DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO
AC/APR 2009/ACC100/105/107/
111/114/115
CONFIDENTIAL
UNIVERSITI TEKNOLOGI MARA
FINAL EXAMINATION
COURSE
ACCOUNTING / FINANCIAL ACCOUNTING I /
ACCOUNTING I / INTRODUCTION TO
ACCOUNTING I / FINANCIAL ACCOUNTING
COURSE CODE
ACC100/105/107/111/114/115
EXAMINATION
APRIL 2009
TIME
3 HOURS
INSTRUCTIONS TO CANDIDATES
1.
This question paper consists of two (2) parts :
PART A (10 Questions)
PART B (5 Questions)
2.
3.
4.
Answer ALL questions from all two (2) parts :
i) Answer PART A in the Objective Answer Sheet.
ii) Answer PART B in the Answer Booklet. Start each answer on a new page.
Do not bring any material into the examination room unless permission is given by the
invigilator.
Please check to make sure that this examination pack consists of:
i)
ii)
iii)
the Question Paper
an Answer Booklet - provided by the Faculty
an Objective Answer Sheet - provided by the Faculty
DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO
This examination paper consists of 11 printed pages
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PART A
This part consists of 10 multiple choice questions. Choose the most suitable answer
and shade the corresponding alphabet representing the answer in the multiple choice
answer sheets provided.
1.
The accounting process involves all of the following except:
a.
b.
c.
d.
2.
identifying economic transactions that are relevant to the business.
communicating financial information to users by preparing financial reports.
recording non quantifiable economic events.
analyzing and interpreting financial reports.
(1 mark)
Total assets at the end of the period were RM325.000 and liabilities were 40% of
owner's equity. Determine owner's equity at the end of the period.
a.
b.
c.
d.
RM232.143
RM130,000
RM455,000
RM195,000
(1 mark)
3.
An investment by the owner in a building valued at RM200.000 with a RM55.000
outstanding mortgage into a business entity would:
a.
b.
c.
d.
increase owner's equity RM200,000
increase total assets RM255.000
decrease liabilities RM55.000
increase owner's equity RM145.000
(1 mark)
4.
The entry to record the receipt of RM650 on account for services previously rendered
would be:
a.
b.
c.
d.
Dr Account receivables
Cr Service Revenue
Dr Service Revenue
Cr Account receivable
Dr Cash
Cr Account payable
Dr Cash
Cr Account receivable
650
650
650
650
650
650
650
650
(1 mark)
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5.
Which of the following statements is false?
a.
b.
c.
d.
6.
A trial
A trial
A trial
A trial
balance
balance
balance
balance
provides a check on the equality of debits and credits.
is a list of all accounts in the ledger with their balances.
proves no error was made during the accounting process.
may be taken at any time if the postings are up to date.
(1 mark)
A check drawn by the business for RM205 in payment of a liability was recorded in
the journal as RM502. This item would be included in the bank reconciliation as a/an:
a.
b.
c.
d.
deduction by the bank.
addition by the bank.
deduction by the business.
addition by the business.
(1 mark)
7.
Which of the following items used to reconcile cash does not require an adjusting
entry?
a.
b.
c.
d.
bank service charge.
interest earned.
note collected by the bank.
unaccredited deposit.
(1 mark)
8.
The assumption that states that the activities of each company be kept separate from
the activities of its owners and all other companies is the
.
a.
b.
c.
d.
economic entity assumption.
going concern assumption.
monetary unit assumption.
time period assumption.
(1 mark)
9.
The going concern assumption assumes that the business:
a.
b.
c.
d.
will be liquidated in the near future.
will be purchased by another business.
is in a growth industry.
will continue in operation long enough to carry out its existing objectives and
commitments.
(1 mark)
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10.
An accountant has debited an asset account for RM1.000 and credited a liability
account for RM500. What can be done to complete the recording of the transaction?
a.
b.
c.
d.
Nothing further must be done.
Debit owner's equity account for RM500.
Debit another asset account for RM500.
Credit a different asset account for RM500.
(1 mark)
(Total: 10 marks)
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PARTB
QUESTION 1
The following transactions occurred during the month of January 2008 for Star Enterprise.
