A major limitation of the trial balance is that, even though a trial balance balances, it does not mean that all transactions have been correctly recorded. The following are errors not shown by the trial balance, except

A.	Error of omission
B.	Errors of transposition
C.	Error of principle
D.	Complete reversal of entries

Before preparing the balance sheet and income statement, an accountant would use what accounting record to first record the firm's transactions?

Select one:

A. the adjusting entry

B. the trial balance

C. the general ledger

D. the journal

Abu Enterprise bought a piece of land, a shoplot and some equipment for MYR 4,000,000. The cost value of the land was MYR 1,700,000, the building MYR 1,350,000 and the equipment MYR 950,000. What is the amount being debited to the Land account when the purchase is recorded?

A.
B.
C.
D.	None of the above

Select one:

A. None of the above

B. MYR 4,000,000

C. MYR 1,700,000

D. MYR 3,100,000

Which of the following accounting procedures are incorrect?

	Accounts	Effects	Entries in Account
I.	Assets	An increase	Debit
		A decrease	Credit
II.	Capital	An increase	Debit
		A decrease	Credit
III.	Expenses	An increase	Debit
		A decrease	Credit
IV.	Income	An increase	Debit
		A decrease	Credit
V.	Liabilities	An increase	Credit
		A decrease	Debit

Select one:

A. I, II, and III only

B. I and V only

C. I, III, and V only

D. II and IV only

Which of the following is not cash?

Select one:

A. corporate stocks and bonds that the firm plans to hold for a relatively short period of time

B. bank deposits and time deposits

C. coins and currency

D. bank checks and money orders