Test 1 Acc117
Test 1 Acc117
Test 1 Acc117
INSTRUCTIONS TO CANDIDATES
Name:
UiTM Student Card No:
Group:
Name of Lecturer:
PART A
1. Accounting process includes the process of analysing and interpreting the information
recorded in the books of accounts. FALSE
5. It is on the basis of going concern concept that the assets are always valued at market
value. TRUE
6. According to money measurement concept, the efficiency of the top management of the
business must be clearly recorded in the books of accounts. FALSE
8. The comparison of the results of one accounting period with that in the past is possible
when the business maintains consistency in adopting accounting policies. TRUE
9. The sum of the assets and liabilities of a business always equals to the investment of a
business owner. FALSE
10. When an owner withdraws cash from the business, the transaction affects both assets
and owners’ equity. TRUE
(Total: 10 marks)
PART B
2
CONFIDENTIAL AC/DEC2023/ACC117/106
6. According to _____ concept, assets are recorded at their original purchase price.
a) materiality
b) historical cost
c) going concern
d) monetary
7. Switching accounting principles and methods every year would violate _____
characteristic.
a) timeliness
b) verifiability
c) comparability
d) understandability
a) timeliness
b) verifiability
c) comparability
d) understandability
9. If the assets of a business are RM100,000 and the owners’ equity is RM20,000 the
value of the liabilities will be ________.
(Total: 10 marks)
PART C
Given below is the extract of business transactions of Bertam Indah Pharmacy for the month
of September 2023:
September Transactions
5 Purchased 500 boxes of Influenza test kit from Nia Medicare Sdn. Bhd.
worth RM10 per box, on credit.
7 A cheque of RM2,000 was received from Mega Kulim Pharmacy for the
invoice issued in August 2023.
4
CONFIDENTIAL AC/DEC2023/ACC117/106
22 Purchased two display cabinets for a total of RM2,200 from One Furniture.
Issued a deposit of RM1,000 by cash and the balance is to be paid on next
month.
26 Paid Nia Medicare Sdn. Bhd. for the invoice received on 5 September
2023 by cheque.
31 The owner took hand sanitisers worth RM200 from the pharmacy as a
lucky draw gift for her personal donation.
Required:
a. Illustrate the effects (increase/decrease) of asset, liability, owner's equity, income and
expense of the above transactions.
(15 marks)
(Total: 30 marks)
owner's equity
2/9 assets
5
CONFIDENTIAL AC/DEC2023/ACC117/106
expense
5/9 liability
7/9 assets
9/9 assets
15/9 assets
17/9 owner'
equity
20/9 expense owner's
equity
22/9 expense owner'
liability equity
25/9 assets
28/9 revenue
assets
30/9 owner'
equity
31/9 assets
6
CONFIDENTIAL AC/DEC2023/ACC117/106