Dec2022 Acc117 Acc106 Test 1 Q
Dec2022 Acc117 Acc106 Test 1 Q
Dec2022 Acc117 Acc106 Test 1 Q
INSTRUCTIONS TO CANDIDATES
1. This question paper consists of three (3) parts: Part A (10 Questions)
Part B (10 Questions)
Part C (1 Question)
PART A
State whether each of the following statements is TRUE or FALSE.
1. The steps in the accounting process are classification, identification, interpretation and
communication.
2. The primary objective of preparing financial statements is to meet the need of managers
who run the business on a day-to-day basis only.
3. The external users of accounting information include tax authority and potential
investors.
4. The owner of sole proprietorship is not responsible for the liabilities of the business when
the business goes bankrupt.
7. “Once a particular accounting method has been adopted, it should follow consistently in
subsequent periods.” This statement is based on money measurement concept.
9. A business equity will increase when the business acquires net profit for the reporting
year.
10. The accounting equation should remain balance since every transaction affects only one
account.
(Total: 10 marks)
PART B
Choose ONE (1) most appropriate answer.
A. i and ii
B. i and iii
C. iii and iv
D. iv only
A. i and ii
B. i and iii
C. iii and iv
D. iv only
5. Quality accounting information assists the users to make informed and timely decisions.
The enhancing qualitative characteristics include ________.
7. A business has decided to report its financial statement yearly. It just started its business
on 1st January 20x1 and will complete the twelve-month reporting period by 31
December 20x1. This is in accordance with the ________________ concept.
A. Neutrality
B. Periodicity
C. Materiality
D. Consistency
9. Which of the following is the double entry for goods purchased by cash from Ekhlas
Enterprise?
Debit Credit
A. Purchases Ekhlas Enterprise
B. Ekhlas Enterprise Purchase
C. Purchases Cash
D. Cash Purchases
A. Decrease in asset and owner’s equity, and a decrease in liability and revenue.
B. Decrease in asset and an increase in owner’s equity, revenue and expenses.
C. Decrease in asset and revenue, and increase in liability, expenses and owner’s
equity.
D. Decrease in asset and expenses, and increase in liability, revenue and owner’s
equity.
(Total: 10 marks)
PART C
Puan Anis is a producer and distributor of dodol products under the business name of Mak
Lang Dodol Enterprise. The main ingredients used in its dodol production are glutinous rice
flour, palm sugar and coconut milk. The business was registered on 1 October 2022 in Ipoh,
Perak. During the month of October 2022, Mak Lang Dodol Enterprise performed the following
transactions:
October Transaction
Puan Anis transferred her personal cash of RM50,000 into the business’ bank
1
account.
Bought 10 cartons of glutinous rice flour and 20kg of palm sugar from Kedai
3 Kalsom, a grocery shop, amounting to RM1,200 on credit. Trade discount of
10% was obtained for this transaction.
Received cash in bank account amounting to RM50,000 for business loan
5
taken up from Bank Simpanan Nasional (BSN).
Returned 1 carton of glutinous rice flour which had expired, costing RM80, to
6
Kedai Kalsom.
8 Puan Anis brought her home’s freezer worth RM2,800 into the business.
9 Bought 20kg of coconut milk from Pak Mat Santan Frozen for RM240 in cash.
Sold 50 packs of dodol to Puan Maria in cash for RM1,000. Trade discount of
10
5% was then given to Puan Maria.
Sold 200 packs of dodol durian to Badan Kebajikan Al-Hasanah for RM5,000,
11
before trade discount of 10%, on credit.
Puan Maria dissatisfied with the quality of 10 packs of the sold dodol and
12
returned them to the business.
Received 5% cash discount upon settlement of amount due to Kedai Kalsom.
20
Payment was made by cheque.
Puan Anis took 4kg of coconut milk for a family gathering with her relatives
25
amounting to RM50.
Purchased a second-hand delivery van worth RM20,000 from Lai Meng Auto
27
Sdn Bhd. Deposit paid was RM5,000 by cheque.
Received 50% payment from Badan Kebajikan Al-Hasanah which was
29
directly transferred into business’ bank account.
Required:
QUESTIONS END