2008
January
I
Purchased goods on credit from Musa Enterprise at list price RM3.000,
less 10% discount
3
Sold goods on credit to Mimi worth RM2.500
5
Purchased goods on credit from Syarikat Maju amounting to RM4.000
7
Returned goods worth RM500 to Musa Enterprise because their goods
were defective
II
Sold goods on credit to Munah Enterprise at list price RM1,000, less 10%
trade discount
13
Mimi returned goods worth RM450
19
Munah returned damaged goods worth RM200
Required:
a)
Record the above transactions into the following journals:
i)
ii)
iii)
iv)
b)
Purchases Journal
Sales Journal
Return Inwards Journal
Return outwards Journal.
(11 marks)
State the source document for each of the above journals.
(4 marks)
(Total: 15 marks)
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QUESTION 2
D'Fishing Mart sells fishing accessories and fishing gear products. The following balances
were extracted from the books of D'Fishing Mart as at 31 December 2008:
Sales
Purchases
Capital
Bank
Cash
Motor Vehicles
5% 18-month Fixed deposit
Inventory as at 1 Jan 2008
CIMB Loan
Rental Received
Interest expenses
Allowance for Doubtful Debt
Accounts receivable
Accounts payable
Carriage outwards
Carriage inwards
Salaries
Motor Vehicles Expenses
Discount Allowed
Discount Received
Stationeries
Utilities
Drawings
Returns Outward
Returns Inward
Office Equipment
General Expenses
Premises
Accumulated Depreciation:
Motor Vehicles
Office Equipment
RM
265,000
115,600
215,100
55,800
2,470
96,000
50,000
22,500
40,000
10,400
1,280
610
21,500
35,400
3,950
1,200
78,000
2,700
570
1,960
800
8,460
580
800
150
25,000
7,007
120,000
38,400
5,897
The following information is to be taken into consideration:
1.
Inventory as at 31 December 2008 is RM38,500.
2.
The Fixed Deposit account was opened on 1 July 2008 and dividend is at 5% per
annum.
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3.
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Depreciation are to be provided as follows:
i.
ii.
Motor Vehicles is to be depreciated at 10% per annum using straight line
method,
Office Equipment is to be depreciated at 7% per annum on net book value.
4.
Allowance for doubtful debt was to be adjusted to 3% on net balance of accounts
receivable.
5.
Motor Vehicles expenses included RM2.400 for motor vehicle insurance and RM300
for road tax. Both were renewed on 1 September 2008 and covered a 12-month
period.
6.
On 31 December 2008, outstanding salaries amounted to RM1,200.
7.
The owner of D'Fishing Mart withdrew RM100 cash on 24 December 2008 but had
totally forgotten to record the transaction.
8.
Rental amounting to RM800 for the month of January 2009 was received on 30
December 2008.
Required:
a)
Income Statement for the year ended 31 December 2008.
(14 marks)
b)
Balance Sheet as at 31 December 2008.
(11 marks)
(Use vertical presentation for both statements and round up the figures to the nearest
ringgit)
(Total: 25 marks)
QUESTION 3
A.
Below is the extracted information from the trial balance for Sassy Sdn Bhd for the
year ended 31 December 2008.
Particulars
Rent Received
Salaries
Utilities
Insurance
RM
10,000
8,000
5,000
9,600
The following information is required for the adjustments to Sassy Sdn Bhd's
accounts for the year ended 31 December 2008.
1.
Salaries for the workers amounting to RM3.000 are still outstanding.
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2.
Insurance expenses was for the period from 1/2/2008 until 31/1/2009.
3.
At the end of the accounting period, Sassy Sdn Bhd had not received rent
amounting to RM2,000.
4.
Utility bill still outstanding amounts to RM300.
Required:
a)
Prepare the journal entries for all the adjustments above.
(4 marks)
b)
B.
Provide an extract of Income Statement and a Balance Sheet for the year
ended 31 December 2008.
(4 marks)
The following information is extracted from the books of Aisha Husna Trading.
Type of
Assets
Cost of
Assets
Office
Equipment
Machinery
RM10.000
Net Book
Value as at
31.12.2007
RM8,500
RM46.000
RM25.000
Method of
Depreciation
Rate of
Depreciation
Straight Line
10%
Reducing
Balance
15%
During the year 2008, additional assets purchased were as follows:
Assets
Office Equipment
Machinery
Cost of Purchase
RM26.000
RM42.000
All purchases were made on cash basis.
1.
You are required to prepare the following accounts for the year ended 31
December 2008:
a)
b)
c)
2.
Office Equipment and Machinery accounts.
Accumulated Depreciation Accounts for each non-current asset.
Balance Sheet (extract) as at 31 December 2008.
(10 marks)
State two (2) causes of depreciation.
