AA015 Pra PSPM KML Sesi 2021 2022

ANSWER ALL 30 QUESTIONS

1. Note payable interest RM200 recorded by the bank, what correction need to be
made?

A. Cash book Add RM 200

B. Cash book Less RM200
C. Bank Statement Add RM 200
D. Bank Statement Less RM200

2. Nasariya Sdn Bhd wrote a cheque for RM221 and it cleared by the bank for
RM221. However, the company recorded the cheque in its Cash account as
RM112. How is the difference of RM109 handled on the bank reconciliation?

A. Added RM109 to the cash book balance

B. Deducted RM109 from the cash book balance
C. Added RM109 to the bank balance
D. Deducted RM109 from the bank balance.

3. Bataras bank reconciliation statement shows cheques deposited but not credited
by bank of RM4,000 and cheques issued but not presented by suppliers of
RM7,000. His bank balance as per Cash Book is RM112,000. Balance as per
bank statement is

A. RM109,000
B. RM 105,000
C. RM 119,000
D. RM 123,000

4. Ending balance of bank statement of Honey Gain is RM6,000 (credit),

outstanding cheques amounted RM 2,500 and the total of deposit in transit is RM
1,000 . Calculate the adjusted bank statement balance in the statement of bank
reconciliation?

A. RM 9,500
B. RM 8,500
C. RM 4,500
D. RM 2,500

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5. At April 30, Dorale Company has the following bank information: cash balance
per bank RM2,500; outstanding cheque RM385; deposits in transit RM260; credit
memo for interest RM50; bank service charge RM15. What is Dorale’s adjusted
cash balance on April 30?
A. RM2,375
B. RM2,440
C. RM2,500
D. RM2,660

6. Mai mana Corporation's unadjusted trial balance includes the following balances
(assume normal balances) : Accounts Receivable = RM850,000 Allowance for
Doubtful Debts Accounts = RM18,000. Bad debts are estimated to be 5% of
Account receivables. What amount of bad debt expense will the company
record?

A. RM18,000
B. RM24,500
C. RM41,600
D. RM42,500

7. In 2020, Yasin Company had credit sales of RM1,050,000 and granted sales
discounts of RM25,000. On January 1, 2020, Allowance for Doubtful Accounts
had a credit balance of RM26,400. During 2020, RM43,000 of uncollectible
accounts receivable were written off. Past experience indicates that 3% of net
credit sales become uncollectible. What should be the adjusted balance of
Allowance for Doubtful Accounts at December 31, 2020?

A. RM14,150
B. RM14,900
C. RM31,500
D. RM47,350

8. During 2020, Ballantyn Inc. had sales on account of RM189,000, cash sales of
RM78,000, and collections on account receivables of RM162,000. In addition,
they collected RM1,275 which had been written off as uncollectible in 2019. As a
result of these transactions, the change in the accounts receivable balance
indicates a
A. RM25,725 increase.
B. RM27,000 increase.
C. RM103,725 increase.
D. RM105,000 increase

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9. Using the percentage-of-receivables balance, the uncollectible accounts for the
year is estimated to be RM33,000. If the balance for the Allowance for Doubtful
Accounts is a RM5,000 credit before adjustment, what is the amount of bad debt
expense for the period?

A. RM5,000
B. RM28,000
C. RM33,000
D. RM38,000

10. 1 Jan Allowance for doubtful debts RM500, 31 Dec Allowance for doubtful debts
RM400. How should the decrease in the allowance be treated in the Profit and
Loss account? *
A add RM400 to expenses
B add RM500 to expenses
C deduct the RM100 increase in allowance from expenses
D add the RM100 decrease in allowance to Gross Profit

11.

A. RM19,250.
B. RM71, 200.
C. RM188,700.
D. cannot be determined
12. Chang Company took a physical inventory at December 31, 2020 and
determined that RM 3,990,000 of goods were on hand. Included in the count was
inventory of RM700,000 on consignment from Keiko Company. On December
30, Chang sold and shipped f.o.b. destination RM820,000 worth of inventory.
These goods arrived at the buyer's place of business on January 2, 2021. What
amount should Chang report for inventory on its December 31, 2020 statement of
financial position?

A. RM3,990,000.
B. RM4,110,000.
C. RM3,410,000.
D. RM4,810,000

13. The following information was available from the inventory records of Queen
Company for July:

A. RM27,000.
B. RM2 9,400.
C. RM31,200
D. RM31,500.
14. Nolvo Company uses the periodic inventory system. For February 2020, the
beginning inventory consisted of 2,000 units that cost RM65 each. During the
month, the company made two purchases: 8,000 units at RM68 each and 3,000
units at RM72 each. Nolvo sold 10,000 units during the month of February at
RM110 per unit. Using the average cost method, what is the amount of ending
inventory at February 28, 2020?

A RM207,270.
B RM210,000.
C RM205,380.
D RM204,990.

