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QUESTION 1 a. Accounting usually involves SIX (6) stages. Explain briefly SIX (6) stages in accounting- (4 marks) b. Nanda owns a boutique shop. She prepares a financial statement which covers a period of 12 months and chose 31 December as the financial year end. The transactions in the financial statements are measured in terms of Malaysian Ringgit. Nanda brought in her own personal computer into the business and was recorded as a capital contribution to the businesses. Required: Identify THREE (3) accounting concepts applied in the above scenario. (3 marks) c. Given below are transactions for the month of January 2012 for Shukulate Cupcakes, a business selling cupcakes at Putra Height. Required: Show the effect upon asset, liabilities, capital, revenue and expenses for the following transactions using the example below: Example: Paid cash RM3,000 for salary expenses. Asset Expenses Capital Revenue Liability Decrease Increase (Cash) Salary) 1. The owner, Mr. Prasand, contributed RM5,000 cash to start the business. 2. Banked in RM4,500 cash. 3. Brought in her microwave oven amounted RM1,000 into the business. 4. Purchased goods worth RM1,000 and settled by cheque. 5. Cash sales RM1,500. 6. Purchased goods worth RM3,000 on credit from Veejay Enterprise. 7. Veejay Enterprise issued debit note for goods returned worth RM450. 8. Settled amount owing to Veejay Enterprise by cheque. 9. Paid cashier salary of RM300 by cash. 10. Credit sales to RAINBOW Enterprise for cupcakes worth RM2,000. (15 marks)