簿记 Theory

Which of the following classification is correct?

I      Goodwill  -     Tangible Asset

II    Fixed Deposit    -     Non-Current Asset       

III   Bank Overdraft      -   Current Liabilities

IV   Mortgage Loan  -       Non-Current Liabilities

• I, II

• III, IV

• I, III, IV

• II, III, IV

What is the double entry for “taking goods for use in promotion campaign”?

• Debit: Drawings

                   Credit: Purchases

• Debit: Advertising

                   Credit: Inventory

• Debit: Advertising

                   Credit: Purchases

• Debit: Drawings

                   Credit: Advertising

How will the two traders of different businesses as shown below classify their stationery?

• A

• B

• C

• D

If a trade receivable account is undercharged in the invoice, which document is being sent to the customer to adjust the amount due?

• Debit Note

• Credit Note

• Sales Invoice

• Statement of Account

Which of the following is a contra-asset account used to record the estimated amount of uncollectible accounts?

• Profit and Loss account

• Bad Debts Recovery account

• Accumulated Depreciation account

• Allowance for Doubtful Debts account

Which of the following explains the imprest system of operating petty cash?

• Weekly expenditure cannot exceed a set amount.

• All expenditure out of the petty cash must be properly authorised.

• Regular equal amounts of cash are transferred into petty cash at intervals.

• The exact amount of expenditure is reimbursed at intervals to maintain a fixed float.

The annual straight line depreciation charge for a machinery is RM 2,000. If the machinery cost RM 20,000 and has an estimated useful life of 8 years, calculate its residual value.

Which of the following is not the function of a Control account?

• To detect errors.

• To provide totals of transactions of similar nature.

• To provide a summarised balance that can be used for a Trial Balance.

• To ensure that the bookkeeper has recorded all the transactions correctly in Cash Book.

In departmental accounts, which of the following indirect expenses that need to be apportioned based on their respective departments’ floor space occupied?

       I      Rental

       II    Light and power

       III   Staff training cost

       IV   Maintenance of building

• I, II, III           

• I, II, IV

• I, III, IV

• II, III, IV

A partnership can be dissolved due to many reasons. What are the correct procedures to record the partnership dissolution?

       I      Assets disposed or taken over by partners

       II    Repay liabilities

       III   Repay loan from partners

       IV   Repay partners’ capital

• A

• B

• C

• D