The First Test In Financial Accounting

Net loss is the result of expenses exceeding revenues. This means that the company has incurred more expenses than it has generated in revenue, leading to a negative net income. This can happen due to various reasons such as high operating costs, low sales, or unexpected expenses.

The net equity of the establishment can be calculated by subtracting the total liabilities from the total assets. In this case, the total assets are given as 330,000 riyals and the total liabilities are given as 65,000 riyals. Therefore, the net equity would be 330,000 riyals - 65,000 riyals = 265,000 riyals.

The correct answer is "المسحوبات" because it refers to the cash withdrawals or any other assets that the owner receives from the establishment and uses for personal purposes.

The correct answer is 260,000 ريال. This can be calculated by subtracting the total equity (40000 ريال) from the total assets (300000 ريال). The difference represents the liabilities owed to others, which is 260000 ريال.

The correct answer is "الترحيل" which translates to "transfer" in English. This term refers to the process of transferring information or cash amounts from the daily records to the specialized accounts in the general ledger.

Net profit is generated when revenues exceed expenses. In other words, when the income earned from the business operations is greater than the costs incurred to generate that income. This is the basic principle of profitability in accounting. Therefore, the correct answer is "الإيرادات عن المصروفات" which translates to "revenues over expenses".

The correct answer is "الخصوم المتداولة" which translates to "current liabilities" in English. This is because the term "الخصوم المتداولة" refers to the debts or obligations that a company is expected to settle within one year or within its normal operating cycle. Current liabilities include items such as accounts payable, short-term loans, and accrued expenses.

The correct answer is B, A. The trial balance provides a list of the account balances in the general ledger. It proves that the total of the debit items equals the total of the credit items for the ledger account balances. It includes the balances of revenue and expense accounts only.

The increase in assets over liabilities represents the amount invested by the owners in the economic unit, in addition to the profits generated from its operations and retained. This is referred to as "حقوق الملكية" or "ownership rights".

Purchasing a car on credit increases the assets of the entity (increased asset) and also increases the liabilities (increased obligation) as the entity now owes money for the car. Therefore, the answer is "زيادة أصل و زيادة إلتزام" which means "increase in assets and increase in liabilities".

The given question is asking for the name of a table that includes the names of accounts in the general ledger along with their balances, whether they are debit or credit. The correct answer is "ميزان المراجعة" which translates to "trial balance" in English. A trial balance is a financial statement that lists all the accounts and their balances to ensure that the debits equal the credits.

تعنى المصروفات بتكلفة السلع والخدمات التي يتم استخدامها في العمليات لتحقيق الإيرادات. وتشير إلى المبالغ المالية التي يتم صرفها لشراء المواد اللازمة أو دفع تكاليف الخدمات المستخدمة في العمل.

The correct answer is "الأصول المتداولة" because "حساب المدينون" refers to accounts payable, which is a liability that represents the amount owed by a company to its creditors. Accounts payable is classified as a current liability, which falls under the category of "الأصول المتداولة" or current assets. Current assets are assets that are expected to be converted into cash or used up within one year. Therefore, "الأصول المتداولة" is the most appropriate category for "حساب المدينون".

The correct answer is "الأصول – الخصوم = حقوق الملكية" because this equation represents the fundamental accounting equation, which states that the total assets of a company minus its total liabilities equals the owner's equity or the owner's share of the company's assets. This equation is used to ensure that the accounting equation remains balanced and reflects the financial position of the company.

The total assets are equal to 279,000 riyals and the total liabilities are equal to 55,000 riyals. The sum of liabilities and equity is also equal to 279,000 riyals. Therefore, we can calculate the equity by subtracting the total liabilities from the total assets: 279,000 - 55,000 = 224,000 riyals.

The budget equation should be in balance continuously throughout the accounting period. This means that the total expenses should equal the total revenues for the entire period. This ensures that the financial statements accurately reflect the financial position and performance of the entity.

The correct answer is "الخصوم المتداولة" because accounts payable refers to the debts and obligations that a company owes to its creditors and suppliers. These are short-term liabilities that are expected to be paid off within one year. Therefore, it falls under the category of current liabilities or "الخصوم المتداولة" in Arabic.

The answer of 996,000 ريال is obtained by subtracting the total liabilities (short-term and long-term) from the total assets (current and long-term). In this case, the total assets are 994,000 ريال (current assets) + 582,000 ريال (long-term assets) = 1,576,000 ريال. The total liabilities are 330,000 ريال (short-term liabilities) + 250,000 ريال (long-term liabilities) = 580,000 ريال. Therefore, the total equity or ownership rights can be calculated as 1,576,000 ريال - 580,000 ريال = 996,000 ريال.

