QUIZ 1 : TOPIC 11 [INCOMPLETE RECORDS AND SINGLE ENTRY]

Incomplete records is also known as ___________

• a record that cannot be detected

• a record that does not show net profit

• a record that does not follows a double entry system

• a record that does not have ending balance

In an incomplete record system, the statement of Profit or Loss cannot be prepared until the ________________________

• the amount in the cash book has been balanced

• the amount in the day book has been balanced

• the ending amount of capital has been established

• the amount of sales and purchases has been determined

Keeping records under the single entry system has the advantage of _______________________

• simplicity in terms of operation

• completeness in terms of records

• accuracy in terms of transaction occurred

• realistic in terms of recording transaction

One of the shortcomings of the single entry procedure is _________________

• profits are overestimated

• there is no prepared ledger record

• income and expenditure cannot be traced accurately

• there is a confusion between personal records and business records

Determine the current year purchases from the following information relating to a business.

Total accounts payable beginning balance RM28,500; Total cash payment to supplier RM46,800; Total accounts payable ending balance RM14,800.

• RM3,500

• RM18,300

• RM33,100

• RM60,500

Determine the current year sales from the following information relating to a business.

Total accounts receivables beginning balance RM43,200; Total cash received from debtor RM22,300; Cash sales RM43,000; Total accounts receivable ending balance RM36,800.

• RM15,900

• RM28,700

• RM58,900

• RM65,300

• RM71,700

The following information relates to ZZZ Business.

#Capital on 1 January 2019 is RM10,000

#Capital on 31 December 2019 is RM50,000

#Additional capital is RM10,000

#Drawings is RM500

Compute the net profit or loss for the year ended 31 December 2019.

• RM49,500 net profit

• RM30,500 net profit

• RM30,500 net loss

• RM40,500 net loss

The following are the assets and liabilities of BB Enterprise, a retailer on 31 April 2020 :

Vehicles RM20,000

Accounts Receivable RM8,000

Accounts Payable RM4,500

Inventories RM11,200

Rental payable RM560

Determine the amount of capital as at 30 April 2020.

• RM28,260

• RM32,140

• RM34,140

• RM35,260

Calculate the amount of sales discount in January 2020.

• RM1,432

• RM5,338

• RM6,443

• RM7,447

Calculate the amount of purchase returns in the month of January 2020.

• RM2,250

• RM4,470

• RM5,530

• RM7,800