REVISION 5 : TOPIC 10 [ACCOUNTING FOR LIABILITIES]

REVISION 5 : TOPIC 10 [ACCOUNTING FOR LIABILITIES]

1st Grade - University

30 Qs

quiz-placeholder

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REVISION 5 : TOPIC 10 [ACCOUNTING FOR LIABILITIES]

REVISION 5 : TOPIC 10 [ACCOUNTING FOR LIABILITIES]

Assessment

Quiz

Professional Development, Social Studies, Business

1st Grade - University

Practice Problem

Hard

Created by

MASITAH Moe

Used 1+ times

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Penthouse Sdn Bhd borrows RM88,500 on September 1, 2020 from Maybank by signing a notes, 12%, for a period of one year. Compute the interest payable at 31 December 2020?

RM2,655

RM3,540

RM4,425

RM10,620

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jon Dan Tee (JDT) Company borrowed RM70,000 on December 1, a 6 month, 6% notes. At December 31, when the accounting period ended, the adjustment entries are _____________.

Dr. Interest expense RM2,100 ; Cr Bank RM2,100

Dr. Interest expense RM2,100 ; Cr Interest payable RM2,100

Dr. Interest expense RM350 ; Cr Bank RM350

Dr. Interest expense RM350 ; Cr Interest payable 350

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jelitasara Sdn Bhd received cash RM15,225 for November sales, these amount was including sales tax 5%. Determine the correct amount that will be credited to sales accounts.

RM15,986.25

RM15,225

RM14,500

RM14,463.75

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

ETIQA Takaful Insurance collected a premium of RM18,000 for a one year insurance policy on April 1, 2020. How much will be the amount should be ETIQA Takaful Insurance report as a current liability for an Unearned Service Revenue at December 31?

RM0

RM4,500

RM13,500

RM18,000

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

MasWings Airlines Bhd issued RM900,000, 8% 10 year bonds on January 1, 2020 at face value. Interest is payable annually on January 1. Select the suitable journal entry to record issuance of the bonds.

debit bank RM900,000; credit bonds payable RM900,000

debit bank RM900,000 ; credit bonds RM900,000

Debit Bonds RM900,000 ; credit bank RM900,000

Debit Bonds payable RM900,000 ; credit Bank RM900,000

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

MasWings Airlines Bhd issued RM900,000, 8% 10 year bonds on January 1, 2020 at face value. Interest is payable annually on January 1. Select the suitable journal entry to record interest for the year ended 31 December 2020.

debit Interest expense RM720,000; credit Interest payable RM720,000

debit Interest expense RM72,000; credit Interest payable RM72,000

debit Interest expense RM72,000; credit Bank RM72,000

debit Interest payable 72,000; credit Bank RM72,000

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

MasWings Airlines Bhd issued RM900,000, 8% 10 year bonds on January 1, 2020 at face value. Interest is payable annually on January 1. Select the suitable journal entry to record the payment of interest on January 1, 2021.

debit Interest expense RM720,000; credit Interest payable RM720,000

debit Interest expense RM72,000; credit Interest payable RM72,000

debit Interest expense RM72,000; credit Bank RM72,000

debit Interest payable 72,000; credit Bank RM72,000

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