BBFA2103/SAMPLE

REMINDER: READ CAREFULLY THE INSTRUCTIONS ON THE FRONT PAGE.

PERINGATAN: BACA DENGAN TELITI ARAHAN PADA MUKA SURAT HADAPAN.

Which Malaysian accounting standard provides the guides on the presentation

1.
of financial statements?

A. MFRS 110

B. MFRS 102

C. MFRS 101

2. Which refers to the current asset of a company?

A. It is based on how long the asset has been owned.

B. It is based on amounts that will be paid to other entities within a year.

C. It is based on when the asset is expected to be converted to cash.

3. Which financial statement is used to show what a firm owns?

A. Income Statement

B. Balance Sheet

C. Cash Flow Statement

4. Which is an example of intangible non-current asset?

A. Shares

B. Building

C. Trademarks

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What is the accounting treatment for government grants using the capital
5.
approach?

A. The grant is directly credited to shareholders’ interest.

B. The grant is credited based on the accrual concept.

C. The grant is credited to the income statement over one or more periods.

6. Which refers to the process of allocating costs over time for intangible assets?

A. Depreciation

B. Amortisation

C. Depletion

7. What is the consequence if the closing inventory is overstated?

A. Cost of goods sold will be overstated

B. Owners’ equity will increase

C. Gross profit will decrease

8. What is the accounting process after preparing financial statements?

A. Closing entries

B. Adjusting entries

C. Posting to ledgers

Which term describes a portion of the accounts receivable estimated to be

9. uncollectible?

A. Bad debts

B. Doubtful debts

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C. Provision for doubtful debts

How to ensure that members are ethically compliant with the competence
10.
standard?
Maintain an appropriate level of professional competence by developing
A.
professional knowledge and skills.
B. Communicate information fairly and objectively.
Refrain from disclosing confidential information acquired in the course of their
C.
work except when legally obligated to do so.

On 1 January 2022, Kilat Transport purchased a lorry at the cost of RM50,000.

The estimated useful life of the lorry is 10 years, with a scrap value of RM5,000.
11. The estimated total mileage is 100,000 km.

What is the depreciation value for the year 2023 using the straight line method?

A. RM5,000

B. RM10,000

C. RM4,500

On 1 January 2022, Jaya Machinery sold 2 years old machinery due to

obsolescence. The information are as follows:
Cost RM10,000
12.
Selling price RM4,000
Accumulated depreciation RM4,000
How much is the gain / loss on disposal for year 2022?

A. Loss on disposal of RM2,000

B. Gain on disposal of RM2,000

C. Loss on disposal of RM6,000

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13. What item should be revalued in property, plant and equipment?

A. The individual asset

B. The whole class of assets to which it belongs

C. A selection of assets decided by management

14. Which two accounting treatments for property, plant and equipment are allowed
to initial recognition under MFRS116?
A. Cost model and revaluation model

B. Fair value model and cost model

C. Revaluation model and fair value model

15. As at 31 May 2022, the deposits awaiting clearance is RM18,240 and cheques yet
to be presented for payment is RM21,590; while the bank balance as recorded in
the Cash book was RM9,480.
What is the bank balance as at 31 May 2022 in the bank statement?

A. RM12,830

B. RM6,130

C. RM3,350

16. Which refers to the borrowings that need to be paid within a period of more than
twelve months?

A. Bonds and debentures

B. Mortgage loans

C. Notes payable

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17. Which refers to the components of equity of a company?

A. Retained earning

B. Capital

C. Drawing

18. When the partner’s capital account is on the debit side, he may not be able to repay
his debts to the partnership. This is due to a lack of funds or bankruptcy.
Which rule will be applicable in the case of the dissolution of a partnership?

A. Partnership Act

B. Piecemeal Realisation

C. Garner versus Murray

19. Caca's bakery business has the following account balances at 31 July 2022: ovens
RM38,000, inventories RM4,100, note trade payables RM2,650, loan of RM5,000 and
a bank overdraft of RM1,090.
What is Caca’s capital balance as at 31 July 2022?

A. RM33,360

B. RM38,360

C. RM35,360

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20. Ally and Saud have run a café under partnership since 2019. At the end of 2020,
Feng joined the partnership. The business has the following financial information
for three years:

2020 (RM) 2021 (RM) 2022 (RM)

Profit 20,000 30,000 40,000

Turnover 100,000 120,000 140,000

How much is the goodwill of the partnership valued at two year’s average profit for
the last three years?

A. RM60,000

B. RM90,000
C. RM120,000

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