Sie sind auf Seite 1von 25

Question

[Multiple choice]

Questi A company shows a balance in Salaries Payable of RM40,000.00


on
at the end of the month. The next payroll amounting to
RM45,000.00 is to be paid in the following month. What will be
the journal entry to record the payment of salaries?

1. Salaries Expense....................................................................
45,000.00
Salaries Payable............................................................
45,000.00

2. Salaries Expense....................................................................
45,000.00
Cash..............................................................................
45,000.00

3. Salaries Expense....................................................................
5,000.00
Cash..............................................................................
5,000.00

4. Salaries Expense...................................................................
5,000.00
Salaries
Payable...................................................................
40,000.00
Cash.............................................................................
45,000.00

Answer

1) 1

2) 2

3) 3

4) 4

Point : 1
2

[Multiple choice]

Questi In the first month of operations, the total of the debit entries to
on
the cash account amounted to RM900.00 and the total of the
credit entries to the cash account amounted to RM500.00. The
cash account has a(n)

Answer

1) RM500.00 credit balance.

2) RM800.00 debit balance.

3) RM400.00 debit balance.

4) RM400.00 credit balance.

Point : 1
3

[Multiple choice]

Questi Lee Company gathered the following reconciling information in


on
preparing its July bank reconciliation:
Pre-adjusted cash book balance
RM5,500.00
Deposits in transit
150.00
Notes receivable and interest collected by bank
850.00
Bank charge for check printing

20.00
Outstanding checks
2,000.00
NSF (Dishonoured) check
170.00

The adjusted cash balance per books on July 31 is

Answer

1) RM6,160.00

2) RM6,010.00

3) RM4,310.00

4) RM4,460.00

Point : 1
4

[Multiple choice]

Questi A business paid RM5000 for technical services but used up the
on
services for only RM2000 until the end of its accounting period.
The remaining RM3000 was referred as..

Answer

1) Accrued expense

2) Accrued income

3) Prepaid income

4) Prepaid expense

Point : 1
5

[Multiple choice]

Questi In a sales ledger control account the bad debs written off should
on
be shown in the account

Answer

1) as a debit

2) as a credit

3) both as a debit and as a credit

4) as a balance carried down

Point : 1
6

[Multiple choice]

Questi The 'net book value' of a non current assets is equal to:
on
Answer

1) Asset\'s market value less its historical cost

2) Blue book value relied on by secondary market

3) Replacement cost of the assets

4) Asset\'s cost less accumulated depreciation

Point : 1
7

[Multiple choice]

Questi The adjusted trial balance is prepared


on

Answer

1) after financial statements are prepared.

2) before the trial balance.

3) to prove the equality of total assets and total liabilities.

4) after adjusting entries have been journalized and posted.

Point : 1
8

[Multiple choice]

Questi Which of these items would be accounted for as an expense?


on
Answer

1) Repayment of a bank loan

2) Dividends to shareholders

3) The purchase of land

4) Payment of the current period\'s rent

Point : 1
9

[Multiple choice]

Questi An unacceptable way to make a correcting entry is to


on

Answer

1) reverse the incorrect entry.

2) erase the incorrect entry.

3) compare the incorrect entry with the correct entry and


make a correcting entry to correct the accounts.
4) correct it immediately upon discovery.

Point : 1
10

[Multiple choice]

Questi The accounting process is correctly sequenced as


on

Answer

1) identification, communication, recording.

2) recording, communication, identification.

3) identification, recording, communication.

4) communication, recording, identification.

Point : 1
11

[Multiple choice]

Questi As of December 31, 2013, Idham Company has assets of


on
RM35,000.00 and owner's equity of RM20,000.00. What are the
liabilities for Idham Company as of December 31, 2013?

