Mailings Review View -A.EE AaBbCd AaBbCe AaBbCd AaBb C# AaBbCc4 1 Normal Title No Spaci... Heading 1 Heading 2 Styles Paragraph 2.1.3 .. 56 7. 8 . 9. 10 . 11 . 12 . 13. 14. 15. 1. 16 ACT 2112 SEMESTER I 2013/14 INTRODUCTION TUTORIAL SESSION (a) Explain the meaning of accounting. (b)What is book-keeping? Explain the differences between book-keeping and accounting. A complete financial statement consists of five components. State these five components and who is responsible in preparing these financial statements. Do all users of financial accounting information have the same information needs? Why and why not? The two main branches of accounting are management accounting and financial accounting (a) Explain the purpose of each of these branches of accounting (b) Contrast the distinguishing features of the accounting information produced by each branch What are the respective roles of Malaysian Accounting Standard Board (MASB) and Financial Reporting Foundation (FRF) in the setting of accounting standard? What is Generally Accepted Accounting Principles (GAAP)? Why is GAAP required? What do you understand by the following principles? a Going concern b. Accrual basis c. Consistency NW P ESSON I Com View Mailings Review Amy EET 1 2+ AaBbCd AaBbCd AaBbCd AaBBC AaBbCc 1 Normal Title No Spaci... Heading 1 Heading 2 Styles Paragraph T ORIA 2000341516171819 10 11 12 13 114 115 116 The two main branches of accounting are management accounting and financial accounting (a) Explain the purpose of each of these branches of accounting (b) Contrast the distinguishing features of the accounting information produced by each branch What are the respective roles of Malaysian Accounting Standard Board (MASB) and Financial Reporting Foundation (FRF) in the setting of accounting standard? What is Generally Accepted Accounting Principles (GAAP)? Why is GAAP required? What do you understand by the following principles? a Going concern b. Accrual basis c. Consistency d. Materiality e Separate entity f. Monetary unit Mailings Review View A - EEEE 21 cl| . E 11 Normal Title No Spaci... Heading 1 Heading 2 Paragraph Styles 2.13 1.4 1.51617189110 111 112 113 114 115 116 1 8. Identify the accounting convention. a. The repair expenses for an owner's personal car has been recorded as maintenance expenses of the company. b. Machine originally purchased for RM 20,000 few years ago now would cost RM27,000 C. A business will continue in operation for a long time d. We only record quantitative information e. Maintenance cost of a rental house are deducted from the rental revenue received each month f. Companies usually close their account and prepare financial statements annually g. A transaction will affect at least 2 accounts h. Utility bill charged in December 2010 was only paid and recorded in early January 2011 9. (i) Identify types of business that are operated for profit. Give example for each type of the business (ii) Ali, Chong and Bala are best friends. They decided to form an automotive repair shop Ali and Chong contribute a total of RM20,000 to start the business. The business will be carried out at Bala's old garage. All of them had experience working in Karim's repair shop for two years Required a What form of business are they opening? State two advantages and disadvantages of doing business in this form NW Mailings Review View -A.EE AaBbCd AaBbCe AaBbCd AaBb C# AaBbCc4 1 Normal Title No Spaci... Heading 1 Heading 2 Styles Paragraph 2.1.3 .. 56 7. 8 . 9. 10 . 11 . 12 . 13. 14. 15. 1. 16 ACT 2112 SEMESTER I 2013/14 INTRODUCTION TUTORIAL SESSION (a) Explain the meaning of accounting. (b)What is book-keeping? Explain the differences between book-keeping and accounting. A complete financial statement consists of five components. State these five components and who is responsible in preparing these financial statements. Do all users of financial accounting information have the same information needs? Why and why not? The two main branches of accounting are management accounting and financial accounting (a) Explain the purpose of each of these branches of accounting (b) Contrast the distinguishing features of the accounting information produced by each branch What are the respective roles of Malaysian Accounting Standard Board (MASB) and Financial Reporting Foundation (FRF) in the setting of accounting standard? What is Generally Accepted Accounting Principles (GAAP)? Why is GAAP required? What do you understand by the following principles? a Going concern b. Accrual basis c. Consistency NW P ESSON I Com View Mailings Review Amy EET 1 2+ AaBbCd AaBbCd AaBbCd AaBBC AaBbCc 1 Normal Title No Spaci... Heading 1 Heading 2 Styles Paragraph T ORIA 2000341516171819 10 11 12 13 114 115 116 The two main branches of accounting are management accounting and financial accounting (a) Explain the purpose of each of these branches of accounting (b) Contrast the distinguishing features of the accounting information produced by each branch What are the respective roles of Malaysian Accounting Standard Board (MASB) and Financial Reporting Foundation (FRF) in the setting of accounting standard? What is Generally Accepted Accounting Principles (GAAP)? Why is GAAP required? What do you understand by the following principles? a Going concern b. Accrual basis c. Consistency d. Materiality e Separate entity f. Monetary unit Mailings Review View A - EEEE 21 cl| . E 11 Normal Title No Spaci... Heading 1 Heading 2 Paragraph Styles 2.13 1.4 1.51617189110 111 112 113 114 115 116 1 8. Identify the accounting convention. a. The repair expenses for an owner's personal car has been recorded as maintenance expenses of the company. b. Machine originally purchased for RM 20,000 few years ago now would cost RM27,000 C. A business will continue in operation for a long time d. We only record quantitative information e. Maintenance cost of a rental house are deducted from the rental revenue received each month f. Companies usually close their account and prepare financial statements annually g. A transaction will affect at least 2 accounts h. Utility bill charged in December 2010 was only paid and recorded in early January 2011 9. (i) Identify types of business that are operated for profit. Give example for each type of the business (ii) Ali, Chong and Bala are best friends. They decided to form an automotive repair shop Ali and Chong contribute a total of RM20,000 to start the business. The business will be carried out at Bala's old garage. All of them had experience working in Karim's repair shop for two years Required a What form of business are they opening? State two advantages and disadvantages of doing business in this form NW