CHAPTER 2: REVISION QUIZ

The following are the basic elements in accounting, EXECPT:

• Asset

• Cost

• current liability

• revenue

Accounting concept which was used by accountant as a guideline in recording the value of asset is refer to__________

• money measurement

• prudence

• accrual

• historical cost

All accounting information should fairly presented and deliver to the users. This is refer to the concept of_________

• fair presentation

• matching

• full disclosure

• objectivity

After commenced a partnership business, Ali and his wife open a special bank account for business purpose. This statement refer to__________

• separate entity

• accounting period

• materiality

• money measurement

Below are the equation which relevant with accounting equation, EXCEPT:

• A=L+C

• A=L+O.E

• A=L+R-E-D

• A=L+O.E+R+E

How much the amount capital own by Miki Enterprise, if the total asset = 88,000 and the liability was RM36,800.

• 51,200

• 124,800

• 51,300

• 124,600

Purchased forklift RM133,000 by cheque. State the effect on accounting equation.

• Both asset = INCREASE

• asset= DECREASE

• asset = DECREASE, liability = INCREASE

• asset=INCREASE, asset = DECREASE

The business received cash payment from customer for the prior services performed. The journal entry was_______

• DR CASH

  CR SERVICE

• DR CASH

  CR ACCOUNT RECEIVABLE

• DR ACCOUNT RECEIVABLE

  CR CASH

• DR SERVICE

  CR CASH

State the name of account for the transaction: Brought in cash into the business premises.

• cash & capital

• cash & bank

• capital & premises

• cash & premises

What is the journal entry for the transaction. Purchased office equipment amounted RM55,000, paid by cheque RM35,000 and the balance will be paid later.

• DR OFFICE EQUIPMENT

  CR BANK

  CR ACCOUNT PAYABLE

• DR OFFICE EQUIPMENT

  DR BANK

  CR ACCOUNT PAYABLE

• DR OFFICE EQUIPMENT

  CR CASH

  CR ACCOUNT RECEIVABLE

• DR ACCOUNT PAYABLE

  DR OFFICE EQUIPMENT

  CR CASH