Professional Documents
Culture Documents
1. A new company was formed with the name of Syarikat Kelana Berhad. The word “Berhad” shown
in the name implied
A. Number of shareholders will only be limited to 50 people
B. Shares cannot be transferred to other parties
C. Shares cannot be bought and sold freely in the market
D. Shareholders have limited liabilities
2. Which of the followings were the difference between Tekno Bhd and Ali Trading?
Tekno Bhd Ali Trading
I Limited Liabilities Unlimited Liabilities
II Owned By Shareholders Own By Sole Trader
III Practice Single Entry Bookkeeping Practice Double Entry Bookkeeping
IV Business Runs By Shareholders Business Runs By Owner
A. I and II
B. I and IV
C. II and III
D. III and IV
4. As an ordinary shareholder, what are the right that the shareholder will have?
A. Right to receive fixed dividend payment
B. Right to receive dividend before preferred shareholders
C. Right to attend annual general meeting
D. Right to receive capital repayment before loan note holders
5. Bintang Sinar Bhd had authorised ordinary shares of 100,000 registered at price of RM2 per share.
The company decided to issue 20,000 ordinary shares to public at RM3 per share. 80% of ordinary
shares had been issued and fully paid. What is amount of share capital recorded in statement of
financial position?
A. RM32,000
B. RM40,000
C. RM48,000
D. RM60,000
6. What is the reward that will be awarded to shareholders when a company makes profit?
A. Bonus
B. Interest
C. Dividend
D. Net Profit
7. Syarikat Everday Bhd had issued and paid-up ordinary share of 1,500,000 units at par value of RM1
per share. As at 31 December 2021, the company had announced RM0.08 of final dividend per
ordinary share. Calculate the amount of final dividend to ordinary shareholders during the year.
A. RM30,000
B. RM120,000
C. RM150,000
D. RM1,500,000
8. BFF Bhd had the following shares capital which was issued and fully paid as at 1 January 2021:
On 30 June 2021, the board of directors of company had announced 8% of interim dividend on
ordinary shares. On 31 December 2021, a final divided on 5% on ordinary shares was proposed by
the board of directors. What is the amount that will be recorded in statement of change in equity
during the year?
A. RM40,000
B. RM61,000
C. RM101,000
D. RM151,000
9. ABC Bhd consists of the following structure which were issued and fully paid:
ABC Bhd decided to liquidate the company and after liquidation the company found out that it
had RM80,000 in hand. Which of the following statement is true?
A. RM80,000 will be divided equally among all the shareholders and loan notes holders
B. Only ordinary shareholders will be entitled to RM80,000 of capital repayment
C. Only preferred shareholders will be entitled to RM80,000 of capital repayment
D. Only loan notes holders will be entitled to RM80,000 of capital repayment
10. A company’s issued capital consists of RM50,000 in 8% preferred shares at RM1 each and
RM100,000 in ordinary shares at RM0.50 each. The company decided pay off all its profit as
dividend during the year ended 31 December 2021. The profit for the year of the company was
RM8,000 and the company had paid out interim ordinary share dividend of RM0.05 per share. What
is the amount of retained profit as at 1 January 2021?
A. RM5,000
B. RM6,000
C. RM7,000
D. RM8,000
11. The following figure shown the components of production cost of finished goods:
Direct Material Q
Direct Labour P
What is P and Q?
P Q
A. Direct Expenses Work-In-Progress
B. Prime Cost Direct Expenses
C. Factory Overhead Direct Expenses
D. Factory Overhead Work-In-Progress
12. The following was extracted from the books of Beauty Shoes Manufacturer.
Beauty Shoes Manufacturer
Manufacturing Account
For The Year Ended 31 December 2021
RM
Cost X 35,000
Cost Y 4,000
Prime Cost 39,000
RM
Inventory Of Raw Material, 1 January 2021 1,500
Purchases Of Raw Material 19,000
Purchases Of Finished Goods 7,000
Returns Outwards Of Raw Material 600
Returns Inwards 300
Duty Of Purchases Of Raw Material 2,100
Inventory Of Raw Material, 31 December 2021 1,800
16. Vivi Bread Manufacturer had its accounting year ends on 31 March 2021.
RM
Factory Insurance 6,000
Office Insurance 5,000
Factory General Expenses 3,200
Depreciation of Machinery 8,000
Depreciation of Office Equipment 7,000
Salaries For Factory Manager 19,500
Manufacturing Wages 20,600
Additional Information:
- 70% of building space was occupied by factory.