Assets are economic resources owned by an economic unit that are expected to provide future benefits to the entity. In this context, assets can include physical assets such as property, equipment, and inventory, as well as intangible assets such as patents, trademarks, and goodwill. These assets can generate revenue and profits for the organization and contribute to its overall value and financial health. Therefore, the correct answer is "الأصول".

الميزانية العمومية is the correct answer because it refers to a financial statement that provides information about the financial position of an economic unit. It includes a summary of assets, liabilities, and equity at a specific date. This statement helps in assessing the financial health and performance of the entity. The other options mentioned, such as قائمة حقوق الملكية, قائمة التدفقات النقدية, and قائمة الدخل, are not the correct answers as they refer to different financial statements with specific purposes and contents.

The correct answer is "إمساك الدفاتر" which translates to "Bookkeeping". Bookkeeping is the process of recording daily transactions of a business entity in a systematic manner. It involves maintaining accurate and up-to-date financial records of the organization. This process is essential for tracking the financial health of the business, analyzing its performance, and making informed decisions.

The increase in one asset could be a result of an increase in one liability only, an increase in ownership rights only, or a decrease in another asset only. Therefore, all of the previous answers are correct.

The correct answer is "يزيد إجمالى الجانب المدين على إجمالى الجانب الدائن" because in accounting, when the total of the debit side of an account is greater than the total of the credit side, it means that there are more debits than credits in that account. This indicates a debit balance, which means that the account has a net positive balance.

The correct answer is "الأصول المتداولة". This is because "أوراق القبض" refers to promissory notes or bills of exchange that are expected to be converted into cash within a short period of time, usually less than one year. These are considered as current assets because they are readily convertible into cash and are expected to be used up or sold within the normal operating cycle of the business.

The correct answer is "الأصول المتداولة" because cash is considered a current asset. Current assets are assets that are expected to be converted into cash or used up within one year or the operating cycle of a business. Cash is readily available and can be used for immediate expenses or investments, making it a current asset.

The given correct answer is "المحاسبة الإدارية" which translates to "Managerial accounting" in English. This field of accounting focuses on preparing and interpreting relevant accounting information that aids in making specific managerial decisions. It involves analyzing financial data, budgeting, cost analysis, performance evaluation, and other activities that assist managers in planning, controlling, and decision-making within an organization.

If the total liabilities in the balance sheet of Al Noor company amount to 240,000 and this represents 75% of the total assets, then the equity would be 80,000.

The principle of historical cost is a commonly used accounting principle to value assets based on their original cost incurred by the economic unit, regardless of any changes in the value of these assets. This means that assets are recorded at their original purchase price or cost and are not adjusted for changes in market value or inflation. This principle provides a reliable and objective basis for recording and reporting financial information.

When a debtor repays their debt, it leads to a decrease in the debtor's liabilities (decrease in obligation) and a decrease in the debtor's assets (decrease in capital). This is because the debtor is reducing their financial obligations and using their assets to settle the debt. Therefore, the correct answer is "نقص أصل و نقص إلتزام" (decrease in assets and decrease in obligation).

The correct answer is "زيادة في أحد الأصول الثابتة وزيادة في أحد حسابات الخصوم" which translates to "an increase in one of the fixed assets and an increase in one of the liabilities." This means that buying a car for delivery purposes will lead to an increase in the company's fixed assets (the car) and an increase in its liabilities (accounts payable or debts).

The correct answer is "الخصوم" because it refers to liabilities or obligations on the economic unit in exchange for goods, services, or loans from others. This indicates that the economic unit has debts or commitments that need to be fulfilled.

The correct answer is "الإيراد" because it refers to the revenue generated from the sale of goods and services provided by a particular economic unit. It includes the amounts collected and amounts receivable in exchange for the services provided or goods delivered during a period.

The correct answer is "الاجابات السابقة صحيحة" which means "the previous answers are correct". This suggests that the process of obtaining an asset can be due to a shortage of another asset, an increase in deduction, or a combination of both.

When the total of the credit side exceeds the total of the debit side, the account balance of the teacher will be in credit.

The purpose of accounting as an information system is to provide the necessary financial information for decision-making by all stakeholders, including the management of the organization, the owners, the creditors, the employees, the government entities, and potential investors. Therefore, the correct answer is "كل ماسبق" which means "all of the above".

The correct answer is "شراء أصول ثابتة نقداً" (cash purchase of fixed assets). This transaction affects only the assets side of the accounting equation because it involves the acquisition of fixed assets using cash. It does not impact the liabilities or equity side of the equation.

