1) Perniagaan Naqie thinks that costing inventory method of First In First Out (FIFO) can be changed to Last in First Out (LIFO) at anytime needed. a) Disagree - Consistency Concept b) Agree - Realization Concept c) Disagree - Realization Concept d) Agree - Consistency Concept 2) Arissa Ltd is not sure whether to record or not to record an unpaid rental for Dec 2019. a) Disagree - Matching Concept b) Agree - Accrual Concept c) Agree - Matching Concept d) Disagree - Accrual Concept 3) Harris Enterprise has miss recorded a purchase of an asset amounted RM50. This asset was found not to have a useful life more than one year. a) Disagree - Material Concept b) Agree - Material Concept c) Disagree - Going concern Concept d) Agree - Going concern Concept 4) An - Qiyyah decides that there is a need to recognise an amount of booking goods total RM2,500 as a revenue for the year 2020 from Mustaqim Ltd. a) Agree - Prudence Concept b) Disagree - Realization Concept c) Agree - Realization Concept d) Disagree - Prudence Concept 5) Kedai Fittri owns an premise with the cost value RM50,000. A potential buyer wants to buy the premise with the price of RM125,000. Alisha, the account manager not yet recorded the gain from the transaction amounted RM75,000. a) Agree - Cost Concept b) Disagree - Cost Concept c) Agree - Realization Concept d) Disagree - Realization Concept 6) Nurina, an accountant in Ains Ltd thinks that there is a need to assume that business can be operate for only one year so that the business activity can be reported for one year only. a) Agree - Going Concern Concept b) Disagree - Going Concern Concept c) Disagree - Consistency Concept d) Agree - Consistency Concept 7) Jasmine felt that an item can be recognised and recorded in financial report must be expressed by Ringgit Malaysia only. a) Agree - Cost Concept b) Disagree - Monetary Concept c) Agree - Monetary Concept d) Disagree - Cost Concept 8) An-Dhirah, withdrew RM25,000 to make additional investment in her company; DiBo Ltd. She used RM500 from the cash to pay the tuition fee for her daughter and asked the clerk to record as drawing. a) Agree - Entity Concept b) Disagree - Entity Concept c) Agree - Going concern Concept d) Disagree - Going concern Concept 9) Humaisya thinks that depreciation expenses should be charged and recorded for business’s assets – Furniture, Office Equipment and Motor Vehicle. a) Disagree - Entity Concept b) Agree - Entity Concept c) Disagree - Matching Concept d) Agree - Matching Concept 10) Adam & Aqeel Inc. bought a land at an invoice of RM175,000 in 2020. The account manager recorded the value as it is as no depreciation change on this asset. a) Agree - Matching Concept b) Disagree - Matching Concept c) Agree - Cost Concept d) Disagree - Cost Concept

EBAB123 - Topic 1

by
Print
Embed

Leaderboard

Visual style

Options

Switch template

Continue editing: ?