
TOPIC 2 COMPANY ACCOUNT
Authored by Zura baizura@poliku.edu.my
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10 questions
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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
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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