Final Accounts quiz

Which of the following should not appear in Income Statement?

• Sales

• Rental Income

• Wages

• Trade Receivables

The correct flow for recording the Income Statement is:

• Sales, Cost of Sales, Expenses, Other Income.

• Sales, Cost of Sales, Other Income, Expenses

• Cost of Sales, Sales, Other Income, Expenses

• Cost of Sales, Purchases, Other Income, Expenses

Ali received discounts(Discount Received) upon purchasing goods and provided discounts(Discount Allowed) when selling goods. Where should he record these discounts under Income Statement?

• Discount Received: Cost of Sales

  Discount Allowed: Sales

• Discount Received: Cost of Sales

  Discount Allowed: Expenses

• Discount Received: Other Income

  Discount Allowed: Sales

• Discount Received: Other Income

  Discount Allowed: Expenses

If annual depreciation for motor van is RM5,000;

and accumulated depreciation is RM3,000+RM5,000=RM8,000;

which of the following record is correct? (Multiple Answers)

• Income Statement: Expenses, Depreciation-motor van RM5,000

• Income Statement: Expenses, Depreciation-motor van RM8,000

• Statement of Financial Position: Non-current Assets, Accumulated Depreciation RM5,000

• Statement of Financial Position: Non-current Assets, Accumulated Depreciation RM8,000

For Statement of Financial Position, which of the financial equation below is correct?

• Total Assets = Total Liabilities

• Total Assets = Total Equity - Total Liabilities

• Total Assets = Total Equity + Total Liabilities

• Total Assets +Total Liabilities = Total Equity

In Statement of Financial Position, which of the recording flow below is correct?

• Non-current Assets, Current Assets, Owner's Equity, Non-current Liabilities, Current Liabilities.

• Current Assets, Non-current Assets, Owner's Equity, Current Liabilities, Non-current Liabilities.

• Non-current Assets, Current Assets, Owner's Equity, Current Liabilities.

• Non-current Assets, Current Assets, Owner's Equity, Non-current Liabilities.

Suppose Accounts Receivables were RM10,000; and Allowance for Doubtful debts was RM1,000.

The proprietor decided to increase the Allowance for Doubtful Debts to 12%, how should the blanks fill?

• (2) 1,200

  (3) 1,200

• (1) 1,200

  (3) 200

• (2) 200

  (3) 1,200

• (2) 1,200

  (3) 200

If 'Bank' is stated in the credit side of Trial Balance, where shall we record this matter?

• as a non-current liability

• as a current liability

• as a current asset

• as a non-current asset

Suppose Rental Income was stated RM6,700 in Trial Balance.

The proprietor noticed that RM1,300 of Rental was not received for the same financial year.

Which of the following is correct? (Multiple Answers)

• Total Rental Income = RM8,000

• Accrued Rental Income = RM6,700

• Total Rental Income = RM5,400

• Accrued Rental Income = RM1,300

Mr. Chang has drawn goods worth RM1,700 for private purposes, this matter was not recorded in the books.

Which of the following workings are correct?

• Drawings + RM1,700

  Inventory - RM1,700

• Drawings + RM1,700

  Purchases - RM1,700

• Drawings + RM1,700

  Cash - RM1,700

• Drawings + RM1,700

  Inventory + RM1,700