Learning outcomes

1. Explain the basic concepts of accounting, bookkeeping and cost accounting terminology.
2. Systematically recording business transactions in appropriate accounting records.
3. Prepare basic financial statements, management reports and various alternative cost management system.

Instructions:Answer all questions.

Question 2

Identify the Assets, Expenses, Liabilities, Revenue and Owner Equity in below Items.

Saiful and Amri opened a saloon named Rega Barber Shop in Sungai Petani, Kedah on 1 January 2018. An extract of their business records in 31 December 2018 showed the following balances: Items Debit (RM) Credit (RM) Saloon chairs 32,000 Hair dryers and other equipment 8,000 Inventories 11,500 Cash at bank 40,000 Cash in hand 6,600 Salary 18,000 Utilities 4,300 Sales 50,000 Commission Received 3,000 Bank overdraft 2,000 Loan from AgroBank 20,000 Capital 60,000