Documentos de Académico
Documentos de Profesional
Documentos de Cultura
: : : :
INSTRUCTIONS TO CANDIDATES 1. This question paper consists of two (2) parts: PART A (10 Questions) PART B (5 Questions)
2.
Answer ALL questions from all two (2) parts. i) ii) Answer PART A in the Objective Answer Sheet. Answer PART B in the Answer Booklet. Start each answer on a new page.
3.
Do not bring any material into the examination room unless permission is given by the invigilator. Please check to make sure that this examination pack consists of: i) ii) iii) The Question Paper An Answer Booklet - provided by the Faculty An Objective Answer Sheet - provided by the Faculty
CONFIDENTIAL
CONFIDENTIAL PART A
AC/OCT 2007/FAR100/FAR110
This section consists of 10 multiple-choice questions. Choose the most suitable answer and shade the corresponding alphabet representing the answer in the multiple choice answer sheet provided. 1. Which of the following statement describe the term 'accounting1? a. b. c. Accounting is a process of recording economic events in the journals and ledgers in proper order so that the financial statements prepared are correct. Accounting is a process of keeping the business records to determine the correct profit in a financial period. Accounting is a technique of recording business data using the double entry system to produce a correct Trial Balance which is very useful for making decision. Accounting is a process which involves analyzing business data, recording, and communicating financial information in a period about an entity to be used for decision making. (1 mark)
d.
2.
Which of the following is a nominal account? a. b. c. d. Prepaid maintenance expense Accrued maintenance expense Machine maintenance expense Machinery (1 mark)
3.
The owner's equity will decrease when i. ii. iii. iv. v. a. b. c. d. A business obtain net profit A business incurred net loss There is additional capital by the owner The owner pays the business debt using his own pocket money The owner take goods for his personal use ii only ii and v i, iii and iv ii, iv and v (1 mark)
4.
When banking money in the current account over the counter, which document is being used? a. b. c. d. A cheque book A cash book A withdrawal slip A deposit slip (1 mark)
CONFIDENTIAL
AC/OCT 2007/FAR100/FAR110
Debited to purchases account Debited to discount received account Debited to creditors account None of the above (1 mark)
6.
The Balance Sheet effect of recognizing prepaid insurance expense is a. b. c. d. An increase in asset A decrease in asset An increase in liability A decrease in liability (1 mark)
7.
Which type of business organization has a separate legal entity from its owner/s, and the owner/s is/are not liable for the debts of the business. a. b. c. d. Company Partnership Sole proprietorship None of the above (1 mark)
8.
A very large business has small amount of stationery on hand at the end of the financial year. The business does not make an effort to value it. Which of the following concept is being applied? a. b. c. d. Monetary concept Accounting entity concept Going concern concept Materiality concept (1 mark)
9.
Rozihan, a trader, issued a debit note to his supplier, Perniagaan Ria, because he returned some damaged goods amounting to RM100. On receiving the debit note, Perniagaan Ria would: a. b. c. d. Debit Debit Debit Debit return inwards account and credit Rozihan account Rozihan account and credit return outwards account return outwards account and credit Rozihan account Rozihan account and credit return inwards account (1 mark)
CONFIDENTIAL
CONFIDENTIAL
AC/OCT 2007/FAR100/FAR110
10.
Which of the following transactions is not a revenue? a. b. c. d. Performed services of RM3,000 on credit for Aliff and RM5,500 cash. Purchased RM6.000 worth of furniture for cash and RM3.000 worth of goods for cash. Received commission of RM7.000 and interest of RM4.000. Sold RM9.000 worth of goods for cash and a motor vehicle costing RM12,000 was sold for RM20.000. (1 mark) (Total: 10 marks)
CONFIDENTIAL
CONFIDENTIAL
AC/OCT 2007/FAR100/FAR110
PARTB QUESTION 1 a. There are two methods of maintaining stock record. They are periodic and perpetual inventory system. Explain any three (3) differences between the two methods. (6 marks) Name and explain any two (2) errors that do not affect the trial balance agreement. (4 marks) (Total: 10 marks)
b.
QUESTION 2 Sweet Memory Trading is a business selling souvenirs. The business uses the periodic inventory system in recording the inventories. The following transactions took place in the month of September 2007. Date September 1 September 3 Transactions Owner invested cash into the business bank account RM50,000. Purchased a motor van from Lai Motors costing RM35,000. Deposit of RM5.000 was paid by cheque and the balance to be paid by installment starting from next month. Received invoices from Amin RM4.000 and Hassan RM1,500 for goods purchased. Sold goods on credit to Zainab RM2.400 and Hannah RM1.800. Issued a debit note for damaged goods returned to Hassan RM300. Received a cheque from Palmco Berhad for investment income of RM7.500. Paid RM600 to Tenaga Nasional Berhad for electricity expense. Received a cheque for cash sales amounting to RM5.000. The owner withdrew goods worth RM170 for personal use.
