Accounting Essay

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AC/JAN 2013/ACC418 CONFIDENTIAL UNIVERSITI TEKNOLOGI MARA FINAL EXAMINATION COURSE FINANCIAL ACCOUNTING COURSE CODE ACC418 EXAMINATION JANUARY 2013 TIME 3 HOURS INSTRUCTIONS TO CANDIDATES PART A (10 Questions) PART B (4 Questions) 1. This question paper consists of two (2) parts 2. Answer ALL questions in the Answer Booklet. Start each answer on a new page. 3. Do not bring any material into the examination room unless permission is given by the invigilator. 4. Please check to make sure that this examination pack consists of: i) ii) the Question Paper an Answer Booklet - provided by the Faculty DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO This examination paper consists of 9 printed pages © Hak Cipta Universiti Teknologi MARA CONFIDENTIAL CONFIDENTIAL AC/JAN 2013/ACC418 2 PART A This part consists of ten (10) multiple-choice questions. Choose the most suitable answer. 1. A listing of all the resources held by a business at the end of a given period of time would be found in the . a. b. c. d. Invoice book Balance sheet Income statement Cash receipts journal (1 mark) 2. When the owner of a business invested RM150,000 cash into the business, what is the effect to the business's basic accounting equation? ASSETS a. b. c. d. LIABILITIES CAPITAL Increased Decreased Increased Increased Decreased Unchanged Unchanged Increased Unchanged Decreased Increased Decreased (1 mark) What is the journal entry to record the amount of return inwards? a. b. c. d. Debit Account Receivables account, Credit Return Inwards account Debit Return Inwards account, Credit Account Receivables account Debit Sales account, credit Return Inwards account Debit Return Inwards account, Credit Sales account (1 mark) 4. "It is better to

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