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Acc 407 Sample - 0001

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384 views8 pages

Acc 407 Sample - 0001

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2023401088
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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CONFIDENTIAL ACITEST4/ACC407/406 Dy WN UNIVERSITI TEKNOLOGI MARA TEST 1 COURSE : FUNDAMENTAL FINANCIAL ACCOUNTING AND REPORTING! INTERMEDIATE FINANCIAL ACCOUNTING AND REPORTING COURSE CODE : ACC407/406 SEMESTER : MAR 23-JULY 23 TIME : 1 HOUR 30 MINUTES: INSTRUCTIONS TO CANDIDATES 1 This question paper consists of two (2) parts. i) PART A: Multiple Choice Questions (10 marks) ii) PART B : Short Structured Questions. Question 1 (10 marks) Question 2-(30 marks) 2. Answer ALL questions. Start each answer on a new page. 3 Do not bring any material into the examination room unless permission is given by the invigilator 4. Answer ALL questions in English. DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO This examination paper consists of 5 printed page (© Hak Cipta Universi Teknologi MARA ° CONFIDENTIAL CONFIDENTIAL 2 ACITESTI/ACC407/406 PART A This part consists of 10 of multiple-choice questions. Choose the most suitable: answers. 1 ‘The internal users of Financial Information are as below EXCEPT A. Shareholders B Employee C, Board of Directors, D. Customers (1 mark) Bookkeeping differs from accounting. Bookkeeping involves which part of the) ‘accounting process? A. Interpreting B. Recording C. Measurement D. Communication (1. mark) Which of the following is NOT a feature of the economic entity concept? Business and owner are treated as separate entities Business owner should separate his personal transactions from the business, Business is assumed to have an indefinite life This concept is followed in all types of businesses 2op> (1: mark ‘The fundamental qualitative characteristics of useful financial information are: Relevance and faithful representation Comparability and relevance Relevance and understandability Verifiabilty and timeliness pomp (1 mark} The Harmoni Company purchased a building at at price of RM 550,000, In a booming real estate market, the market value of the building increased to RM 850,000 three years later. Although the market price of the building has increased, the amount recorded in the financial statements and other accounting records is, RMS50,000 and would remained unchanged. Which concept can be applied towards this situation? Money measurement Timeliness concept Historical cost ‘Accrual concept gop (1 mark] CONFIDENTIAL 3 ACITEST4/ACC407/406 6. The following are TRUE statement regarding enhanced qualitative characteristics, except ‘A. Information should be presented clearly and concisely to make it understandable. B. Timeliness means that information is available to the decision makers in time to be capable of influencing their decision Users can compare the financial statements with other business entities in order to analyze and evaluate their performance and financial position, D. Complexity helps to assure the users that financial statements are a true and fair representation of the underlying transactions. (1 mark) 7. _ Sentosa Enterprise bought a photostat machine for office use amounted RM5,000 from AG Computer. An advance cheque of RM1,000 was paid immediately and the balance will be paid next month. Identify the double entry for this transaction, , A. Debit Photostat Machine, Credit Acc Payable - AG Computer, Credit Cash * B. Debit Photostat Machine, Credit Bank, Credit Acc Payable - AG Computer C. Debit Bank, Debit Acc Receivable — AG Computer, Credit Photostat Machine D. Debit Photostat Machine, Credit Bank, Credit Acc Receivable ~ AG Computer (1 mark) 8. Calculate the closing balance (Bal c/f) for the account below: v+ SiensHnenonsn Bank _4 Capital RM 150 000 | Electricity Ri 5 000 Cash RM 28 300 | Salaries RM 14850 ‘Acc Payables M8 470 0 os) we - eo] 13 — — 40 AC Credit balance, RM 15)180_/ B. Debit balance, RM 15180 C. Debit balance, RM 178 300 D. Credit balance, RM 28 120 (4 mark) 9. Which is NOT a correct expanded accounting equation? A. Cash + Drawing = Capital + Commission Received B. Bank + Salary Expenses = Bank Loan + Discount Received VC. Cash + Rent Réteived = Capital + Accounts Payable oO Motor Vehicle + Drying + Interest On Loan = Accounts Payable + Bank Loan ¥ z os (1 mark) Incen + ~ Arf CONFIDENTIAL 4 ACITESTA/ACC407/406 10. The trial balance is ‘A. _ allist of all ledger accounts with balances at a particular period 8. _ a financial position of a business at a particular point in time C. a statement showing the financial performance of a business, whether itis making| profit or incurring losses for a particular accounting period D. a record used to sort and summarize business transactions (1 mark) (Total :10 marks) PARTB. QUESTION 1 lzzani is the owner of Izzani Enterprise, and it has been established since May 2020. He| invested RM20,000 of his personal savings into the business upon the establishment of the| business. The business main activity is buying and selling groceries and household items. lzzani himself manage and run the business. Izzani always put his passion towards the business, as he knew that he would enjoy all the profits if the business perform well, Even) though Izzani do not has any accounting knowledge, he will ensure that the business will keep) proper records of the business activities, by hiring an account assistant. Requires a) Briefly explain three (3) business characteristics of Izzani Enterprise (6 marks} b) Briefly explain two (2) accounting assumptions that the account assistant must know in keeping proper records of the activities for lzzani Enterprise. eee (4 marks) t : (Total: 10 marks) CONFIDENTIAL 5 AGITESTH/ACC407/406 QUESTION 2 Amanda trading was set up in January 2023. The following are the transactions for the month of March 2023. Dr @ ‘Date [Transaction | a manda started business with a motor vehicle valued at RM65,000 and casi fe RM35,000 A | 3 The business purchased goods worth RM2,500 on credit from Tiaw Enterprise ‘4 [The business made a cash payment of RM100 for transport of goods purchased rom Tiaw Enterprise 7 [The business purchased office furniture on credit from Perabot Nyaman| amounted RM12,500 is ‘9 [The business banked-in cash RM5,000 11 The business sold goods to Alur Enterprise on credit amounted RM3,500 12 Tiaw Enterprise has issued a credit note amounted of R350 for goods returned Kiue to wrong specification [74 jAmanda, the owner withdrew RM200 goods for his personal use. 16 [The business sold goods worth RM950 in cash from QPR Trading ate 18 |The business paid off its debt to Tiaw Enterprise for ull settlement by electronic funds transfer and received a 5% discount. 20 The business has issued a credit note of RM450 to Alur enterprise was for the, {return of spoilt goods. [Amanda invested RM10,500 in a fixed deposit by cheque. [The business paid utilities expenses RM350 by cash (The business received full payment from Alur Enterprise for the amount due. [The sum was deposited into the business's bank account. Required: Using the format below, answer the following questions: Date a. Effects b. Double Entry Increase Decrease Debit Credit a) b) Identify the effects (increase or decrease) on assets, liabilities, revenues, expenses or capital for the above transactions. (15 marks) ‘Show the accounts to be debited and credited for the above transactions, (15 marks) (Total: 30 marks) END OF QUESTIONS Efheels | \nevea: | | _Maaeane Decrease Laces 093) Motve Vaware case Snare Wes | urienAnts gue ds BP Ter Nall? y re 1724 Aeansqords Eacgerses Puccences Eugenes asl Bese) Ast ties! Wwatelity rade Wabilily 2p tfeeas 9023 | Purceatas Ertinse 7 br Ered 13500 fares St BSGe® p7e bavo! 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