Answer

1) RM15,000.00

2) RM10,000.00

3) RM25,000.00

4) RM20,000.00

Point : 1
12

[Multiple choice]

Questi On a bank reconciliation, the amount of an unrecorded bank


on
service charge should be

Answer

1) debited to the cashbook

2) credited to the cashbook

3) added to the updated balance of cashbook in the bank


reconciliation statement
4) deducted from the updated balance of cashbook in the
bank reconciliation statement
Point : 1

13

[Multiple choice]

Questi Which of the following are not true?


on
A bank reconciliation statement is
i. part of the double entry system
ii. not part of the double entry system
iii. sent by the firm to the bank
iv. posted to the ledgers accounts

Answer

1) i, iii and iv

2) i and ii

3) i, ii and iv

4) ii, iii, and iv

Point : 1
14

[Multiple choice]

Questi The revenue recognition principle dictates that revenue should be


on
recognized in the accounting records

Answer

1) when cash is received.

2) when it is earned.

3) at the end of the month.

4) in the period that income taxes are paid.

Point : 1
15

[Multiple choice]

Questi The following information describes the characteristics of one


on
form of business organisation:

Limited liability.

Owned by two or more persons.

Registered with Companies Commission of Malaysia.

Financial statement is not publicly available.

The business organisation described above is ________________.

Answer

1) Aliff Trading

2) Klinik Aliff dan Rakan-rakan

3) Aliff Amin Sdn. Bhd.

4) Aliff Amin Bhd.

Point : 1
16

[Multiple choice]

Questi An error wherein a invoice from supplier of electrical equipment


on
has been debited to electricity account is known as:

Answer

1) An error of commission

2) An error of original entry

3) An error of compensating error

4) An error of principle

Point : 1
17

[Multiple choice]

Questi If accounts payable at 1 January 2013 were RM6,340, accounts


on
payable at 31 December 2013 RM7,400 and payments to
creditors RM48,000, then purchases for 2013 are

Answer

1) RM55,400

2) RM49,060

3) RM46,940

4) RM54,340

Point : 1
18

[Multiple choice]

Questi On August 13, 2013, Zaidan Enterprises purchased office


on
equipment for RM1,000.00 and office supplies of RM200.00 on
account. Which of the following journal entries is recorded
correctly and in the standard format?

1. Office Equipment..................................................................
1,000.00
Account Payable..............................................................
1,200.00
Office Supplies......................................................................
200.00

2. Office Equipment..................................................................
1,000.00
Office Supplies......................................................................
200.00
Accounts Payable............................................................
1,200.00

3. Accounts Payable..................................................................
1,200.00
Office Equipment............................................................
1,000.00
Office Supplies................................................................
200.00

4 Office Equipment.................................................................
1,000.00
Office Supplies.....................................................................
200.00
Accounts Payable...........................................................
1,200.00

Answer

1) 1

2) 2

3) 3

4) 4

Point : 1
19

[Multiple choice]

Questi Cerner Company showed the following balances at the end of its
on
first year:
Cash

RM 5,000.00

Prepaid insurance

500.00

Accounts receivable

2,500.00

Accounts payable

2,000.00

Notes payable

3,000.00

Cerner, Capital

1,000.00

Cerner, Drawing

500.00

Revenues

15,000.00

Expenses

12,500.00

What did Cerner Company show as total credits on its trial


balance?

Answer

1) RM21,500.00

2) RM21,000.00

3) RM20,500.00

4) RM22,000.00

Point : 1
20

[Multiple choice]

Questi The basic accounting equation may be expressed as


on

Answer

1) Assets = Equities.

2) Assets Liabilities = Owner\'s Equity.

3) Assets = Liabilities + Owner\'s Equity.

4) all of these.

