Introduction To Princple Financial Accounting PDF

STUDENT IDENTIFICATION NO
MULTIMEDIA COLLEGE
JALAN GURNEY KIRI
54100 KUALA LUMPUR
FIRST, SECOND SEMESTER FINAL EXAMINATION, 2014/2015 SESSION
FIN2173 – INTRODUCTION TO PRINCPLE FINANCIAL

ACCOUNTING
DMGA-E-F-1/14, DMGA-E-F-2/14, DMGT-E-F-2/14, DMGW-E-F-1/14,

DMGW-E-F-2/14, DMGQ-E-F-2/14, DMGQ-E-F-1/14,
DMGS-E-F1-/14, DMGS-E-F-2/14
24 SEPTEMBER 2014
9.00 AM – 11.00 PM
(2 HOURS)
INSTRUCTION TO STUDENT
1. This Examination paper has ELEVEN (11) printed pages.
2. This question paper consists of THREE (3) sections.

Section A : Answer ALL questions.
Section B : Answer FOUR (4) questions ONLY.
Section C : Answer TWO (2) questions ONLY.
3. Please write all your answers in the Answer Booklet provided.

FIN 2173 INTRODUCTION TO PRINCIPLE OF FINANCIAL ACCOUNTING 24 SEPTEMBER 2014
SECTION A : OBJECTIVE QUESTIONS - (10 MARKS)

INSTRUCTION : ANSWER ALL QUESTIONS.
1. The user of accounting information included below, EXCEPTS:

A. student
B. investor
C. creditor
D. manager
2. Which of the following equation properly represents a derivation of fundamental

accounting equation?
A. Asset + liabilities = owners equity
B. Assets = owners’ equity
C. Cash = assets
D. Assets = Liabilities + owners equity
3. Which of the following would NOT be included on balance sheet?

A. Accounts Receivable
B. Account Payable
C. Sales
D. Cash
4. Which of these items would be accounted for as expenses?

A. Repayment of bank loan
B. Dividends to stockholder
C. The purchase of land
D. Payment of the current period rent
Continued…
MS/CF/HI/LD/WSN Page 2 of 11
5. J&J Corporation provided the following information about its balance sheet:
J&J Corporation
Cash 500
Account receivable 500
Account payable 200
Bank loan 1000
Stockholder equity 700
Based on the information provided, how much are J&J liabilities?

A. RM 200
B. RM 900
C. RM 1,200
D. RM 1,700
6. Which of the following is fixed asset?

A. Van
B. Account Receivable
C. Bank
D. Stock
7. Wan Lee makes out a cheque for RM 50.00 to pay her debt to Miss Young. Wan Lee is
known as
A. the drawer
B. the debtor
C. the banker
D. the creditor
Continued…
8. Which of the following best describe an income statement?

A. It is special account
B. Show all the entries in the book
C. It is a list of balance of the book
D. Show the business profit and loss
9. Capital is often called as :

A. Money
B. Liabilities
C. Assets
D. Owner Equity
10. Net profit =

A. Sales + Cost of goods sold
B. Assets + Liabilities
C. Revenue - Expenses
D. Sales – Cost of goods sold
Continued…
SECTION B : STRUCTURED QUESTIONS – (40 MARKS)

INSTRUCTION : ANSWER ALL QUESTION
Question 1
a) State FOUR(4) steps in the accounting process.
(4 Marks)
b)
Users Examples
1)
Internal Users 2)
3)
1)
External Users 2)
3)
(6 Marks)
Continued…
Question 2
Complete the following table.
No Transaction Account to be Debit Account to be
Credited
1 Started a business with cash in

hand
2 Bought office stationeries’ by

cheque
3 Sold goods to Robert. Gave him

discount
4 Received a commission by cash for

a vehicle sold
5 Paid cash for maintenance cost
6 Returned goods to Patricia due to

packaging error
7 The owner withdrew goods and

cash from the bank for self use
8 Paid Zahidan by cash after a

discount
9 Paid electricity and water bill of by

cash
10 Paid premises rental by bank
(10 Marks)
Continued…
Question 3
Complete the gaps in the following table.
ASSET LIABILITY EQUITY
RM RM RM
a 2,000 4,000
b 6670 4740
c 12,590 8760
d 99,800 57,800
e 32,580 11,390
f 104,000 53,750
g 97,500 75,000
h 45,600 35,000
i 57,000 10,475
j 70,450 20,000
(10 Marks)
Continued…
Question 4
You are required to record the transactions below to the General Journal.
2014
April
1 Bought shop fixture on credit from Bayu Sdn Bhd RM 8,000

