Reference no: EM132939264

Problem 1: Chong's Brothers Sdn Bhd (CBSB) received RM5,000 from their debtors - Jennifer & Sisters Sdn Bhd (JSSB). These transactions will be recorded in the journals as?

(a) Dr CBSB and Cr JSSB

(b) Dr Bank and Cr JSSB

(c) Dr Bank and Cr CBSB

(d) Dr CBSB and Cr Debtors

Problem 2: Buy computers on credit to be sold to the company customers will be recorded as?

(a) Dr Purchases and Cr Bank

(b) Dr Purchases and Cr Creditors

(c) Dr Computers and Cr Bank

(d) Dr Computers and Cr Creditors

Problem 3: As stated below, these are some of the purpose in preparing Trial Balance. Choose only the correct statement.

(i) To check whether the business transactions have been accurately posted to each ledger account.

(ii) To facilitate the accountant in preparing the financial statements

(iii) To check whether debit balances equal credit balances

(iv) To check whether any error has been made or not

(a) (i), (ii) & (iii)

(b) (i), (iii) & (iv)

(c) (i), (ii), (iii) & (iv)

(d) (i), (ii) & (iv)

Problem 4:  Prepaid Expenses will be recorded in which section of Financial Statements?

(a) Balance Sheet - Current Assets

(a) Balance Sheet - Current Liabilities

(b) Income Statement - Overhead Expenses

(c) Income Statement - Revenue

Problem 5: These are the accounts that will be transferred to Income Statement except for?

(i) Commission Received.

(ii) Commission Received in Advance

(iii) Telephone Expenses

(iv) Commission Paid

(v) Accrued Bonus

(a) (ii) & (iv)

(b) (i), (ii) & (iv)

(c) (ii) & (v)

(d) (ii), (iv) & (v)