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Bank balance can be debit and credit balance. Based on this statement, which of the following statements is not true?

Select one:

a. Credit balance of bank is called as overdraft.

b. Payment from customer via online transfer is not consider as bank transaction.

c. The usual bank balance will be on the debit side.

d. All bank transactions will be recorded in Cash Book.

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Which of the following items are considered as assets?

i - Account payables

ii - Account receivables

iii - Drawings

iv - Bank

Select one:

a. iii & iv

b. i & ii

c. ii & iv

d. ii & iii

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Reese, a saloon owner paid her creditor by cash. This will decrease the asset and decrease the liabilities.

Select one:

True

False

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Trading account is the first part of Comprehensive Income Statement.

Select one:

True

False

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"Accrual basis transactions should not be considered in the related financial cycle year"

Is the above true?

Select one:

a. Yes, it is.

b. No, it's not.

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A debit balance of RM100 in a cash account shows that the total of cash received was less than RM100.

Select one:

True

False

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Which of these best describe "Accounting"?

Select one:

a. Process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users of that information.

b. Process of recording business transactions

c. Process of communicating economic information to permit informed judgements and decisions by users of that information.

d. Consist all information of the business including assets, liabilities and capital.

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Bank balance can be debit and credit balance. Based on this statement, which of the following statements is not true?

Select one:

a. Payment from customer via online transfer is not consider as bank transaction.

b. Credit balance of bank is called as overdraft.

c. All bank transactions will be recorded in Cash Book.

d. The usual bank balance will be on the debit side.

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Below are the details extracted from Sarah Spa record. What is XXX?

Select one:

a. Transferred to Purchase Account

b. Transferred to Sales Account

c. Transferred to Return Inwards Account

d. Transferred to Return Outwards Account

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Every transaction affects three items in the balance sheet

Select one:

True

False

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Drawings will declined the capital balance.

Select one:

True

False

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Depreciation applied for non - current assets except land.

Select one:

True

False

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Gross profit is calculated in:

Select one:

a. Trading account

b. Profit and loss account

c. Balance sheet

d. Trial balance

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Profit increases capital.

Select one:

True

False

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These are liabilities: Account payables, long - term loan and mortgage loan.

Select one:

True

False

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Net profit is calculated in:

Select one:

a. Balance sheet

b. Profit and loss account

c. Trial balance

d. Trading account

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Susan Shop is a stationary distributor in Petaling Jaya. The business financial year ends on 31 December 2019. Below are the details of Susan Shop inventory records.

Calculate the closing inventory using Last In, First Out method.

Select one:

a. RM1,050

b. RM2,170

c. RM1,400

d. RM2,710

Question 19

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Account receivables balances should always be on debit side.

Select one:

True

False

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Which of the following are the objectives of financial accounting?

i - to let people and entities know their current financial situation

ii - to let people and entities know how much they owe and are owed

iii - to let people and entities know their current cash position

iv - to provide information for decision making

Select one:

a. i, iii & iv

b. i, ii & iii

c. ii, iii & iv

d. All of the above

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Return outwards should be excluded from Sales.

Select one:

True

False

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Which of the following transactions will be recorded in Cash Book?

i) Owner puts additional fund via bank transfer amounting RM50,000

ii) Purchased goods on credit from ABC Supplies RM3,400

iii) Sold goods to XYZ Enterprise by cash RM1,200

iv) Bought new office printer by debit card RM400

Select one:

a. ii, iii & iv

b. i, ii & iii

c. i, iii & iv

d. All of the above

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Which of the following are the qualitative characteristics of financial statements?

i - understandability

ii - relevance

iii - maturity

iv - comparability

Select one:

a. ii, iii & iv

b. i, ii & iii

c. All of the above

d. i, ii & iv

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There are four reports in the financial statements which are Profit or Loss Statement, Statement of Financial Position, Statement of Cash Flows and Trial Balance.

Select one:

True

False

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Carriage outwards is an expense.

Select one:

True

False

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Which of the following statements is CORRECT?

Select one:

a. We paid creditor by cheque [- bank; - account payables]

b. Kylie lends us $400 by cheque [+bank; - loan from Kylie]

c. A debtor paid us $900 in cash [+ cash; + account payables]

d. Bought goods on time [+ Inventory; + Capital]

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Which of the following are the branches of accounting?

i - Double entry

ii - Financial accounting

iii - Bookkeeping

iv - Management accounting

Select one:

a. ii & iii

b. i & iv

c. ii & iv

d. i & ii

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Which of these best describes non - current assets?

Select one:

a. Expensive items bought for business

b. Items having a long life and not bought specifically for resale

c. Items which will not wear out quickly

d. Items bought to be used in the business

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Examples of current assets are inventory, account receivables and depreciation.

Select one:

True

False

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Which of the following statements is FALSE?

Select one:

a. Liabilities + Capital = Assets

b. Assets - Capital = Liabitilities

c. Liabilities + Assets = Capital

d. Assets - Liabilities = Capital