1. Choose the BEST statement that describes transaction posting process. A. Posting must be done immediately after each transaction is recorded in the journal. B. Posting may be done at any time but must be completed before financial statements are prepared. C. Posting must be done after the financial statements are prepared. D. Posting must be done at the end of each week. 2. Which of the following accounts has a debit balance? A. Rent Revenue B. Prepaid Insurance C. Accounts Payable D. Owners Capital 3. The double-entry system requires that each transaction must be recorded A. in at least two different accounts. B. in two sets of books. C. in a journal and in a ledger. D. first as a revenue and then as an expense. 4. Which of the followings is INCORRECT? A. Credits decrease the assets B. Debits increase the capital C. Credits increase revenues D. Debits decrease liabilities 5. The process of transferring amounts from a book of original entry to specific assets, liabilities, and owner's equity accounts is known as A. journalising. B. recording. C. posting. D. debiting and crediting. 6. Which of the following statements is CORRECT? A. The left side of a T-account is the credit side. B. Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. C. Credits increase asset and expense accounts, and decrease liability, equity, and revenue accounts. D. The left side of a T-account is the debit side. 7. On 31 January 2023, the assets and liabilities of Rahim Travels and Tours are as follows. RM Cash 16,900.00 Earned Fees 13,200.00 Account Receivable 7,400.00 Account Payable 200.00 Office Supplies 500.00 Unearned Fees 23,400.00 Office Supplies Expenses 300.00 Office Equipment 4,000.00 Salary Payable 800.00 Salary Expenses 8,500.00 What is the amount of owners equity (Rahims Capital) as of 1 February 2023? A. RM17,600 B. RM37,400 C. RM37,600 D. RM38,600 8. Mr. John ventures in a new business known as John Bistro by contributing RM45,000 in cash and equipment worth RM55,000. The appropriate journal entry to record the transaction would be Debit (RM) Credit (RM) A. Cash RM45,000 Equipment RM55,000 Mr John, Capital RM100,000 B. Assets RM100,000 Mr John, Capital RM100,000 C. Mr John, Capital RM100,00 Cash RM45,000 Equipment RM55,000 D. Mr John, Capital RM100,000 Assets RM100,000 9. During the month of March, SHL Enterprise had cash receipts of RM15,000 and cash disbursements of RM17,200. The cash balance as at 31 March was RM3,600. What was the beginning cash balance as at 1 March? A. RM1,400 B. RM2,200 C. RM5,800 D. RM7,200 10. Which of the following statements is TRUE? A. If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions. B. The trial balance is a book of original entry. C. Another name for trial balance is chart of accounts. D. The trial balance is a list of all accounts from the ledger with their balances at a point in time. 11. SintokBizz Enterprise purchases a furniture for RM30,000 by paying cash of RM20,000 and the balance is on account. Which of the followings would occur? A. Accounts Payable is debited for RM10,000 and Cash is credited for RM20,000; Furniture is credited for RM30,000 B. Furniture is debited for RM30,000; Cash is credited for RM20,000; and Accounts Payable is credited for RM10,000. C. Cash is debited for RM20,000; Furniture is debited for RM10,000; and Accounts Payable is credited for RM30,000. D. Accounts Payable is debited for RM30,000; Cash is credited for RM20,000; and Furniture is credited for RM10,000 12. Which of the following groups of accounts are increased with a debit? A. Assets, liabilities, owners equity B. Assets, drawing, expenses C. Assets, revenues, expenses D. Assets, liabilities, revenues 13. Which of the following errors will cause the total debit and credit amounts in the trial balance unequal? A. Failure to record a transaction in the journal. B. Recording the same transaction twice. C. Recording the same erroneous amount for both the debit and credit parts of a transaction. D. Entering a debit balance as a credit balance in the trial balance. 14. The followings are included in the journal entry of a transaction EXCEPT A. the date of transaction B. the name of the source document C. the dollar amounts to debit and credit D. the titles of the accounts to be debited and credited 15. CarWash Services Sdn. Bhd. purchased land worth RM80,000 by paying RM15,500 cash and signing a long-term note payable for the remaining money. The journal entry would be recorded as Debit (RM) Credit (RM) A. Land RM80,000 Cash RM15,500 Account Receivable RM64,500 B. Land RM80,000 Cash RM15,500 Notes Payable RM64,500 C. Land RM80,000 Cash RM15,500 Accounts Payable RM64,500 D. Land RM80,000 Cash RM15,500 Owners Equity RM64,500