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SULIT

FPN/APR 2000/ACC055

UNIVERSITl TEKNOLOGI MARA FAKULT1 PERAKAUNAN PEPERIKSAAN SEMESTER DISEMBER 1999 - MEI 2000 PRA PERAKAUNAN

DOCUMENT ID: 100000


MATA PELAJARAN KOD MATA PELAJARAN TARIKH MASA : : : PERAKAUNAN ACC055 11 APRIL 2000 3 JAM (9.00 -12.00 T/HARI)

ARAHAN KEPADA CALON: 1. 2. 3. Jawab SEMUA soalan. Jawapan bagi tiap-tiap soalan hendaklah dimulakan di muka surat yang baru. Calon-calon tidak dibenarkan membawa barang-barang peperiksaan kecuali dengan kebenaran pengawas, masuk ke bilik

KEPERLUAN PEPERIKSAAN: 1. Kertas Jawapan Objektif - disertakan.

JANGAN BUKA KERTAS SOALAN SEBELUM ANDA DiARAH BERBUAT DEMIKIAN Kertas soalan ini rnengandungi 7 halaman yang bercetak SULIT

SULIT

FPN/APR 2000/ACC055

Section A Question 1 Multiple Choice Questions Choose the most appropriate answer.

1.

All of the fallowings are the internal users of accounting information for a company
except

a. b. c.
d. 2.

President of the company Production manager Purchasing clerk


President of the employee's labor union

Which of the following statements fits the characteristics of a company? a. b. c. It is not a separate legal entity from its owner It requires that shareholders be personally liable for the debts of the business It is owned by its shareholders

d.
3.

It terminates when one of its original shareholders dies

The first step in the recording process is to a. b. c. d. prepare financial statement analyze transactions in terms of its effect on the accounts record in a journal prepare a trial balance

4.

Accounting period that ends annually, but does not begin on January 1, is referred to as
a. b. c. fiscal year interim period calendar year

d.
5.

reporting period

Which of the following is an intangible asset? a. b. c. d. its value is derived from the rights and privileges it provides to the owner it is worthless because it has no physical substance it is converted into tangible asset during the operating cycle it is difficult to be classified in the balance sheet because it lacks physical
substance

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FPN/APR 2000/ACC055

6.

As an incentive for customers to settle their accounts promptly, a business may offer their customers
a, b. a cash discount a free delivery

c.
d.

a trade discount
a sales return

7.

A credit term of 2/10, n/30 offered to a customer by a business means that a. b. c. d. the customer must pay the bill within 10 days the customer can deduct a 2% discount if the bill is paid between the 10 and 30 day from the invoice date the customer can deduct 2% discount if the bill is paid within 10 days of the invoice date two sales return can be made within 10 days of the invoice date and no returns thereafter

8.

Cost of goods sold is determined by finding the

a.
b. c. d. 9.

opening stock - cost of goods purchased + closing stock


sales - cost of good purchased + opening stock - closing stock sales + gross profit - closing stock + opening stock opening stock + cost of goods purchased - closing stock

Which of the following items would not be included in the calculation of net purchases

during the accounting period?


a. b. c. d. 10. Purchases Carriage inwards Carriage outwards Duty on purchases

The historical cost concept measures assets on the basis of a. b. c. d. the replacement cost of assets in the balance sheet the amount of cash for which the assets could be sold the fair market value of assets in the day they were purchased the cost of the assets adjusted for the effects of inflation (10 marks)

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FPN/APR 2000/ACC055

Question 2 True or False Questions State whether the following statement is True1 (T) or 'False' (F). 1. There is no major difference between bookkeeping and accounting because

bookkeeping is a part of the accounting process.


2. Financial statements are used only by external users who have direct financial interest in the business enterprise

3.
4.

The holder of a saving account, a fixed deposit or a current account will receive
interest for the credit balance in his account.
An overdraft is a short term loan which is made available to those holding current account.

5. 6. 7.

