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AC/MAR 2012/ACC106/100/105/107/ 111/114/115/150

UNIVERSITI TEKNOLOGI MARA FINAL EXAMINATION

COURSE

INTRODUCTION TO FINANCIAL ACCOUNTING AND REPORTING / ACCOUNTING / FINANCIAL ACCOUNTING 1 / ACCOUNTING 1 / INTRODUCTION TO ACCOUNTING 1 / FINANCIAL ACCOUNTING / PRINCIPLES OF ACCOUNTING 1 ACC106/100/105/107/111/114/115/150 MARCH2012 3 HOURS

COURSE CODE EXAMINATION TIME

INSTRUCTIONS TO CANDIDATES 1. This question paper consists of two (2) parts PARTA(10Questions) PART B (4 Questions)

2.

Answer ALL questions from all two (2) parts : i) ii) Answer PART A in the Objective Answer Sheet. Answer PART B in the Answer Booklet. Start each answer on a new page.

Do not bring any material into the examination room unless permission is given by the invigilator. Please check to make sure that this examination pack consists of: i) ii) iii) the Question Paper an Answer Booklet - provided by the Faculty an Objective Answer Sheet - provided by the Faculty

DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO
This examination paper consists of 9 printed pages
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AC/MAR 2012/ACC106/100/105/107/ 111/114/115/150

PARTA This part consists of 10 multiple choice questions. Choose the most suitable answer and shade the corresponding aiphabet representing the correct answer in the multiple choice answer sheet provided. 1. Which of the following is considered an internal user of accounting information? a. b. c. d. Bank Business Owner Potential Investor Creditor (1 mark) 2. Which of the following is not considered a characteristic of a partnership? a. b. c. d. 3. Unlimited liability Profit sharing Limited liability Difficulty in raising capital (1 mark) Which of the following is TRUE? a. b. c. d. Revenue is an outflow of assets in exchange for goods and Services A debtor is a person or a business to which a debt is owed Balance sheet is a Statement that reflects the financial position of a business at a point of time Liabilities is a future value or resource owed by the business (1 mark)

4.

Accounting is defined as a process of below EXCEPT: a. b. c. d. Identifying Classifying Summarizing Recognizing (1 mark)

5.

Which of the following is NOT an accounting concept? a. b. c. d. Materiality Consistency Inadequacy Going concern (1 mark)

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AC/MAR 2012/ACC106/100/105/107/ 111/114/115/150

The business purchased a motor vehicie on credit from Juta Motor. To record the transaction, the business needs to . a. b. c. d. Debit Debit Debit Debit Juta Motor account, Credit Capital account Motor vehicie account, Credit Cash account Motor vehicie account, Credit Juta Motor account Capital account, Credit Motor vehicie account (1 mark) The Income Statement is prepared with the main purpose of: a. b. c. d. Showing period Showing Showing Showing the business Performance in terms of profit or loss for the current the values of assets and liabilities of the business the cash movements of the business all financial transactions entered into by the business (1 mark) Sales of goods on credit should be recorded in: a. b. c. d. Cash Payment Journal Sales Journal Purchases Journal Return Inwards Journal (1 mark) Petty Cash Book is used to record a. b. c. d. the the the the purchase of Motor Vehicie amount of Capital invested by the owner of the business numerous payments involving small amounts income received from Sales of Services or goods (1 mark) 10. Which of the following equation is incorrect? a. b. c. d. Assets + Liabilities + Revenues = Capital + Expenses Assets - Liabilities = Capital + Revenue - Expenses Liabilities + Capital = Assets + Expenses - Revenues Assets + Expenses - Capital = Liabilities + Revenues (1 mark) (Total: 10marks)

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AC/MAR 2012/ACC106/100/105/107/

111/114/115/150...
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