Q1. a. Globalization demands a single set of high-quality international accounting standards. Explain at least 5 elements that demands a single set of high-quality international accounting standards.(Mark 1)

b. Name the two major organizations that sets standards and explain the due processes of setting a new accounting standard? Please write one paragraph. (Mark 1)

Q2. An adjusting journal entry is typically made just prior to issuing a company's financial statements. What do you understand by adjusting entries? Give examples(Marks 2)

Q3. Presented below is information related to CHO Co. for the month of January 2018.

Cost of Goods Sold	202,000	Salary expense	61,000
Freight-out	7,000	Sales discount	8,000
Insurance expense	12,000	Sales returns and allowances	13,000
Rent expense	20,000	Sales	340,000
	1,000

: . ( 4)

4. XYZ Corporation 31 2021 :

	1	165,000
		35,000
		(20,000)
	31	180,000

31 2021 20,000 2020 5,000 2020. 2021

5. a. 31 2020.

10,000

500

2,000

2017 9,000

- 10,000

2000

20,000

2500

: .

b.