Quiz 1-5\% 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. 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: 1. Saloon chairs 2. Hair dryers and other equipment 3. Inventories 4. Cash at bank 5. Cash in hand 6. Utilities 7. Sales 8. Commission received 9. Bank overdraft 10. Loan from Agrobank 11. Capital Show the effects upon assets, liabilities, owner's equity, revenue and expenses by using the format given below. i. Tipah sets up Tulip Trading with cash at bank RM8,000 and motor vehicle RM10,000. ii. Cash sales to Baba amounted to RM5,000. iii. The proprietor uses the business cheque RM2,000 to pay for his house rental. iv. Took out RM5,000 of cash from the bank to pay salaries. v. Paid audit fees RM6,000 by cheque. vi. Cash discount allowed to customer amounted to RM300. vii. Purchase land for use as a parking lot, paying by cheque RM45,000. viii. Received dividend by cheque from Amanah Saham Rakyat RM3,000. ix. Bought goods on Raju Trading RM 1,500 on credit