solicited cover is a cover letter sent out to a company that did not advertise a vacancy for a job ...

is
this statement is true or false
ChatGPT
The statement is true. A solicited cover letter is a cover letter that is sent to a company for a job
opportunity that was not publicly advertised or posted. In this case, the job seeker is proactively
reaching out to the company to express their interest in working for them and inquire about
potential job openings or opportunities. On the other hand, an unsolicited cover letter is sent to
inquire about potential job opportunities at a company even when there hasn't been any specific job
posting.

the focus of an open system is the communication that flows in an easy manner in and out of the
organization ... is this statement is false or true ?
ChatGPT
The statement is true. In the context of organizational theory and management, an open system is
characterized by the easy flow of communication, information, and interactions both into and out of
the organization. Open systems actively interact with their environment, taking in inputs (such as
information, resources, and feedback) and producing outputs (such as products, services, and
responses) through communication and exchanges with the external environment. This characteristic
enables the organization to adapt, learn, and evolve based on external influences and feedback.

i thought the statement is false

ChatGPT
I apologize for the confusion. If you believe the statement is false, let me clarify. The statement, "the
focus of an open system is the communication that flows in an easy manner in and out of the
organization," is indeed true in the context of open systems in organizational theory.

Open systems theory posits that organizations are open to, and interact with, their external
environment by exchanging information, resources, and feedback. Communication is a key aspect of
this interaction, allowing the organization to adapt and respond to changes in its environment. In an
open system, effective communication that flows both into and out of the organization is crucial for
its functioning and ability to thrive within its environment.

so the final answer is ?

ChatGPT
The final answer is: The statement is true. The focus of an open system is the communication that
flows in an easy manner both into and out of the organization, enabling interaction and adaptation
with the external environment.
the mechanism by which messages are transmitted from one party to another is called ? a)
communication channel b) concreteness c) by passed instructions d) grapevine
ChatGPT
The mechanism by which messages are transmitted from one party to another is referred to as a)
communication channel. Communication channels are the means through which information and
messages are conveyed between individuals or groups within an organization or any communication
process.

The organizations communication climate does not affect the quantity and quality of the information
that passes through the pipeline
ChatGPT
The statement is false. The communication climate within an organization significantly affects the
quantity and quality of information that flows through the communication channels or "pipeline." A
positive communication climate encourages open and transparent communication, leading to better
information sharing, collaboration, and overall productivity. In contrast, a negative communication
climate characterized by fear, mistrust, or poor communication practices can hinder the quantity and
quality of information exchanged within the organization. The organizational communication climate
plays a vital role in shaping how information is shared, received, and utilized by individuals and
teams within the organization.

the process of focusing attention on some details and omitting others ifs recurred to as ___ select
one a) emotions b) denotation c) abstracting d) inferring
ChatGPT
The process of focusing attention on some details and omitting others is referred to as c) abstracting.
Abstracting involves summarizing or simplifying complex information by emphasizing certain aspects
while ignoring or minimizing others. It's a way of highlighting key details and concepts to convey the
main message or essence of the information.

the process of getting one message across the receiver will understand what you are trying to
convey is best described under ____ select one a) consideration b) concreteness c) conciseness
d)clarity
ChatGPT
The process of ensuring that a message is clearly understood by the receiver is best described under
d) clarity. Clarity in communication involves presenting information in a clear, straightforward, and
easily understandable manner, reducing the possibility of confusion or misinterpretation. It involves
using simple and unambiguous language, providing context, and organizing the message effectively
to convey the intended meaning to the receiver.
the technology that allows many individuals to communicate verbally at a time is called ____ . select
one a) teleconferencing b) tele visuals c)audio visuals d)communication
ChatGPT
The technology that allows many individuals to communicate verbally at the same time is referred to
as a) teleconferencing. Teleconferencing enables audio-based communication among multiple
participants who are in different locations, allowing them to participate in discussions, meetings, or
presentations without being physically present in the same location.

