Q34) As stated below, these are some of the purpose in preparing Trial Balance. Choose only the correct statement.

(i) To check whether the business transactions have been accurately posted to each ledger account.

(ii) To facilitate the accountant in preparing the financial statements

(iii) To check whether debit balances equal credit balances

(iv) To check whether any error has been made or not

(a) (i), (ii) & (iii)

(b) (i), (iii) & (iv)

(c) (i), (ii), (iii) & (iv)

(d) (i), (ii) & (iv)

Q35) Prepaid Expenses will be recorded in which section of Financial Statements?

(a) Balance Sheet Current Assets

1. Balance Sheet Current Liabilities
2. Income Statement Overhead Expenses
3. Income Statement - Revenue

Q36) These are the accounts that will be transferred to Income Statement except for?

(i) Commission Received.

(ii) Commission Received in Advance

(iii) Telephone Expenses

(iv) Commission Paid

(v) Accrued Bonus

1. (ii) & (iv)
2. (i), (ii) & (iv)
3. (ii) & (v)
4. (ii), (iv) & (v)

Q37) Makmur Jaya Sdn Bhd (MJSB) paid commission in advance on 1^st July 2020 for RM1,200 via cash. The payment was made for one year. As at 31^st December 2020, the adjustments that need to be recorded in MJSBs books are?

(a) Dr Prepaid Commission RM1,200 and Cr Bank RM1,200

(b) Dr Commission RM1,200 and Cr Prepaid Commission RM1,200

(c) Dr Commission RM600 and Cr Prepaid Commission RM600

(d) Dr Commission RM600 and Cr Bank RM600