Reference no: EM132939259
Problem 1: When will Company recognize Revenue and Expenses under Accruals concept?
(i) Expenses Incurred
(ii) Revenue Earned
(iii) Revenue Paid
(iv) Expenses Paid
(a) (ii) & (iv)
(b) (i) & (ii)
(c) (i), (ii) & (iv)
(d) (i), (ii), (iii) & (iv)
Problem 2: 2GC Sdn Bhd bought computer on account worth RM5,000. The next day 2GC pay the creditor in full. These transactions will:
(a) Increase assets & reduce assets
(b) Increase assets & increase liabilities
(c) Increase assets & reduce liabilities
(d) Reduce assets & reduce liabilities
Problem 3: Income tax expenses will reduce ________________.
(i) Shareholders capital
(ii) Net Profit
(iii) Assets
(v) Liabilities
(a) (i) & (ii)
(b) (i), (ii) & (iv)
(c) (ii), (iii) & (iv)
(d) (ii) & (iv)
Problem 4: Failure to prepare the "adjusting entries" for prepaid expenses will __________ and ____________ of the Company.
(a) Understate Net Income & Overstate Assets
(b) Overstate Net Income & Overstate Assets
(c) Understate Net Income & Understate Assets
(d) Overstate Net Income & Understate Assets
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