SECTION B (15 MARKS) ANSWER ALL QUESTION 1. Complete the following table. Indicate with a...
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Accounting
SECTION B (15 MARKS) ANSWER ALL QUESTION 1. Complete the following table. Indicate with a (V) on which side of a trial balance each account would appear. Debt Credit Cash Capital Bonnie - a credit customer Loan from a bank Operating expenses Purchases returns (5 marks) 2. Provide three (3) users of accounting information. (3 marks 3. List down two (2) characteristics of partnership (2 marks) 4. Identify the appropriate accounting concept that describes each situation below: a Jamilah, owner of Bintang Bookstore Sdn. Bhd. bought a computer for her own use. She paid for the computer by writing a cheque on the bookstore account and charged the Drawing Account b. Me gat bought a new house in Bandar Kinrara with the price of RM250,000 in 2015 on credit. According to the property agent, the value of the house is much higher than the actual price in the current of 2016. (2 marks) 5. Ibrahim Jamil, a businessman says to you "I am in business to make profit and I do not have to maintain accounting records". Explain to him why it is important to maintain accounting records. Give TWO (2) reasons
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