Point : 1
21

[Multiple choice]

Questi Mias Repair Shop started the year with total assets of
on
RM100,000.00 and total liabilities of RM80,000.00. During the
year, the business recorded RM210,000.00 in revenues,
RM110,000.00 in expenses, and owner drawings of RM20,000.00.
The net income reported by Mias Repair Shop for the year was

Answer

1) RM80,000.00

2) RM100,000.00

3) RM60,000.00

4) RM190,000.00

Point : 1
22

[Multiple choice]

Questi The accounting equation for Daris Enterprises is as follows:


on
Assets
Liabilities
Owners Equity
RM120,000.00

= RM60,000.00

+ RM60,000.00

If Daris purchases office equipment on account for RM12,000.00,


the accounting equation will change to

Assets

Liabilties

1. RM120,000.00 = RM60,000.00 +

RM60,000.00

2. RM132,000.00 = RM60,000.00 +

RM72,000.00

3. RM132,000.00 = RM66,000.00 +

RM66,000.00

4. RM132,00.000 = RM72,000.00 +

Answer

Owners Equity

RM60,000.00

1) 1

2) 2

3) 3

4) 4

Point : 1
23

[Multiple choice]

Questi Which one of the following represents the expanded basic


on
accounting equation?

Answer

1) Assets = Liabilities + Owner\'s Capital + Owner\'s


Drawings Revenue Expenses.
2) Assets + Owner\'s Drawings + Expenses = Liabilities +
Owner\'s Capital + Revenues.
3) Assets Liabilities Owner\'s Drawings = Owner\'s
Capital + Revenues Expenses.
4) Assets = Revenues + Expenses Liabilities.

Point : 1
24

[Multiple choice]

Questi Decrease in owner's equity (capital) are caused by:


on
Answer

1) Purchases of assets and payment of liabilities

2) Purchases of assets and incurring of liabilities

3) Payment of liabilities and unprofitable operations

4) Distributions of assets to owners and unprofitable


operations
Point : 1
25

[Multiple choice]

Questi Which of these errors would be disclosed by the trial balance


on

Answer

1) a purchase of office equipment had been debited to


purchases account
2) cheque RM135 from Johari Kambi entered in Joharis
account as RM1350
3) a purchase return of RM320 was omitted entirely from
the books
4) credit sales of RM3666 entered in both double entry
accounts as RM3336

Point : 1
26

[Multiple choice]

Questi The nature of assets is BEST described as:


on
Answer

1) something with physical form which is valued at cost in


the accounting records
2) An economic resource owned by a business and expected
to benefit future operations
3) An economic resource representing cash or the right to
receive cash in the near future
4) Something owned by a business that has a ready market
value

Point : 1

27

[Multiple choice]

Questi What is the journal entry to adjust for unearned revenue?


on
Answer

1) Debit unearned revenue, credit revenue

2) Debit unearned revenue, credit cash

3) Credit unearned revenue, debit cash

4) Credit unearned revenue, debit revenue

Point : 1
28

[Multiple choice]

Questi Unpresented cheques refer to cheques that have been


on

Answer

1) written, recorded, sent to payees, and received and paid


by the bank
2) written and not yet recorded in the cashbook

3) held as dishonoured cheques

4) written, recorded on the firm cashbook, sent to the


payee, but have not yet been paid by the bank
Point : 1
29

[Multiple choice]

Questi Owner's equity can be described as


on
1.
2.
3.
4.

Answer

1) creditorship claim on total assets.

2) ownership claim on total assets.

3) benefactor\'s claim on total assets.

4) debtor claim on total assets.

Point : 1
30

[Multiple choice]

Questi Which of the following is not a reason why the bank statement
on
balance and the bank balance on the cashbook may not be the
same after the cashbook has been updated for items found on
bank statement.

Answer

1) Unpresented cheques

2) Lodgements not yet credited by bank

3) Credit transfers

4) Errors made by bank

Point : 1
31

[Multiple choice]

Questi A payment of RM175.00 was made in respect of advertising.


on
However, the only entry made for this transaction was in the
cashbook. The entry needed to correct for this error would be:

Debit

Credit

Suspense RM175.00

Advertising RM175.00

Advertising RM175.00

Suspense RM175.00

C Advertising RM350.00

Cashbook RM350.00

D
Answer

Cashbook RM175.00

Advertising RM175.00

1) A

2) B

3) C

4) D

Point : 1
32

[Multiple choice]

Questi An income statement


on

Answer

1) summarizes the changes in owner\'s equity for a specific


period of time.