using jargons to anon-professional makes our message to lack clarity . is this statement true or false
ChatGPT
The statement is true. Using jargon or technical language that is unfamiliar to a non-professional or
someone not familiar with a specific field or industry can indeed result in a lack of clarity in the
message. Jargon can be confusing and hinder effective communication, as it may not be easily
understood by individuals who are not experts or do not have a background in that particular field.
Effective communication requires using language and terminology that is clear and accessible to the
intended audience, promoting understanding and conveying the message accurately.

which of the following chains of command can become shorter and simpler? ___ select one a) leveled
b) assimilated c) sharpened d) condensed
ChatGPT
The chain of command that can become shorter and simpler is c) sharpened. Sharpening the chain of
command involves making it more efficient, clear, and direct, usually by reducing the number of
levels or layers in the organizational hierarchy. This streamlining process can lead to quicker
decision-making, improved communication, and a more agile organization.

which of the following is considered as an element of benevolent authoritative system of

management styles ? select one a) leaders focused almost totally on production b) leaders do not
trust subordinates c) communication is entirely formal d) some delegation but control remains at the
top
ChatGPT
The element of a benevolent authoritative system of management styles is d) some delegation but
control remains at the top. In a benevolent authoritative style, leaders may delegate some
responsibilities to subordinates but maintain control and decision-making authority at the top. While
there is a degree of delegation, there is a strong element of control and guidance from the leaders
to ensure that tasks are carried out according to their direction and vision.
which of the following is considered as an element of contingency theory in case of situation B?
select one a) managers have some power b) tasks are well defined c) managers are well liked d)
managers have dislikes
ChatGPT
In the context of contingency theory, which suggests that there is no one-size-fits-all approach to
management and that the most effective management style is contingent upon various situational
factors, the element relevant to situation B is b) tasks are well defined.

Contingency theory focuses on matching the management approach and style to the specific
circumstances or situations, which includes aspects like task clarity, structure, and the nature of the
work to be performed. In this case, "tasks are well defined" aligns with the contingency perspective
that suggests the appropriate management approach depends on the clarity and definition of the
tasks at hand.

which of the following is considered is considered as physical barriers of communication ? select one
a) Noise b) Denotation c) interpretations of words d) by passed instructions
ChatGPT
The physical barrier of communication is a) Noise. Noise in communication refers to any external or
internal interference or disruption that affects the transmission or interpretation of a message. It can
be environmental, physiological, or semantic, creating difficulties in understanding the intended
message. Denotation, interpretations of words, and bypassed instructions are related to language
and understanding rather than physical barriers.

which of the following is considered as the two challenges of the communication revolution ?
ChatGPT
The challenges posed by the communication revolution are complex and multifaceted, but two
significant challenges include:

1. Information Overload: With the advent of the communication revolution, there is an

abundance of information available through various channels such as the internet, social
media, email, and more. Individuals and organizations often struggle to sift through this vast
amount of information to determine what is relevant, accurate, and valuable. Information
overload can lead to difficulty in decision-making, decreased productivity, and an
overwhelming feeling due to the sheer volume of data available.
2. Misinformation and Disinformation: The rapid dissemination of information in the digital
age has also led to a surge in misinformation (incorrect or misleading information shared
without ill intent) and disinformation (deliberately false or misleading information shared to
deceive). The ease of spreading information through social media and online platforms has
made it challenging to verify the accuracy and credibility of information, leading to potential
confusion, misinterpretation, and even harm if false information is believed and acted upon.
These challenges highlight the importance of critical thinking, digital literacy, and effective
communication strategies in navigating the modern communication landscape.

