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Question 1 The following is the extractions of Income Statement and Balance Sheet for Becky Ltd for the year ended 31 December 2019 and 2020
Question 1 The following is the extractions of Income Statement and Balance Sheet for Becky Ltd for the year ended 31 December 2019 and 2020 Sales Cost of Sales Inventory Total expenses Current Assets Fixed Assets Current Liabilities Owners' equity Long-Term Liabilities 2019 (RM) 430,000.00 150,000.00 100,000.00 250,000.00 115,000.00 325,000.00 25,000.00 150.000.00 200.000.00 2020 (RM) 480,000.00 180,000.00 120,000.00 290,000.00 118,000.00 330,000.00 100,000.00 150,000.00 158,000.00 From the information given, calculate the following a) Current ratio for years 2019 and 2020 (4 marks) b) Quick ratio (Acid test ratio) for years 2019 and 2020 (4 marks) c) Using current ratio, which year is better? Briefly explain your answer (2 marks) Question 2 a) What are the two basic requirements for an internal control system? b) List three documents or forms used for control of purchases. (2 marks)
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