2 Bought machinery on credit from Teras Maju Bhd RM 18,000
4 Owner takes goods costing RM 1,600 from the business stock without paying for the
goods
6 A debt of RM 800 owing from Shamsul was written off as a bad debt.
9 some of the shop fixtures bought from Bayu Bhd RM1,200 worth are found to be
unsuitable and are returned to them.
10 Part of the telephone expenses including owner’s home telephone bill worth RM 280
12 Sale of stationary no longer required worth RM600 on credit to Salina.
15 Bought office equipment RM 1,300 on credit from Jebat Bhd.
(10 Marks)
Continued…
SECTION C : STRUCTURED QUESTIONS – (50 MARKS)

INSTRUCTION : ANSWER TWO (2) QUESTIONS ONLY
Question 1
Based on the following transaction, completing and balance off the double entry for the
month of May 2013
May
2013
1 Started in business with RM18,000 in the bank and RM 2,000 in cash

2 Purchase goods RM 580 on credit from D Monty
3 Bought fixture and fittings RM 2,300 paying by cheque.
5 Sold goods for cash RM 280
6 Bought goods on credit RM 650 from George.
10 Paid rent by cash RM 400
12 Bought stationary RM 90, paying by cash
18 Good returned to Maxwell RM 82
21 Received rent of RM 240 by cheque for sublet of corner space
23 Sold goods on credit to Field for RM 1,600
24 Bought a Van paying by cheque RM 8,200
(25 Marks)
Continued…
Question 2
From the following trial balance of Rizal Sdn.Bhd., prepare an income statement and
Financial Statement for the year ending 31 March 2012.
Rizal Sdn.Bhd.
Trial Balance as at 31 March 2012
Debit Credit
RM RM
Sales 210,420
Purchases 108,680
Inventory : 1 April 2012 9,410
Carriage outwards 1,115
Carriage Inwards 840
Return inward 4,900
Return outward 3,720
Salaries and wages 41,800
Motor expenses 912
Rent 6,800
Sundry expenses 318
Motor vehicles 14,400
Fixture and Fitting 912
Account Receivable 23,200
Account Payable 14,100
Continued…
Cash 4100
Bank 240
Drawing 29,440
Capital 18,827
247,067 247,067
Inventory at 31 March 2012 was RM 11,290
(25 Marks)
End of Page.

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STUDENT IDENTIFICATION NO

FIN2173 – INTRODUCTION TO PRINCPLE FINANCIAL

DMGA-E-F-1/14, DMGA-E-F-2/14, DMGT-E-F-2/14, DMGW-E-F-1/14,

2. This question paper consists of THREE (3) sections.

3. Please write all your answers in the Answer Booklet provided.

SECTION A : OBJECTIVE QUESTIONS - (10 MARKS)

1. The user of accounting information included below, EXCEPTS:

2. Which of the following equation properly represents a derivation of fundamental

3. Which of the following would NOT be included on balance sheet?

4. Which of these items would be accounted for as expenses?

Based on the information provided, how much are J&J liabilities?

6. Which of the following is fixed asset?

8. Which of the following best describe an income statement?

9. Capital is often called as :

10. Net profit =

SECTION B : STRUCTURED QUESTIONS – (40 MARKS)

a) State FOUR(4) steps in the accounting process.

1 Started a business with cash in

2 Bought office stationeries’ by

3 Sold goods to Robert. Gave him

4 Received a commission by cash for

5 Paid cash for maintenance cost

6 Returned goods to Patricia due to

7 The owner withdrew goods and

8 Paid Zahidan by cash after a

9 Paid electricity and water bill of by

10 Paid premises rental by bank

ASSET LIABILITY EQUITY

1 Bought shop fixture on credit from Bayu Sdn Bhd RM 8,000

SECTION C : STRUCTURED QUESTIONS – (50 MARKS)

1 Started in business with RM18,000 in the bank and RM 2,000 in cash

Inventory : 1 April 2012 9,410

Carriage outwards 1,115

Carriage Inwards 840

Return inward 4,900

Return outward 3,720

Salaries and wages 41,800

Motor expenses 912

Sundry expenses 318

Motor vehicles 14,400

Fixture and Fitting 912

Account Receivable 23,200

Account Payable 14,100

Inventory at 31 March 2012 was RM 11,290

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