3NA HBL 13 Feb 2023 (Mdm Zaibon)

Which of the following is not a trading business?

• Departmental store

• Medical clinic

• Stationery shop

• Electronic Store

Which of the following is a trading business?

• Hair salon

• Gym

• Convenience store

• Laundromat

Match the correct accounting theory to its respective explanation.

• Activites of business are separated from the actions of the owner.

• Accountity entity

• Transactions should be recorded at their original cost.

• Matching

• Expenses incurred are matched against income earned in the same period to determine the profit.

• Historical Cost

• The life of a business is divided into regular time intervals.

• Accounting period

Cash transactions refer to payment being made at the same time or (a)   during a cash sales or purchases.

Arrange the different stages of the accounting cycle correctly.

• Adjust

• Identify and record

• Report

• Close

Rearrange the different stages of the accounting information system correctly.

• Ledger

• Trial Balance

• Financial Statements

• Source document

• Journal

A receipt (a)   payment received from customers immediately after the business has sold goods or provided services.

A invoice (a)   credit customers of the amount owed after the business sold goods or provided services on credit.

A (a)   processes payment to credit suppliers.

A (a)   reduces the amount owed by credit customers