Professional Documents
Culture Documents
A162
4. Which of the following groups use accounting information primarily to help protect
the public?
A. Management
B. Regulatory agencies
C. Taxing authorities
D. Economic planners
5. The characteristic of accounting information that can provides predictive and
feedback value is:
A. relevance.
B. reliability.
C. creativity.
D. comparability.
A. it is trusted by users.
B. it is helpful in contrasting organizations.
C. it is timely presented.
D. it affects the decision of its users.
BKAL1013 BUSINESS ACCOUNTING
A162
7. The Statement of Profit or Loss and Other Comprehensive Income reports the
revenues and expenses for a period of time based on the:
A. historical cost.
B. matching principle.
C. objectively principle.
D. full disclosure.
8. The sources and uses of cash over a stated period of time are reflected on the:
9. The accounting equation should remain in balance because every transaction affects:
10. The accounting principle that requires financial statement information to be based on
costs incurred in business transactions, and requires assets and services to be recorded
initially at the cash or cash-equivalent amount given in exchange, is the:
For question 11-17, please indicate the BEST effect of the transactions on the
accounting equation.
11. On 28 July 2016, Ms Dobi received cash of RM35,000 from the owner, Sally as
additional investment.
On 30 July 2016, a total cash of RM11,500 was used to pay the salary of the
employees and another RM5,000 was used to pay the bank loan. The changes caused
by these transactions may include:
12. On 10 September 2016, Hussein purchased office supplies for RM4,500, paid
RM1,000 and agreed with the supplier to pay the remaining in the following month.
13. A RM10,000 account payable is paid by the business. How is the accounting equation
affected?
14. A shop-house is purchased by a business for RM300,000. The company pays for the
shop-house with a RM60,000 cash payment and the execution of an RM240,000
promissory note payable to the seller. How does this purchase affect the business's
accounting equation?
15. Jasmine Bakery started the year with total assets of RM120,000 and total liabilities of
RM60,000. During the year, the business earned revenues of RM180,000 and incurred
expenses of RM105,000. There is no capital contributions during the year, but the
owner make withdrawals of RM90,000. What is the amount of owner's equity at the
end of the year?
A. RM60,000
B. RM75,000
C. RM45,000
D. RM15,000
17. A utility bill is received for expenses incurred. It will be paid in the following
accounting period. Which of the following would be TRUE as a result of the receipt
of the utility bill?
18. A company sells goods on credit for RM30,000. Which of the following entries
correctly records the transaction?
19. A company had a cash balance of RM30,000 on 1 August 2014. During August total
payments were RM384,000 and total receipts were RM357,000. What is the cash
book balance at 31 August 2014?
A. RM 1,800
B. RM 3,000
C. RM 4,500
D. RM 6,000
A. checking equality.
B. double-entry accounting.
C. single-entry accounting.
D. transaction analysis.
Structure Question- refer text book-Rosli et al. (2011). PR 2-1, chapter 2, page 92.
END OF QUESTION
BKAL1013 BUSINESS ACCOUNTING
A162
ANSWER:
1. C 16. D
2. B 17. B
3. D 18. D
4. B 19. B
5. A 20. B
6. B 21.
7. B 22.
8. D 23.
9. C 24.
10. B 25.
11. C 26.
12. B 27.
13. B 28.
14. D 29.
15. C 30.
BKAL1013 BUSINESS ACCOUNTING
A162
Structure Question- refer text book-Rosli et al. (2011). PR 2-1, chapter 2, page 92.
1. Journal
2. Ledger
a) Account : Cash
b) Account: Capital
e) Account: Automobile
g) Account: Supply
n) Automobile expenses
Siti Noliza established a consultancy service business, called Siti Consultant on 1 Jan 2017.
The following transactions for Siti Consultant have been completed during the first month:
Jan 1 Deposit of RM25,000 from personal fund into the business account.
22 Paid cash from business account for personal and family expenses, RM1,000.
REQUIRED:
(a) Journalize the transactions from 1st until 27th Jan 2017 (journal explanation is not
required).
(b) Post the journal entries in (a) above to the three column ledger. Please answer in the
Appendix provided.
a) Journal
b) Ledger
1. Account: Cash
2. Account: Capital
6. Account: Equipment
8. Account: Stock
9. Account: Withdraw