September 6
Required: Record the above transactions in the relevant ledger accounts and balance off the accounts. (Total: 18 marks)
Hak Cipta Universiti Teknologi MARA
CONFIDENTIAL
CONFIDENTIAL
AC/OCT 2007/FAR100/FAR110
QUESTION 3 Given below is the Trial Balance of Syarikat Uni Brothers as at 31 March 2007: Particulars Purchases and Sales Return inwards and return outwards Freehold premise at cost Motor vehicles at cost Investment Dividend received Rent Discount Accumulated depreciation as at 1 April 2006: Freehold premise Motor vehicles 9% Loan from bank Interest on loan Inventory as at 1 April 2006 Provision for doubtful debts as at 1 April 2006 Provision for discount allowable as at 1 April 2006 Bad debts Electricity and water Salary Insurance Prepaid insurance expense on 1 April 2006 Bank Debtors and creditors Capital Drawings Carriage Debit (RM) 300,000 10,000 683,000 125,000 300,000 150,000 7,500 Credit (RM) 975,000 7,500
6,750 35,000 1,500 750 3,000 22,500 300,000 150,000 25,000 20,250 60,000 15,000 10,000 2,223,000
93,000 540,000
2,223,000
The following are adjustments to be taken into consideration as at 31 March 2007: 1. 2. Inventory as at 31 March 2007, amounting to RM57.000. Depreciations for the year were: RM 15,000 35,000
The Freehold Premise was rented out since seven years ago for RM8.000 per month. The insurance premium of RM150,000 is for twelve months beginning on 1 July 2006.
4.
CONFIDENTIAL
CONFIDENTIAL 5.
AC/OCT 2007/FAR100/FAR110
One of the debtors had been declared bankrupt. The balance in his account was RM4.500 and this amount had not been written off. The provision for doubtful debts is to be increased to RM3,500 and provision for discount allowable is to be reduced by RM230. 40% of the carriage expenses was for the cost of transporting goods from supplier's place to the business premise. Electricity and water bills of RM1,500 were still outstanding as at 31 March 2007. The owner of the business had withdrawn some goods worth RM3,000 to be given as a gift to a friend. The bank loan was approved and received on 1 September 2006. Only part of the interest on loan had been paid to the bank.
6.
7. 8.
9.
Required: a. An Income Statement for the year ended 31 March 2007. (16 marks) b. A Balance Sheet as at 31 March 2007. (Format: Vertical Presentation) (13 marks) (Total: 29 marks)
CONFIDENTIAL
CONFIDENTIAL
AC/OCT 2007/FAR100/FAR110
QUESTION 4 On 12 August 2007, Crimson Garden Sdn Bhd received the monthly Bank Statement for July 2007. The Bank Statement showed the following information: Bumiputera Bank Berhad Customer: Crimson Garden Sdn Bhd Address : 7654, Jalan USJ 42, 01298 Subang Jaya, Selangor Date of Statement: 31 July 2007 Date 1 July 1 July 1 July 13 July 16 July 20 July 23 July 24 July 25 July 25 July 29 July 29 July 29 July
30 July
Description Bal b/d Cheque cleared Cheque cleared Cheque cleared Cheque cleared Dividend Standing order Credit transfer Cheque cleared Cheque deposit Cheque returned Stamp duty Cheque deposit Service charge Cheque deposit
Check no.
Credit (RM)
2,400 2,000 20,000 35533 8,400 10,000 10,000 75 9,980 100 1,000
30 July
Balance (RM) 21,817.4 17,517.4 9,217.4 3,217.4 2,217.4 4,617.4 2,617.4 22,617.4 14,217.4 24,217.4 14,217.4 14,142.4 24,122.4 24,022.4 25,022.4
The Cash Book (Bank column) of Crimson Garden Sdn Bhd showed the following: CASH BOOK Date RM 2007 July 17517.4 1 10,000 1 9,980 16 40,000 19 25 30 31 77,497.4
Note:
1.
The bookkeeper has made mistakes in recording the following cheques: Cheque No. 35530 Cheque No. 35533
CONFIDENTIAL
CONFIDENTIAL
AC/OCT 2007/FAR100/FAR110
2.
The bank has wrongly credited a cheque amounting to RM1.000 on 30 July 2007 which belongs to Crimson Land Sdn Bhd
(9 marks)
b.
(5 marks)
c.
Explain the following terms: i) ii) Unpresented cheque Uncredited cheque (4 marks) (Total: 18 marks)
QUESTION 5 Royal Gold Enterprise showed the following details of fixed assets as at 30 June 2006. Type Motor vehicle Machinery Cost RM80.000 RM45.000 Accumulated Depreciation RM18,000 RM4.500 Basis Method of Depreciation Monthly Straight line Yearly Reducing balance Depreciation Rate 15% p.a 10% p.a
On 2 January 2007, Royal Gold Enterprise purchased an additional motor vehicle costing RM60.000. Payment was made by cheque. Royal Gold Enterprise also decided not to rent the current premise but instead purchased a new building on 1 June 2007 worth RM240.000. The deposit of RM24.000 was paid by cheque and the balance was financed by loan from Bank Utama. No depreciation is to be provided for the new building. Required: Prepare the following for the year ended 30 June 2007: a. b. c. Motor vehicle account, machinery account and building account. Separate accumulated depreciation account for each of the above assets. A balance sheet extract as at 30 June 2007. (Total: 15 marks)
CONFIDENTIAL