Anda di halaman 1dari 3

BKAL1013 A112

2012

1. Which of the following is not TRUE: Accounting is: a. A process of identifying companys economic information. b. A process of measuring companys economic information. c. A process of comparing companys economic information. d. A process of communicating economic companys information. Proprietorship is. a. Organized under state or federal statutes. b. Owned by one individual. c. Combine resources of more than one person. d. Able to obtain large amount of resources by issuing stock. Below are several specialized field of accounting EXCEPT: a. Financial accounting. b. Budgeting. c. Management accounting. d. Environmental accounting. Statement of comprehensive income: a. Reports a summary of changes in owner equitys during a specific period. b. A list of assets, liabilities and owners equity at a specific date. c. Is a summary of cash receipts and payments as a specific period of time. d. Is a summary of revenue and expenses for a specific period of time. Below is the content of Statement of Cash Flow EXCEPT: a. Revenue from services provided. b. Cash spend to purchase permanent assets. c. Withdrawal by owner. d. Long term investment. Going concern assumes that: a. Businesses shall continue its operation to the foreseeable future. b. Businesses should reports its activities as their actual cost. c. Businesses should reports all the economics events in a monetary unit. d. Accounting records should be based on objective evidence. If Amy increases her cash investment in the business, which of these will happen? a. Asset Decreased b. No effects on asset c. Asset Increased d. Decreased Owners equity If Arif performed legal service for a client on account, RM2,000. a. Decreased in asset (Account Receivable) and increased in owners equity.

2.

3.

4.

5.

6.

7.

8.

BKAL1013 A112

2012

b. Increase in assets (Account Receivable) and increase in service revenue. c. Increase in assets (Account Payable) and increase in service revenue. d. Increase in service revenue and decrease in asset (Account Receivable) 9. If Zummis office furniture was RM35,000, service revenue was RM181,200, salary expense was RM49,000 and utility expense was RM21,000 , the amount of net income or net loss would be: a. RM212,100 b. RM122,110 c. RM111,200 d. RM112,101 The accounting equation can be stated as:

10.

11.

a. Expenses = Liabilities Owners Equity b. Assets Liabilities = Owners Equity c. Liabilities = Revenue = Owners Equity d. Owners Equity = Assets + Liabilities Which of the following transactions would both increase and decrease an asset: a. purchasing land by issuing a note payable b. borrowing money from a bank c. performing a service and receiving the cash immediately d. purchasing office supplies for cash 12. The revenue recognition principle dictates that revenue should be recognized in the accounting records a. when cash is received. b. when it is earned. c. at the end of the month. d. in the period that income taxes are paid. 13. Customer A sent his car to Farid Auto on July 31 for a repair. The repair was completed on the same day. Customer A picked up the vehicle on August 1 and mailed the payment to Farid Auto on August 4. Farid Auto received the check via mail on August 8. Based on the revenue recognition principle, when should Farid Auto recognize the revenue? a. July 31 b. August 1 c. August 4 d. August 8 14. To include the personal assets and transactions of a businesss owner in the records and reports of the business would be in conflict with the: a. b. c. d. Objectivity principle Realization principle Business entity principle Going concern principle

BKAL1013 A112

2012

15.

Resources owned or controlled by a company that are expected to yield benefits are: a. Assets b. Revenues c. Liabilities d. Owners equity Which of these statements is true about assets? a. They are economic resources owned or controlled by the business. b. They are expected to provide future benefits to the business. c. Claims on them are shared between creditors and owners. d. All of the above. Companys financial position at a point of time is explain in ___________

16.

17.

a. Statement of comprehensive income b. Statement of business report c. Trial balance d. None of the above 18. If the liabilities of a business increased by RM75,000 during a period of time and the owner's equity in the business decreased by RM30,000 during the same period, the assets of the business must have: a. Decreased by RM105,000. b. Decreased by RM45,000. c. Increased by RM30,000. d. Increased by RM45,000. 19. If revenue was RM100,000, expenses were RM95,000, and the owners withdrawals were RM12,000, the amount of net income or net lose would be: a. RM5,000 net income b. RM7,000 net loss c. RM17,000 net income d. RM17,000 net loss 20. Laser Optics balance sheet data at May 31, 2011 and June 30, 2011 is as follow: May 31, 2011 RM150,000 RM 109,000 June 30, 2011 RM 195,000 RM 131,000

Total Assets Total Liabilities

What is the amount of Laser Optics net income or net loss if the owner invested RM48,000 in the business and withdrew RM6,000 for personal use.? a. b. c. d. Net income RM0, net loss RM19,000 Net income RM19,000, net loss RM0 Net income RM9,000, net loss RM1,000 Net income RM1,000, net loss RM9,000.

Anda mungkin juga menyukai