A buyer will send a debit note to a supplier if he has returned goods. An item is considered material if it is likely to influence the decision of a reasonably prudent investor or creditor. The settlement of a creditor's account decreases liability and decreases capital.

8.

Revenue expenditure benefits more than one accounting period.

(8 marks)

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FPN/APR 2000/ACC055

Section B Question 1

The following is the list of account balances that has been extracted from the ledger of a
business as at 31 December 1999.

Commission received Discount received Discount allowed

RM 1,386 4,158 809

Carriage inwards
Carriage outwards Telephone, water and electricity Duty on purchases Machinery Stationery expenses Drawings Interest on loan
Cash at bank

578
2,310 693 1,732 138,600 2,079 3,119 1,732
22,869

Fixtures and Fittings


Creditors Debtors Loan form BBMB

17,325
4,389 10,395 34,650

Freehold land
Bad debts

40,425
3,811

Motor expenses Insurance Rent received


Sales Capital

3,465 5,198 693


111,804 183,529

Purchases Opening stock Salary


Motor vehicles Note:

37,537 16,747 17,325


13,860

Stock as at 31 December 1999 amounted to RM11,203

You are required to prepare:-

a.

Trading and Profit and Loss account for the year ended 31 December 1999. Classify the expenses into General and Administrative expenses, Selling and Distribution

expenses and Financial Charges.


b A Balance Sheet as at 31 December 1999 (30 marks)

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FPN/APR 2000/ACC055

Question 2

Tan Huang Trading started business on 1 April 1999 with the following assets and liabilities: RM Cash Bank Van Loan from Maybank
5,000 20,000 35,000

10,000

The following transactions occurred during the month of August 1999:August 3 Bought goods worth RM5.500 on credit from Mudah Jaya Sdn. Bhd.,

after a 5% trade discount. A cash discount of 5% will be given if the


payment is made within 10 days. August 4 Paid RM600 and RM120 in cash for advertising and stationery expenses respectively, Cash sales of RM850 to Ahmad. Sold goods worth RM2,000 on credit to Tai Lai Trading. The credit term was 5/10, n/30. Cash sales paid directly into bank RM400. Withdrew cash from bank for business use RM300. Paid RM600 and RM450 in cash for rent and motor expenses respectively. Withdrew cheque worth RM400 for private use Paid Mudah Jaya Sdn. Bhd. in full settlement of amount owing for goods purchased on 3 August by cheque Bought goods worth RM3.500 from May Enterprise. Payment was made by cheque. Received cheque from Tai Lai Trading in full settlement for the amount due
Cash sales of RM1.050

August 5

August 7 August 8 August 9

August 10 August 11

August 12

August 13

August 16

August 23

Purchased office equipment valued at RM300 on credit from Sinar Kota Office Machinery Bhd. Paid salaries in cash RM650 The owner had taken some goods costing RM350 for personal use.

August 25 August 30

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FPN/APR 2000/ACC055

You are required: a. b. to record the above transactions in the general ledger to extract a trial balance as at 31 August 1999 (32 marks)

Question 3

Journalize all the following transactions for the month of March 2000 in the general journal.
Narration is required for each of the transactions. March 1 The owner invested RM20,000 in cash and a motor vehicle valued at RM25000 to start an accounting firm operating as a sole proprietorship. Purchased RM250 of office supplies on credit from Lim Trading. Purchased office equipment for RM4,000 and paid RM1,500 in cash. The remaining balance is still owing to Xeroz Sdn Bhd Accounting fees paid by client amounting to RM4.000 by cheque. Paid RM800 in cash for the monthly rental.

March 2 March 4

March 5 March 7

March 8
March 10

Paid Lim Trading by cheque.


Received a bill for RM500 for advertising expense from BZ Advertising Agency. Paid RM1.500 cash for monthly salaries. The owner withdrew RM1,200 cash from business for personal expenses. Received a cheque for RM3.000 from a client for audit services provided. (16 marks)

March 12 March 15 March 20

Question 4 Explain what do you understand by the following terms:

a.

Commercial banks

(2 marks) International Accounting Standards

(2 marks)

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