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AC/OCT 2009/ACC100/105/107/
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UNIVERSITI TEKNOLOGI MARA
FINAL EXAMINATION

COURSE

ACCOUNTING / FINANCIAL ACCOUNTING 1/
ACCOUNTING 1 / INTRODUCTION TO
ACCOUNTING 1/ FINANCIAL ACCOUNTING

COURSE CODE

ACC100/105/107/111/114/115

EXAMINATION

OCTOBER 2009


TIME

3 HOURS

INSTRUCTIONS TO CANDIDATES
1.

This question paper consists of two (2) parts :

PART A (12 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 10 printed pages
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2


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AC/OCT 2009/ACC100/105/107/
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PART A
This section consists of 12 multiple-choice questions. Choose the most suitable
answer and shade the corresponding alphabets representing the answer in the
multiple choice answer sheet provided.
1.

Which of the following statement is correct?
a.
b.
c.
d.

Profits will reduce the capital
Profits has no effect on capital

Profits will increase the capital
Capital can only be derived from profit
(1 mark)

2.

Which type of business organization has a separate legal entity from its owners, and
the owners are not liable for the debts of business?
a.
b.
c.
d.

Sole Proprietor
Partnership
Limited Company
None of the above
(1 mark)

3.


A credit note received from a supplier should be recorded in the
a.
b.
c.
d.

Cash Receipt journal
General journal
Return Inwards journal
Return Outwards journal
(1 mark)

4.

Carriage inwards is charged to the trading account because
a.
b.
c.
d.


It is not part of the expenses
It is an expense connected with purchasing of goods
Carriage outwards is charged to the profit and loss account
It is not an item in the balance sheet
(1 mark)

5.

Which of the following can be considered as a capital expenditure?

iv.

Purchase price of machinery
cost of upgrading the machinery
cost of maintaining the machinery
installation cost of machinery

a.
b.

c.
d.

, ii and iii
, iii and iv
i, iii and iv
, ii and iv
(1 mark)

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6.

AC/OCT 2009/ACC100/105/107/
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A bank reconciliation statement is a statement
a.
b.
c.
d.

7.

3

Drawn up by the business to verify the cash book balance with the bank
statement balance
Drawn up by the bank to verify the cash book
Send by the bank when we have made an error
Send by the bank when the account is overdrawn
(1 mark)

Accounting requires the transactions to be recorded twice in the books of accounts
and this is related to the
a.

b.
c.
d.

Going concern concept
Duality concept
Entity concept
Historical Cost concept
(1 mark)

8.

If an expense has been incurred but not yet paid, which of the following statement is
true?
a.
b.
c.
d.

Expenses account need to be credited

Expenses account need to be debited
The expense accrued account need to be debited
The expense in advance account need to be debited
(1 mark)

9.

The best ratio to analyse the ability of the business to pay the debt is the
a.
b.
c.
d.

10.

Current ratio
Gross profit margin
Net profit margin
Quick ratio


(1 mark)
When purchase of a fixed asset worth RM500 is mistakenly added to the purchases
account instead of the non-current asset account, the effect is:a.
b.
c.
d.

Both gross and net profits will be understated
Both gross and net profits will be overstated
Net profit only would be overstated
Net profit only will be understated
(1 mark)

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11.

4

AC/OCT 2009/ACC100/105/107/
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Given the opening capital of RM35.500, closing capital as RM68.800 and drawings
as RM2.500, the resulting effect on the Income Statement is:
a.
b.
c.
d.

Profit for the year is RM30.800
Loss for the year is RM30.800
Profit for the year is RM35.800
Loss for the year is RM35.800
(1 mark)

12.

Ahmad purchased some goods on credit and was given 5% trade discount. The
purchase invoice stated a credit term of 5/10 net 30. If Ahmad's total purchase
amounted to RM25.600, and he paid within the credit term period, the amount of
Ahmad's cheque will be
a.
b.
c.
d.

RM24.320
RM23.104
RM21.888
RM17.024
(1 mark)
(Total: 12 marks)

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AC/OCT 2009/ACC100/105/107/
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PARTB
QUESTION 1
The following Trial Balance was extracted from the books of MaizatuI Enterprise as at 31
December 2008.