(2 marks)
(Total: 20 marks)
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QUESTION 4
On 10 January 2009, Hairul Trading received the monthly bank statement for the month
ended 31 December 2008. The bank statement contained the following details:
Date
1 Dec
10 Dec
12 Dec
12 Dec
13 Dec
15 Dec
16 Dec
18 Dec
19 Dec
19 Dec
20 Dec
20 Dec
21 Dec
25 Dec
30 Dec
30 Dec
30 Dec
31 Dec
Bank Islam B hd
Bank Statement as at 31 December 2008
Credit
Description
Cheque No
Debit
(RM)
(RM)
Opening Balance
100.00
Deposit
1,221.00
Deposit
Cheque
181178
250.00
Cheque
200.00
181180
1,000.00
Deposit
Cheque
2,500.00
181182
150.00
Credit Transfer
100.00
Dividend
Deposit
200.00
Deposit
121.00
Cheque
960.00
181181
Cheque
500.00
181183
Dishonoured Cheque
200.00
Standing Order
210.00
Charges
10.00
Interest
25.00
Direct Debit
100.00
Balance
(RM)
2,031.00 CR
2,131.00 CR
3,352.00 CR
3,102.00 CR
2,902.00 CR
3,902.00 CR
1,402.00 CR
1,552.00 CR
1,652.00 CR
1,852.00 CR
1,973.00 CR
1,013.00 CR
513.00 CR
313.00 CR
103.00 CR
93.00 CR
68.00 CR
(32.00) DR
The following were also extracted from the books of Hairul Trading.
Date
2008
Dec
1
8
12
15
17
25
30
30
31
Particulars
Balance b/d
Anis
Hajwings Bhd
Irfan
Zana
Hajwings Bhd
Annusyrah
Sdn Bhd
Sales
Balance c/d
Amount
(RM)
2,031.00
100.00
1,221.00
1,000.00
200.00
1,200.00
90.00
Cash Book
Particulars
Date
2008
Dec
1
4
6
10
12
18
19
250.00 28
1,489.00
7,581.00
© Hak Cipta Universiti Teknologi MARA
Cheque
No.
Amount
(RM)
Penguin Bhd
Purchases
Penguin Bhd
Stationaries
Purchases
Telephone
Sales
181178
181179
181180
181181
181182
181183
472831
250.00
1,320.00
200.00
690.00
2,500.00
500.00
121.00
Wages
181184
2,000.00
7,581.00
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Additional information:
i.
The transactions recorded by the bank are deemed correct.
ii.
On 10 Dec 2008, the business had wrongly recorded a cheque for RM960 paid for
stationeries as RM690.
iii.
On 19 Dec 2008, cash sales worth RM121 was wrongly recorded as payment in the
cash book.
You are required to:
a)
Update the Cash Book.
(10 marks)
b)
Prepare the Bank Reconciliation Statement as at 31 December 2008.
(6 marks)
(Total: 16 marks)
QUESTION 5
The summarized Income Statement for the year ended 31 December 2008 and the Balance
Sheet as at 31 December 2008 for Huzai Trading were as follows:
HUZAI TRADING
Income Statement for the year ended 31 December 2008
RM
RM
220,000
Sales
Less: Cost Of Goods Sold
Opening stock
26,000
Add: Purchase
150,000
176,000
Less: Closing Stock
14,000
190,000
Gross profit
30,000
Expenses
19,000
Net profit
11,000
HUZAI TRADING
Balance Sheet as at 31 December 2008
RM
Non Current Asset
Current Asset
Inventory
Accounts Receivable
Cash
© Hak Cipta Universiti Teknologi MARA
14,000
10,000
8,000
RM
60,000
32,000
92,000
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Owner's Equity
Capital
Net Profit
60,000
11,000
71,000
Non Current Liabilities
Loan
Current Liabilities
Accounts Payable
12,000
9,000
92,000
Required:
a)
Calculate and comment on the following ratios for Huzai Trading:
i.
ii.
v.
Acid test ratio
Net profit margin
Stock turnover
Return on investment.
(11 marks)
b)
Explain why these users need financial accounting information:
Managers
Owner
Creditors.
(3 marks)
(Total: 14 marks)
END OF QUESTION PAPER
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CONFIDENTIAL
UNIVERSITI TEKNOLOGI MARA
FINAL EXAMINATION
COURSE
ACCOUNTING / FINANCIAL ACCOUNTING I /
ACCOUNTING I / INTRODUCTION TO
ACCOUNTING I / FINANCIAL ACCOUNTING
COURSE CODE
ACC100/105/107/111/114/115
EXAMINATION
APRIL 2009
TIME
3 HOURS
INSTRUCTIONS TO CANDIDATES
1.
