MCQs

7. Eric provides the following balances at the beginning of the financial year: Land RM10,220; Motor vehicle RM6,400; Accumulated depreciation for motor vehicle RM1,120, Bank overdraft RM2,240; Prepaid electricity RM980; Commission received in advanced RM700; Trade payable RM840, Accrued electricity RM420. The opening capital is RM19,600 RM12,280 RM15,960 D RM16,800 A B 8. Given that trade payable as at 1 January 2020 and 31 December 2020 were RM5,540 and RM9,425 respectively. The payment to trade payables during the year was RM2,561. Credit purchase for the year is RM12,404 B RM17,526 RM1,324 D RM6,446 A 9. Which of the following statement is true A The amount of credit sales can be computed from trade receivable accounts. The amount of credit purchase can be computed from trade receivable accounts. The amount of cash sales can be computed from trade payables accounts. D The amount of cash purchase can be computed from trade receivable accounts. B