Far200

Topics: Balance sheet, Accounts receivable, Generally Accepted Accounting Principles Pages: 10 (2236 words) Published: August 26, 2013
CONFIDENTIAL

AC/SEP 2011/FAR200/FAC200

UNIVERSITI TEKNOLOGI MARA FINAL EXAMINATION

COURSE COURSE CODE EXAMINATION TIME

FINANCIAL ACCOUNTING 3 FAR200/FAC200 SEPTEMBER 2011 3 HOURS

INSTRUCTIONS TO CANDIDATES This question paper consists of two (2) parts. PART A (9 Questions) PART B (4 Questions)

Answer ALL questions from ALL two (2) parts. i) ii) 3. 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

4.

DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO
This examination paper consists of 10 printed pages
© Hak Cipta Universiti Teknologi MARA

CONFIDENTIAL

CONFIDENTIAL PART A

2

AC/SEP 2011/FAR200/FAC200

This part consists of nine (9) multiple questions. Choose the most suitable answer and shade the corresponding alphabet representing the answer in the multiple choice answer sheet provided.

1.

Which of the following is not production overhead? a. b. c. d. Repairs and maintenance of machinery Wages paid to factory supervisor Cost of loose tools used Carriage inwards for raw materials purchased (1 mark)

2.

The balance on the Life Membership Account of a non-profit organization would be classified in the Statement of Financial Position (or Balance Sheet) under a. b. c. d. Non-Current Assets Current Assets Current Liability Non-Current Liability (1 mark)

3.

When the partnership is dissolved, the partners may take over certain assets belonging to the partnership at an agreed valuation. The double entry to record such transaction would be: a. b. c. d. Debit Debit Debit Debit Partners' Capital account and Credit Realization account Realization account and Credit Partners' Capital account Partners' account and Credit Bank account Bank account and Credit Realization account (1 mark)

4.

In the absence of any partnership agreement, the following would be applied in accordance with the Section 26 of the Partnership Act 1961: Profits or losses are to be shared equally No interest charged on capital No interest charged on drawings No interest charged on loan and iii , and iii ii and iv , iii and iv (1 mark)

i. ii. v. a. b. c. d.

© Hak Cipta Universiti Teknologi MARA

CONFIDENTIAL

CONFIDENTIAL Hire purchase price consists of a. b. c. d.

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AC/SEP 2011/FAR200/FAC200

Cash price and deposit Cash price, deposit and interest Total installments and deposit Total installments, deposit and interest (1 mark)

Calculate the cost of inventory of the finished goods if it is valued at market value of RM20,700 after considering 15% mark up on cost. a. b. c. d. RM18,000 RM3.105 RM2.700 RM17.595 (1 mark) The following information are relevant to Samarahan Club for the year ended 30 June 2011: Annual subscriptions received during the period Subscriptions in arrears on 1 July 2010 Subscriptions paid in advance 1 July 2010 Subscriptions in arrears on 30 June 2011 Subscriptions paid in advance 30 June 2011 RM11,250 RM 330 RM 480 RM 210 RM 570

Determine the amount of the annual subscriptions to be transferred to Income and Expenditure Account for the year ended 30 June 2011. a. b. c. d. RM11,940 RM11,750 RM11,040 RM10,080 (2 marks) Under a hire purchase agreement, which of the following accounts is NOT prepared in the buyer's books? a. b. c. d. Non-Current Asset Account Hire Purchase Creditor Account Hire Purchase Interest Expense Account Hire Purchase Debtor Account (1 mark)

© Hak Cipta Universiti Teknologi MARA

CONFIDENTIAL

CONFIDENTIAL 9.

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AC/SEP 2011/FAR200/FAC200

Which of the following is not included in the Head Office Current Account? a. b. c. d. Goods from Head Office (GFHO) Branch net profit Goods...
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