This question paper consists of two (2) parts :
PART A (10 Questions)
PART B (5 Questions)
2.
3.
4.
Answer ALL questions from all two (2) parts :
i) Answer PART A in the Objective Answer Sheet.
ii) Answer PART B in the Answer Booklet. Start each answer on a new page.
Do not bring any material into the examination room unless permission is given by the
invigilator.
Please check to make sure that this examination pack consists of:
i)
ii)
iii)
the Question Paper
an Answer Booklet - provided by the Faculty
an Objective Answer Sheet - provided by the Faculty
DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO
This examination paper consists of 11 printed pages
© Hak Cipta Universiti Teknologi MARA
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CONFIDENTIAL
2
AC/APR 2009/ACC100/105/107/
111/114/115
PART A
This part consists of 10 multiple choice questions. Choose the most suitable answer
and shade the corresponding alphabet representing the answer in the multiple choice
answer sheets provided.
1.
The accounting process involves all of the following except:
a.
b.
c.
d.
2.
identifying economic transactions that are relevant to the business.
communicating financial information to users by preparing financial reports.
recording non quantifiable economic events.
analyzing and interpreting financial reports.
(1 mark)
Total assets at the end of the period were RM325.000 and liabilities were 40% of
owner's equity. Determine owner's equity at the end of the period.
a.
b.
c.
d.
RM232.143
RM130,000
RM455,000
RM195,000
(1 mark)
3.
An investment by the owner in a building valued at RM200.000 with a RM55.000
outstanding mortgage into a business entity would:
a.
b.
c.
d.
increase owner's equity RM200,000
increase total assets RM255.000
decrease liabilities RM55.000
increase owner's equity RM145.000
(1 mark)
4.
The entry to record the receipt of RM650 on account for services previously rendered
would be:
a.
b.
c.
d.
Dr Account receivables
Cr Service Revenue
Dr Service Revenue
Cr Account receivable
Dr Cash
Cr Account payable
Dr Cash
Cr Account receivable
650
650
650
650
650
650
650
650
(1 mark)
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5.
Which of the following statements is false?
a.
b.
c.
d.
6.
A trial
A trial
A trial
A trial
balance
balance
balance
balance
provides a check on the equality of debits and credits.
is a list of all accounts in the ledger with their balances.
proves no error was made during the accounting process.
may be taken at any time if the postings are up to date.
(1 mark)
A check drawn by the business for RM205 in payment of a liability was recorded in
the journal as RM502. This item would be included in the bank reconciliation as a/an:
a.
b.
c.
d.
deduction by the bank.
addition by the bank.
deduction by the business.
addition by the business.
(1 mark)
7.
Which of the following items used to reconcile cash does not require an adjusting
entry?
a.
b.
c.
d.
bank service charge.
interest earned.
note collected by the bank.
unaccredited deposit.
(1 mark)
8.
The assumption that states that the activities of each company be kept separate from
the activities of its owners and all other companies is the
.
a.
b.
c.
d.
economic entity assumption.
going concern assumption.
monetary unit assumption.
time period assumption.
(1 mark)
9.
The going concern assumption assumes that the business:
a.
b.
c.
d.
will be liquidated in the near future.
will be purchased by another business.
is in a growth industry.
will continue in operation long enough to carry out its existing objectives and
commitments.
(1 mark)
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10.
An accountant has debited an asset account for RM1.000 and credited a liability
account for RM500. What can be done to complete the recording of the transaction?
a.
b.
c.
d.
Nothing further must be done.
Debit owner's equity account for RM500.
Debit another asset account for RM500.
Credit a different asset account for RM500.
(1 mark)
(Total: 10 marks)
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PARTB
QUESTION 1
The following transactions occurred during the month of January 2008 for Star Enterprise.
2008
January
I
Purchased goods on credit from Musa Enterprise at list price RM3.000,
less 10% discount
3
Sold goods on credit to Mimi worth RM2.500
5
Purchased goods on credit from Syarikat Maju amounting to RM4.000
7
Returned goods worth RM500 to Musa Enterprise because their goods
were defective
II
Sold goods on credit to Munah Enterprise at list price RM1,000, less 10%
trade discount
13
Mimi returned goods worth RM450
19
Munah returned damaged goods worth RM200
Required:
a)
Record the above transactions into the following journals:
i)
ii)
iii)
iv)
b)
Purchases Journal
Sales Journal
Return Inwards Journal
Return outwards Journal.
