BKAF 1023: INTRODUCTION TO FINANCIAL ACCOUNTING

A201 2020/2021
TUTORIAL 1 (TOPIC 1&2)
SUBMISSION DATE: 31 October 2020
THE ANSWER MUST BE HAND-WRITTEN

QUESTION 1

Discuss the role of accounting in business.

QUESTION 2

Explain the differences between the Malaysian Accounting Standard Boards (MASB)
and the Malaysian Institute of Accountant (MIA).

QUESTION 3

Below are the transaction for Sintokish Enterprise as October 2020:

Oct 1  Contributed RM30,000 of cash and RM20,000 of equipment to start the business.
Oct 3  Borrowed RM80,000 from the bank by signing a notes payable.
Oct 15  Purchased a van by paying cash for RM75,000.
Oct 17  Paid January rent of RM1,500 for the office space by credit.
Oct 22 Performed services for customers and received cash immediately for RM20,000.
Oct 23  Purchased RM600 in supplies on account.
Oct 25 Performed services for customers and will collect next month of RM123,000
Oct 26 Withdrew of cash RM700 and equipment RM300.
Oct 28 Paid RM1000 to the bank for notes payable.
Oct 30 Paid half of amount for Oct 23 transaction.

REQUIRED: Analyze the above transactions by preparing accounting equation for

Sintokish Enterprise.