which of the following is considered as the two challenges of the communication revolution ? select
one a) less words and less information b) more words and less information c) more words and more
information d) less word and more information
ChatGPT
The two challenges of the communication revolution are best represented by:

c) more words and more information

which of the following is not considered as the problem of scientific management is case of Frederick
Taylor? select one a) Haphazard decision making based on too little infromation
ChatGPT
The problem of scientific management associated with Frederick Taylor does not include:

a) Haphazard decision making based on too little information

which of the following is not considered as the problem of scientific management is case of Frederick
Taylor? select one a) Haphazard decision making based on too little information b) defined manager
role c) hostilities between workers & management d) undefined worker /manager rotes
ChatGPT
The problem of scientific management associated with Frederick Taylor does not include:

b) defined manager role

which of the following not is considered as the process of communication ? select one a) the sender
has an idea b) the idea becomes a message c) discussing the idea d) the message is transmitted
ChatGPT
The process of communication does not include:

c) discussing the idea

which of the following revolution of communication can refers to word of choice ? select one a)
length b) tone c) writing d)diction
ChatGPT
The word of choice in communication is typically associated with:
d) diction

among the following one is considered as an example of an element of negative-unpleasant ____?

select one a) we refund when the returned item is clean b) we will inform you when the account is
ready c) we will gladly open an account for you d) we don't refund it is the returned item is solid
ChatGPT
The example of an element of negative-unpleasant communication is:

d) we don't refund if the returned item is solid

_____ is a type of short presentation that provides the audience with information on a specific topic.
select one a) briefing b) informative presentation c) recognition presentation d) introduction
ChatGPT
The type of short presentation that provides the audience with information on a specific topic is:

b) Informative presentation

a hardware that connects the computer with phone lines and allows to send to send written
information back and forth through the computer is ___ ? select one a) printer b) hard disk c) modem
d) device
ChatGPT
The hardware that connects a computer with phone lines and allows for the transmission of written
information back and forth through the computer is:

c) Modem

among the following. one is not considered as a key software that uses for processing information ?
select one a) graphics processing b) database c) data processing d) word processing
ChatGPT
Among the options provided, the one that is not typically considered a key software for processing
information is:

a) Graphics processing

Graphics processing software is focused on creating, editing, and manipulating visual elements such
as images, graphics, and multimedia. While important for various applications, it is not considered a
core software for general information processing. On the other hand, database, data processing, and
word processing software are commonly used for information processing across various domains
and purposes.
among the following. one is not considered as an advantage of flat organization over the tall ? select
one a) less communication distortion b) problem handled faster c) high communication distortion d)
better for handling complex problems
ChatGPT
Among the options provided, the one that is not typically considered an advantage of a flat
organization over a tall one is:

d) Better for handling complex problems

In a tall organization structure, decision-making and communication often pass through multiple
levels of hierarchy, which can slow down the process. On the other hand, a flat organization tends to
have fewer levels of management, facilitating quicker problem resolution and decision-making.
Additionally, a flat organization structure is generally associated with less communication distortion,
enabling a clearer flow of information and directives. However, handling complex problems may be
more effective in a tall organization due to the availability of multiple levels of expertise and
oversight.

emotions are verbal reaction that make the message communicated more meaningful . is this
statement is true or false
ChatGPT
The statement is false. Emotions are not verbal reactions, but rather they are feelings, expressions, or
responses that can be conveyed verbally, nonverbally, or through written communication. Emotions
can influence how a message is conveyed and interpreted, adding depth and meaning to the
communication. However, the statement incorrectly defines emotions as verbal reactions, when in
fact, they encompass a broader spectrum of feelings and expressions.

eye contact and mode of dress are best described under ___ ? select one a) body language b)
communication c) images d) vocal characteristic
ChatGPT
Eye contact and mode of dress are best described under:

a) Body language

Body language encompasses non-verbal communication, including facial expressions, gestures,

posture, and eye contact, among other physical cues. Eye contact is an important aspect of body
language, conveying attentiveness, interest, and confidence. Mode of dress, another non-verbal
element, also falls under body language as it communicates various messages about an individual's
personality, style, profession, or cultural background.
hard disk is an external storage device in which documents are stored ... is this statement true or
false
ChatGPT
The statement is both true and false, depending on the context. A hard disk can be either an internal
or external storage device.

