close trial balance =----------- A final accounting cycle
43. Selling rate =------------------------ Imported value
44. Buying rate =------------------------ Exported value
45. Expense =-------------------------- Cost
46. Property =-------------------------- Direct taxes
47. Insurance expense =-------------- Other expense
48. Partnership =---------------------- Formation two or more personal and individual
49. Net pay =--------------------------- Home take pay
50. Admission =------------------------ Entrance new partner
51. Work paper =---------------------- Work sheet
52. Due date =------------------------- Maturity date
53. Proceeds =------------------------- The maturity less-than the discount
54. Merchandise business =---------- Perpetual investment system
55. Contra to sales =------------------- Sales return allowance and discount
56. Contra to purchase =-------------- Purchase return, allowance and discount
57. Financial statement =------------- Report financial
58. Interims of report =--------------- Prepare monthly, quarterly semi-annually
59. Good will =------------------------- Intangible asset
60. Depreciation =------------------- Systematically the value of fixed asset in to expense
61. Prepaid items =-------------------- Initial an asset account
62. Unearned revenue =--------------- Liability account
63. Quality conformance =------------ The degree of adherence
64. Inspection =------------------------ Customer
65.