(11 marks)
State the source document for each of the above journals.
(4 marks)
(Total: 15 marks)
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QUESTION 2
D'Fishing Mart sells fishing accessories and fishing gear products. The following balances
were extracted from the books of D'Fishing Mart as at 31 December 2008:
Sales
Purchases
Capital
Bank
Cash
Motor Vehicles
5% 18-month Fixed deposit
Inventory as at 1 Jan 2008
CIMB Loan
Rental Received
Interest expenses
Allowance for Doubtful Debt
Accounts receivable
Accounts payable
Carriage outwards
Carriage inwards
Salaries
Motor Vehicles Expenses
Discount Allowed
Discount Received
Stationeries
Utilities
Drawings
Returns Outward
Returns Inward
Office Equipment
General Expenses
Premises
Accumulated Depreciation:
Motor Vehicles
Office Equipment
RM
265,000
115,600
215,100
55,800
2,470
96,000
50,000
22,500
40,000
10,400
1,280
610
21,500
35,400
3,950
1,200
78,000
2,700
570
1,960
800
8,460
580
800
150
25,000
7,007
120,000
38,400
5,897
The following information is to be taken into consideration:
1.
Inventory as at 31 December 2008 is RM38,500.
2.
The Fixed Deposit account was opened on 1 July 2008 and dividend is at 5% per
annum.
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3.
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Depreciation are to be provided as follows:
i.
ii.
Motor Vehicles is to be depreciated at 10% per annum using straight line
method,
Office Equipment is to be depreciated at 7% per annum on net book value.
4.
Allowance for doubtful debt was to be adjusted to 3% on net balance of accounts
receivable.
5.
Motor Vehicles expenses included RM2.400 for motor vehicle insurance and RM300
for road tax. Both were renewed on 1 September 2008 and covered a 12-month
period.
6.
On 31 December 2008, outstanding salaries amounted to RM1,200.
7.
The owner of D'Fishing Mart withdrew RM100 cash on 24 December 2008 but had
totally forgotten to record the transaction.
8.
Rental amounting to RM800 for the month of January 2009 was received on 30
December 2008.
Required:
a)
Income Statement for the year ended 31 December 2008.
(14 marks)
b)
Balance Sheet as at 31 December 2008.
(11 marks)
(Use vertical presentation for both statements and round up the figures to the nearest
ringgit)
(Total: 25 marks)
QUESTION 3
A.
Below is the extracted information from the trial balance for Sassy Sdn Bhd for the
year ended 31 December 2008.
Particulars
Rent Received
Salaries
Utilities
Insurance
RM
10,000
8,000
5,000
9,600
The following information is required for the adjustments to Sassy Sdn Bhd's
accounts for the year ended 31 December 2008.
1.
Salaries for the workers amounting to RM3.000 are still outstanding.
© Hak Cipta Universiti Teknologi MARA
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2.
Insurance expenses was for the period from 1/2/2008 until 31/1/2009.
3.
At the end of the accounting period, Sassy Sdn Bhd had not received rent
amounting to RM2,000.
4.
Utility bill still outstanding amounts to RM300.
Required:
a)
Prepare the journal entries for all the adjustments above.
(4 marks)
b)
B.
Provide an extract of Income Statement and a Balance Sheet for the year
ended 31 December 2008.
(4 marks)
The following information is extracted from the books of Aisha Husna Trading.
Type of
Assets
Cost of
Assets
Office
Equipment
Machinery
RM10.000
Net Book
Value as at
31.12.2007
RM8,500
RM46.000
RM25.000
Method of
Depreciation
Rate of
Depreciation
Straight Line
10%
Reducing
Balance
15%
During the year 2008, additional assets purchased were as follows:
Assets
Office Equipment
Machinery
Cost of Purchase
RM26.000
RM42.000
All purchases were made on cash basis.
1.
You are required to prepare the following accounts for the year ended 31
December 2008:
a)
b)
c)
2.
Office Equipment and Machinery accounts.
Accumulated Depreciation Accounts for each non-current asset.
Balance Sheet (extract) as at 31 December 2008.
(10 marks)
State two (2) causes of depreciation.
