S3 Quiz 1111

Accounting Cycle is ________________________.

• journalizing, extracting trial balance, posting, adjusting, closing, preparing reports

• journalizing, posting, preparing reports, extracting trial balance, adjusting, closing

• journalizing, posting, extracting trial balance, adjusting, closing, preparing report

• extracting trial balance, journalizing, posting, adjusting, closing, preparing report

We sold 25 units of goods to a customer at RM15 each

and less 33 % trade discount. The customer now

returned 4 units of them to us. What is the amount of

credit note to be issued by us? RM _________

• 20

• 40

• 60

• 65

Allowance for Doubtful Debts is created_______________________.

• to provide for possible bad debts

• to allow bad debts recovery

• to cancel a particular bad debt

• when a firm is bankrupt

The depreciation charges on motor vehicles for the current year is debited to Profit and Loss

Account and credited to Accumulated Depreciation for Motor Vehicles Account. After the

entries have been made, the balance of the Accumulated Depreciation Account is ________.

• Closed to the Disposal Account

• Closed to the Motor Vehicle Account

• stated in Statement of Financial position as a Current Liability

• shown in Statement of Financial Position as a deduction from Motor Vehicles Account

Which of the following accounts is a real account ?

• Accounts Receivable

• Rental Income

• Carriage Inwards

• Motor Expenses

Siang Siang, a sole trader, supplied the following information relating to his business

for the year ended 31 December 2020:

RM

Total Expenses 12,000

Net Profit 18,000

Siang Siang’s selling price was determined at a marked-up of 50%.

Calculate his total sales for the year 2020

• 90,000

• 60,000

• 45,000

• 120,000

When a bill was negotiated by drawer and paid on the due date,

what entries should the drawer make at the maturity?

• Debit : Bills Payable account

  Credit: Bank account

• Debit : Bank account

  Credit: Bills

  Receivable account

• Debit : Bills Payable account

  Credit: Trade

  Receivable account

• No entry is needed

Which of the following statements is incorrect to show the status of Trial Balance?

• Carriage inwards, carriage outwards, rent and stationery should

  show in debit column

• Purchases returns, commission income and opening allowance for doubtful debts should show in credit column

• Purchases returns, carriage outwards and salesmen commission should show in credit column