If a proprietor uses his private resource to pay the business liability, this will have which of the following effects?

Which of the following does follow the rule of debit and credit?

Which of the following does the Statement Of Financial Position show?

The main purpose of drawing up a Trial Balance is to check________.

Which of the following items does not belong to the intangible asset?

Which of the following is a debit balance?

The following particulars of a company were available for the year of Year 5:

Cash Purchases RM90,750

Closing Inventory RM 9,245

Opening Inventory RM 5,290

Credit Purchases RM 6,600

Cost of Sales of the company for Year 5 was RM________.

If a supplier provides a free delivery service to customers, the cost of the service is recorded in the _____Account of the supplier’s ledger.

A trader bought RM20,000 worth of goods, he sold  $\frac{3}{4}$   of them for RM28,500. The total expenses incurred was RM6,300. The net profit was RM_________.

When closing accounts, balances which should be carried forward to the next period are the ________.

Which of the following statements are correct?

I Expense and revenues are to be recorded as nominal accounts.

II Balances in personal accounts are to be carried forward to the next accounting period.

III Real accounts are closed and transferred to Profit and Loss Account at the end of the accounting year.

IV Accounts like purchases, sales, returns outwards and return inwards effect gross profit.

Mr Tan is a businessman. He bought a motor van on credit for carrying goods. This transaction should be entered in the ___.

The book of prime entry in which credit notes received from suppliers are recorded is _______.

A cheque received from a customer is dishonoured. Which of the following statements represents the correct entry?

An invoice as shown below was received for goods purchased:

10 sack of rice, RM35 per sack, RM 350

Less: 10% Trade Discount, RM35

Regarding the trade discount of RM35, __________.

An invoice date 1 February Year 1 showed an amount of RM480 less  $33\frac{1}{3}\%$  trade discount and 5% cash discount if paid within one week after purchase. If the account was settled on 10 February Year 1, the amount of the cheque issued would be RM_______.

If we return goods which are previously bought by cash and receive a cash refund, which Special Journal should be used?

There is a transfer of money from bank account to cash account in a Cash Book. Which of the following statements regarding the transfer is true?

Under the imprest system, the petty cash is__________.

A firm maintains a petty cash float of RM400. For the month of March Year 2, it had paid RM248 out of the petty cash. Under the imprest system, the reimbursement was made at the end of the month. In early April Year 2, the amount of the petty cash was RM_______.

A Petty Cash Book has an imprest of RM300. If the total amount of small payments paid out by the petty cashier is RM230 in a particular period, if next period will increased to RM 350. How much is usually topped up at the end of the period?

Enterprise which sells goods on credit will usually cause uncollectible. When bad debts happen, adjusting entries should be made on the balance day and the account debited is _______.

Bad Debts recovered from the debtors are recorded in the _______.

Give below is a Statement Of Financial Position extract as at 31 December Year 5:

Accounts Receivable RM 185,000

Less: Allowance for Bad Debts RM 4,625

In Year 6 it is decided to maintain the same rate of Provision for Bad Debts as for 1995. If the balance of debtors in 1996 amount to RM196,000, what is the amount of Allowance for Bad Debts to be debited to the Profit and Loss Account?

An Allowance for Doubtful Debts was RM200 and debtors was RM3,500 at the end of an accounting period. The company decided to make the provision up to 10% of the debtors. What would be the new allowance for doubtful debts?

A firm bought a machine for RM3,200. It is to be depreciated at a rate of 25 per cent using the Reducing Balance Method. What would be the remaining book value after 2 years?

The depreciation charges on motor vehicles for the current year is debited to Profit and Loss Account and credited to Accumulated Depreciation of Motor Vehicles Account. Accumulated Depreciation Account is _______.

A non-current asset costing RM25,000 has a scrap value of RM2,500. Its life expectancy is 8 years. What amount should be set aside for depreciation each year if the straight line method is used?

The annual straight line depreciation charge for a Proton Wira is RM5,000. If the car costs RM66,000 and has an estimated useful life of 12 years, calculate its residual value.

A company purchased a machine on 1 October 2013 costing RM100,000. It was estimated to have a ten-year life after which it would be scrapped for RM5,000. The company used the straight line method for the provision of depreciation. The company decided to sell it for RM50,000 on 1 July 2019. What was the result of the disposal?

Control account is set up in the ________.

The accounts that appear in the Sales Ledger are _________.

In a firm’s Sales Ledger, there is a credit balance of RM 2,568 in ABC Company’s account. What does this mean?

The following information related to a firm :

Balance as at 1 January 2013 :

Debtors RM 50,000; Allowance For Doubtful Debts RM 5,000

The following are the balances extracted from the books of the firm for the year 2013:

Credit Sales RM 100,000; Cash Sales RM 80,000; Receipts from credit customers RM 75,000; Bad Debts written off RM 2,000.

What is the balance of the firm’s Debtors Control Account as at 31 December 2013?

The item “Purchases” that is entered in the Purchases Ledger Control Account refers to which of the following items?

How do you record an overpayment refunded by suppliers in Purchases Ledger Control Account?

Disposal of Asset is opened when

Net Asset Value is equal to

When an asset is sold on profit