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BKAL1013 A181 TUTORIAL 2

TUTORIAL 2

DUE DATE: 21 OCTOBER 2018

PART A: 20 MULTIPLE CHOICE QUESTIONS

1. Jutawan Sendirian Berhad purchased equipment for RM3,500. The company paid
RM1,500 in cash as downpayment and to pay the balance in five-month installments. The
company debited RM3,500 in Equipment account and
A. credited another asset account for RM1,500.
B. credited a liability account for RM2,000.
C. Debited another asset account for RM1,500; and a liability account for RM2,000.
D. Credited another asset account for RM1,500; and a liability account for RM2,000.

2. The company provided services to a client and billed him for RM3,000 and no payment
have been received. The results of this event,
I. assets remained unchanged.
II. liabilities remained unchanged .
III. assets increased by RM3,000.
IV. Owner’s equity increased by RM3,000.

A. III and IV.


B. II, III and IV.
C. I, II and IV.
D. I, II, III and IV.

3. Supplies account had a balance of RM370 on 1 March 2018. During the month, total
supplies purchased and used were RM690 and RM550 respectively. The balance in the
Supplies account at the end of the month would be:
A. RM1,060, debit.
B. RM550, credit.
C. RM510, debit.
D. RM230, credit.

4. Which of the following rules is INCORRECT?


A. Credits increase the capital account.
B. Debits decrease the expense accounts.
C. Credits increase revenue accounts.
D. Debits decrease liability accounts.
BKAL1013 A181 TUTORIAL 2

5. Adjusting entries are required when


A. expenses are recorded in the period in which they are incurred.
B. revenues are recorded in the period in which they are earned.
C. the company's profits are below the budget.
D. some costs expire with the passage of time and have not yet been recorded.

6. On 1 March 2018, the company paid RM2,400 for a one-year insurance coverage. The entire
RM2,400 was charged to Insurance Expense on the same day. The adjusting entries on 30
June 2018 would be

A. Debit Insurance Expense RM800, Credit Prepaid Insurance RM800


B. Debit Prepaid Insurance RM800, Credit Insurance Expense RM800
C. Debit Insurance Expense RM1,600, Credit Prepaid Insurance RM1,600
D. Debit Prepaid Insurance RM1,600, Credit Insurance Expense RM1,600

7. Sally Enterprise paid RM4,500 for three month rental in advance on 1 August 2018. After
adjusting entries are made, what is the balance of Prepaid Rent on 30 September 2018?

A. RM4,500
B. RM3,000
C. RM1,500
D. Nil

8. The machinery account showed a balance of RM45,750 and accumulated depreciation of


RM18,300. What is the cost value of the machineries?

A. RM9,150
B. RM18,300
C. RM27,450
D. RM45,750

Use the following information from the Income Statement for the month of September 2018 of
Wonder Enterprise to answer Questions 9 and 10:

RM RM
Revenue 7,000
Less: Expenses:
Wages Expense 2,000
Advertising Expense 200
Rent Expense 1,000
Supplies Expense 300
Insurance Expense 100
Total Expenses 3,600
BKAL1013 A181 TUTORIAL 2

Net Income 3,400

9. The closing entries for revenue accounts include:


A. a credit to Income Summary for RM7,000
B. a credit to Revenue account for RM7,000
C. a debit to Income Summary for RM7,000
D. a debit to Revenue account for RM3,400

10. The closing entries for expenses accounts include:


A. a credit to Income Summary for RM3,400
B. a credit to Rent Expense for RM1,000
C. a debit to Wages Expense for RM2,000
D. a debit to Income Summary for RM3,400

11. The receipt of cash from customers in payment of their accounts would be recorded by:
A. a debit to cash and a credit to accounts payable
B. a debit to cash and a credit to accounts receivable
C. a debit to accounts payable and a credit to cash
D. a debit to accounts receivable and a credit to cash

12. The owner withdraws cash from the business for personal use leads to:
A. no effect on total assets
B. an increase in both total assets and total equities
C. a decrease in both total assets and total equities
D. an increase in total assets and a decrease in total equities

13. Which of the following statements is FALSE?


A. Entries that decrease asset accounts, or derease liability accounts are posted as credits
B. The left side of a T-account is the debit side
C. Entries that increase asset accounts, or decrease liability accounts are posted as debits
D. The right side of a T-account is the credit side

14. Mary Sue opens a business called Sue Couture by bringing in RM70,000 cash and
RM130,000 value of a car into the business. The journal entry would be recorded as:
BKAL1013 A181 TUTORIAL 2

A. A debit to cash RM70,000 and credit to both vehicle RM130,000 and owner’s equity
RM200,000
B. A debit to both cash RM70,000 and vehicles RM130,000 and credit to owner’s equity
RM200,000
C. A debit to cash RM170,000 and credit to both vehicles RM30,000 and owner’s equity
RM200,000
D. A debit to both cash RM170,000 and land RM130,000 and credit to owner’s equity
RM300,000

