BAAB1014 BUSINESS ACCOUNTING Assignment Guidelines and Rubrics TEST 20% Learning outcomes 1. Explain the basic concepts of accounting, bookkeeping and cost accounting terminology. 2. Systematically recording business transactions in appropriate accounting records. 3. Prepare basic financial statements, management reports and various alternative cost management system Instructions: Answer all questions. QUESTION 1 Multi Cakes Sdn Bhd is involved in selling cakes. You are required to classify the following costs according to their behaviour. No. Cost items Fixed cost Variable Semi-variable costs costs Flour Electricity expenses Sugar Salary of baker Salary of cashier Depreciation of machine Insurance Telephone expenses Directors Salary Baking powder Awwswwewwe ,0 . (Total: 5 Marks) QUESTION 2 Below are the transaction in relation to Mutiara Enterprise for January 2020 Transactions Effects Double entry Eg: Paid stationeries by cheque Increase Dr Stationery expenses Cr Bank Decrease asset 1. Owner brou ht in cash into the business 2. Owner brought in furniture into the business 3. Purchased goods on credit from Sweety Enterprise 4. Received a loan from ABC Bank 5. Paid employees wages by cheque Required: a) Identify the effects (increaseldecrease) of the above transactions on assets, liabilities, owner's equity, revenues and expenses. (5 marks) b) Identify the double entry for the above transactions (5 marks) (Total: 10 Marks) QUESTION 3 Walla manufactured Sdn Bhd is a car manufacturer that produce side mirror with a sales price of RM350 and a variable cost of RM150. Fixed costs are RM250,000 per annum with total unit sold was 1,400 units. You are required to calculate the following: A. Contribution l Sales ratio. (2 marks) B. Number of units to break-even. (2 marks) C. Sales (RM) at break-even point. (2 marks) D. Number of units to be sold to achieve a profit of RM150,000 per annum (4 marks) E. Based on B above, nd the margin of safety in units. (2 marks) F. Briey describe the margin of safety and its importance in a business. (3 marks) (Total:15 Marks)