A hard disk drive (HDD) is a common internal storage device in computers where documents,
applications, and data are stored. However, it's also possible to have an external hard disk drive,
which is a portable storage device that can be connected to a computer externally through a USB or
other interface. So, documents can indeed be stored on both internal and external hard disks.

impromptu speech refers to a situation where the speaker is given little or no time to prepare for the
speech . is this statement true or false
ChatGPT
The statement is true. An impromptu speech refers to a situation where the speaker is given little or
no time to prepare or plan the speech in advance. The speaker must spontaneously respond or
deliver a speech on a given topic without prior notice or preparation. It tests the speaker's ability to
think quickly, organize thoughts on the spot, and effectively communicate in an unplanned situation.

in horizontal communication, messages flow between in persons of the same rank or position. is this
statement true or false
ChatGPT
The statement is false. In horizontal communication, messages flow between individuals or groups
who are at the same or similar hierarchical levels within an organization, regardless of their specific
rank or position. Horizontal communication facilitates information exchange, collaboration, and
coordination among peers or colleagues, allowing for effective communication within a department,
team, or units at a similar organizational level.

message directed upward provide managers with the information they need to make intelligent
decisions . is this statement true of false
ChatGPT
The statement is true. Messages directed upward in an organizational hierarchy provide managers
with the information they need to make informed and intelligent decisions. Upward communication
involves transmitting information, feedback, reports, suggestions, and other relevant data from
subordinates or lower-level employees to higher-level managers or decision-makers. This type of
communication helps managers understand the organizational climate, identify challenges, gather
insights, and ultimately make informed decisions that can impact the organization as a whole.
Effective upward communication is crucial for the successful functioning of an organization.
Absolutely! Here are the 30 questions with choices and the correct answers:

1. A creditor is a party who makes a performance in the contract.

Select one:

a. True

b. False

Correct Answer: b. False

2. Among the following factors, one is not considered a cause for force majeure.

Select one:

a. the unforeseeable act of a third party

b. the enactment of a new legislation

c. natural catastrophe

d. unexpected serious illness of a debtor

Correct Answer: b. the enactment of a new legislation

3. Among the following, one is not a way to perform payment in a principled manner.

Select one:

a. payment can be made by the court

b. payment can be made to an unqualified person

c. payment can be made by the agent

d. A payment can be made to the creditor

Correct Answer: b. payment can be made to an unqualified person

4. Among the following, which one is different from the others?

Select one:

a. A contract concluded by an insane person

b. A contract concluded by fraud or deceit

c. A contract concluded by a minor

 d. A contract concluded by a judicially interdicted person

Correct Answer: c. A contract concluded by a minor

5. Any person can enjoy rights and duties without an exception.

Select one:

a. False

b. True

Correct Answer: a. False

6. Contractual obligation always involves in a proprietary nature, financial gain.

Select one:

a. False

b. True

Correct Answer: a. False

7. In principle, a minor is incapable of making a contract; one of the following is an exception to this
principle.

Select one:

a. a contract which is made for the necessity of a tutor

b. good faith of a minor in the contract

c. good faith of a person in the contract

d. emancipated minor cannot make a contract

Correct Answer: a. a contract which is made for the necessity of a tutor

8. Legal personality is an artificial creation of personality for a human being.

Select one:

a. False

b. True

Correct Answer: b. True

9. One of the following is not a situation where a contract can be canceled unilaterally.

Select one:

a. impossibility of performance

b. defect in consent

c. anticipatory breach

d. expiry of time limit

Correct Answer: c. anticipatory breach

10. Period of limitation for invalidation of a contract or voidable contract is ten years.

Select one:

a. True

b. False

Correct Answer: b. False

11. Preservation of the thing is a common obligation of the buyer and the seller.

Select one:

a. False

b. True

Correct Answer: b. True

12. Set off is an extinguishing of old obligation with new obligation.

Select one:

a. True

b. False

Correct Answer: a. True

13. The enforcement of specific performance must be carried out without affecting the personal liberty
of the debtor.
 Select one:

a. True

b. False

Correct Answer: a. True

14. The human person becomes the subject of rights starting from the time of birth.

Select one:

a. True

b. False

Correct Answer: b. False

15. The obligation of warranty shall become defective where____________.

Select one:

a. the thing does not possess the specification provided in the contract

b. the thing does not possess the quality required for normal use

c. the thing does not possess the quality required for its particular use

d. the thing does not possess the quality required for its commercial purpose

Correct Answer: c. the thing does not possess the quality required for its particular use

