UEC2010

Which of the following is the main aim of accounting?

• To prepare Income Statement

• To prepare Balance Sheet

• To communicate accounting information to users

• To write up all the accounts for business transactions

The accounting equation 'Owner's Equity=Total Assets-Total Liabilities',what does it mean?

• The owner can claim the remaining assets before the claim of creditors

• The owner can claim the remaining assets after the claim of creditors

• Only the creditors can claim the remaining assets

• Only the owner can claim the remaining assets

An extension to a premise should be treated as which of the following expenses?

• Operating Expenses

• Capital Expenditures

• Revenue Expenditures

• Factory Overhead

A supplier sends you a statement showing an outstanding balance of RM14,350.However, your own record shows a balance of RM14,500 instead.

Which of the following descriptions would be the most probable reason for the difference?

• The supplier has sent a debit note for RM150, but you have not yet received

• You have returned goods worth RM150, but the supplier has not yet recorded

• A rebate of RM150 has been given by the supplier, but you have not yet recorded

• You have paid the supplier RM150, but he has not yet recorded

A Petty Cash Book has an imprest of RM300. If the total amount of small payments paid out by the petty cashier is RM230 in a particular period,how much is usually topped up at the end of the period?

• RM370

• RM300

• RM230

• RM70

The annual straight line deprecation charge for a Proton Wira is RM5,000.If the car costs RM66,000 and has an estimated useful life of 12 years, calculate its residual value.

• RM5,000

• RM5,083

• RM5,500

• RM6,000

"An expense which incurred in a particular period has been charged against the profit of that period, even though the expense has not yet been paid."

Which of the following does the above expense refer to?

• A withdrawal

• An adjustment

• An accrual

• A prepayment

Which of the following errors will affect the balancing of a Trial Balance?

I Wages account was overstated by RM20

II Purchases RM540 was posted in both accounts as RM405

III Cheque payment of RM150 for rental was entered only in Cash Book

IV Sales RM200 to Anne was wrongly entered in Anna's account

• I,III

• I,IV

• II,III

• II,IV

Which of the following statements is true regarding a life membership fee received by a club?

• It is an income in the year in which the member passes away

• It is an income in the year in which the member pays the money

• Portion of the fee is transferred to Income And Expenditure Account yearly

• Balance of the fee is shown as an asset in Balance Sheet yearly

A bill of exchange involves which of the following parties?

I Payee

II Drawer

III Drawee

IV Lawyer

V Acceptor

• I,II,III,IV

• I,II,III,V

• I,IV,V

• II,III,V