15. Ted's Used Cars uses the specific identification method of costing inventory.
During March, Ted purchased three cars for RM8,000, RM10,000, and
RM13,000, respectively. During March, two cars are sold for RM11,000 each.
Ted determines that at March 31, the RM13,000 car is still on hand. What is
Ted's gross profit for March?

A RM3,000.
B RM4,000.
C RM1,000.
D RM9,000.

16. Borrows RM 50,000 from CIMB Bank by signing a 9-month, 5% note. How much
total interest expense for this note?

A. RM 625
B. RM 1,250
C. RM 1,875
D. RM 2,500

17. On June 1, Perniagaan Serina borrows RM 150,000 from Third Bank on 6-

month, 8% notes payable. Which is the correct journal on June 1?

A. Debit Notes Payable RM 150,000 ; Credit Bank RM 150,000

B. Debit Bank RM 150,000 ; Credit Notes Payable RM 150,000
C. Debit Notes Payable RM 12,000 ; Credit Bank RM 12,000
D. Debit Bank RM 12,000; Credit Notes Payable RM 12,000
18. Rahul Company does not segregate sales and sales taxes. Total cash for April
15 is RM 25,680, which includes a 7% sale tax. Determine sale tax for April 15.

A RM 1, 680.00
B RM 24,000.00
C RM 1,797.60
D RM 23,882.40

19. Delta Company sell merchandise under 60-day warranty for defective. Based on
past experience, Beta estimates that 3% of the unit sold will become defective
during the warranty period. Hanagement estimates that the average cost of
repairing a defective unit is RM15. The units sold for November are 30,000 units.
Calculate warranty liability for November.

A. RM 81,000
B. RM 27,000
C. RM 45,000
D. RM 13,500

20. An asset was purchased on 1 July 2017 for a cash price of RM104,000. It is a
policy of the business to depreciate its assets using the Reducing Balance
method at the rate of 15% per annum on a yearly basis. Calculate the asset's net
book value on 31 December 2019, assuming that the business closes its account
on that date.

A. RM63,869
B. RM63,877
C. RM63,883
D. RM63,889

21. A machine was purchased at the cost of RM50,000 on 1 September 2012 and
was depreciated at 12% per annum using monthly basis. What is the
accumulated depreciation until 31 December 2013 if the company uses the
reducing balance method for depreciation?

A. RM5,760
B. RM7,760
C. RM8,950
D. RM9,020
11/28/21, 8:48 PM TIME YOURSELF 1

22. A machine was purchased at the cost of RM50,000 on 1 September 2012 and
was depreciated at 12% per annum using monthly basis. If the machine was sold
at RM40,000 on 1 January 2015, find the profit or loss (Assume the straight line
depreciation method is used)

A Loss RM3,000
B Loss RM4,000
C Profit RM3,000
D Profit RM4,000

23. Yasmin Company bought a computer for RM 4,500. The estimated useful life of
the asset was 4 years. At the end of fourth year, the scrap value of the asset was
RM500. What is the carrying amount of the asset at the beginning of period three
if Yasmin used the straight line method of depreciation?

A. RM1,125
B. RM2,250
C. RM1,500
D. RM2,500

24. What is the gain or loss arising from disposal of a machine bought at the cost of
RM20,000, with accumulated depreciation of RM5,600 and trade in value of
RM12,000?

A Gain 1,500
B Gain RM2,400
C Loss RM 1,500
D Loss RM2,400

https://docs.google.com/forms/d/1LzwB1phKE581fvg28iaMfiJfi6PuYQFoXTodlyQ4Eno/edit
25. On January 1. 2020, Key Company, a calendar-year company, issued
RM250,000 of notes payable, of which RM62,500 is due on January 1 for each of
the next four years. The proper statement of financial position presentation on
December 31, 2020, is

A. Current Liabilities : Notes Payable RM250,000.

B Non Current Liabilities : Notes Payable RM250,000.
C. Current Liabilities: Notes Payable RM62,500; Non Current Liabilities :
Notes Payable RM187,500.
D. Current Liabilities: Notes Payable RM187,500; Non Current Liabilities:
Notes Payable RM62,500

26. Using the information given, compute the ending capital as at 31 December
2020.

A RM37,160
B RM28,310
C RM27,190
D RM8,850
27. Bea Rona started a business on 1 June 2020 with 77,000 as capital. On 31 May
2021, she found that her capital increased by RM 88,000. During the year ended
31 May 2021, Bea Rona also withdrew RM6,600 cash for her personal purpose
and transferred RM7,700 from her private saving account to the current account
of the business.Calculate the net profit for the year ended 31 May 2021.

A RM9,900
B RM12,100
C RM86,900
D RM89,100

28. Using the information given, compute the amount of credit sales for the year
2020.

A. RM24, 200
B. RM22,600
C. RM12,600
D. RM11,000
 29. Based on information given, calculate the amount utility expenses for the year
ended 31 December 2020.

A RM140
B RM 500
C RM 590
D RM 660

30. Based on the information given, calculate the amount of purchase returns in the
month of January 2020.

A RM2, 250
B RM4,470
C. RM5,530
D. RM7,800