- Insurance was to be divided between factory and office in the ratio of 4:1
21. What is the effect of incomplete set of accounting record in the books of a sole trader?
I Business will earn profit
II Business will pay lower tax
III Business will face difficulty in ascertain profit of business
IV Business will have high risk of facing fraud
A. I and II
B. I and IV
C. II and III
D. III and IV
22. Which of the following equation was used to find net profit under capital comparison method?
A. Closing Capital + Drawings - Additional Capital - Opening Capital
B. Closing Capital - Drawings + Additional Capital + Opening Capital
C. Total Current Assets + Total Current Liabilities
D. Total Current Assets - Total Current Liabilities
23. Boon did not keep a proper accounting record. The followings had been provided:
Additional Information:
- Boon took goods amounting RM300 per month and took cash amounting RM200 per month for
personal use.
- Boon brought in a motor van RM16,000 into the business.
What is the net profit or net loss generated by Boon for the year ended 31 December 2021?
A. Net Profit RM4,100
B. Net Loss RM4,100
C. Net Profit RM15,900
D. Net Loss RM15,900
24. LWS Supermarket Enterprise did not keep a proper accounting record.
Calculate the net profit or net loss for LWS Supermarket Enterprise.
A. Net Loss RM4,075
B. Net Loss RM24,075
C. Net Profit RM4,075
D. Net Profit RM24,075
25. Which of the followings are the correct order when the financial statement are prepared according
to analysis of record method?
I Preparing Income Statement
II Preparing Statement Of Financial Position
III Performing Analysis On Income and Expenses
IV Determining Total Sales and Total Purchases
A. I → III → IV → II
B. III → IV → I → II
C. IV → III → I → II
D. II → IV → III → I
26. The following was extracted from Damai Enterprise.
1 January 2021 31 December 2021
RM RM
Trade Payable 3,220 3,860
Additional Information:
- Payment to trade creditors during the year 2021 was amounted to RM11,450.
- Cash purchases for the year 2021 amounted to RM5,670
27. Speed Sport Trading did not keep a proper accounting record. The following information had been
provided:
1 January 2021 31 December 2021
RM RM
Commission Income Owing 530 410
What is the amount of commission income received by Speed Sport Trading during the year ended
31 December 2021?
A. RM3,520
B. RM3,870
C. RM4,206
D. RM5,320
28. Petir Trading did not keep a proper accounting record. The following information had been
provided:
1 January 2021 31 December 2021
RM RM
Furniture (Carrying Amount) 75,000 65,000
Cash Book
2021 RM 2021 RM
Dec 31 Furniture 8,000 Dec 31 Furniture 23,000
Carrying amount of furniture disposed was amounted to RM7,100. Choose the correct matching.
Depreciation Of Furniture Disposal Of Furniture
A. RM25,000 Gain RM900
B. RM25,900 Loss RM900
C. RM25,900 Gain RM900
D. RM25,000 Loss RM900
29. Calculate the value of closing inventory in the situation below:
RM
Opening Inventory 13,600
Total Purchases 157,250
Total Sales 182,400
Drawings Of Goods 285
Mark-Up Of 25% On Cost
A. RM45,600
B. RM18,865
C. RM24,645
D. RM11,550
Goods were sold at margin of 20% on sales. What is the cost of inventory lost in the fire?
A. RM12,000
B. RM9,000
C. RM69,000
D. RM5,667
32. Which of the followings address the difference between Horizon Club and Hassan Store?
Horizon Club Hassan Store
I Prepare Drawings Account Do Not Prepare Drawings Account
II Determining Net Profit Determining Surplus
III Preparing Receipt and Payment Account Preparing Cash Book
IV Funds Received From Members Funds Received From Owner
A. I and II
B. I and IV
C. II and III
D. III and IV
33. The following was provided by Seri Setia Club:
34. Kajang Driving Society had the following information during the year ended 31 October 2021.
Subscription for the year ended 31 October 2019 that was uncollectable in the year 2021 will be
written off as irrecoverable.
Additional Information:
- Subscription in arrear as at 1 January 2019 was RM500 while subscription in arrear as at 31
December 2019 was amounted to RM300.
- Subscription for the year 2018 but uncollected in year 2019 was to be written off.
37. Pin Hwa Graduating Student Society held a charitable event to raise fund. Donation of RM15,600
had been collected in the event. One-third of the fund will be used to pay daily expenses of club
while the remaining was used to buy computers for school. Which of the following statement is
true?
A. RM5,200 will be regarded as capital receipt
B. RM5,200 will be recorded in accumulated fund of statement of financial position
C. RM10,400 will be regarded as capital receipt
D. RM10,400 will be recorded in accumulated fund of statement of financial position
39. Legacies amounted to RM20,000 was received by Boi Boi Society on 31 December 2021. The
legacies were to be spread as revenue item in the period of five years. Choose the correct entry.
Income Accumulated Fund
A. RM15,000 RM5,000
B. RM5,000 RM15,000
C. RM5,000 RM20,000
D. RM20,000 RM5,000
40. The following was extracted from the books of Sim Club for the year ended 31 December 2021.
RM
Subscription 7,890
General Expenses 450
Magazine Subscription Fees 2,300
Locker Rental Income 270
Secretarial Honorarium 500