(2 marks)
(Total: 20 marks)
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QUESTION 4
On 10 January 2009, Hairul Trading received the monthly bank statement for the month
ended 31 December 2008. The bank statement contained the following details:
Date
1 Dec
10 Dec
12 Dec
12 Dec
13 Dec
15 Dec
16 Dec
18 Dec
19 Dec
19 Dec
20 Dec
20 Dec
21 Dec
25 Dec
30 Dec
30 Dec
30 Dec
31 Dec
Bank Islam B hd
Bank Statement as at 31 December 2008
Credit
Description
Cheque No
Debit
(RM)
(RM)
Opening Balance
100.00
Deposit
1,221.00
Deposit
Cheque
181178
250.00
Cheque
200.00
181180
1,000.00
Deposit
Cheque
2,500.00
181182
150.00
Credit Transfer
100.00
Dividend
Deposit
200.00
Deposit
121.00
Cheque
960.00
181181
Cheque
500.00
181183
Dishonoured Cheque
200.00
Standing Order
210.00
Charges
10.00
Interest
25.00
Direct Debit
100.00
Balance
(RM)
2,031.00 CR
2,131.00 CR
3,352.00 CR
3,102.00 CR
2,902.00 CR
3,902.00 CR
1,402.00 CR
1,552.00 CR
1,652.00 CR
1,852.00 CR
1,973.00 CR
1,013.00 CR
513.00 CR
313.00 CR
103.00 CR
93.00 CR
68.00 CR
(32.00) DR
The following were also extracted from the books of Hairul Trading.
Date
2008
Dec
1
8
12
15
17
25
30
30
31
Particulars
Balance b/d
Anis
Hajwings Bhd
Irfan
Zana
Hajwings Bhd
Annusyrah
Sdn Bhd
Sales
Balance c/d
Amount
(RM)
2,031.00
100.00
1,221.00
1,000.00
200.00
1,200.00
90.00
Cash Book
Particulars
Date
2008
Dec
1
4
6
10
12
18
19
250.00 28
1,489.00
7,581.00
© Hak Cipta Universiti Teknologi MARA
Cheque
No.
Amount
(RM)
Penguin Bhd
Purchases
Penguin Bhd
Stationaries
Purchases
Telephone
Sales
181178
181179
181180
181181
181182
181183
472831
250.00
1,320.00
200.00
690.00
2,500.00
500.00
121.00
Wages
181184
2,000.00
7,581.00
CONFIDENTIAL
CONFIDENTIAL
10
AC/APR 2009/ACC100/105/107/
111/114/115
Additional information:
i.
The transactions recorded by the bank are deemed correct.
ii.
On 10 Dec 2008, the business had wrongly recorded a cheque for RM960 paid for
stationeries as RM690.
iii.
On 19 Dec 2008, cash sales worth RM121 was wrongly recorded as payment in the
cash book.
You are required to:
a)
Update the Cash Book.
(10 marks)
b)
Prepare the Bank Reconciliation Statement as at 31 December 2008.
(6 marks)
(Total: 16 marks)
QUESTION 5
The summarized Income Statement for the year ended 31 December 2008 and the Balance
Sheet as at 31 December 2008 for Huzai Trading were as follows:
HUZAI TRADING
Income Statement for the year ended 31 December 2008
RM
RM
220,000
Sales
Less: Cost Of Goods Sold
Opening stock
26,000
Add: Purchase
150,000
176,000
Less: Closing Stock
14,000
190,000
Gross profit
30,000
Expenses
19,000
Net profit
11,000
HUZAI TRADING
Balance Sheet as at 31 December 2008
RM
Non Current Asset
Current Asset
Inventory
Accounts Receivable
Cash
© Hak Cipta Universiti Teknologi MARA
14,000
10,000
8,000
RM
60,000
32,000
92,000
CONFIDENTIAL
CONFIDENTIAL
11
AC/APR 2009/ACC100/105/107/
111/114/115
Owner's Equity
Capital
Net Profit
60,000
11,000
71,000
Non Current Liabilities
Loan
Current Liabilities
Accounts Payable
12,000
9,000
92,000
Required:
a)
Calculate and comment on the following ratios for Huzai Trading:
i.
ii.
v.
Acid test ratio
Net profit margin
Stock turnover
Return on investment.
(11 marks)
b)
Explain why these users need financial accounting information:
Managers
Owner
Creditors.
(3 marks)
(Total: 14 marks)
END OF QUESTION PAPER
© Hak Cipta Universiti Teknologi MARA
CONFIDENTIAL