Purchases and Sales
Return Inwards & Return Outwards
Carriage expenses
Accounts Receivable & Accounts Payable
Fixtures and Fittings
Land and Building
Motor Vehicles
Ace. Depreciation as at 1 January 2008
Fixtures and Fittings
Motor Vehicles
10% loan from CIB Bank
Duty on purchases
Utilities
Insurance
Salary and Wages
10% Fixed Deposit
Bad Debt
General Expenses
Cash
Bank
Inventory as at 1 January 2008
Commissions
Discount Allowed & Discount Received
Interest on loan
Drawings
Allowance for Doubtful Debts
Allowance for Discount Allowable
Capital

DEBIT
(RM)
175,000
2,500
7,250
34,000
25,500
250,000
150,000

22,500

10,650
54,000
230,000
2,200
1,500
7,800
24,000
11,000
2,600
4,200
7,400
42,250
56,000
3,500
2,500
1,200
4,000

814,400

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CREDIT
(RM)
282,500
1,650

6,200
3,150

2,250
1,500
200,000
814,400

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Additional information:
a.

Inventory as at 31 December 2008 was RM30.000.

b.

The owner took goods worth RM1,500 and cash RM1,000 for her personal use.

c.

The following expenses are still outstanding as at 31 December 2008
General Expenses
Utilities

RM600
RM250

d.

Included in carriage expenses is carriage inwards amounting to RM1,250.

e.

One of the employees was given an advance salary of RM500 and no record has
been made in the account.

f.

One of the debtors owing an amount of RM560 was declared bankrupt and the
amount has to be written off as bad debt.

g.

Depreciation for the year are to be provided as follows:
Fixtures and Fittings
Motor Vehicles

10% on Cost
20% on Net Book Value

h.

Fixed Deposit was invested on 1 July 2008. The half year interest received was not
yet recorded in the book of accounts.

i.

Allowance for doubtful debt is estimated at 5% of the total outstanding of account
receivables. Allowance for discount allowable is to be increased to RM2,000 at the
end of 2008.

j.

During the year, the owner contribute additional RM10,000 cash.

You are required to prepare:
a)

Income Statement for the year ended 31 December 2008.

b)

Balance Sheet as at 31 December 2008.
(Total: 30 marks)

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AC/OCT 2009/ACC100/105/107/
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7

QUESTION 2
A.

Identify the following accounting terms with the statements below:
Capital Expenditure
Revenue Expenditure
Entity Concept

B.

Consistency Concept
Materiality Concept
Matching Concept

Intangible asset
Discount Allowed
Discount Received

1.

Expenses involve in running day to day business operation such as
administrative expenses and office expenses.

2.

A deduction from the amount due given to customers who settled their
accounts within the time allowed.

3.

In preparing the financial reports, the same accounting method should be
applied in each accounting period.

4.

An asset which has value but no physical existence such as reputation of the
business and skill of the staff.

5.

Expenses incurred in buying the non-current asset and adding value to it and
making it ready to use.

6.

Expenses incurred are matched with the revenue earned for a given period to
determine the net profit of that period.
(6 marks)

Encik Kamarul, a sole proprietor, started his trading business on 1 March 2009. You
are required to record the transactions below in the following format.
Example: Encik Kamarul contributes RM30,000 cash to start the business
Date
1/3/09

Account to be Debited
Cash

Account to be Credited
Capital

March
2

Opened a business current account at CIB Bank and banked in RM29.000
cash.

3

En. Kamarul brought his van and a computer worth RM40.000 and RM2.500
respectively into the business.

4

Purchased office equipment RM6.000 from YPK Sdn. Bhd. and paid half by
cheque and the other half is still owing.

5

CIB Bank approved a loan for RM20.000 and directly credited the amount into
the business bank account.

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8

AC/OCT 2009/ACC100/105/107/
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7

Purchased some goods amounted to RM3.500 and paid by cheque.

9

Noni, a customer bought some goods worth RM2,500 and paid cash
RM1.500. The balance will be paid next month.

12

En. Kamarul took some goods worth RM450 to give to the charity club
and cash RM500 for his personal used.

