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Part A: 20 Multiple Choice Questions (Topic 4: Completing The Accounting Cycle)
Part A: 20 Multiple Choice Questions (Topic 4: Completing The Accounting Cycle)
1. An account that still has balance after closing entries have been journalized and posted is:
A. Service Revenue
B. Advertising expense
C. Prepaid Insurance
D. Depreciation expense
Exp: Semua akaun yg ada dalam Income statement atau ada income summary account kena tutup eg:
(Revenue, Fees Earned, Expenses). Jawapan C betul sebab akaun prepaid insurans akan ada balance if it
is accrued maksudnya belum guna lagi, and sebab dia asset, asset mana ada dlm income statement
A. Accrued expenses
B. Unearned revenue
C. Accumulated depreciation
D. All of the above
Exp: Dalam accounting cycle akan ada unadjusted trial balance, adjusted trial balance dan post closing
trial balance. Unadjusted trial balance akan wujud bg transaksi semasa pada bulan itu (cash, A/R,
Inventory, COGS, expenses, Dividends, Drawing and etc), Adjusted Trial Balance akan ada semua akaun
revenue, expenses dan akaun lain termasuk depreciation, prepaid, unearned dan juga drawing tapi akaun
expenses, revenue dan drawing akan tutup kat adjusted ni sbb dia takkan dibawa ke post closing trial
balance. Post closing trial balance takkan ada akaun revenue dan expenses dan akaun yg dah recognized
pada bulan itu sbb kita dah close akaun tu kat adjusted Trial Balance. So accrued expenses/account
payable is not expenses sbb tak jadi expenses sebenar kita, sama macam unearned revenue, selagi tak
guna selagi tak guna/ dah guna tapi ada bagi selagi tu dia akan wujud dalam post closing trial balance dan
akan dibawa ke balance sheet/SFP, accumulated depreciation pon sama.
Exp: Adjusting entries dibuat dalam soalan ni untuk recognized perbelanjaan pada bulan tu sbb ia
merupakan transaksi semasa pada bulan tersebut dan perbelanjaan yang kita buat bulan ini tidak akan
dibawa ke bulan depan
6. If the equipment account has a balance of RM24,500 and its accumulated depreciation account
has a balance of RM12,500, the book value of the equipment would be:
A. RM12,000
B. RM37,000
C. RM24,500
D. RM12,500
Exp: Book value nilai terkini sesebuah asset dah siap tolak depreciation
7. Which of the following accounts would be classified as a current asset on the balance sheet?
A. Accumulated depreciation
B. Land
C. Accounts receivable
D. Office equipment
Asset current : A/ R, Cash, Inventory Non-current : Asset yang tahan lebih dari setahun ( land, Office
Equipment)
8. Which of the following accounts would not be included in a post-closing trial balance?
A. Owner’s equity
B. Accumulated depreciation
C. Cash
UKAL1014 A172 TUTORIAL 2
D. Fees earned
Exp: Akaun revenue takkan ada waktu post closing sbb waktu buat statement of owner
equity dia dah jadi retain earnings.
9. Which of the following accounts in the Adjusted Trial Balance columns of the end-of-period
work sheet would be extended to the Balance Sheet columns?
A. Miscellaneous expense
B. Drawing
C. Rent revenue
D. Utilities expense
Exp: Revenue dan expenses takkan wujud sbb dah tutup waktu adjusted trial balance
10. Which of the following entries closes the owner’s drawing account at the end of the period?
A. Debit the income summary account, credit the drawing account
B. Debit the drawing account, credit the income summary account
C. Debit the owner’s capital account, credit the drawing account
D. Debit the drawing account, credit the owner’s capital account
Exp: Account yg akan tutup pada closing entries adalah akaun yang ada dalam Income statement (revenue
dan expenses). Walaupun drawing takde dalam income statement tapi kita kena tutup jugak akaun
drawing so kita akan Debit Owner Capital dan Credit Drawing Account (HAFAL!!!)
11. Which of the following accounts would not be closed to the income summary account at the end
of a period?
A. Wages expense
B. Rent expense
C. Fees earned
D. Accumulated depreciation
Exp: Closed revenue dan expenses sahaja accumulated depreciation account kita akan bawak ke bulan
depan.
12. If the estimated amount of depreciation on equipment for a period is RM3,500, the adjusting
entry to record depreciation would be:
A. Debit depreciation expense RM3,500 and credit accumulated depreciation RM3,500
B. Debit depreciation expense RM3,500 and credit equipment RM3,500
C. Debit accumulated depreciation RM3,500 and credit depreciation expense RM3,500
D. Debit equipment RM3,500 and credit depreciation expense RM3,500
Exp : HAFAL!!!
14. The following accounts appear in the Statement of Financial Position EXCEPT:
A. Building Account
B. Fees Earned Account
C. Loan Account
D. Owner’s Equity Account
Statement of financial Position adalah Balance Sheet Means Aset = Liabiliti + Owner Equity. So, no
revenue and expenses account. Also account yg kita dah tutup dalam adjusted trial balance
16. On 1st September 2017, AAN Enterprise purchased an insurance policy for theft, burglary and fire
by cash. The insurance expires on 31th August 2018. The journal entry on 1st September would
be:
A. RM20,270
B. RM25,920
C. RM13,520
D. RM31,550
A. Financial statements are prepared after the adjusting entries are posted
B. Financial statements are prepared before the adjusting entries are posted
C. Adjusting and closing entries are journalized before the financial statements are
prepared
D. Post-closing trial balance is prepared before the closing entries are posted
UKAL1014 A172 TUTORIAL 2
A. Because some costs expire with the passage of time and have not yet been
journalized
B. When the company's profits are below the budget
C. When expenses are recorded in the period in which they are incurred
D. When revenues are recorded in the period in which they are earned
Exp: Cth prepaid rent hujung bulan baru jadi expenses, baru kita journalized.
END OF QUESTIONS