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pin ACC1013/FINAL/MAY13 CONFIDENTIAL KOLEJ PROFESIONAL MARA SEMESTER FINAL EXAMINATION COURSE : FINANCIAL ACCOUNTING 1 COURSECODE : ACC 1013 EXAMINATION : MAY 2013 DURATION : 3 HOURS INSTRUCTIONS TO CANDIDATES . The time allowed for this examination is THREE HOURS. Nv . Candidates are required to answer ALL FIVE (5) questions. » . Candidates are advised to read each question carefully before attempting to answer. 4. Answers must be written in blue/black ink, must be clearly and correctly numbered but need not be in numerical order. However, each answer must begin on a new page. 5. Candidates may use calculators with no printouts, have no word display facilities, are silent and cordless. The steps taken in calculations must be shown in the answer booklet. 6. Marks may be lost by lack of neatness. DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO [This examination paper consists of 11 printed pages including the cover page] CONFIDENTIAL © Copyright of Higher Education Division QUESTION 1 (15 MARKS) Part A Write T for True or F for False for the following statements. 1. Revenue earned during an accounting period has to be matched with expenses associated with earning that revenue. 2. The process of identifying and recording business transactions is called book keeping. x Directors, managers and employees are internal users of accounting information. 4. Management accounting includes activities to gather and prepare information intended for management. 5. In historical cost principle, financial data must be recorded in the books of accounts at market value. [5 marks] 1 ACCLO13/FINAL/MAY2013 Part B Complete the following table by stating the account to be debited or credited. Transactions ‘Account | Account Debited _| Credited e.g | Commence business with cash Cash Capital T._| Paid postage by cash. 2._| Received rent by cheque. 3. | The owner took cash out of the business for paying his daughter's tuition fees. 4, | The business returned goods to a supplier. 5. | Sold goods on credit to Tunas Enterprise. 6. | Bought shop fixtures on credit. 7,_| Paid creditor, Eng Hoong Mart by cheque. 8. | New Bhd, returned goods to the business. 9. | Cash sales to Damia. 10. | Paid utilities by cash. [10 marks] [Total: 15 Marks] 2 ‘ACC1013/FINAL/MAY2013