15

Paid the amount owing to YPK Sdn Bhd in full by cheque.
(10 marks)
(Total: 16 marks)

QUESTION 3
Sukahati Enterprise closes its accounts at 30 June every year. Below is the information
regarding Account Receivables, Allowance for Doubtful Debts and Allowance for Discount
Allowable.
Year Ended: 30 June
Outstanding Account receivables balance ( before
deducting bad debts)
Allowance for Doubtful Debt
Allowance for Discount Allowable
Bad debts not yet deducted

2008
96,680

2009
56,450

6%
3%
1,680

4%
2%
450

The following is the additional information given as at 1 July 2007:
Allowance for Doubtful Debts amounted to RM3.220.
Allowance for Discount Allowable amounted to RM1,850.
You are required to prepare :
i.
ii.
iii.

Allowance for Doubtful Debt account
Allowance for Discount Allowable account
Extract of the Balance Sheet as at 30 June 2008 and 30 June 2009

(Note: Round up your answer to the nearest figure)
(Total: 20 marks)

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AC/OCT 2009/ACC100/105/107/
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QUESTION 4
Below is the information appearing on 31 December 2008 that has been extracted from an
enterprise.
Sales
Expenses
Revenue
Current liability
Current asset excluding stock

RM350.000
RM45.000
RM28.000
RM30.000
RM54.500

Additional information:
Sales return is 10% of total sales
Cost of sales is 25% of net sales
Stock turnover ratio is 5 times
Opening stock is RM20.000
Using the above information, calculate:
i.
ii.
iii.
iv.

Gross Profit Ratio
Net Profit Ratio
Closing stock
Current Ratio
(Total: 8 marks)

QUESTION 5
In the early month of May 2009, Cepat Kaya Enterprise received the bank statement from
Commercial Bank Berhad. The newly appointed account clerk found that the Cash Book
balance did not tally with the Bank Statement balance. He seeks your advice and provides
you with the following information:
Cash Book (Bank Column Only)
Date

Details

1 Apr
2 Apr
10 Apr
15 Apr
17 Apr
22 Apr
25 Apr
28 Apr

Balance b/d
Sales
Sales
Sales
Sales
Sales
Sales
Sales
Total

RM

Date
10,654.00 1 Apr
3,784.00 2 Apr
9,995.00 5 Apr
4,945.50 8 Apr
5,608.00 12 Apr
4,266.60 14 Apr
4,500.00 30 Apr
2,355.00 30 Apr
46,108.10

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Details
Purchases
Telephone
Purchases
Rental
Purchases
Salary
Purchases
Balance c/d
Total

Cheque No
412330
412331
412332
412333
412334
412335
412336

RM
1,421.40
477.64
3,560.42
1,500.00
2,500.00
3,000.00
1,050.00
32,598.64
46,108.10

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AC/OCT 2009/ACC100/105/107/
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Commercial Bank Berhad
Statement as at 30 April 2009
Date
1 Apr
5 Apr
8 Apr
9 Apr
10Apr
12Apr
14 Apr
16 Apr
18 Apr
20 Apr
23 Apr
25 Apr
26 Apr
26 Apr
27 Apr
30 Apr

Description
Balance b/d
412330
Cheque Cleared
412332
Bank Charges
412331
Cheque Cleared
412335
Standing Order
Cheque Cleared
412336
Cheque Cleared
Cheque Cleared
Cheque Returned
Interest Credited
Dividend

Debit (RM)

Credit (RM)

1,421.40
3,784.00
3,560.42
30.00
477.64
4,945.50
3,000.00
650.00
9,995.00
1,055.00
5,608.00
4,266.60
4,266.60
608.00
412.00

Balance (RM)
10,654.00
9,232.60
13,016.60
9,456.18
9,426.18
8,948.54
13,894.04
10,894.04
10,244.04
20,239.04
19,184.04
24,792.04
29,058.64
24,792.04
25,400.04
25,812.04

While doing the checking, you found the following error:
i.

Payment to creditor (cheque no 412336) amounted to RM1.055.00 was wrongly
recorded in the Cash Book as RM1,050.00.

You are required to prepare:
a)

An Updated Cash Book (Bank Column).

b)

The Bank Reconciliation Statement for Cepat Kaya Enterprise as at 30 April 2009.
(Total: 14 marks)

END OF QUESTION PAPER

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