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4 views

Project

Uploaded by

Abdisen Tefera
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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For students who are going to take COC tomorrow morning, please read the following mandatory

questions for you, read more and more about it !

1. An exercise duty is levied on...

 Goods produced for export.( Exercise duties are taxes imposed on goods that are being exported
from a country.)

2. Producing more than your customers' request is...

Overproduction ( This can lead to excess inventory and potential financial losses if the goods don't sell.)

3. The break-even point can be defined as...

The point where total revenue equals total costs . (At this point, the business isn't making a profit or a
loss.)

4. The detailed rules used to record transactions is...

Accounting principles. (These are a set of guidelines that ensure consistency and accuracy in financial
reporting.)

5. A property owned by an enterprise is...

Assets. (Assets are resources owned by a business that have value and are expected to generate future
economic benefits.)

6. A debit document formed out when the goods are...

Purchased. (A debit document (like an invoice) records a purchase and increases the amount owed by
the business.)

7. Which of the following is the function of a commercial bank in Ethiopia?

Commercial banks typically offer services like:

* Accepting deposits

* Providing loans

* Facilitating payments

* Offering financial advice

8. The face value of the notes mount is...

The principal amount of the debt. (This is the amount that the borrower promises to repay.)

9. The proprietary fund category is made up of...


Government funds that is not restricted. (These are typically used for general operations and services.)

10. Bookkeeping is mainly concerned with...

Recording financial transactions.( Bookkeeping is the foundation of accounting, keeping track of all the
financial activities of a business.)

11. Purchase of machinery for cash...

This will decrease cash and increase fixed assets. ( The cash balance goes down, and the machinery, a
fixed asset, increases in value.)

12. Which one of the following is not the characteristic of a team?

Common characteristics of team include:

* Shared goals

* Interdependence

* Communication

* Collaboration

13. Accumulated depreciation is a/an...

Contra asset account. ( It represents the total amount of depreciation that has been recorded on an
asset over its life.)

14. A tax is a/an... payment.

Compulsory. ( Taxes are mandatory payments levied by the government to fund public services.)

15. Circular is the form of...

Communication.( A circular is a written document sent to multiple people, often within an organization.)

16. The difference between the bid price and the ask price is...

The spread. (This represents the profit that a market maker makes on a trade.)

17. A double-entry accounting system is applied through...

Debits and credits.(Every transaction is recorded with a debit and a credit entry, ensuring that the
accounting equation (Assets = Liabilities + Equity) always balances.)

18. A primary purpose of a trial balance is...


To check the mathematical accuracy of the accounting records. (It summarizes all debit and credit
balances to ensure that the accounting equation is in balance.)

19. The advantage of a partnership doesn't include...

This requires a list of partnership advantages to choose from. ( Advantages typically include:

* Shared expertise

* Access to more capital

* Shared workload

20. The main objective of auditing is...**

To provide an opinion on the fairness of the financial statements.(Auditors examine financial records to
ensure that they are accurate, complete, and compliant with accounting standards.)

21. The standard journal record format doesn't include one of the following...

This requires a list of journal record format elements to choose from.(Common elements include:

* Date

* Account titles

* Debit/Credit amounts

* Description of the transaction

22. A reconciliation statement is prepared to...

Compare two sets of records and identify discrepancies.( This is often done to reconcile bank statements
with a business's cash records.)

23. The capital of the sole trader will change as a result of...

Several factors, including:

* Investments made by the owner

* Profits or losses generated by the business

* Withdrawals made by the owner

24. The special revenue fund is categorized under... fund.

Government funds.(These funds are used for specific revenue sources and purposes, such as a specific
tax or a grant.)
25. Monetary items are more described as...

Quantifiable in terms of money.( Monetary items are items that can be expressed in a currency unit.)

26. Balance sheet accounts are known as...

Real accounts. (They represent assets, liabilities, and equity, which are considered to be permanent
accounts.)

27. Which of the following is not the objective of taxation?

This requires a list of taxation objectives to choose from.( Common objectives include:

* Revenue generation

* Redistribution of wealth

* Social welfare)

28. Which of the following activities is used to respond to complaints?

Customer service. (Effective customer service involves addressing complaints promptly and
professionally.)

29. What are the phases of 5S?

The 5S methodology is a workplace organization system. The phases are:

* Sort : - Remove unnecessary items.

* Set in order :- Organize remaining items.

* Shine : -Clean the workplace.

* Standardize : - Establish procedures and routines.

* Sustain : -Maintain the system over time.

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