*Notes- Just answer no need explaination 17) In the Balance Sheet, a loan for purchasing a shop lot is categorized under: A) Short-Term Liability B) Non-Current Assets C) Current Assets D) Non-Current Liability 18) Started a domestic machines business putting an equipment of RM25,000 into a business. Which effect is incorrect? A) Increase asset of bank by RM25,000 B) Increase owner's capital by RM25,000 C) Increase of asset of cash by RM25,000 D) Debit equipment account RM25,000 19) Bought an equipment paying by cash. Identify the correct accounting entry. A) Debit Equipment, Credit Loan B) Debit Loan, Credit Equipment C) Debit Owner, Credit Bank D) Debit Equipment, Credit Cash 20) A company's business operations must be assumed to have transactions according to a country currency. In accounting principle, it is known as: A) Accruals B) Monetary C) Going Concern D) Separate Entity 21) Bonnie Enterprise starts its business with Machinery of RM190,000, Cash RM45,000 and Owner's Equity of RM150,000. Calculate its amount of liability. A) RM85,000 B) RM205,000 C) RM150,000 D) RM355,000 22) What is maximum number of member owner for a public limited company? A) 30 B) 50 C) No limit D) 20 Question 23 until 25 are based on the below. Zarina Sdn Bhd starts the business in Mac with the followings: Machinery RM65,000 Cash RM45,000 Creditor RM62,000 Capital RM48,000 23) Additional machine was bought at RM11,000 by credit. Calculate the new accounting equation. A) RM120,000 B) RM121,000 C) RM99,000 D) RM132,000 24) Creditor was paid RM33,000 using cash. Calculate the new accounting equation. A) RM77,000 B) RM121,000 C) RM29,000 D) RM143,000 25) A purchases of machinery lubricant for its repair expenses was paid by cash RM7,000. Identify the correct effect in the accounting equation. A) Increase Asset RM7,000; Decrease Creditor RM7,000 B) Increase Owner's Capital RM7,000; Decrease Asset RM7,000 C) Decrease Asset RM7,000; Increase Creditor RM7,000 D) Decrease Asset RM7,000; Decrease Owner's Capital RM7,000 26) Which of the items below would increase the Owner's Capital in the accounting equation? A) Sales B) Rental C) Expenses D) Cash 27) Listed below are assets in Company XYZ. Identify which is the non-current asset. A) Cash B) Building C) Debtors D) Prepayments 28) In accounting practice, any revenue generated in business operation must be matched to the expenses incurred. This principle is called: A) Matching concept B) Separate legal entity C) Accruals concept D) Prudence concept 29) Identify the correct accounting balance. A) Bank - Cr Balance B) Supplier - Cr Balance C) Customer - Cr Balance D) Capital - Dr Balance 30) Identify the incorrect accounting balance. A) Motor Vehicle - Dr Balance B) Bank - Dr Balance C) Capital - Cr Balance D) Withdrawal - Cr Balance 31) The purpose of preparing the Trading Account is to obtain: A) Net profit B) Gross Profit C) Net Purchases D) Net Sales 32) Below is the extract of Trial Balance from Kona Enterprise as at 31 January 2019. Details Debit Credit R RM300 Discount Received RM860 Furniture RM7,600 S 240 Identify the possible answer for R and S. A) Cash and withdrawal B) Stationary and bad debts C) Carriage inwards and worker salary D) Sales Return and Purchase Return 33) Extract of Trial Balance as below. Details Debit Credit Loan RM20,000 Furniture RM12,800 P RM1200 Identify the possible answer for P. I Withdrawal III Sales Return II Creditor IV Commission Received A) I and II B) I and III C) II and IV D) III and IV 34) Data below shows the Trial Balance of Ida Sdn Bhd as at 30th June 20X9. RM Sales Return 485 Discount Received 105 Capital 14,555 Furniture 5,000 Sales 32,550 Purchases 37,225 Creditor 5,100 Debtors 8,700 Insurance 900 Calculate the figure for the Trial Balance. A) RM52,205 B) RM52,125 C) RM52,310 D)RM52,800 35) Below items are for the Cost of Goods Sold except for: A) Opening stock B) Closing stock C) Withdrawal D) Carriage Inwards 36) Below items are not for the Cost of Goods Sold except for: A) Carriage inwards B) Rental C) Advertisement D) Net Profit 37) Information below is obtained from Maurice Shop. RM Sales 56,400 Purchases 32,800 Stock as at 1 Jan 6,540 Stock as at 31 Dec 5,120 Sales Return 230 Carriage Inwards 690 Calculate the Gross Profit for Maurice Shop. A) RM21,260 B) RM21,490 C) RM23,600 D) RM24,330 38) Which of the below will increase the cost of purchases? I Salary II Import Tax III Carriage Inwards IV Carriage Outwards A) I and II B) I and IV C) II and III D) III and IV 39) An item below is not recorded in the Balance Sheet. Please identify. I Loan II Insurance III Sales IV Furniture A) I and II B) I and IV C) II and III IV) III and IV 40) In a Public Listed Company, below are the components for Equity except: A) Ordinary Share Capital B) Preference Share Capital C) Net Profit D) Sales 41) Identify the transactions which will be debited in the Cash Account. I Stock purchased by cash III Owner brings in cash as business capital II Paid creditor by cheque IV Debtors pay their debt by cash A) I and II B) I and IV C) II and III D) III and IV 42) Listed below are the items for current assets except: A) Prepayments B) Cash C) Vehicle D) Closing Stock 43) Identify the correct accounting cycle. A) Journal, Trial Balance, Ledger, Profit & Loss Account, Balance Sheet. B) Ledger, Trial Balance, Journal, Profit & Loss Account, Balance Sheet. C) Journal, Ledger, Trial Balance, Profit & Loss Account, Balance Sheet. D) Ledger, Journal, Trial Balance, Profit & Loss Account, Balance Sheet. 44) As at 31 Dec 20X1, the book of Aiden Enterprise shows the below balances: RM Assets 60,000 Liabilities 21,108 Calculate the new owner's equity figure for 31st Jan 20X2 if the business incurred a loss of RM5,950. A) RM28,248 B) RM31,752 C) RM32,942 D) RM44,842 45) As at 31 Dec 20X1, the book of Aiden Enterprise shows the below balances: RM Assets 60,000 Liabilities 21,108 Calculate the owner's equity figure for 1st Jan 20X1 if the business incurred a loss of RM5,950 at 31st Dec 20X1. A) RM28,248 B) RM31,752 C) RM32,942 D) RM44,842 46) A rental of RM1,500 is duly paid monthly. However, in the month of October, the rental is paid lump sum for three months. Calculate the prepaid rental amount. A) RM1,500 B) RM3,000 C) RM4,500 D) RM6,000 47) Profit and Loss Account is also known as: A) Income Statement B) Financial Statement C) Financial Position D) Balance Sheet 48) In the Profit and Loss Account, net profit figure will be transferred to: A) Income Statement B) Balance Sheet C) Bank Statement D) Cash Flow Statement 49) During the delivery of goods to the buyer, the supplier did not cover for the transportation expenses. In the buyer's book, the expenses is called: A) Purchase Discount B) Sales Discount C) Carriage Outward D) Carriage Inward 50) A buyer returned the goods to the supplier because the goods were damage. In the supplier's book the transaction will be recorded as: A) Return Inward B) Return Outward C) Sales D) Purchases