Based on the given information, the capital balance can be calculated by adding the cash balance, the amount owed to the company, and the amount owed by the company, and then subtracting the amount owed to suppliers, the value of cars, the value of furniture, the retained profits, the value of office supplies, and the value of payment papers. Therefore, the capital balance is 165,000 Riyals.

The correct answer is "سيارات تستخدم لنقل موظفى المنشأة". This is because cars used to transport employees are not considered current assets. Current assets are assets that are expected to be converted into cash or used up within one year, and cars used for transportation purposes do not fall into this category.

The correct answer is "كل ما سبق" which means "all of the above". This means that the rights of ownership are more comprehensive than capital, they can exceed capital, be less than capital, or equal to capital. Therefore, all of the options mentioned in the question are correct.

The value of liabilities would be 8 million riyals. This can be calculated by multiplying the value of the company's assets by 2/3, since the company's equity is equal to 1/3 of the total assets. Therefore, if the equity is 4 million riyals, the total assets would be 12 million riyals (4 million / 1/3). Multiplying this by 2/3 gives us 8 million riyals, which represents the value of the liabilities.

The given correct answer is "المراجعة" (Auditing). This is the main activity of a legal accountant, which involves examining records, documents, and supporting documents that support their neutral professional opinion on the reliability of financial statements.

The correct answer is "المبادئ المحاسبية المتعارف عليها" which translates to "Generally Accepted Accounting Principles (GAAP)". GAAP refers to a set of concepts and accounting standards that have been widely accepted and recognized in the field of financial accounting and reporting. These principles provide a framework for consistent and reliable financial reporting, ensuring that financial statements are prepared in a manner that is understandable and useful for users.

حساب الأرباح المحتجزة يمثل حقًا من حقوق الملكية للمساهمين. يتم حساب الأرباح المحتجزة من خلال خصم الأرباح الموزعة على المساهمين من الأرباح الصافية للشركة. هذا الحق يمثل جزءًا من ملكية المساهمين في الشركة ويمكن توزيعه عليهم في المستقبل أو استخدامه في تمويل نشاطات الشركة.

The given information provides a list of various accounts and their balances for a company on a specific date. The account "أثاث" (furniture) is not mentioned in the list, so its balance is not provided. Therefore, it is not possible to determine the exact balance of the "أثاث" account based on the given information. Hence, the answer is "لا شئ مما سبق" (nothing mentioned).

Based on the given information, the account balance for "أوراق دفع" (payment vouchers) can be calculated by subtracting the amounts of "الخزينة" (cash) and "مدينون" (debit) from the total amount of "الميزانية العمومية" (general budget).

The calculation is as follows:
Total budget = 75000 + 7500 + 8000 + 127500 + 22500 + 58500 + 3000 + 165000 + 4000 + 22000 = 471000

Account balance for "أوراق دفع" = Total budget - (الخزينة + مدينون) = 471000 - (75000 + 7500) = 388500

Therefore, the balance for "أوراق دفع" is 4000 ريال, which is the first option provided.

The correct answer is "شراء أصول ثابتة بالآجل" because purchasing fixed assets on credit affects the accounting equation by increasing the assets (fixed assets) and increasing the liabilities (accounts payable). This transaction does not affect the total of the accounting equation as it increases both sides of the equation equally.

The correct answer is "القوائم المالية". The given explanation states that financial statements summarize the financial position and results of operations of an economic unit, and they are considered the main source of financial information about the economic unit. Therefore, the financial statements provide a comprehensive overview of the financial performance and position of the entity.

Signing a promissory note in favor of creditors is an operation that affects only the liabilities side of the accounting equation. This is because signing a promissory note creates a legal obligation for the company to repay the amount mentioned in the note to the creditors. This increases the company's liabilities without affecting its assets or equity. Therefore, it only affects the creditors' side of the equation.

شراء لوازم مكتبية بالأجل هو الجواب الصحيح لأنها تؤثر بالزيادة بمقدار متساوٍ على جانب الأصول من ناحية والخصوم وحقوق الملكية من ناحية أخرى. عند شراء اللوازم المكتبية بالأجل، يتم زيادة قيمة الأصول بمقدار قيمة اللوازم المشتراة، وفي الوقت نفسه يتم زيادة قيمة الخصوم بمقدار قيمة الديون المستحقة للموردين. لذلك، تؤثر هذه العملية بالزيادة بمقدار متساوٍ على جانب الأصول والخصوم وحقوق الملكية.

An increase in one asset can result in a decrease in another asset. This is because assets are often interrelated, and an increase in one asset may require the use or conversion of another asset. Therefore, if there is an increase in one asset, it is possible that there may be a decrease in another asset to compensate for it.