2) reports the changes in assets, liabilities, and owner\'s


equity over a period of time.
3) reports the assets, liabilities, and owner\'s equity at a
specific date.
4) presents the revenues and expenses for a specific period
of time.
Point : 1
33

[Multiple choice]

Questi A business paid 3 months rent ammounting to RM4200. Out of


on
this amount, 2 months rent pertains to the next accounting
period. Identify the correct amount of prepaid expense

Answer

1) RM4200

2) RM1400

3) RM2800

4) RM5600

Point : 1
34

[Multiple choice]

Questi Mias Repair Shop started the year with total assets of
on
RM100,000.00 and total liabilities of RM80,000.00. During the
year, the business recorded RM210,000.00 in revenues,
RM110,000.00 in expenses, and owner drawings of RM20,000.00.
Owners equity at the end of the year was

Answer

1) RM120,000.00

2) RM100,000.00

3) RM80,000.00

4) RM90,000.00

Point : 1
35

[Multiple choice]

Questi Which of the following are in accordance with generally accepted


on
accounting principles?

Answer

1) Accrual basis accounting

2) Cash basis accounting

3) Both accrual basis and cash basis accounting

4) Neither accrual basis nor cash basis accounting

Point : 1
36

[Multiple choice]

Questi Murthi Bike Company received a RM940.00 check from a


on
customer for the balance due. The transaction was erroneously
recorded as a debit to Cash RM490.00 and a credit to Service
Revenue RM490.00. The correcting entry is

Answer

1) debit Cash, RM940.00; credit Accounts Receivable,


RM940.00
2) debit Cash, RM450.00 and Accounts Receivable,
RM490.00; credit Service Revenue, RM940.00
3) debit Cash, RM450.00 and Service Revenue, RM490.00;
credit Accounts Receivable, RM940.00
4) debit Accounts Receivable, RM940.00; credit Cash,
RM450.00 and Service Revenue, RM490.00

Point : 1
37
Questi
on

[Multiple choice]

An insurance premium of RM8000 was paid on April 1, 2014. The


premium covers a 12-month period beginning April 1, 2014.
Consider the business accounting period end on 31 December
each year, what would be the correct adjusting entries for the
insurance premium at the end of 2014?

A. Dr Insurance

RM8000

Cr Prepaid Insurance

RM8000

B. Dr Prepaid Insurance RM6000


Cr Insurance

RM6000

C. Dr Prepaid Insurance RM2000


Cr Insurance

RM2000

D. Dr Insurance

RM2000

Cr Prepaid Insurance

Answer

RM2000

1) A

2) B

3) C

4) D

Point : 1
38

[Multiple choice]

Questi Danish Industries purchased supplies for RM1,000.00. They paid


on
RM500.00 in cash and agreed to pay the balance in 30 days. The
journal entry to record this transaction would include a debit to an
asset account for RM1,000.00, a credit to a liability account for
RM500.00. Which of the following would be the correct way to
complete the recording of the transaction?

Answer

1) Credit an asset account for RM500.00

2) Credit another liability account for RM500.00

3) Credit the Danish, Capital account for RM500.00

4) Debit the Danish, Capital account for RM500.00

Point : 1
39

[Multiple choice]

Questi The matching principle matches


on

Answer

1) customers with businesses.

2) expenses with revenues.

3) assets with liabilities.

4) creditors with businesses.

Point : 1
40

[Multiple choice]

Questi A car dealer purchased a motorvan for cash for business use.
on
What entry would record this correctly in the accounts?

Debit
A

Answer

Purchases

Credit
Cash

Cash

Purchases

Motorvans

Cash

Cash

Motorvans

1) A

2) B

3) C

4) D

Point : 1