Scribd Logo
Upload

Welcome to Scribd!

  • 24 views

    Principles of Accounting I

    Uploaded by

    beshahashenafe20
    This document provides instructions and questions for a tutorial on principles of accounting. Students are instructed to complete the tutorial questions after reviewing the course units and materials. The tutorial questions are divided into two parts - short answer questions and work out problems. The short answer questions ask students to define key accounting concepts like advantages of accounting, uses of financial statements, importance of source documents, and types of transactions. The work out problems require calculating costs of goods sold, gross profit, liabilities, and preparing income statements and statements of changes in owner's equity based on financial information provided. Students must show the steps and work for each problem.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd

    Principles of Accounting I

    Uploaded by

    beshahashenafe20
    24 views3 pages
    This document provides instructions and questions for a tutorial on principles of accounting. Students are instructed to complete the tutorial questions after reviewing the course units and materials. The tutorial questions are divided into two parts - short answer questions and work out problems. The short answer questions ask students to define key accounting concepts like advantages of accounting, uses of financial statements, importance of source documents, and types of transactions. The work out problems require calculating costs of goods sold, gross profit, liabilities, and preparing income statements and statements of changes in owner's equity based on financial information provided. Students must show the steps and work for each problem.

    Original Description:

    Principles of Accounting I

    Copyright

    © © All Rights Reserved

    Available Formats

    DOC, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document provides instructions and questions for a tutorial on principles of accounting. Students are instructed to complete the tutorial questions after reviewing the course units and materials. The tutorial questions are divided into two parts - short answer questions and work out problems. The short answer questions ask students to define key accounting concepts like advantages of accounting, uses of financial statements, importance of source documents, and types of transactions. The work out problems require calculating costs of goods sold, gross profit, liabilities, and preparing income statements and statements of changes in owner's equity based on financial information provided. Students must show the steps and work for each problem.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    24 views3 pages

    Principles of Accounting I

    Uploaded by

    beshahashenafe20
    This document provides instructions and questions for a tutorial on principles of accounting. Students are instructed to complete the tutorial questions after reviewing the course units and materials. The tutorial questions are divided into two parts - short answer questions and work out problems. The short answer questions ask students to define key accounting concepts like advantages of accounting, uses of financial statements, importance of source documents, and types of transactions. The work out problems require calculating costs of goods sold, gross profit, liabilities, and preparing income statements and statements of changes in owner's equity based on financial information provided. Students must show the steps and work for each problem.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    You are on page 1of 3

    St.

    Mary’s University
    College of Open and Distance Learning
    Principles of Accounting I
    Tutorial Questions
    (2011-III)
    Name: ____________________________
    ID. No: ____________________________
    Department: _______________________
    Center: ___________________________
    Term: _____________________________
    Program: Degree
    Instructions:
     This is the only tutorial question of this course.
     This tutorial question is to be completed and submitted to the office of your center. Do
    not attempt the tutorial questions until you are certain that you have understood the
    units it covers and have revised your self-test exercises and learning activities, and other
    necessary references.
     If you have any question about the units and activities, state the item/s clearly on a
    separate sheet of paper and attach to your tutorial questions answer papers.
     Due Date: This tutorial question has to be submitted to the office of your center after
    the TUTORIAL PROGRAM within a week time. Please strictly follow the deadline
    indicated.
    Part I Short Answer
    Give short and precise answer to the following questions in the space provided.
    (1.pt. each)
    1. Write down the main advantages/benefits of accounting.
    _

    2. What are the main uses of financial statement?


    _

    ______
    St. Mary’s University 1 Principles of Accounting I (Degree)
    3. Write down the importance of source document?
    _

    4. Describe the two types of transaction.


    _

    _____
    5. List down namely the three forms of business organization.
    _

    Part II work out (1pts.each)


    Work out the following question and show all necessary steps in the space
    provided
    1. Assume that, the beginning and ending merchandise inventory are birr 6,000 and birr 4,800
    respectively and the net purchase is birr 5,250.
    Required:
    a) Determine the cost of goods sold

    b) Calculate the gross profit if the net sales of the merchandise company shows birr 18,420.

    2. Suppose that, KK Engineering plc has birr 12,400 of Equity in the business and has birr
    118,350 in total assets. How much does the business owe its creditors (the amount of
    liability)?

    St. Mary’s University 2 Principles of Accounting I (Degree)


    3. TG plc financial information are presented below for the year ended may 31,2018 as
    follows:-
    Assets --------------------------------------------------------- birr 420,000
    Cost and expenses ------------------------------------------- birr 420,000
    Liabilities ----------------------------------------------------- 237,600
    Beginning Equity --------------------------------------------- birr 120,000
    Ending Equity ------------------------------------------------- 182,400
    Other changes ------------------------------------------------- 57,600
    Revenues ------------------------------------------------------- birr 820,000
    Withdrawal/dividend ------------------------------------------- 280,000
    Required:
    a) prepare income statement of TG PLC

    b) prepare statement of change in owner’s equity

    St. Mary’s University 3 Principles of Accounting I (Degree)

    You might also like