16. To transfer ownership by contract, there are certain requirements to be fulfilled among them one
odd.

Select one:

a. when the title is in defect, the buyer may gain the thing through possession in good faith

b. the seller must have a valid title on the thing

c. the existence of a valid contract

d. things which relate to the public domain can transfer through acquisition

Correct Answer: d. things which relate to the public domain can transfer through acquisition

17. What is a strict interpretation of a contract?

 Select one:

a. Interpretation in accordance with good faith

b. Interpretation in accordance with the context

c. Interpretation in favor of the debtor

d. Common intention of the parties

Correct Answer: c. Interpretation in favor of the debtor

18. When goods are sold on an installment basis, possession of the thing is transferred to the buyer as
sometimes with valid title.

Select one:

a. True

b. False

Correct Answer: b. False

19. Which of the following is correct with regard to attributes of legal personality?

Select one:

a. A legal person cannot enter into a contract by its own name

b. A legal person has an obligation to pay tax on its own properties

c. An artificial person cannot be sued by its own name

d. An artificial person cannot administer its own properties

Correct Answer: c. An artificial person cannot be sued by its own name

20. Which of the following is not an effect of a contract?

Select one:

a. Cancellation of a contract

b. Transfer of risk

c. Interpretation of a contract

d. Performance of a contract

Correct Answer: a. Cancellation of a contract

21. Which of the following is wrong with regard to contracts in general?

Select one:

a. Parties to a contract create an obligation between themselves and third parties

b. Contract is an agreement

. Parties to a contract create an obligation of an appropriator in nature

d. Parties to a contract are always in person

Correct Answer: d. Parties to a contract are always in person

22. Which of the following is wrong with regard to forced performance?

Select one:

a. If there is another better and adequate remedy, specific performance is not ordered

b. Contract of employment may not be the object of specific performance

c. The enforcement must be carried out without affecting the personal liberty of the creditor

d. The creditor must prove that he/she has a special interest in the performance of the debtor

Correct Answer: b. Contract of employment may not be the object of specific performance

23. Which of the following is wrong with regard to the interpretation of the contract?

Select one:

a. Interpretation in favor of a debtor

b. Common intention of the parties

c. Gratuitous contract

d. Cancellation of a contract

Correct Answer: d. Cancellation of a contract

24. Which of the following is wrong about the transfer of risk?

Select one:
 a. Risk may be transferred upon delivery

b. Where the creditor is in default, risk may be transferred to the debtor

c. Giving notice by the debtor is a transfer of the risk to the creditor

d. In principle, the burden of the risk of loss is in the hand of the debtor

Correct Answer: c. Giving notice by the debtor is a transfer of the risk to the creditor

25. Which one of the following is correct with regard to defects in consent?

Select one:

a. Mistake can be a reason for defects in consent

b. Minority of a person can be a reason for defects in consent

c. Incapability of a person can be a reason for a defect in consent

d. Insanity of a person can be a reason for a defect in consent

Correct Answer: a. Mistake can be a reason for defects in consent

26. Which one of the following is correct with regard to the object of a contract?

Select one:

a. Obligation arises from the object of a contract must be injurious to the health of the public

b. The object of a contract which is against the morals of the society has a legal effect

c. The object of a contract shall be freely determined by the parties in the contract

d. Contracting parties are free to create and determine their obligation, and their freedom is absolute

Correct Answer: c. The object of a contract shall be freely determined by the parties in the contract