15. Which of the following event is NOT considered as a business transaction?


A. Received utility bills
B. Received cash for previous month sales
C. Placed an order for three units of machineries
D. Paid cash for current month rent and the following three months

16. Which of the following statements is INCORRECT concerning the adjusted trial balance?
A. An adjusted trial balance proves the equality of the total debit balances and the total
credit balances in the ledger after all adjustments are made
B. The adjusted trial balance provides the primary basis for the preparation of financial
statements
C. The adjusted trial balance lists the account balances segregated by assets and liabilities
D. The adjusted trial balance is prepared after the adjusting entries have been journalized
and posted

17. The adjustment entry for salaries earned by employees but not yet paid is:
A. Dr. Salary Payable; Cr. Salary Expense
B. Dr. Salary Expense; Cr. Cash
C. Dr. Salary Expense; Cr. Salary Payable
D. Dr. Salary Expense; Cr. Accounts Receivable

18. The list that contains the titles and balances of yet to be updated accounts from the ledger
on a given date is called:
A. the unadjusted trial balance
B. a comprehensive income statement
C. a statement of financial position
D. the adjusted trial balance

19. The year-end adjustments are required to some accounts due to:
I. Some revenues and expenses may be unrecorded
II. Some revenues are earned with the passage of time
BKAL1013 A181 TUTORIAL 2

III. All expenses are incurred with the payment of cash


IV. Some expenses such as use of supplies are not recorded daily

A. I and II
B. I and III
C. All of the above
D. None of the above

20. Which of the following statements about the accrual basis and cash basis of accounting are
TRUE?
A. Accrual basis records revenue when services are performed. Cash basis records revenue
when cash is received
B. Accrual basis records expenses when incurred. Cash basis records expenses when cash
is paid
C. Accrual basis is required by generally accepted accounting principles
D. All of the above are true

PART B :STRUCTURED QUESTIONS

QUESTION ONE

On June, 2018, Usman established a management consultancy firm, USSY CONSULTS SDN
BHD. During the month, Usman carried-out the following transactions through firm:

June 1 Usman deposited RM25,000 into bank account of USSY CONSULTS.


4 Paid rent expenses for office premises for the period of one month ending
30th June, RM 2,400.
8 Purchased computer systems on account RM 7,500.
9 Bought car for office use RM 12,000, paying RM 8,000 cash while the
giving Note payable for the remainder.
11 Cash received for job completed RM9, 500.
15 Paid cash for supplies RM 1,350.
17 Sent invoice to customer for job competed on account, RM6, 750.
19 Withdrew cash RM 500 to pay for his child school fees.
21 Annual insurance premiums for property and equipment paid amounted to
RM 1,100.
25 Utilities expense paid by cash RM 1,050.
26 Received invoices for car expenses, to be paid in the following month,
RM750.
BKAL1013 A181 TUTORIAL 2

27 Received cash from customers for job completed on account, RM4,750.


29 Paid salaries to assistants, RM3,100.
30 Paid cash RM 650 as telephone expenses.
Settled part of the amount owed for the purchased of computer systems,
RM 5,000.

REQUIRED:
a) Journalize the transactions for June, 2018 (Explanation is not required).
b) Post the Journal entries to the ledger
c) Prepare an unadjusted trial balance for USSY CONSULT SDN BHD as of June 30, 2018.

QUESTION TWO

Below is the adjusted trial balance for Naqiu Enterprise, owned by Danial.

Naqiu Enterprise
Adjusted Trial Balance
31 December 2017
Debit Credit
RM RM
Bank 35,000
Motor Vehicles 22,000
Cash 12,000
Office Supplies 2,000
Accounts Receivable 4,000
Danial, Capital 51,000
Fees Revenue 35,000
Accounts Payable 8,000
Rental Expenses 2,000
Utility Expenses 5,000
Salary Expenses 8,000
Prepaid Insurance 5,000
Salary Payable 3,000
Danial, Drawing 2,000

97,000 97,000
BKAL1013 A181 TUTORIAL 2

REQUIRED:

(a) Prepare the Statement of Profit or Loss and Other Comprehensive Income of Naqiu Enterprise for
the month ended 31 December 2017.
(b) Prepare the Statement of Changes in Owner’s Equity of Naqiu Enterprise for the month ended 31
December 2017.

(c) Prepare the Statement of Financial Position of Naqiu Enterprise as at 31 December 2017.

END OF QUESTIONS
BKAL1013 A181 TUTORIAL 2

TUTORIAL 2 ANSWER SHEET

DUE DATE: 21 October 2018

Group: _______

Matric No: __________ Name: __________________________________________

PART A: 20 MULTIPLE CHOICE QUESTIONS

1. 11.

2. 12.

3. 13.

4. 14.

5. 15.

6. 16.

7. 17.

8. 18.

9. 19.

10. 20.
BKAL1013 A181 TUTORIAL 2

PART B :STRUCTURED QUESTION