TOPIC 2 COMPANY ACCOUNT

TOPIC 2 COMPANY ACCOUNT

University

10 Qs

quiz-placeholder

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TOPIC 2 COMPANY ACCOUNT

TOPIC 2 COMPANY ACCOUNT

Assessment

Quiz

Other

University

Hard

Created by

Zura baizura@poliku.edu.my

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consolidated accounts show a parent company and its subsidiaries as one business by combining their finances and removing any internal dealings.

TRUE

FALSE

2.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

A holding company is effectively defined by its relationship to a subsidiary (as per Section 4(1), which aligns with Section 5 of the Companies Act 1965, revised) — that is, a corporation is deemed a holding company of another if it:

Controls the composition of the subsidiary's board of directors,

The other corporation is itself a subsidiary of another corporation (i.e., indirect control through a chain of subsidiaries

Controls more than half of the subsidiary's voting power,

A company that is owned or controlled by another company

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Journal entry to eliminate owing money:
trade payable/ trade receivable

Dr Trade payable

Cr Current account

Dr Current account

Cr Trade payable

Dr Trade payable

Cr Trade receivable

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Journal entry to record the following transaction:
Inludes in the debtors of Holding Company is RM5,000 dent from Subsidiary Company. This amount includes RM400 of inventories in transit.

Dr Creditor RM5000

Dr Inventories in transit RM400

Cr Bills receivable RM5400

Dr Trade payable RM4600

Dr Cash in transit RM400

Cr Trade receivable RM5000

Dr Trade payable RM5000

Dr Inventory in transit RM400

Cr Trade receivable RM5400

Dr Creditors RM4600

Dr Inventory in transit RM400

Cr Debtors RM5000

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Bills payable amounted to RM10,000 is from Subs Co and Holds Co had discounted the bills by 10%.

Show the journal entry to record the above transaction.

Dr Bills payable RM10000

Cr Current Account RM10000

Dr Bills payable RM9000

Cr Account receivable RM9000

Dr Bills receivable RM9000

Cr Bills payable RM9000

Dr Bills payable RM9000

Cr Bills receivable RM9000

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

 

Subs Co had remitted RM1500 to Holds Co for the payment of loan, but Holds only received it on 5.1.2026 (year ended 31.12.2025).

Show the journal entry to record the above transaction.

Dr Loan from Holds Co RM50000

Cr Loan to Subs Co RM50000

Dr Loan to Subs Co RM48500

Dr Inventory in transit RM1500

Cr Loan from Holds Co RM50000

Dr Loan to Subs Co RM48500

Dr Cash In transit RM1500

Cr Loan from Holds Co RM50000

Dr Loan from Holds Co RM48500

Dr Cash in transit RM1500

Cr Loan to Subs Co RM50000

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Journal entry to record impairment of goodwill....

Dr Goodwill

Cr Retained profit

Dr Consolidated Retained Profit

Cr Goodwill

Dr Retained profit

Dr Goodwill

Dr Non-controlling Interest

Cr Goodwill

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