27. Which one of the following is correct with regard to the obligation of delivery?

Select one:

a. Obligation to deliver the thing is an obligation of the buyer

b. The obligation of delivery is a duty of the seller

c. Indirect delivery is a delivery of a document of title representing the thing

d. Delivery to the agent is the same as delivery to the seller

Correct Answer: b. The obligation of delivery is a duty of the seller

28. Which one of the following is correct with regard to warranty?

Select one:

a. Expressed warranty is imposed by law

b. Warranty is an obligation given for defects of a thing

c. Warranty merely gives in expressed form

d. Warranty is an obligation of a buyer

Correct Answer: b. Warranty is an obligation given for defects of a thing

29. Which one of the following is wrong with regard to contracts in general?

Select one:

a. Contractual obligation sometimes involves for social affairs

b. Parties to a contract create an obligation of a proprietary nature

c. Parties in a contract always create an obligation only imposed between themselves

d. Parties in a contract are always persons

Correct Answer: c. Parties in a contract always create an obligation only imposed between themselves

30. Which one of the following is wrong with regard to legal obligation?

Select one:

a. It is not depending on the willingness of any person rather it is simply imposed by law

b. It is binding on all persons

c. It is enforceable and bound on all persons

d. It is depending on the willingness of the person

Correct Answer: d. It is depending on the willingness of the person

Of course! Here are the 30 questions with their choices and the correct answers indicated:

**Question 1:**

*_________ consists of general accounting, cost accounting, budgeting, internal auditing, and
consultancy.*

Select one:

a. Fund accounting

b. Tax accounting

c. Financial accounting

d. Management accounting

**Answer:** d. Management accounting

**Question 2:**

*A dishonored note receivable is a receivable that is not paid at the maturity date.*

Select one:

a. True

b. False

**Answer:** a. True

**Question 3:**

*A receivable is always recorded as a liability while a payable is an asset.*

Select one:

a. True

b. False

**Answer:** b. False
**Question 4:**

*According to the American Accounting Association (AAA), accounting is ______________.*

Select one:

a. the making of the periodic matching of costs and revenues

b. the process of identifying, measuring, and communicating economic information

c. an information system that measures, processes, and communicates financial information

d. the art of recording, classifying, and summarizing financial information

**Answer:** c. an information system that measures, processes, and communicates financial

information

**Question 5:**

*Among the given alternatives, which one is the cumulative amount earned but not distributed?*

Select one:

a. Additional paid-in capital

b. Retained earnings

c. Par value

d. Contributed capital

**Answer:** b. Retained earnings

**Question 6:**

*An obligation to make a future payment only if an uncertain future event occurs is known as
______________.*

Select one:

a. without recourse

b. contingent liability

c. contingent asset
d. with recourse

**Answer:** b. contingent liability

**Question 7:**

*An obligation to make a future payment only if an uncertain future event occurs is known as
________.*

Select one:

a. contingent asset

b. with recourse

c. contingent liability

d. without recourse

**Answer:** c. contingent liability

**Question 8:**

*Assume that a business has cash of birr 5,000, accounts payable birr 2,500, accounts receivable birr
3,000, prepaid expense birr 1,700, and service fee birr 3,500. The total asset will
become______________.*

Select one:

a. birr 6,500

b. birr 5,000

c. birr 4,300

d. birr 8,000

**Answer:** c. birr 4,300

**Question 9:**

*Checks, purchase orders, bills from suppliers, and sales tickets are used as a source of documents.*

Select one:
a. False

b. True

**Answer:** b. True

**Question 10:**

*Data is helpful and the base for the decision-making process.*

Select one:

a. False

b. True

**Answer:** b. True

**Question 11:**

*Held-for-maturity securities are reported in long-term assets and their maturity dates have more than
one year.*

Select one:

a. False

b. True

**Answer:** a. False

**Question 12:**

*Interest is the cost of borrowing money for the borrower or the profit from lending money for the
lender.*

Select one:

a. False

b. True
**Answer:** b. True

**Question 13:**

*One of the following is a document that authorizes cash disbursements.*

Select one:

a. Invoice

b. Vouchers

c. Petty cash

d. Cash

**Answer:** b. Vouchers

**Question 14:**

*One of the following expresses the weakness of the direct write-off method.*

Select one:

a. It understates accounts receivable on the balance sheet

b. It is too difficult to use for many companies

c. It violates the matching principle

d. It is based on estimation

**Answer:** c. It violates the matching principle

**Question 15:**

*Products and services are often sold to customers in return for promises to pay in the future, called
____________.*

