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ACC 1104 Financial Accounting I Midterm

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ACC1104 FINANCIAL ACCOUNTING 1 MIDTERM (20%) Name: Student ID: Instruction: Answer all questions. Question 1 Explain any FIVE (5) of the following accounting terms. a. Separate entity b. Going concern c. Monetary units d. Accounting Period e. Historical Cost f. Revenue Recognition g. Full disclosure (25 marks) Question 2 The following balances have been extracted from the books of Ocean Berhad as at 31 December 2017. Land Buildings Motor vehicles Machinery Retained earnings, 1 Jan 8% Note payable Share capital-ordinary Accumulated depreciation-Buildings Accumulated depreciation-Motor vehicles Accumulated depreciation-Machinery Returns Purchases and sales Discounts Carriage inwards Debit RM 500,000 200,000 120,000 70,000 3,600 400,000 5,000 7,700 Credit RM 370,000 150,000 255,000 60,000 69,250 40,000 4,100 700,000 3,500 Carriage outwards Inventory, 1 Jan Account receivables and Payables Advertising Staff training costs Bad debts Motor expenses Rent and rates Cash Prepaid insurance Bank Commission received Wages and salaries Interest paid Supplies 8,000 52,000 66,000 18,000 5,000 3,000 17,000 78,000 15,000 12,000 44,200 8,550 4,200 115,000 6,000 7,500 1,708,800 1,708,800 Additional information: 1. Closing inventory at 31 December 2017 was valued at RM65,000. 2. A count on 31 December shows RM2,500 of supplies on hand. 3. Insurance expires at RM6,000 per year. 4. Rent and rates of RM7,000 are accrued at 31 December. 5. A utility bill for RM200 has not been recorde ...
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