Reference no: EM132917237

Questions -

Q1. The following item appear as debit balance entries in the bank statement EXCEPT___________.

A. money deposit into the bank account

B. withdrawal of money from the bank account

C. an interest charged on amount overdrawn from bank

D. a standing order for payment of insurance premium

Q2. Kagami compared her Cash Book with her bank statement as at 28 February 2021. She extracted the following:

RM

i. Credit balance as per cash book 480

ii. Cheque not presented at the bank 150

iii. Receipts not credited by the bank 300

iv. Bank charges 10

v. Direct debit 200

The bank balance to be shown in the Statement of financial position as at 28 February 2021 should be _____________.

A. RM330 overdrawn

B. RM630 overdrawn

C. RM690 overdrawn

D. RM740 overdrawn

Q3. On 1 February 2020, Dominic owed his suppliers RM1,900. Dominic paid RM58,000 in cheque and RM500 in cash to his suppliers for the year ended 31 January 2021. The outstanding balance to his suppliers as at 31 January 2021 was RM3,200. What the credit purchase amount for the year?

A. RM59,300

B. RM59,800

C. RM61,700

D. RM60,400

Q4. "Assets acquired are recorded at their original purchase price and are subject to depreciation charges." Which accounting concept that best illustrate this statement?

A. going concern payment

B. matching concept

C. business entity concept

D. historical cost concept

Q5. Which of the following statements is TRUE?

A. Bad debts recovery shall be credited to the trade receivable account.

B. Inventory adjustments are required for window dressing purpose.

C. Cash discount is to encourage early payment.

D. A credit transfer is a withdrawal from the bank.