Select one:

a. Purchase

b. Credit sales

c. Purchase return and allowance

d. Sales on cash

**Answer:** b. Credit sales

**Question 16:**

*Products and services are often sold to customers in return for promises to pay in the future, called
______.*

Select one:

a. Credit sales

b. Purchase

c. Purchase return and allowance

d. Sales on cash

**Answer:** a. Credit sales

**Question 17:**

*Short-term investments, receivables, and prepaid expenses are classified as current assets.*

Select one:

a. True

b. False

**Answer:** a. True

**Question 18:**

*The bank from which a check is drawn is called ____________-.*

Select one:

a. Payee

b. Drawee

c. Maker
d. Drawer

**Answer:** b. Drawee

**Question 19:**

*The first published accounting work was written in 1494 by the Venetian Monk Luca Pacioli.*

Select one:

a. True

b. False

**Answer:** a. True

**Question 20:**

*The general term applied to the processing of data by mechanical or electronic equipment that
operates with a minimum of manual intervention is called________.*

Select one:

a. Automated data processing

b. Mechanical accounting system

c. Manual accounting system

d. Mechanical data processing

**Answer:** a. Automated data processing

**Question 21:**

*The principal ledger which contains all the balance sheet and income statement accounts is called a
subsidiary ledger.*

Select one:

a. False

b. True
**Answer:** a. False

**Question 22:**

*When notes receivable are discounted without recourse, the contingent liability of the company is paid
by the bank.*

Select one:

a. True

b. False

**Answer:** a. True

**Question 23:**

*Which of the following is not true about a corporation?*

Select one:

a. The owners of a corporation are not personally liable for the debts of the business

b. No double taxation

c. Separate legal entity

d. Limited liability

**Answer:** b. No double taxation

**Question 24:**

*Which of the following is not an internal control procedure for cash receipt through mail?*

Select one:

a. The third copy is kept by the clerk who opened the mail

b. The first copy is kept by the clerk who opened the mail

c. The second copy is sent to the record keeper in the accounting area

d. The first copy is sent with the money to the cashier

**Answer:** b. The first copy is kept by the clerk who opened the mail

**Question 25:**

*Which one of the following liabilities is satisfied by delivering products and services in the future?*

Select one:

a. Unearned revenues

b. Accounts payable

c. Revenue

d. Accrued liabilities

**Answer:** a. Unearned revenues

**Question 26:**

*Which one of the following is the revenue recognition principle?*

Select one:

a. Full disclosure principles

b. Cost principle

c. Realization principle

d. Matching principle

**Answer:** c. Realization principle

**Question 27:**

*Identify the odd statement about balance sheet accounts.*

Select one:

a. They are permanent accounts

b. Its accounts report on the activities related to one or more future accounting periods

c. They include withdrawal and income summary in their accounts

d. All assets, liabilities and owner’s capital account are considered as balance sheet accounts

**Answer:** c. They include withdrawal and income summary in their accounts

**Question 28:**

*Which one is the correct statement about finance?*

Select one:

a. It is a vital part of all accounting systems

b. It is a branch of economics concerned with providing funds to business and government

c. It provides useful information for decision making

d. It encompasses the record-keeping aspect of accounting

**Answer:** b. It is a branch of economics concerned with providing funds to business and government

**Question 29:**

*The following pieces of information are given for XLGC – Company.*

*Beginning inventory --------------------------- birr 100,000*

*Ending inventory ------------------------------- birr 85,000*

*Net purchases ---------------------------------- birr 165,000*

*Based on the above given data, what will be the cost of goods sold?*

Select one:

a. Birr 52,000

b. Birr 180,000

c. Birr 20,000

d. Birr 350,000

**Answer:** a. Birr 52,000

**Question 30:**

*Suppose that Berta Super – Market sale on credit card birr 1,500 including with 15% fee earned from
the sales of product and send a copy of the credit sales receipts to Credit Card User Company and wait
for payment. How to record the entry?*